Junior resources company Silver Hammer Mining has called off its definitive share purchase agreement with Aurcana Silver concerning the Shafter deposit, in Texas.
Silver Hammer CEO Peter Ball said the decision followed an extensive evaluation of the Shafter mine alongside a team of mine builders, silver explorers and capital market experts.
The opportunity was also reviewed with various investment houses cross North America and Europe, Ball elaborated. However, required capital and interest were not forthcoming.
“We determined it is in the best interest of Silver Hammer’s shareholders not to proceed with the acquisition,” he said.
Aurcana, meanwhile, said it would continue to seek a buyer for the past-producing asset and that it was in discussions with several interested parties.
According to a September 2023 news release, Shafter contains a mineral resource of about 10.8-million ounces of silver in the measured and indicated category and an additional inferred silver resource of about 6.3-million ounces.
The mine was last in production in 2012/13.