Trinity One Metals Closes Acquisition of "Silver-1" Historic Silver Mine in Southern Ecuador

Core Viewpoint - Trinity One Metals Ltd. has successfully completed the acquisition of 100% of the shares of 1560287 B.C. Ltd., which owns the San Bartolomé Project, a high-grade silver mine in Ecuador [1][2]. Transaction Details - The acquisition involved a total consideration of US$540,000 in cash and 5,000,000 common shares of the Company [5]. - The cash payment structure includes US$90,000 paid at closing, US$50,000 at the 6-month anniversary, US$200,000 at the 13-month anniversary, and US$200,000 at the 18-month anniversary [5]. - The common shares issued are subject to a four-month hold period and additional resale restrictions over 12, 24, and 36 months [6]. Management Commentary - The CEO of Trinity One stated that the acquisition marks a significant milestone, providing full ownership of a high-grade silver mine with substantial geological potential [3]. - The Company aims to validate prior work and advance the Silver-1 Mine towards a modern resource estimate [4]. Project Overview - The Silver-1 Mine concession covers approximately 3,108 hectares in Azuay Province, Ecuador, with elevations ranging from 2,800 to 3,300 meters above sea level [8]. - The mineralization consists of numerous sub-parallel, near-vertical sulphide veins, classified as an epizonal silver-lead-zinc vein system [9]. Historical Context - The Silver-1 Mine was initially discovered in 1966, with subsequent exploration confirming mineralization in two principal sectors [10][11]. - Historical mining activities occurred between 1989 and 1994, with approximately 3,570 meters of underground development completed [13]. Exploration Potential - The Company estimates a potential exploration target of approximately 200,000 to 700,000 tonnes grading between 15 and 25 oz/tonne silver, with associated zinc and lead grades [14]. - The mineralization remains open along strike and down dip beyond historical workings, indicating further exploration opportunities [15]. Company Profile - Trinity One Metals Ltd. focuses on acquiring and advancing high-growth projects in precious and base metals, aiming for strong geological fundamentals and clear catalysts for discovery and growth [24].