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Defiance Silver Extends San Acacio Option and Acquires New Concessions at Tepal Project

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Defiance Silver Corp (TSXV: DEF) (OTCQX: DNCVF) has announced two key developments: First, the extension of its San Acacio Silver Project option payment deadline from September 27 to December 31, 2024, with no changes to economic terms. Second, the acquisition of six new licenses totaling 636.25 hectares near the Tepal project for USD$20,000 + VAT. The new concessions show potential for Au-Cu-Mo mineralization based on regional airborne magnetics and SGM data. Additionally, the company has engaged Torrey Hills Capital for investor relations services at USD$5,000 monthly and issued 52,375 shares for administrative services.

Defiance Silver Corp (TSXV: DEF) (OTCQX: DNCVF) ha annunciato due sviluppi chiave: in primo luogo, l'estensione della scadenza per il pagamento dell'opzione del suo progetto argento San Acacio dal 27 settembre al 31 dicembre 2024, senza modifiche ai termini economici. In secondo luogo, l'acquisizione di sei nuove licenze per un totale di 636,25 ettari vicino al progetto Tepal per USD$20.000 + IVA. Le nuove concessioni mostrano potenziale per mineralizzazione Au-Cu-Mo basata su dati magnetici aerei regionali e dati SGM. Inoltre, l'azienda ha coinvolto Torrey Hills Capital per servizi di relazioni con gli investitori al costo di USD$5.000 mensili e ha emesso 52.375 azioni per servizi amministrativi.

Defiance Silver Corp (TSXV: DEF) (OTCQX: DNCVF) ha anunciado dos desarrollos clave: Primero, la extensión del plazo de pago de opción de su Proyecto de Plata San Acacio desde el 27 de septiembre hasta el 31 de diciembre de 2024, sin cambios en los términos económicos. En segundo lugar, la adquisición de seis nuevas licencias que totalizan 636.25 hectáreas cerca del proyecto Tepal por USD$20,000 + IVA. Las nuevas concesiones muestran potencial para mineralización de Au-Cu-Mo basadas en datos magnéticos aéreos regionales y datos de SGM. Además, la empresa ha contratado a Torrey Hills Capital para servicios de relaciones con inversores por USD$5,000 mensuales y ha emitido 52,375 acciones para servicios administrativos.

Defiance Silver Corp (TSXV: DEF) (OTCQX: DNCVF)는 두 가지 주요 발전을 발표했습니다: 첫째, San Acacio 은 프로젝트 옵션 지불 마감일을 9월 27일에서 2024년 12월 31일로 연장하여 경제적 조건에 변경이 없습니다. 둘째, Tepal 프로젝트 근처에 총 636.25 헥타르에 달하는 여섯 개의 새로운 라이센스를 20,000달러 + 부가세에 인수했습니다. 새로운 양허는 지역 항공 자력 및 SGM 데이터에 기반하여 Au-Cu-Mo 광물화의 잠재력을 보여줍니다. 또한, 이 회사는 Torrey Hills Capital을 월 5,000달러에 투자자 관계 서비스에 고용했으며 관리 서비스에 대해 52,375주를 발행했습니다.

Defiance Silver Corp (TSXV: DEF) (OTCQX: DNCVF) a annoncé deux développements clés : Premièrement, le prolongement de la date limite de paiement de l'option de son projet d'argent San Acacio du 27 septembre au 31 décembre 2024, sans changement des conditions économiques. Deuxièmement, l'acquisition de six nouvelles licences totalisant 636,25 hectares près du projet Tepal pour 20 000 USD + TVA. Les nouvelles concessions montrent un potentiel pour la minéralisation Au-Cu-Mo sur la base de données géophysiques aériennes régionales et de données SGM. De plus, l'entreprise a engagé Torrey Hills Capital pour des services de relations investisseurs pour un montant de 5 000 USD par mois et a émis 52 375 actions pour des services administratifs.

Defiance Silver Corp (TSXV: DEF) (OTCQX: DNCVF) hat zwei wichtige Entwicklungen angekündigt: Erstens wurde die Frist für die Zahlung der Option für das Silberprojekt San Acacio von 27. September auf 31. Dezember 2024 verlängert, ohne Änderungen der wirtschaftlichen Bedingungen. Zweitens wurde der Erwerb von sechs neuen Lizenzen mit insgesamt 636,25 Hektar in der Nähe des Tepal-Projekts für USD$20.000 + MwSt. bekannt gegeben. Die neuen Konzessionen zeigen Potenzial für Au-Cu-Mo-Mineralisierung basierend auf regionalen Luftmagnetikanalysen und SGM-Daten. Darüber hinaus hat das Unternehmen Torrey Hills Capital für Investorenbeziehungsdienstleistungen zu einem Preis von USD$5.000 pro Monat engagiert und 52.375 Aktien für Verwaltungsdienstleistungen ausgegeben.

Positive
  • Acquisition of 6 new licenses (636.25 hectares) near Tepal project with potential Au-Cu-Mo mineralization
  • Successfully negotiated extension of San Acacio option payment without economic penalty
Negative
  • Delayed payment for San Acacio property option indicates possible cash flow constraints
  • Additional monthly expenses of USD$5,000 for new IR services

Vancouver, British Columbia--(Newsfile Corp. - October 31, 2024) - Defiance Silver Corp. (TSXV: DEF) (OTCQX: DNCVF) (FSE: D4E) (WKN: A1JQW5) ("Defiance" or "The Company") announces the extension of the San Acacio Silver Project option agreement and the acquisition of an additional six (6) licenses at its Tepal project as part of the company's exploration program.

Extension of San Acacio Option Payment

Defiance through its wholly owned subsidiary, Minera Santa Remy S.A., has, at the Vendor's request, agreed to extend the term of its option to acquire 100% of the San Acacio property in the Zacatecas district. As a result of this amendment, the scheduled payment due September 27, 2024, has now been changed to December 31, 2024. The amendment was signed by both parties and is pending ratification in the presence of a notary public in Mexico City. There were no changes to the economic terms of the option agreement.

Defiance Silver adds to Tepal Concessions

Defiance Silver Corp. is pleased to announce that it has acquired six (6) licenses spanning 636.25 hectares for USD$20,000 + VAT. The acquisition of these licenses is part of our exploration program at Tepal. Based on the interpretation of regional airborne magnetics, our technical team believes the structural controls of the porphyry style Au-Cu-Mo mineralization in the Tepal project extends to these newly acquired concessions. Public domain information from the SGM (Geologic Survey of Mexico) indicates the presence of anomalous concentrations of gold and copper. Previous works performed by the vendor also identified similar anomalies.

Investor Relations Engagement

The Company has entered into an investor relations service agreement ("the Agreement") with an arm's length party, San Diego Torrey Hills Capital Inc. ("Torrey Hills"), starting on November 1st, 2024 to perform services for the Company, including investor relations activities, as defined in accordance with the policies of the TSXV and applicable securities laws.

Pursuant to the agreement, Torrey Hills will receive a monthly payment of USD$5,000 for a minimum term of four (4) months. Once the initial term has been completed, the agreement may be terminated by either party by providing 30 days written notice. The Agreement is subject to acceptance by the TSXV and Torrey Hills has agreed to comply with all applicable securities laws and the policies of the Exchange in providing the services to the Company.

Shares for Services

The 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 January 1, 2024 to June 30, 2024, the Company has issued 52,375 Shares at a weighted average price of $0.179 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. (TSXV: DEF) (OTCQX: DNCVF) (FSE: D4E) 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.

Mr. George Cavey, P. Geo, is a Qualified Person within the meaning of National Instrument 43-101 and has approved the technical information concerning the Company's material mineral properties contained in this press release.

On behalf of Defiance Silver Corp.

"Chris Wright"

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 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228416

FAQ

What new properties did Defiance Silver (DNCVF) acquire in October 2024?

Defiance Silver acquired six new licenses spanning 636.25 hectares near the Tepal project for USD$20,000 plus VAT.

When is the new payment deadline for Defiance Silver's (DNCVF) San Acacio option?

The San Acacio option payment deadline has been extended to December 31, 2024, from the original date of September 27, 2024.

How much did Defiance Silver (DNCVF) pay for the new Tepal concessions?

Defiance Silver paid USD$20,000 plus VAT for the six new licenses near the Tepal project.

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