Canadian miner Southern Silver Exploration plans to inject C$12mn ($ 9.93mn) into its Cerro Las Minitas project in Durango, Mexico to enhance the zinc-silver mine’s exploration.
The miner announced on Thursday that it was placing 18 million shares through intermediaries and another six million through a private offering to raise these funds.
The funds will be invested towards exploring the mine as well as project progress. The Cerro Las Minitas silver-zinc-lead development is based in Durango, in the Faja de la Plata (Belt of Silver) zone and is home to multiple mineral deposits.
The most recent resource study conducted by Southern Silver for the mine in 2019, estimates 406,872mt of zinc, 137,438mt of lead, and 1,063mt of silver.