Defiance Silver Extends San Acacio Option and Acquires New Concessions at Tepal Project
Defiance Silver Extends San Acacio Option
and Acquires New Concessions at Tepal
Project
Vancouver, British Columbia--(Newsfile Corp. - October 31, 2024) - Defiance Silver Corp. (TSXV: DEF)
(OTCQX: DNCVF) (FSE: D4E) (WKN: A1JQW5) ("Defiance" or "The Company") announces the
extension of the San Acacio Silver Project option agreement and the acquisition of an additional six (6)
licenses at its Tepal project as part of the company's exploration program.
Extension of San Acacio Option Payment
Defiance through its wholly owned subsidiary, Minera Santa Remy S.A., has, at the Vendor's request,
agreed to extend the term of its option to acquire 100% of the San Acacio property in the Zacatecas
district. As a result of this amendment, the scheduled payment due September 27, 2024, has now been
changed to December 31, 2024. The amendment was signed by both parties and is pending ratification
in the presence of a notary public in Mexico City. There were no changes to the economic terms of the
option agreement.
Defiance Silver adds to Tepal Concessions
Defiance Silver Corp. is pleased to announce that it has acquired six (6) licenses spanning 636.25
hectares for USD$20,000 + VAT. The acquisition of these licenses is part of our exploration program at
Tepal. Based on the interpretation of regional airborne magnetics, our technical team believes the
structural controls of the porphyry style Au-Cu-Mo mineralization in the Tepal project extends to these
newly acquired concessions. Public domain information from the SGM (Geologic Survey of Mexico)
indicates the presence of anomalous concentrations of gold and copper. Previous works performed by
the vendor also identified similar anomalies.
Investor Relations Engagement
The Company has entered into an investor relations service agreement ("
the Agreement
") with an
arm's length party, San Diego Torrey Hills Capital Inc. ("
Torrey Hills
"), starting on November 1st, 2024
to perform services for the Company, including investor relations activities, as defined in accordance
with the policies of the TSXV and applicable securities laws.
Pursuant to the agreement, Torrey Hills will receive a monthly payment of USD$5,000 for a minimum
term of four (4) months. Once the initial term has been completed, the agreement may be terminated by
either party by providing 30 days written notice. The Agreement is subject to acceptance by the TSXV
and Torrey Hills has agreed to comply with all applicable securities laws and the policies of the
Exchange in providing the services to the Company.
Shares for Services
The Company previously entered into a non-arm's length administrative services agreement dated May
1, 2023 (the "
Agreement
"), for services provided by an officer of the Company. As part of the
consideration payable by the Company under the Agreement, the Company has agreed to issue that
number of Common Shares equal to $1,330 per month (the "
Service Shares
"), to be issued on a semi-
annual basis and pursuant to the policies of the TSX Venture Exchange (the "
TSXV
"). The Agreement
was for a term of three months and has automatically renewed in accordance with its terms, terminable
by either party providing 30 days' notice of such termination.
The deemed value of the Service Shares to be issued for a particular month, is to be the closing price of
the Company's shares on the last trading day of the month.
For services rendered under the Agreement between the period of January 1, 2024 to June 30, 2024,
the Company has issued 52,375 Shares at a weighted average price of $0.179 per Share, extinguishing
the accrued debt under the Agreement of $7,980.
The transaction was subject to the approval of the
TSXV.
The Service Shares issued are subject to a four month hold period, which will expire on a date that is
four months and one day from the date of issuance.
No new insiders will be created, nor will any change of control occur, as a result of the issuance of the
Service Shares.
As certain insiders are party to the Agreement, it may be considered a "related party transaction" under
Multilateral Instrument 61-101 Protection of Minority Security Holders In Special Transactions ("MI 61-
101") and the TSXV. The Company is relying on the exemptions from the formal valuation and the
minority shareholder approval requirements of MI-61-101 contained in section 5.5 (a) and Section 5.7
(1)(a) as the fair market value of the common shares being issued to insiders in connection with the
Service Shares does not exceed 25% of the market capitalization of the Company, as determined in
accordance with MI 61-101.
About Defiance Silver Corp.
Defiance Silver Corp.
(TSXV: DEF) (OTCQX: DNCVF) (FSE: D4E) is an exploration company
advancing the district-scale Zacatecas project, located in the historic Zacatecas Silver District and the
Tepal Gold/Copper Project in Michoacán state, Mexico. Defiance is managed by a team of proven
mine developers with a track record of exploring, advancing, and developing several operating mines
and advanced resource projects. Defiance's corporate mandate is to advance our projects through
capital-efficient exploration focused on resource growth and new mineral discoveries.
Mr. George Cavey, P. Geo, is a Qualified Person within the meaning of National Instrument 43-101
and has approved the technical information concerning the Company's material mineral properties
contained in this press release.
On behalf of Defiance Silver Corp.
"Chris Wright"
Chairman of the Board
For more information, please contact: Investor Relations at +1 (604) 343-4677 or via email at
.
www.defiancesilver.com
Suite 2900-550 Burrard Street
Vancouver, BC V6C 0A3
Canada
Tel: +1 (604) 343-4677
Email:
Disclaimer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Caution Regarding Forward-Looking Information
Information contained in this news release which are not statements of historical facts may be
"forward-looking information" for the purposes of Canadian securities laws. Such forward-looking
information and statements involve known and unknown risks and uncertainties that may cause
Defiance's actual results, performance and achievements to differ materially from those expressed or
implied by the forward-looking information and statements and accordingly, undue reliance should not
be placed thereon... The words "believe", "expect", "anticipate", "contemplate", "plan", "intends",
"continue", "budget", "estimate", "may", "will", "schedule", "understand" and similar expressions
identify forward-looking information.
Risks and uncertainties that may cause actual results to vary include but are not limited to the
speculative nature of mineral exploration and development, including the uncertainty of reserve and
resource estimates; operational and technical difficulties; the availability of suitable financing
alternatives; fluctuations in gold and other commodity prices; changes
to and compliance with
applicable laws and regulations, including environmental laws and obtaining requisite permits;
political, economic and other risks arising from Defiance's Mexican activities; fluctuations in foreign
exchange rates; as well as other risks and uncertainties which are more fully described in our annual
and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian
securities regulatory authorities and available at www.sedarplus.ca. Accordingly, all such factors
should be considered carefully when making decisions with respect to Defiance, and prospective
investors should not place undue reliance on forward looking information. Forward-looking information
in this news release is made as at the date hereof. The Company assumes no obligation to update or
revise forward-looking information to reflect changes in assumptions, changes in circumstances or
any other events affecting such forward-looking information, except as required by applicable law.
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https://www.newsfilecorp.com/release/228416