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Defiance Silver Corp.

Defiance Silver Corp.

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Exploration company advancing the district-scale Zacatecas project and the Tepal Gold/Copper Project in Mexico

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Defiance Silver Completes Acquisition of Green Earth Metals Inc

Vancouver, British Columbia (July 16, 2025) – Defiance Silver Corp. (TSXV: DEF) (FSE: D4E) (WKN: A1JQW5) (“Defiance” or the “Company”) is pleased to announce the signing of the definitive agreement with Green Earth Metals Inc. (“GEMS”), a privately held company with a portfolio of three copper-gold-silver projects in Sonora, Mexico, and all of the shareholders of GEMS, thereby completing the previously announced acquisition of GEMS (the “Transaction”) (see press release dated April 7, 2025).Under the terms of the Transaction, Defiance has acquired all issued and outstanding common shares of GEMS (the “GEMS Shares”), solidifying its position as a leading exploration company with projects across Mexico’s mineral belts.Map 1: Mexico’s Mineral BeltsThis map delineates two of the most extensive mineralized belts in Mexico: The Porphyry-Copper Belt and the Mexican Silver Belt. Defiance’s newly acquired projects, Victoria, Espiritu, and Los Ocotes, are located on the Porphyry-Copper Belt, a favorable geological setting that is home to large gold, copper and silver mining districts in Mexico. Including major production areas such as Cananea, one of the largest copper mines in North America.Under the terms of the Transaction, Defiance issued an aggregate of 4,954,613 common shares (“the “Defiance Shares”) to the shareholders of GEMS at a deemed price of C$0.255 per Defiance Share in exchange for all issued and outstanding GEMS Shares, based on an exchange ratio of one Defiance Share for every 4.52 GEMS Shares, for a total consideration of C$1,263,426.Transaction HighlightsStrategic Acquisition: Defiance has acquired 100% of GEMS, a private British Columbia-based company founded by renowned discovery geoscientist Richard Osmond. As a result of the Transaction, GEMS is now a wholly owned subsidiary of Defiance.Significant District-Scale Mineralization Supports Ongoing Discovery Potential in Sonora: GEMS holds rights to three copper-gold-silver projects in Mexico’s Sonoran Desert, covering a total of 6,795.22 hectares. The area hosts top-tier copper deposits, including the Cananea and La Caridad Cu-Mo±Au porphyry systems—two of the largest copper mines in North America.Robust Business Environment Anchored by Ongoing Production and Growth in Sonora: Sonora is recognized as a favorable mining jurisdiction due to its long history of productive and successful mining operations. The acquired projects are strategically located near Alamos Gold’s operating Mulatos Mine, where the recently permitted “Puerto del Aire” mine-extension is under development.Significant Exploration Upside: Defiance is committed to advancing exploration efforts on the Victoria, Espiritu, and Los Ocotes projects. With a drill permit already in place, Defiance plans to launch a comprehensive exploration campaign, including a diamond drill program at the Victoria project.Chris Wright, Chairman and CEO of Defiance, commented:“This acquisition brings three copper-gold-silver projects in Sonora, Mexico, one of the world’s most renowned copper-gold mining jurisdictions, into Defiance Silver’s portfolio. The GEMS team consists of seasoned mine financiers and global mineral explorers, and we are pleased to welcome them as shareholders. This transaction strengthens Defiance’s strategy to build a diversified portfolio across silver, gold, and copper systems, enhances our exploration potential, and reinforces our commitment to creating value for shareholders.”Sonora StateSonora remains Mexico’s premier jurisdiction for precious metals and copper. According to the State Government’s Annual Report, Sonora accounted for 75.6 % of Mexico’s copper production and 25.7 % of national gold output as of early 2024. , with over 20,000 direct jobs in the sector. This concentration of output underscores a robust, district‑scale metal endowment, marking Sonora as a high‑caliber destination for long-term investment 1, 2, 3.The GEMS projects are situated in proximity to several large, active mining operations, including:Mulatos (Alamos Gold): First explored in the 1980s and brought into production two decades later, it is a low-cost, open-pit gold mine producing over 120,000 oz/year, with upside toward 160,000 oz. on a 34,000+ ha property, Mulatos demonstrates how mid-scale projects can deliver sustained growth 4.Dolores (Pan American Silver): After more than a decade of exploration beginning in 1996, Dolores emerged as a high output mine producing 80 koz gold and 4 Moz silver annually, Dolores still contributes meaningful ounces while transitioning through residual leaching. Its 27,700-ha land package and original 17+ year mine plan validate the area’s silver-gold endowment 5,6.Cananea/Buenavista del Cobre (Grupo México): After decades of early prospecting, it became one of the world’s largest open-pit copper operations in 1948. Cananea produces over 330,000 t of copper annually. With more than a billion tonnes in original reserves and decades of production, it anchors Mexico’s premier porphyry copper belt 7.Pinos Altos (Agnico Eagle): After initial exploration in 1995 and a 14-year path to first gold pour, Pinos Altos began with a large gold and silver reserve base and remains a steady producer at ~80 Au koz/year. Its longevity and scale within an 11,000-ha district confirm the region’s strong gold-silver endowment 8.Map 2: Location of Mines Neighboring GEMS projectsDefiance’s new projects are situated in proximity to operational mines and advanced exploration sites, highlighting the region’s significant mineral potential. However, the Company and its qualified person have not independently verified the technical information regarding these mines and this information should not be considered indicative of mineralization on the Company’s properties.Exploration PotentialHistorical exploration and sampling across the GEMS projects have identified extensive geological features indicative of large-scale hydrothermal Cu-Au-Ag systems within the Porphyry Copper Belt of Sonora. These findings highlight the strong potential for resource discovery and expansion.Victoria Project: Drill-Ready Copper-Gold-Molybdenum SystemThe Victoria Project consists of two non-contiguous mineral claims totaling 1,795.22 hectares in the Sahuaripa, Mexico mining district. Geological indicators suggest porphyry-style stockwork and breccia-hosted Cu-Mo-Au mineralization. Strong phyllic alteration overprinting potassic alteration, and subsequent leaching have resulted in intense leached capping at the surface and lower surface copper grades. The leached capping suggests potential for secondary copper enrichment superimposed on primary copper sulfides mineralization at depth.Figure 1 - Photo of Victoria asset showing surface alteration of large hydrothermal system On behalf of Defiance Silver Corp.“Chris Wright”CEO and Chairman of the BoardFor more information, please contact:Investor RelationsSuite 2900-550 Burrard Street Vancouver, BC V6C 0A3, CanadaTel: +1 (604) 343-4677Email: info@defiancesilver.comQualified PersonMr. George Cavey, P. Geo, Vice-President Exploration and Director of the Company, is a Qualified Person within the meaning of National Instrument 43-101 and has reviewed and approved the technical information contained in this press release.About Defiance Silver Corp.Defiance Silver Corp. (DEF | TSX Venture Exchange; DNCVF | OTCQX; D4E | Frankfurt) 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.DisclaimerNeither the 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.Cautionary Statement Regarding Forward Looking InformationAll statements, trend analysis and other information contained in this press release about anticipated future events or results constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding anticipated benefits of the Transaction, the potential of the combined projects of both Defiance and GEMS (the “Projects”), the strengths, characteristics and potential of the Transaction; the impact of the Transaction on Defiance, GEMS and their respective shareholders and other stakeholders; and other anticipated benefits of the Transaction.Although Defiance believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including the risks, uncertainties and other factors identified in the Company’s periodic filings with Canadian securities regulators, and assumptions made with regard to the estimated costs associated with the advancement of the Projects and the Company’s ability to achieve the synergies expected as a result of the Transaction. Forward-looking information is subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from the Company’s expectations include risks associated with the business of Defiance and GEMS; risks related to reliance on technical information provided by GEMS; risks related to exploration and potential development of the Projects; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and indigenous groups / local communities in the exploration and development of the Projects and the issuance of required permits; the need to obtain additional financing to develop the Projects and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risk factors as identified in Defiance’s filings with Canadian securities regulators on SEDAR+ (available at www.sedarplus.ca).The forward-looking information contained in this news release is made as of the date hereof and Defiance does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The foregoing statements expressly qualify any forward-looking information contained herein.REFERENCES1. Gobierno del Estado de Sonora. “Informe de Resultados: Secretaría de Economía 2023–2024.” Gobierno del Estado de Sonora, 2024. https://ejecutivo.sonora.gob.mx/archivos/informes/…2. Servicio Geológico Mexicano. “Anuario Estadístico de la Minería Mexicana 2023.” Secretaría de Economía, Dirección General de Minas, 2024. https://www.sgm.gob.mx/Documentos/Publicaciones/An…3. INEGI (Instituto Nacional de Estadística y Geografía). “Producción Minera por Entidad Federativa, Enero 2024.” Sistema de Información Económica, 2024. https://www.inegi.org.mx/temas/mineria/4. Alamos Gold Inc. “Alamos Gold Reports Mineral Reserves and Resources for the Year Ended 2023.” Alamos Gold, 2024, https://www.alamosgold.com/news-and-events/news/news-details/2024/Alamos-Gold-Reports-Mineral-Reserves-and-Resources-for-the-Year-Ended-2023/default.aspx.5. Pan American Silver Corp. “Technical Report Dolores Mine 2022”. 2023, https://panamericansilver.com/wp-content/uploads/2023/01/DoloresTR2022-06.pdf.6. Pan American Silver Corp. “Pan American Silver Reports First Quarter 2025 Results.” Pan American Silver, 24 Apr. 2024, https://panamericansilver.com/wp-content/uploads/2025/05/Q1-2025-Financial-Report.pdf.7. Grupo México. “Form 10-K Annual Report.” U.S. Securities and Exchange Commission, 2023, https://minedocs.com/26/Southern-Copper-Form-10-K-2023.pdf.8. Agnico Eagle Mines Limited. “Pinos Altos Mine” Agnico Eagle, 31 Dic. 2024, https://www.agnicoeagle.com/English/operations-and…

3 months ago • 2 views
News

Defiance Silver Finalizes Long Term Access Agreement

Vancouver, British Columbia (Newsfile Corp. – June 16, 2025) - Defiance Silver Corp. (TSXV: DEF) (FSE: D4E) (WKN: A1JQW5) (“Defiance” or the “Company”) is pleased to announce that it has finalized a six-year agreement that grants the Company the rights to conduct surface exploration, drilling, and engineering studies in support of its Tepal Gold-Copper Project located in Michoacán, Mexico (see news release dated June 3, 2025). The agreement also enables the Company to collect essential data required for the submission of permit applications to advance the development of the project.As consideration for these rights, the Company will make annual cash payments, indexed to the annual rate of inflation in Mexico, and issue common shares with a total annual value of US$40,000/year to the surface rights holder. Over the six-year term, the total number of shares issued will not exceed 1,400,000.For the upcoming year, the Company will issue 201,452 common shares at a deemed price of C$0.27 per share to the counterparty. This remains subject to approval of the TSX Venture Exchange.On behalf of Defiance Silver Corp.“Chris Wright”CEO and Chairman of the BoardFor more information, please contact:Investor RelationsTel: +1 (604) 343-4677info@defiancesilver.comwww.defiancesilver.com Suite 2900-550 Burrard StreetVancouver, BC V6C 0A3Canada DisclaimerNeither the 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.About Defiance Silver Corp.Defiance Silver Corp. (DEF | TSX Venture Exchange; DNCVF | OTCQX; D4E | Frankfurt) 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.

4 months ago • 2 views
News

Defiance Silver Appoints Armando Vazquez, M.Sc., C.P.G., as Vice President, Operations

Defiance Silver Corp. (TSXV: DEF) (FSE: D4E) (WKN: A1JQW5) (“Defiance” or the “Company”) is pleased to announce the appointment of Mr. Armando Vazquez, M.Sc., C.P.G., as Vice President, Operations, effective May 1, 2025.Mr. Vazquez continues to serve as Senior Consultant at OreQuest Consultants Ltd., where he has been supporting with strategic development and drill targeting for Defiance Silver since 2020, contributing to expanding our resource base and achieving our long-term vision. Mr. Vazquez is a Qualified Person under Canadian National Instrument 43-101 and a highly regarded exploration geologist with over 14 years of experience designing and managing grassroots and brownfield exploration programs.Prior to joining Defiance, Mr. Vazquez led the design and execution of exploration programs to the highest industry standards, including compliance with QA/QC protocols under NI 43-101 and stringent Health and Safety frameworks. His expertise spans a broad range of deposit types—including epithermal, porphyry, orogenic gold, and intrusion-related systems—across key mining jurisdictions such as Mexico, the United Kingdom, and Finland.Mr. Vazquez holds a Master of Science in Exploration Geology from the Camborne School of Mines (University of Exeter, UK), where he was awarded the prestigious Chevening Scholarship for academic excellence. He also earned a Bachelor of Engineering in Geological Engineering from the National Autonomous University of Mexico (UNAM).Chris Wright, Chairman & CEO, commented:“We are very pleased to welcome Mr. Vazquez to the leadership team at Defiance. His deep technical knowledge, commitment to responsible exploration, and proven ability to manage complex exploration programs will play a critical role in advancing our portfolio and driving long-term value for our shareholders. In his new role, Mr. Vazquez will oversee operational execution across Defiance’s projects, including technical planning, exploration strategy, and program delivery.”SHARES FOR SERVICESThe 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 July 1, 2024 to December 31, 2024, the Company has issued 33,448 Common Shares at a weighted average price of $0.244 per Common 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. (DEF | TSX Venture Exchange; DNCVF | OTCQX; D4E | Frankfurt) 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.On behalf of Defiance Silver Corp.“Chris Wright”CEO and Chairman of the BoardFor more information, please contact: Investor Relations at +1 (604) 343-4677 or via email at info@defiancesilver.com.www.defiancesilver.comSuite 2900-550 Burrard StreetVancouver, BC V6C 0A3CanadaDisclaimerNeither the 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.

5 months ago • 2 views
News

Defiance Silver Provides Corporate Update

February 28th, 2025 – Vancouver, British Columbia – Defiance Silver Corp. (“Defiance” or the “Company”) (TSXV: DEF; FSE: D4E; WKN: A1JQW5) has entered into an agreement with Triomphe Holdings Ltd. (dba Capital Analytica) (“Capital Analytica”), based in British Columbia, for investor relations and communication services.The agreement with Capital Analytica (the “Capital Analytica Agreement”) has an initial term of six months, commencing March 1st, 2025, under which the Company will pay Capital Analytica $120,000.The services to be provided under the Capital Analytica Agreement include ongoing capital markets consultation, ongoing social media consultation regarding engagement and enhancement, social sentiment reporting, social engagement reporting, discussion forum monitoring and reporting, corporate video dissemination, and other related investor relations services.Jeff French is the principal of Capital Analytica and will be responsible for all activities related to the Company. Capital Analytica and its principals are arm’s lengths to the Company and currently have no direct or indirect interest in the securities of the Company, or any right or intent to acquire such an interest.The Capital Analytica Agreement is subject to TSX Venture Exchange approval.GRANT OF OMNIBUS AWARDSDefiance also announces is pleased to share that it has granted the following:Stock Options - an aggregate of 2,888,500 incentive stock options (“Options”) have been granted to certain employees, directors, and consultants to purchase common shares of the Company (each, a “Common Share”) at an exercise price $0.22. The Options are exercisable for five years from the date of grant and vest equally over a three-year period beginning on the date of grant. The options granted to consultants are exercisable for two years from the date of grant and are also subject to vesting provisions.Deferred Share Units - an aggregate of 643,500 Deferred Share Units (“DSUs”) have been granted to certain directors. Each DSU represents a right of the holder to receive one Common Share effective as at the date the holder ceases to serve as a director of the Company. The DSUs vest on the one-year anniversary of the date of grant.Performance Share Units – an aggregate of 55,000 Performance Share Units (“PSUs”) have been granted to certain employees. Each PSU entitles the holder to acquire one Common Share on the vesting date. The PSUs vest on the one-year anniversary of the date of grant, subject to certain corporate and individual performance criteria.Restricted Share Units – an aggregate of 252,475 Restricted Share Units (“RSUs”) have been granted, to certain employees. Each RSU entitles the holder to acquire one Common Share on vesting. The RSUs vest equally over a three-year period beginning on the one-year anniversary of the date of grant.SHARES FOR SERVICESThe 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 July 1, 2024 to December 31, 2024, the Company has issued 33,448 Shares at a weighted average price of $0.244 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. (DEF | TSX Venture Exchange; DNCVF | OTCQX; D4E | Frankfurt) 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.On behalf of Defiance Silver Corp.“Chris Wright”Chairman and CEOFor more information, please contact: Investor Relations at +1 (604) 343-4677 or via email at info@defiancesilver.com. www.defiancesilver.comSuite 2900-550 Burrard Street Vancouver, BC V6C 0A3CanadaTel: +1 (604) 343-4677Email: info@defiancesilver.com DisclaimerNeither 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.

7 months ago • 3 views
News

Defiance Silver Files Amended Technical Report for The Tepal Project

Vancouver, British Columbia (Newsfile Corp. – January 31, 2025) - Defiance Silver Corp. (TSXV: DEF) (FSE: D4E) (WKN: A1JQW5) (“Defiance” or the “Company”) announces that, following the announcement on December 10, 2024 of a Mineral Resource Estimate (“MRE”) prepared in accordance with the National Instrument 43-101 - Standard for Disclosure for Mineral Projects (“NI 43-101”) for the 100% owned Tepal Gold-Copper Project and the concurrent filing on SEDAR+ (www.sedarplus.ca) of a technical report on the project (see news release dated December 10, 2024 for more details), the Company has filed today an amended technical report on SEDAR+ (www.sedarplus.ca) under the Company’s issuer profile.Qualified Persons, NI 43-101 Technical Report and MREAs reported by the Company in its November 29 news release, Defiance had commissioned Micon to prepare a new technical report, including a MRE, associated with the potential development of the Tepal mineral resource.The MRE is preliminary in nature and includes inferred mineral resources considered too speculative geologically to have the economic considerations applied that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability.The Micon MRE report is titled “NI 43-101 Technical Report and 2024 Mineral Resource Estimate for the Tepal Project, Michoacán, Mexico” dated November 29, 2024, amended on January 29, 2025, with an effective date of October 30, 2024 (the “Amended Technical Report”). William J. Lewis P.Geo., and Chitrali Sarkar M.Sc., P.Geo., of Micon are the QPs for the MRE and have reviewed and approved the technical disclosure contained in this news release. Richard Gowans P.Eng., of Micon is the QP responsible for reviewing the Tepal metallurgical work which the MRE is based upon. Mr. Lewis, Ms. Sarkar and Mr. Gowans are all independent of Defiance and are the Micon QPs for the Amended Technical Report.The principal amendments to the technical report are changes to certain columns in the Tepal Project Mineral Resource Estimate Table and minor edits in the Resource Estimates Notes that appear in Section 1.7.7 -Summary, Section 14.10.3 -Mineral Resource Estimates and Section 25.2.7.3 Mineral Resource Estimate of the Micon report. There have been no changes to the actual mineral resource estimates reported in the December 10, 2024 news release and SEDAR+ filing. All other sections of the technical report remain unchanged.The Amended Technical Report replaces the original technical report dated November 29, 2024 and filed on SEDAR+ on December 10, 2024.About Defiance Silver Corp.Defiance Silver Corp. (DEF | TSX Venture Exchange; DNCVF | OTCQX; D4E | Frankfurt) 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.On behalf of Defiance Silver Corp.“Chris Wright”CEO & Chairman of the BoardFor more information, please contact: Investor Relations at +1 (604) 343-4677 or via email at info@defiancesilver.comwww.defiancesilver.comSuite 2900-550 Burrard Street Vancouver, BC V6C 0A3CanadaTel: +1 (604) 343-4677Email: info@defiancesilver.com DisclaimerNeither the 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.

8 months ago • 3 views
News

Defiance Silver Announces a Mineral Resource Estimate for the Tepal Project and Filing of Supporting NI 43-101 Technical Report

Download PDF Vancouver, British Columbia (Newsfile Corp. – December 10, 2024) - Defiance Silver Corp. (TSXV: DEF) (FSE: D4E) (WKN: A1JQW5) (“Defiance” or the “Company”) is pleased to announce a Mineral Resource Estimate (“MRE”) prepared in accordance with the National Instrument 43-101 - Standard for Disclosure for Mineral Projects (“NI 43-101”) for the 100% owned Tepal Gold-Copper Project, located in the municipality of Tepalcatepec, Michoacán State, in south-western Mexico. Highlights Include: 111.67 million tonnes (Mt) of Measured & Indicated Mineral Resources averaging 0.26 g/t gold for 926,000 ounces of gold 111.67 Mt Measured & Indicated Mineral Resources averaging 0.19% copper for 473.86 million pounds (Mlb) of copper 111.67 Mt of Measured & Indicated Mineral Resources averaging 1.55 g/t silver for 5.58 million ounces (Moz) of silver 124.36 Mt of Inferred Mineral Resources averaging 0.25 g/t gold for 985,000 ounces of gold 124.36 Mt of Inferred Mineral Resources averaging 0.16% copper for 451.0 Mlb copper 124.36 Mt of Inferred Mineral Resources averaging 1.46 g/t silver for 5.83 Moz of silver Mineral resources were estimated using a cut-off grade of 13 $/t NSR for the oxidized zone and 15 $/t NSR for the sulphide zone; both the oxide and sulfide estimates lie within the optimized pit shell Metallurgical testing indicates recoveries of 86% Cu and 54% Au for the North/South Zones and 84% Cu and 50% Au for the Tizate Zone mineralization which would produce a 23% Cu copper concentrate with gold credits. The MRE was independently prepared by Micon International Limited (“Micon”) MRE for the Tepal Project The MRE, independently prepared by Micon’s QPs, have classified the mineral resources for the Tepal Project in the Measured, Indicated and Inferred categories for the Tepal North Zone resources and the Indicated and Inferred categories for Tepal South Zone and Tizate Zone resources (as defined in the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources & Mineral Reserves incorporated by reference into NI 43-101) and has an effective date of October 30, 2024. Table 1 summarizes the MRE, and Figures 1 to 4 show various plan views and cross sections of the new block model and/or optimized pit outlines. Tepal North Zone, Tepal South Zone and Tizate deposits are all part of the Tepal Project; the three deposits have been estimated separately to honour their geometry and grade characteristics. Table 1: Tepal Project Mineral Resource Estimates (rounded values) Open Pit ModelResource CategoryWeathering ZoneAverage GradeContent MetalTonnageNSRCuAuAgNSRCuAuAgMt$/t%g/tg/tmillion $thousand lbthousand ozthousand ozIn-Pit Tepal North ZoneMeasuredOxide2.7131.160.310.451.038418,8183990Sulphide21.2138.040.240.390.92807111,170269627IndicatedOxide3.8517.510.190.250.806716,5083199Sulphide28.5125.350.180.231.22723110,3222131,114M+IOxide6.5623.150.240.330.9015235,32770189Sulphide49.7230.770.200.301.091,530221,4924811,741Total56.2829.880.210.301.071,682256,8185511,930InferredOxide2.6012.910.150.181.17348,7501597Sulphide26.7323.820.170.211.21637101,9091771,040Total29.3322.860.170.201.21670110,6591921,137In-Pit Tepal South ZoneIndicatedOxide1.2228.270.220.401.29345,9221650Sulphide10.7836.630.240.361.1339557,569124392Total11.9935.780.240.361.1542963,492140443InferredOxide1.4810.250.110.140.87153,635741Sulphide35.8435.020.180.411.291,255145,7794771,481Total37.3234.040.180.401.271,270149,4144841,523In-Pit Tizate ZoneIndicatedOxide4.1011.500.130.161.794711,49321236Sulphide39.3022.520.160.172.35885142,0572142,970Total43.4021.470.160.172.30932153,5492353,206InferredOxide4.559.580.140.122.194414,45018321Sulphide53.1621.150.150.171.671,124176,4882922,853Total57.7120.240.150.171.711,168190,9383103,174In-Pit Total Tepal+TizateMeasuredOxide + Sulphide23.9237.260.250.400.93891129,988308717Indicated87.7524.520.180.221.722151343,8726184,861M+I111.6727.250.190.261.553,043473,8609265,578Inferred124.3625.000.160.251.463,109451,0119855,834 Resource Estimate Notes: The effective date of the MRE is October 30, 2024. The Mineral Resource Estimate has been stated using a NSR $/t value cut-off grade. As per the economic assumption the cut-off grade is 13 $/t NSR for the oxide zone and 15 $/t for the sulphide zone. William Lewis P.Geo., and Chitrali Sarkar M.Sc., P.Geo., of Micon are the QPs responsible for the MRE, as defined in NI 43-101. The mineral resources disclosed in this report were estimated using the CIM standards for mineral resource and reserve definitions and the CIM best practices guidelines for resource estimation. The mineral resources reported are contained within the boundaries of a pit-shell derived from the open pit optimizer, assuming surface mining methods with an overall slope angle of 45 degrees and with the original block model re-blocked to 20m x 20m x 20m. Mineralized blocks outside of the pit-shell are not considered to be part of the MRE. An open pit cut-off grade of 13 $/t NST for the oxide zone and 15 $/t for sulphide zone was calculated for the MRE, using a gold price of US$ 2,300/oz, a silver price of US$30/oz and a copper price of US$4.8/lb, mining cost US$2.0/t, processing cost US$10/t for oxide and US$12/t for sulphide, G&A costs of US$3/t. and relevant treatment and refining charges (TCRCs). Molybdenum has not been considered to be part of NSR calculation at this time due to insufficient metallurgical testwork to determine the applicable process recovery. The MRE has been classified according to CIM definitions of Measured, Indicated and Inferred Resources for Tepal North Zone and Indicated and Inferred for Tepal South and Tizate Zones. The Mineral Resource classification has also been visually reviewed to eliminate any” Spotted Dog” effect, commonly seen in computer-generated models. The mineral resource results are presented in-situ within the optimized pit. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Geological modelling and the MRE have been completed using Leapfrog Geo and Edge software. The tonnes and metal contents are rounded to reflect that the numbers are an estimate and any discrepancies in the totals are due to the rounding effects. Micon has not identified any legal, political, environmental, or other factors that could materially affect the potential development of the mineral resource estimate. Silver has been included in the current NSR calculation for the first time as it was not reported in any of the previously released mineral resource estimates. Molybdenum has not been included as part of the current NSR calculation for the MRE due to insufficient metallurgical testwork to determine the applicable process recovery. However, molybdenum grades are significant, and the Company will aim to included this in any future MRE or Preliminary Economic Assessment. The current mineral resource estimate focuses exclusively on an open pit resource. However, while performing the interpretation for the Tepal South Zone mineralization, Micon noticed that the mineralized zone is dipping sharply towards the south at the south-east end of the deposit (Figure 4). The high-grade material within the low-grade envelopes also follows a similar trend, and it is believed that there could be underground resource potential for this area. Micon’s QPs suggest performing a study using a combination of open pit and underground mining methods in future resource estimates. Figure 5: Map of Tepal deposits with various exploration target areas outlined in red Recommendations Further exploration and development of the Tepal Project is recommended. The recommended next phase of work is: a Lidar topographic survey, detailed mapping and surface sampling, systematic channel sampling, relogging of a number of holes, relocating the collars for some of the old INCO drill holes, as well as reprocessing the old geophysical programs. In addition, further resource infill and expansion drilling is recommended especially into the deep South Zone target area (Figure 3). It is also recommended the company conduct further metallurgical testwork at the Tepal Project. Data gained from this recommended work will help the Company with its plan to produce a Preliminary Economic Assessment during the course of 2025. Qualified Persons, NI 43-101 Technical Report and MRE As reported by the Company in its November 29th news release, Defiance had commissioned Micon to prepare a new technical report, including a MRE, associated with the potential development of the Tepal mineral resource. The technical report, prepared in accordance with the NI 43-101, will be filed today on SEDAR+ (www.sedarplus.ca) under the Company’s issuer profile. The effective date of the current MRE is October 30, 2024. The MRE is preliminary in nature and includes inferred mineral resources considered too speculative geologically to have the economic considerations applied that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The Micon MRE report is titled “NI 43-101 Technical Report and 2024 Mineral Resource Estimate for the Tepal Project, Michoacán, Mexico” dated November 29, 2024, with an effective date of October 30, 2024. William J. Lewis P.Geo., and Chitrali Sarkar M.Sc., P.Geo., of Micon are the QPs for the MRE and have reviewed and approved the technical disclosure relating to the MRE contained in this news release. Richard Gowans P.Eng., of Micon is the QP responsible for reviewing the Tepal metallurgical work which the MRE is based upon. Mr. Lewis, Ms. Sarkar and Mr. Gowans are all independent of Defiance and are the Micon QPs for the Technical Report. About Defiance Silver Corp. Defiance Silver Corp. (DEF | TSX Venture Exchange; DNCVF | OTCQX; D4E | Frankfurt) 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. On behalf of Defiance Silver Corp. “Chris Wright” CEO & Chairman of the Board For more information, please contact: Investor Relations at +1 (604) 343-4677 or via email at info@defiancesilver.com www.defiancesilver.com Suite 2900-550 Burrard Street Vancouver, BC V6C 0A3 Canada Tel: +1 (604) 343-4677 Email: info@defiancesilver.com Disclaimer Neither the 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. Cautionary Statements 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 involves risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward looking information. Forward-looking statements are generally identifiable by use of the words “believe”, “expect”, “anticipate”, “contemplate”, “plan”, “intend”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule”, “understand” or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements relate to, among other things: statements regarding the Company’s ability to convert inferred resources into measured and indicated resources; parameters and methods used to estimate the mineral resource estimate (the “MRE”) at the Tepal Project; the prospects, if any, of the Tepal Project and the Company’s ability to deliver a Preliminary Economic Assessment thereon; and the significance of historic exploration activities and results. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by Defiance, are inherently subject to significant technical, political, business, economic and competitive uncertainties and contingencies, which are beyond the Company’s ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information. Factors and assumptions that could cause actual results or events to differ materially from current expectations include, among other things and without limitation: the results of exploration activities, the Company’s financial position and general economic conditions, the ability of exploration activities to accurately predict mineralization; the accuracy of geological modelling; the ability of the Company to complete further exploration activities; the legitimacy of title and property interests in the Tepal Project and its other projects in the area; the accuracy of key assumptions, parameters or methods used to estimate the MRE; the ability of the Company to obtain required approvals; the evolution of the global economic climate; metal prices; environmental expectations; community and non-governmental actions; the Company’s ability to secure required funding; and other risks detailed from time to time in the filings made by the Company’s public disclosure record on file with the relevant securities regulatory authorities. For additional risk factors, please see the Company’s most recently filed Management Discussions & Analysis for its financial quarter ended September 30, 2024 available on SEDAR+ at www.sedarplus.ca. There can be no assurances that forward-looking information and statements will prove to be accurate, as many factors and future events, both known, and unknown could cause actual results, performance or achievements to vary or differ materially from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements contained herein or incorporated by reference. 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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