Silver Valley Resources Corp. said Monday it has leased property that could expand the Coeur mine reserves in Idaho’s Silver Valley.
American Silver Mining Co. of Spokane leased the property south of the Coeur to Silver Valley Resources, which is jointly owned by ASARCO Inc. of New York and Coeur d’Alene Mines Corp.
Silver Valley Resources restarted the Galena and Coeur mines last year.
Last December the Coeur mine reserve had 2.3 million ounces of silver, Silver Valley Resources said. The Galena mine had 14.5 million ounces of silver.
The current lease would last 20 years and require Silver Valley Resources to invest $100,000 in the property every five years.
This is the second time this year the company has expanded its property in the Silver Valley through leases. In March, it leased land south of it’s Caladay Mine from Silver Buckle Mines Inc. and Placer Creek Mining Co.
Silver Valley Resources said it plans to increase exploration at the Galena mine after resources in the Coeur are exhausted, then go back to the Coeur mine for further exploration of that reserve.
Subscribe to the Coronavirus newsletter
Get the day’s latest Coronavirus news delivered to your inbox by subscribing to our newsletter.