Silver Mines (ASX:SVL) is set to spice up its portfolio with an acquisition by farm-in of a new project in Mexico.
The ASX has granted the company a trading halt to prepare, with its shares placed in pre-open.
During the June quarter 2014, SVL completed due diligence on three new highly prospective precious and base metal properties in Arizona and Nevada in the U.S.
Ground geophysics and geochemical surveys planned to begin in the September quarter on these projects to better define drilling targets.
The company also said that advanced discussions are underway with a possible partner for the wholly-owned Webbs silver project.
Webbs is the highest grade undeveloped silver project in Australia with a resource of 11.75 million ounce at 245g/t silver.
Positive metallurgical results at Webbs indicate >90% silver recovery to doré bars.
The halt will remain in place until the opening of trade on Tuesday 5th August 2014, or earlier if an announcement is made to the market.
News: Silver Mines to farm-in to Mexican project
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