Okay. Well, thank you, everybody. Apologies, my computer decided to update just before the presentation. Anyway, we are ready to go. I will go through the presentation, and I'd like to introduce Raul Diaz. He is our VP of Exploration, and Raul is shall we say, overviewing all of the work, so he's gonna be available to answer some technical questions which may arise that I may not be able to answer, as I'm not a metallurgist, nor am I an engineer. I'm a geologist. I will continue on. Let's get started. Okay, here is a photograph of our flagship project, the past-producing Candelaria Silver Mine in Nevada. There's two big heap leach pads, one here, one just behind the hill. You'll see one open pit.
We have a second open pit off to the right of this photograph. You can see the dimensions of this heap pad. That's a small pickup truck, so quite a significant one. Together, the leach pads have about 33 million tons of material. You will see a power line, which we have power access, and we have 2 mi of paved road out to the main highway that joins Reno to Vegas. I'll come back to that in a little bit. Forward-looking statements are mandatory in all of these presentations, and I'm sure you're familiar with them, so I'll just move on. Not only do we have the Candelaria mine project in Nevada, it's a big past producer. All told, between 1864 and 1997, they produced about 68 million oz of silver.
We've recently put out an updated resource. I'll give you the details of that a little bit later. About 108 million oz of silver equivalent measured and indicated, plus another almost 30 million oz inferred. Lots of room to improve that, particularly on the in-ground. We're working on a PFS, hopefully to come out here by the end of the year. I'll tell you what we need to do to finalize that. A lot of the work is in progress. Phoenix Silver project is the second major project. It's in Arizona. It has extremely high-grade silver vein potential, but it also has significant porphyry copper silver exploration targets. We'll talk about that. We have a third project in Nevada. Highly prospective, some good targets. We're not doing a lot of work there right now. We're concentrating on our first two projects.
We just recently completed a $32 million financing, so we have a strong treasury to be able to implement all the programs I'm about to talk about in the upcoming slides. Essentially, we did complete that resource update that I talked about. That was just last year in May. The mineralization remains open, particularly to depth, but also along strike. What's happening right now at the project, we're currently drilling the leach pads, auger drilling. The idea there is to upgrade the resource, to measure it and indicate it, to put into the PFS, and also to provide more material for pilot testing, and we'll talk about that. We're currently drilling the pit margins for rock mechanics and stability studies.
We're continuing with metallurgical testing of some new non-cyanide leaching solutions that are being developed jointly by Extrakt in partnership with Bechtel, and that's really to look at potential enhanced discoveries silver recoveries in particular with respect to the heap leach pads. Now, what we're also planning on doing is up to 20,000-25,000 m of additional exploration drilling. Some of that will be to look at an increase in-ground mineralization, but also we wanna look at some porphyry potential on the project as well. We wanna do some pilot testing of heap leach material using these Extrakt Bechtel solutions. Put out a pre-feasibility study, hopefully by the end of the year.
From there, we can go on to do a plan of operation to reactivate some permits, and then we'll be able, hopefully be in a position for a production decision. I'm not gonna spend a lot of time on this. A lot of investors like to see this. Essentially these are some of the major uses of silver. The biggest growth area right now is in the electrical data centers, AI, et cetera. Military is extremely important as well. Critical mineral list, silver's being added to in the U.S. They're talking about stockpiling silver, which could put upward pressure on the silver prices. Military, it's hard to quantify exactly how much is used in the military, but we do know that all of the electrical components in military do use silver.
As I talked about AI, I'm just gonna skip that. Of course, solar panels and EVs, growth still going on in China. U.S. has put it on the back burner, but it will probably return, particularly if we do see fossil fuels' supply lines hurt by the current geopolitical situation in the world. [audio distortion]
You froze, Greg.
Interesting enough, silver deficit. We've been in deficit for the last five, six years, and we're looking at current mine production, and we're looking at demand. Where is that coming from? Well, new mines. We do have various factors. You know, we have dents in supply and demand, inflationary pressures coming back with the current conflicts in the world, and we do have a lot of economic, political risks. These are all factors that could push silver prices and gold prices higher. We do see that silver gains are greater than gold gains in most of the bull markets that have taken place since the mid-1970s.
Greg, could I interject and help you a little?
Yeah. Say again.
In the last 10 years, world silver mine output fell 100 million oz, line output. Solar demand rose 118 million oz, and other industrial demand rose almost 75 million oz.
Yeah.
The market tightened by about 300 million oz. Last year, at $40 silver, mine output and scrap recycling did not rise.
No.
In the 1980 silver boom, scrap recycling tripled to 302 million oz and was the majority of the supply. It appears that all those old silver coins and silverware and tea services have been melted down.
Yep.
The major new silver mine projects don't come in until 2029. It appears that we are where we are.
Yep. I concur.
Please continue.
Okay. Shall I carry on?
Please.
Thank you, John. Okay, well, let's jump right to the Candelaria Silver Project, our main flagship project located here in the western side of Nevada in what's known as the Walker Lane trend of mineralized deposits. It's right off the main highway that joins Reno to Las Vegas, so it's very well located, just west of the town of Tonopah, southeast of the town of Hawthorne. Early producer, 1864. It was a high-grade, near-surface silver vein producer. Most of it was accessed through underground, a little bit of surface scrapings. Up until 1959, it was producing at an average grade of 1,250 g per ton of silver. So it was an extremely rich mine back in the day. It converted to open-pit mining in the late 1970s up until 1997. Kinross was the last big producer.
They decided to shut the mine down in 1997 when silver prices crashed down to $2.50, I think they touched on, but they were definitely below $5 per ounce silver. They started like—
In the 1970s they were $0.50.
Did they go to $0.50 in the 1970s? Okay. Well— [crosstalk]
They started in Canada for a long time at a $1 NSR in the 1870s, and gold was $20.67, silver was $0.50, and lead and zinc were $0.005 .
Okay.
That was in [crosstalk]
Yeah, this is 1997, where they decided to shut down, so a little bit later.
$4.90 was the price in 1997.
Okay.
1997.
Okay. Decided to close, started reclamation, didn't complete reclamation, which is to our advantage today. They sold it off to Silver Standard. Silver Standard was doing some additional studies, but with silver prices still under $5 per ounce, they decided to move on to other projects. We approached Silver Standard in 2017. They were rebranding their company. They were becoming SSR Mining. They were focusing on gold mining and they were selling off a lot of their older silver projects. We did a deal with Silver Standard. It was an all-share deal. We gave them $3 million in Silver One shares. In 2023, we had to replace a $2.5 million reclamation bond on that big leach pad that you saw in the photograph.
With that gave us a 100% interest with no royalties back to SSR. Then in 2025, we did complete the updated in-ground resource. Before, we only had a historical resource that had been worked out by Silver Standard. Now, this is a picture of the infrastructure. Here's the main highway that joins Reno to Las Vegas. We've got 2 mi of paved road that you saw in that photograph comes by that hidden leach pad number two in the photograph, right by leach pad number one that is in the photograph to the old processing site. Not a lot left there. We've got two big open pits. We have the Northern Belle and the Mount Diablo.
We've outlined, this is the extent of the mineralization we've outlined, but we do believe it carries on down dip in this general direction, north, northeast. We also know that there is some extensions along strike, and none of those have really been drilled off to date. We do have a power line. It is active. We pay our monthly power bills. We've got water wells, two of them right now, each capable of 500-700 gal per minute. We test them and renew them annually. Now, the important thing is this area in blue outline, this was the area that was permitted for operations. It was permitted for heap leach processing and for open pit mining. As I mentioned, Kinross did not complete reclamation. As such, the mining operations were never fully closed.
We've had meetings with the Bureau of Land Management, the BLM, and the Nevada Division of Environmental Protection, and they've told us four times that should we provide them a plan of operation, they would work on updating our permits within a matter of months. That's where we're headed right now. When we originally acquired the project, our thought pattern was to try and bring the heap leach pads into production, and then look at the fresh mineralization around the two big open pits. When we did the initial studies on it, one thing that became apparent, the original recoveries on the silver oxide mineralization by Kinross out of the open pits and onto the leach pads was 51%. This is pretty consistent with some of these silver oxide-style deposits.
If we look at Coeur Mining's Rochester Mine to the north of Reno, they're currently getting 50%-55% on similar material, a little bit more gold than we have here. Their average head grade that they are producing from is 15, 15 g per ton silver. 51% isn't bad for these silver oxide deposit. When we look at essentially what happened, we looked at updating the resource on the heap leach pads in 2018, 2019. We drilled them. We did just over 1,000 m of sonic drilling. We combined it with the previous work that had been done by Kinross. We have access to all that data. We had disappointing metallurgical results.
The leach pad number one went from 51% down to 29%, and the leach pad number two went from the 51% down to 40%. It hadn't been leached as much as the leach pad number one. Now, when we looked at this, silver prices were in the teens. We kinda set that aside, and we went up the hill, and we started drilling around the big open pits with the thought that we could start with the fresh mineralization, which would be higher grade and give better recoveries, and then maybe blend that with the heap leach material. We went up there between 2020 and 2023, say. We did about 20,000-25,000 m of drilling. You'll see the historic drilling in yellow. We have all that data. Plus, you'll see all of our drill holes.
Mineralization strikes generally along strike here. There's a bit of a fault offset, we believe, and I'll show you that on another map. We believe that the mineralization continues down in a northerly manner in this general direction. The depth of the pits are about 175-200 m. We're currently down at this point here about 500 m. We've gone from oxide into mixed oxide sulfide, and we believe it will probably carry on into solid sulfide. We do see the grades increasing, and I'll show you what we did with all of this information. We put out an updated resource just last year, and this is the in-ground resources that replaces the old historic resource. Measured and Indicated, this is in-ground open-pittable mineralization. Measured and Indicated about 71 million oz of silver equivalent.
That also contains about 141,000 oz of gold. Average grade is around 100 g per ton silver equivalent. Inferred, we have an additional 7 million oz of silver equivalent. As we get down deeper, we're gonna have to transition into probably underground, maybe ramping down from the base of the pit or elsewhere on the property. We've just started tapping into that. We've outlined about 6.5 million oz of measured and indicated and another 3 million oz inferred. You'll see the grades are going up approaching 200 g per ton. We do have some significant or higher grade intercepts that I'll show you in a little bit. We have some low- grade stockpiles.
Now on the heap leach pads, we did the resource back in 2018, 2019, and we updated it in 2025 to include silver equivalents. Essentially on the big leach pad, we've got about 31 million oz of silver equivalent. That includes 52,000 oz of gold. Then on leach pad number two, we have inferred mineralization of 16 million oz. These are in addition to the fresh material in ground. Total measured and indicated, we've got just under 110 million oz of silver equivalent and another 30 million oz inferred. As I said, lots of room to increase that resource, we believe, through drilling more fresh mineralization around the open pits. That's just some of the details.
It shows the prices that we did the resource calculation at, $2,750 silver and $2,100 gold. These are just some of the higher grade intercepts, and you'll see that we're definitely getting some higher grade material down there. I mean, there's 500 g per ton silver, 330 g per ton silver. We're getting up to 1 gram gold as well in some of these. We get some spectacular high grade ones over narrower widths, and we get some wider widths up to 50 m of almost 330 g per ton silver and about 0.4 g per ton of gold. It's variable, but it's fairly consistent heading down dip with the mineralization varying in thickness anywhere between 5 and up to 50 m.
We believe it will carry on in this general direction, probably eventually going to pure sulfide. We're seeing an increase in lead, zinc, and a little bit of copper values as we get down deeper as well. These are just some of those intercepts we talked about, and you'll see some of the spectacular grades there that we can get. Now here's the pits. I don't know if you can see the outline of the pit. It's not very clear on here. You'll see the outline of the Northern Belle Pit. You'll see the extent of the mineralization that we've outlined to date, and this is projected to surface. It's open along strike, and it's also open down dip.
I've got three sections I'm gonna show you very briefly to kind of pseudo cross-sections and one pseudo long section. If we look at them, you'll see north of the Northern Belle Pit, north-south section, you'll see the mineralization dipping anywhere between 50 up to 60, 70 degrees dip north of the Northern Belle Pit, open at depth. You'll see the Diablo is shallower. As I said, the two pits have been offset by a more recent fault called the Alpha fault. I'll show you where that is on another map. It's dipping probably 40 degrees, say, to the north. Again, open down dip. You'll see the old pit here. This is being mined out, this portion here. This is that long section.
You'll see it's fairly continuous, and it does remain open as we head down dip. Now, what I wanna talk about is recoveries. First of all, I'm gonna start at the bottom. Okay, I'm just gonna go back for a second. We did some metallurgical test holes in this region in through here, and we did some bulk samples from the base of the pit. On the fresh mineralization on mixed oxide with some sulfide, we sent it off to Kappes, Cassiday in Reno for some testing, and they did a crushing down to 2 mm using HPGR grinding equipment. We were getting-
That's high pressure grinding rolls?
Yes.
The steel mill goes horizontally. The high pressure grinding mills go vertically. They drop the ore in the top. They charge a lot of money for it, but you could use a used steel mill. Excuse my jargon.
Yeah.
Great.
It apparently gives, in theory, better recoveries.
It saves electricity too.
It saves electricity. The results we were getting were good. Essentially, they did column leach tests using cyanide, and we were getting up to 66% on average recoveries of the silver. This is in comparison with Kinross' 51%, and this is about a 30% increase from the historic production. We're happy with that on the fresh material. Now, when Raul was in Denver at a metallurgical conference, he ran into a group called Extrakt. New company, relatively new company. They were petroleum engineers, metallurgists who looked at extracting heavy metals from petroleum products. Well, they joined forces with Bechtel and formed this company called Extrakt, and they are working on these new non-toxic, non-cyanide solutions for extracting precious metals from things like waste dumps, heap leach pads—
Right. 40 years ago, there were people that wanted to use thiourea, a fertilizer.
Yep.
Is this that sort of chemical or something different?
Nope.
No. Something different.
Yeah. Just to let you know, John, we have confidentiality agreements with—
You know what the secret sauce is, but you're not allowed to tell us. Right.
Yeah. We don't know the full chemical formula of the sauce, shall we say. It's kinda like Coca-Cola formula. We are monitoring it, and I'll tell you how we're monitoring it. So far we've been happy with the results, and I'm gonna tell you what those results are. Okay?
Greg, in the 30 years that the mine has been sitting there idle.
Yes
Particularly the exposed material on the pads, has it been oxidized by sun, rain, weather, and further simplified, or is the chemistry essentially the same as Kinross left it?
Raul, I'll let you answer that.
That probably has changed because in theory, LP1, which is the leach pad one, the big one, was considered depleted and the leach pad two, which is the small leach pad had considered to hold only 10% of the silver remaining as available and leachable. However, our cyanide testing showed that we can recover 25%, 30% with cyanide, which was more than double than what has been estimated on LP1 and 100% more than what's estimated on LP2. With these new solutions, it is much greater. Yes, certainly there has been some effect of our leaching means oxidation.
You have the silver price that's higher than $5, and then we have nature helping you for 30 years.
Correct
We have these new solutions, which hopefully are helping us even further. If we look at essentially what these people have done, Extrakt Bechtel, they came to us and they said, "We can improve your recoveries on your heap leach pads." We said, "Well, prove it." Essentially we entered into an agreement with them, and they did some column leach testing on leach pad number one and number two, and they crushed it down to 2 mm. Again, column leach testing. Essentially the 29% on leach pad was giving up to 63% recoveries. The 40% on leach pad number two was giving up to 69% recoveries. Now, we're very happy with that. Where are we going and what are we doing with this information? Right now, we're doing additional testing using the Extrakt Bechtel solutions.
It's being monitored by Paterson & Cooke out of Denver, and they're taking ownership of the Extrakt solutions. They're directing the process, and we're doing more testing over the next few months. We are looking at more information, particularly on leach pad number two, which hadn't received as much testing as leach pad number one. We're looking at the extraction of gold, which we hadn't really looked at before. That's ongoing right now. With that information, we will put that into a pre-feasibility study, which we hope to put out before the end of the year. Okay?
Greg, how easy is it to convince a qualified person or one of these feasibility contractors about the Extrakt process?
Okay. Well, that is a point, and we are working on that. That's why we've engaged Paterson & Cooke, a very respected engineering group. We do have confidence that Bechtel is behind this process and has verified their belief in this process. They are working with other groups. If you want some public data on it, they've currently commenced pilot operations on a tailing project in Northern Ontario with a group out of England called Fulcrum Metals, and you can look at their news releases. They're getting similarly good results. They are working with some major companies, and they are getting apparently good results, but that data's not public. Yes, indeed, we do have some work to do, but that's why we're doing the additional testing. I'll get into one more aspect after this slide.
We are about to start having discussions about setting up pilot operations on site and/or in the lab. We haven't decided which is going to be more beneficial yet, using the Extrakt solutions, and that should give us much better confidence in these solutions. The preliminary data is very encouraging. Okay? This just shows some of the comparison. I think the important things are the fourth column and the last column. These are Kappes, Cassiday cyanide tests, and what we're seeing is the fresh material averaging about 66%. This is all crushed down to 2 mm. On the heap leach pads, as I said, we got 29% and 40%. Extrakt column leach tests are going up to 63% and 69% respectively.
Does the Extrakt technology recover any gold in the ore or just silver?
We're doing that testing right now. They say it does recover gold, but we're doing that testing right now. It's something that we hadn't put enough effort in. That's underway. Stay tuned. Now, one thing we're doing-
Yeah, they're recovering gold in the Canadian project. That's also encouraging.
That's in the Fulcrum news releases. Right. Recoveries of gold, okay? We haven't done that full testing on our site. That's coming. Now, we're also doing an auger drilling program on the heap leach pads. We have the historic data. You'll see the historic holes in the dull gray. We did a sonic drill program in 2017, 2018. They're in the dark blue. We've just recently, we're near completing another auger survey, and the whole concept is to provide increased confidence in the resource.
Right now, we have indicated and inferred on leach pad number one and two respectively, and we wanna upgrade those to measured and indicated for inclusion in the pre-feasibility study. This is leach pad number two and not a lot of historic data, but you'll see our previous holes and this is why it was inferred, and this is our more recent holes in the green. With that, we'll not only update the resource quality on the two leach pads, we also will have more material for additional testing, in particular, pilot testing using Extrakt Bechtel solutions. Yeah. That's ongoing. Now, the other thing that's happening at the site right now is we have a geotechnical drill program ongoing.
These are the two open pits as they exist today, and this is the crude outline of a much larger expanded pit, and we're currently doing the geotechnical drilling because we wanna push back the walls of that pit. That's underway right now. All this information will be put into the pre-feasibility by the end of the year. What's happening? Auger drilling, we just talked about that. Geotechnical drilling, we talked about that. We've also proposed 20,000-25,000 m of exploration drilling. We're just getting some drills lined up. We have one drill lined up estimated to start in July. We need a second drill. We're looking for it. A little harder to find right now, but that's what we're doing. We wanna look at potentially expanding the current resource not only down dip, but along strike.
We wanna do an airborne ZTEM or electromagnetic survey across the entire project. We have done some wide- space IP. I'll show you that coming up. We want to actually look at some new targets, including there's porphyry potential at Candelaria. Something that was never really examined in the past. We'll talk about that. We wanna have a pre-feasibility study out by the end of the year. This is an airborne magnetometer survey. Helicopter- mounted, we did this survey. What you're gonna see here is this major break. This is what's called the Candelaria Shear or Candelaria Fault. It comes here. It seems to be offset through the pits and then carries on a little more subtly off to the east where Hochschild was drilling a gold deposit a few years ago. Lots of historic workings along this entire fault system.
It seems to be offset by a magnetic or a fault outlined by this magnetic break in this direction here, and that's where the two pits get offset. This is the area where we've got silver oxide heading probably down into silver sulfide as we get deeper and deeper with some lead, zinc, a little bit of copper. We get some interesting turquoise veins coming up through particularly the Northern Belle pit suggesting there's copper in the system. What's interesting is over here by the Georgine Pit, which was really just started in the Kinross days, there is some silver oxide there, but we're getting a different style of material just on a little adit dump to the east of the Georgine Pit. We did put some drill holes around here. Here is that wide-spaced IP I talked about.
This is an area where we do have some interesting IP signatures here and here. We have coincidental copper and gold and silver rock samples taken along that major fault system and coincidental with the mag as well. We've got some interesting targets in through here. This is where those samples were taken just off the old adit dump that I'll show you in a little bit. We've also got some other areas to the east of the pits called Green Nick and another subtle one up to the north. Now, this is a photograph of some of the material that came off the old adit dumps. This is not silver oxide, it's copper sulfide. You'll see lots of chalcopyrite.
This one here, when he analyzed it, came up with 2.76% copper with good silver and gold credits, and it looks like it could be a skarn or altered porphyry.
Greg, you're saying you're a cash flow man. If it's copper and it makes money, you're fine with it.
We hope so.
Yeah.
It's early stage, and we need to do some drilling for it. I agree 100%. My experience, as you know, has been in copper gold. What we wanna do here at Candelaria, this kinda sums up Candelaria. We've got multiple targets. We got the near- surface extensions to mineralization marginal to the open pits. We've got the down dip mineralization extension, and we have these porphyry targets that have not really been tested. We're doing a property-wide ZTEM survey to test for that. We're also carrying on trying to get to our PFS by the end of the year. This will compare economics of new recovery solutions versus cyanide.
Right now, the thought is using the new recovery solutions initially on the heap leach material and then going up the hill, bringing the fresh material as we near exhaustion of the heap leach pads and using cyanide leaching. That's what we're looking at right now. We'll see what comes out of the study and what is really comparable towards the end of the year. All told, we would be looking at back of the envelope to be verified or not in the pre-feasibility study around 15,000 tons a day of production, looking at producing anywhere between 4 and 6 million oz of silver per year, in the initial stages. Lots of room to expand the resource.
Right now, we've got about 12+ years of material at that rate of mining, but we think we can increase that by expanding the resources program which is going to be underway here in the next couple of months. We're continuing with the met testing using these Extrakt ductile solutions. We're doing ongoing drilling of both the heaps, and we're doing the geotechnical drilling. We want to explore for new areas of mineralization and do maybe some porphyry testing as well. That's Candelaria. Any questions or comments?
Let me check the question box.
Yeah.
There's one guy asking whether we were gonna show up, no other questions.
Show up what?
I'm kidding. Asking whether we were gonna have a presentation. Just why don't you go to the other properties, Greg, please.
Okay. We're gonna jump down to Phoenix Silver, our second most important project. It's right outside the town of Globe, one of the second largest porphyry- copper- producing areas in the United States. Big northeast trending belt, porphyry copper deposits. We'll talk about that. We're at the very northeast end of that belt. Prospectors came to us and said, "We've got this project. It's at the northeast end, and it's up on the hillside. We're finding all these silver fragments all over the place, but we don't know how to explore." We did an all-share deal with them. We now have 100%. Why would we do that deal? They had gone up the hillside with their metal detectors, and less than a meter under the cover, they dug out these silver vein fragments.
Very angular, very unabraded. That's myself and Raul standing beside them. Gives you an idea of the scale. This fellow here weighed in at 417 lbs, and based on specific gravity measurements is estimated to contain more than 70% silver. Extremely high grade. The only places I know in North America where you find material like this is Cobalt, Ontario, Canada.
How in nature does pure silver or native silver get formed, Greg?
Well, is it question two? Okay. There's three sort of thoughts. We do see that it is formed here in rich veins in the Cobalt area. Is that the case here? We do know that there are some old mines to the northeast of us that did produce native silver in quartz veins, and we see that our vein nuggets are hosted in a predominantly quartz matrix. We had the old Mexico mine on our project that also produced native silver. The question is what's the origin of it? One thing that's interesting is Cobalt, Ontario is hosted within Proterozoic-aged or Precambrian-aged diabase and intrusive near metasedimentary contacts. These rich veins that are rich in silver and cobalt.
Down here, the Arizona State geologists have mapped the underlying rocks here as Proterozoic diabase, very similar to what we see up in northern Ontario, and we get these quartz veins, and we get very good silver grades in these quartz veins. We're finding these nuggets, but we haven't found it in- situ as yet. I'll talk about that a little bit. It could also, in theory, be an upward expression of the porphyry system. We're higher up on the hillside here, so is it an epithermal phenomenon superimposed on these older Proterozoic rocks? We don't know the answer to that yet. Hopefully, we'll find out. Let's talk about the geological setting. This is the big porphyry copper belt. Right across the valley from us is the Copper Cities and Miami Inspiration complexes of Freeport-McMoRan.
Only one of two operating smelters in the United States is right here. We've got Pinto Valley, which is Capstone Mining, producing copper. We have Carlota, which is the KGHM project. They are looking at restarting that. The old Silver King Mine, one of the original Magma mines. We've got the Resolution Copper Deposit, BHP Rio Tinto. My understanding is they just got their permits to bring that into production. Big buried porphyry copper. It's going to be an underground bulk- mining- type situation. We've got a more recent discovery. BHP went in under the Old Dominion Mine, some of the original veins in the area that were polymetallic with gold and silver. They're getting several intercepts of up to 250 m thickness of 0.6%-0.7% porphyry copper.
All these systems extend northwards up under our property or higher up on the hillside. This is where those big silver vein fragments were found. These are some of the fragments. We've collected over 250 of these from the property to date in various areas, giving us some target areas we want to do more exploration. There's an assay of this fellow here, so up to almost 50% pure silver, 45.9% in this sample right here. We did try to drill. This is the area of the property further up the hill. We targeted this east-west vein. Those big vein fragments were found right in through here. We targeted this vein. We put in a few holes trying to locate those super high-grade systems.
We did get anomalous silver and copper in most of the holes, some of them up to 3,000 g per ton silver with good copper grades, but we did not get the super high-grade vein material. If it's in these veins, it's probably lensy or it occurs in chutes. We need to do some more work. Here's the old Mexico mine also on one of these east-west structures where they did mine native silver back in the 1800s. We've got more work to do. We are doing a ground-penetrating radar, a close-space drone mag survey over the area, and we also are contemplating doing gravity survey because these rich silver fragments would be up to three-four times more dense in terms of specific gravity than the surrounding rock. It should stand out, might give us better control.
Drilling for these is a very difficult thing to do. Now, we did a property-wide ZTEM or electromagnetic survey. Here's the southern lower elevation portion of the property. Here's where we drilled right up in through here. We do have another concentration of silver fragments along this northeast trend that needs to have more exploration done. As I said, we've collected over 250 of these from the project to date. On the southern portion of the property, we have a couple of interesting electromagnetic anomalies that could be related with porphyry-style mineralization. We've collected multiple rock samples from the surface, and a lot of these are returning greater than 1% copper with very high silver content as well. This area here is right along strike from BHP's Ocelot discovery. This is right along strike from Freeport's Miami City complex.
Oh, there we go. These are just some photographs taken in the field. These are some of the overlying quartzite metasediments overlying the diabase underneath. This is the exact same geological setting as the Resolution deposit down in the southwestern part of this belt. This is all copper oxide on the surface that you're looking at. Here's our geologist holding some copper samples, and over his head are all of the workings of Freeport-McMoRan just within a couple of kilometers of us. We think this is highly prospective. We just are completing a survey across the southern portion of the property, an IP survey. Hopefully, we'll have that information coming out in the not- too- distant future, the results of that survey as well. Very prospective.
We do have groups that have signed CA's with us, and they're interested in partnering on the copper. We'll consider that. I don't like the idea of a junior company doing a lot of porphyry copper exploration because it can be in the hundreds of millions of dollars. We'll consider that while we chase the silver. We've got several targets at Phoenix Silver. We've got the 417 area where they had those high-grade vein fragments, another area to the north with lots of silver fragments as well, and we've got good porphyry targets. That's what we're gonna be doing over the next several months. Now, I'm gonna be very quick on the Cherokee. Running out of time a little bit here. Eastern Nevada, south of a town called Pioche. Pioche was noted for near-surface high-grade epithermal gold-silver veins.
When they went down into the underlying Paleozoic limestones, they got into carbonate replacement deposits that had lead, zinc, silver, gold, and copper. We do have some similar deposits over to the west of us as well, and our property is underlined by the same Paleozoic limestones. So far, we've traced vein systems for over 12 km along strike, 9 mi along strike. We've got two main systems, the Mojoto and the Cherokee vein system. Old workings up here. Good, epithermal style, boiling point textures with good silver, copper, lower gold values. We have similar epithermal, textures here, but this seems to be higher up, and it seems to be more copper, or sorry, silver, gold with a little bit of copper. So an interesting system. We have essentially some good alteration in the carbonate tier, could be affiliated with CRD, carbonate replacement style mineralization.
What's interesting is we flew the property, did a property-wide airborne mag survey. This is a big bull's-eye target. This area was drilled in the 1980s for porphyry moly, and we do have some moly anomalies on the property as well. Big vein systems. Maybe some carbonate replacement style alteration. There is a project to the west of us that is looking at carbonate replacement deposits, and there might be deeper porphyry. Those are our projects. In Candelaria, more metallurgical testing, drilling of the heap leach pads, geotechnical drilling, aiming for an economic study. We wanna do additional exploration drilling to expand the mineralization and examine some of those porphyry targets. Phoenix Silver, gonna put out the results of that IP survey. We may do some more sampling and trenching of high-grade silver assets.
We might do some more geophysical testing as well, particularly that nugget to the north area needs to be looked at. We'll do some porphyry copper evaluation. Do we wanna partner on it, or do we want to take our luck and drill a couple of holes? Stay tuned on that one. Cherokee, we might do some more geophysics, IP, magnetic magnetotellurics. We'll see how that goes. That's our story, and that's for those of you who are interested, our share structure. We've got about $34 million in the treasury right now. We do have major shareholders, a familiar name familiar with everybody, I'm sure. Eric Sprott has been in our company four times. He put in $10 million of the $34 million in the last financing.
Jupiter out of London, Swiss Group, Libra out of New York, a new investor to us in the last financing. We're also in the Sprott Silver ETF and a couple of ETFs. That's our story, John and the audience. Any questions?
Thank you all for your patience. Sorry we got started a little late. If anyone wants to submit a question in the question box, it's open. Greg, we've gotta start another meeting at 4:00. In terms of getting to your 4-6 million oz silver production target, is that straight silver or silver equivalent?
What do you think?
Silver.
Silver, isn't it, Raul?
That's silver.
We haven't done the testing on the gold, so silver equivalent.
How much money do you think you need to start up at 4-6 million oz?
Well, if we look at the entire initial capital costs and the entire 12 years of mining, it's in the $200 million-$250 million range. Back of the envelope. Wait till the pre-feasibility.
At a 15 ton per day.
From all the infrastructure that's left behind.
Right.
Well, super. Congratulations, Greg and Raul. It's super to crack the metallurgical challenges and make money again.
That's what we wanna do.
Thank you for your presentation. Thank you and congrats.
Thanks, John, for hosting us.
My pleasure.
Hopefully we'll talk again.
Take care.
Yeah. Take care. Thank you. Bye now.
Alright, thanks.