Junior Silver Standard Resources (VSE) has an option to acquire the Lucifer property in central Mexico.
The property comprises 290 hectares and is about 5 km north of the Mapimi mine, which produced some 85 million oz. silver and 600,000 oz. gold. The property contains several mineralized skarn zones associated with a rhyolite dome, and sampling by Silver Standard has returned values of up to 190 grams silver per tonne.
The company plans to concentrate on the project’s bulk-tonnage potential and can earn a 100% interest (subject to a 2.5% net smelter return) by spending US$1.7 million by March, 1998. Option payments of US$5,500 per month start in March, 1995, and increase to US$11,000 per month in March, 1997.
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