Silver Mines (ASX: SVL) is taking full advantage of the reduced asking prices of mineral projects to buy an exploration project in Nevada or Arizona in the U.S.
It is at advanced due diligence stage and Silver Mines could complete a deal as early as the coming week.
In Nevada, Silver is evaluating the Independence gold-silver project; the State produces more than 75% of the total gold produced in the United States and almost 7% of the gold produced in the world.
Located some 90 kilometres south of Las Vegas in southern Nevada, interestingly, previous explorers at Independence have found several large silver and gold in soil anomalies, associated with elevated gold and silver in rock chip samples.
It is prospective for intrusion related gold-silver deposits.
Other projects being looked at are: the Jacks gold-silver and copper-molybdenum-gold-silver project, which is 75 kilometres north west of Kingman in northern Arizona and the Greenstone copper-gold-silver project, located in eastern Arizona 80 kilometres north of Phoenix.
We expect the share price of Silver Mines to open stronger this morning, creating new blue-sky potential and a path to value recreation.
With a tiny market cap. of around $4 million, it would not take a lot to set Silver's valuation higher.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.