Silverco Mining announced that it has completed its previously announced acquisition of Nuevo Silver, becoming the newest silver producer as it adds the producing La Negra Mine in Querétaro, Mexico to its portfolio.
Under the terms of the transaction, Silverco acquired all issued and outstanding common shares of Nuevo Silver in exchange for 16,802,283 common shares issued to former Nuevo shareholders on a pro rata basis. Nuevo Silver, which owns a 100% interest in the La Negra Mine, is now a wholly owned subsidiary of Silverco.
The La Negra Mine is a producing silver-lead-zinc-copper operation located approximately 150 kilometres from Querétaro city. The mine originally entered modern production in 1971 and was operated for 29 years by Peñoles before changing ownership several times between 2001 and 2017. The project restarted operations in 2024 and is currently running at 55% of its 2,500 tonne per day processing capacity.
Silverco said the mine benefits from favorable ground conditions that support room and pillar and long hole mining methods with limited ground support and backfill requirements. The processing facility includes crushing, grinding, flotation, and filtration systems that produce lead-silver, copper-silver, and zinc concentrates.
The company plans to focus on increasing throughput at La Negra during the remainder of 2026 through investments in equipment, spare parts, and maintenance programs. Silverco also intends to launch a 15,000 to 20,000 metre exploration drill program at the site, one of the first major exploration initiatives there in nearly two decades. The company is targeting completion of a resource estimate and mine plan in the second half of 2026.
Silverco also owns the Cusi Project in Chihuahua State, Mexico, a past-producing underground silver-lead-zinc-gold project that the company plans to restart in the second half of 2026. The company said the combination of La Negra and Cusi supports its goal of becoming a 10 million ounce silver equivalent producer within three years.
KEY QUOTE:
“We are incredibly excited to bring the La Negra Mine and team into Silverco, marking the beginning of our journey as a silver producer. The long and productive history of the La Negra Mine is a testament to the quality of this project and we look forward to returning the project to its full potential over the remainder of 2026 through a low capital investment program. In addition, we will be embarking on one of the first exploration programs at the project in nearly two decades to identify additional opportunities for growth. Combining this mine with our Cusi project, which is on track to be restarted in H2 2026, places us firmly on the path to achieve our vision of becoming a 10 million ounce silver equivalent producer within three years.”
Mark Ayranto, CEO, Silverco Mining
