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Defiance Silver (TSXV: DEF) announced that it has entered into a definitive option agreement with Pan American Silver (TSX: PAAS) to acquire a 100% interest in its Lucita property in Mexico.

If the option requirements are satisfied and the option is exercised, this acquisition would nearly triple the land position of Defiance in the historic Zacatecas silver district to over 4,300 hectares, as Lucita is located adjacent to the company’s San Acacio project. 

According to Defiance, its expanded landholding would include more than 10 known veins that returned drill results including 3.25m of 325 g/t Ag and 1.25m of 775 g/t Ag. 

“Not only does this project contain historical high-grade drill results with demonstrable exploration targets at depth and on-strike, but it also has discovery potential at the multi-kilometre long Palenque structure,” Chris Wright, Defiance Silver executive chairman and CEO, said in a media statement.

Wright noted that Lucita is characterized as a low to intermediate sulphidation Ag-Au vein, breccia and stockwork system with historical high-grade drill results and drill-ready exploration targets. 

“The composition of the epithermal veins at Lucita is quartz, calcite and occasionally minor barite, where colloform and crustiform banded textures can be seen, belonging to various mineralization events,” the executive said.

“The company believes the previously drilled structures intersected high-level epithermal mineralization, as mineral zonation at surface suggests that the top of the hydrothermal system is still present at the on-strike Panuco deposit.” 

Under the terms of the agreement, Defiance has the option to acquire 100% ownership of the Lucita property, while Pan American Silver will retain a 2% NSR. The option terms include an initial payment of $100,000 upon signing; $100,000 on or before the first year anniversary; $500,000 on or before the second year anniversary; and a final payment of $800,000 on or before the third year anniversary.