Sunshine Silver Mining & Refining (NYSE: SSMR) expanded its mineral rights in Idaho’s Silver Valley by 60% to approximately 38,000 acres, the company announced Monday.
This expansion added about 14,100 acres to its holdings. Sunshine is now the largest mineral rights holder in the Silver Valley. This region in Shoshone County is known as the most prolific silver district in U.S. history.
The company also plans a multi-year, 45,000-meter surface exploration drilling program. Drilling will target three areas: East Sunshine, Rock Creek, and Pine Creek. Operations are expected to start in the fourth quarter of this year.
Sunshine Silver CEO Heather White stated the expansion could reveal potential beyond a single mine. Much of the newly acquired land remains underexplored. Sunshine Silver raised $270 million in its U.S. initial public offering in June. Its stock fell 6% by market close Monday, giving the company a $2.3 billion market capitalization.