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Highlights
- Silver Mines acquires two historic US assets to strengthen global presence
- Calico North and Kramer Hills offer high-grade silver and gold prospects
- Strategic expansion complements Bowdens Silver and supports ASX300 growth
Silver Mines (ASX:SVL) has significantly expanded its international exploration footprint through the acquisition of two historically productive precious metals assets in the United States — the Calico North and Kramer Hills Projects in California’s San Bernardino County. These projects lie within one of America’s most mineral-rich regions, offering untapped exploration potential and a strategic boost to the company’s resource base.
The Calico North Project is situated in the prolific Calico Silver District, an area known for its production of over 20 million ounces of silver. Historical exploration has identified exceptionally high-grade silver mineralisation, with assays reporting up to 38,000 grams per tonne (g/t) silver. Spanning a 40-kilometre strike length, the project remains largely underexplored, making it a promising target for modern geophysical and drilling initiatives.
Kramer Hills, the second acquisition, is an oxide gold project located near the historic Shaherald Mine. Historical drill results have indicated strong gold potential, including intercepts such as 21.3 metres at 7.9 g/t gold. An initial oxide gold exploration target has been identified with estimates ranging from 160,000 to 445,000 contained ounces. The combination of patented and federal land claims enhances development flexibility and exploration scale.
The total consideration for these acquisitions includes a minimal upfront cash outlay of US$1.1 million and the issue of 62.5 million shares in Silver Mines. Additional performance-based milestones and future exploration commitments form part of the agreement, aligning long-term project success with shareholder interests.
Initial exploration is expected to commence in the second half of 2025, with geophysical surveys and mapping paving the way for drilling programs by 2026. The approach ensures a phased, cost-effective development strategy aligned with the company’s broader growth roadmap.
This strategic move supports Silver Mines’ position in the ASX300, reinforcing its growing relevance within Australia’s leading listed companies. The acquisitions complement its flagship Bowdens Silver Project in New South Wales, without diluting focus or compromising capital structure. By diversifying geographically into North America while adhering to a disciplined exploration strategy, Silver Mines is creating long-term potential in a well-regulated, resource-rich jurisdiction.
The expansion reflects a broader effort to build a high-quality portfolio of assets that combines historic production with modern exploration opportunities — an approach that positions the company well within the competitive ASX300 landscape.
