Trinity One Metals Enters into Agreement to Acquire "Silver-1" Historic High Grade Silver Mine in Southern Ecuador

Core Viewpoint - Trinity One Metals Ltd. has entered into an agreement to acquire 100% of the shares of 1560287 B.C. Ltd., which owns Ecuador Gold S.A. and the Silver-1 Mine project, a past producing high-grade silver asset [1][2][3] Group 1: Transaction Details - The total consideration for the acquisition includes US$540,000 in cash and 5,000,000 common shares of Trinity One [19] - The cash payment is structured with specific timelines: US$90,000 at closing, US$50,000 after 6 months, US$200,000 after 13 months, and US$200,000 after 18 months [19] - The transaction is subject to final acceptance by the TSX Venture Exchange and is classified as a non-arm's length transaction [20] Group 2: Project Overview - The Silver-1 Mine concession spans approximately 3,108 hectares in Azuay Province, Ecuador, located about 20 kilometers southeast of Cuenca [4] - The mine features a high-grade silver system with multiple pathways for verification and expansion, and the company plans to verify historical data to advance toward a current mineral resource estimate [2][3] Group 3: Historical Context - The Silver-1 Mine was initially discovered in 1966, with significant exploration and mining activities conducted between 1969 and 1994, including drilling and small-scale mining [6][9] - Historical estimates suggest a potential quantity of approximately 200,000 to 700,000 tonnes grading between 15 and 25 oz/tonne silver, but these figures are treated as exploration targets due to insufficient verification [11][18] Group 4: Future Plans - The company aims to systematically verify historical data and advance the project responsibly, focusing on confirming the mineral resource in accordance with National Instrument 43-101 [3][21] - The company will also address outstanding governmental and administrative obligations related to the Silver-1 Mine concession [21]