Silver Hammer Mining Corp. (HAMR:CSE; HAMRF:OTCQB) has started airborne magnetic and radiometric surveys on the Silverton project in Nevada. The company is using helicopters and magnetic surveys to assess mineralization on the property, which has not been surveyed with modern methods for over 35 years.
Survey of Silverton
Silver Hammer has begun an airborne magnetic and radiometric survey at its Silverton project in Nevada. Precision GeoSurveys has been contacted to complete surveys at the Silverton and Eliza projects, both located in Nevada.
The Silverton Project was surveyed using helicopters and magnetic sensors flown in a non-magnetic and non-conductive nose stinger configuration. The survey also allowed for reduced terrain clearance minimizing noise and improving resolution and accuracy.
The Silverton project covered 82 total line kilometers with 50m line spacing, and 3.6 square kilometers coverage. The Silverton's past producing silver mine is located in Nevada's Silver Alley with high-grade historic production of up to 933g/t Ag. Surface exposures and grab sample gradings have revealed up to 499g/t Ag and 1.99g/t Au, and no modern day or subsurface exploration techniques have been conducted on the project for more than 35 years. Thirteen drill pads were permitted in advance of the 2023 drill program.
Mapping of the Silverton project in 2022 provided evidence of two mineralized systems, a silver and a gold system, at the project. The volcanics hosted gold system showed sample grades between 0.06g/t to 6.1g/t Au. The silver system was hosted by silicified limestone, and showed sample grades between 0.32g/t Ag and 692g/t Ag.
According to Peter A. Ball, the President and CEO, "the survey will provide us the final layer of technical data to assist in vectoring in on our current identified priority targets and permitted drill program at the Silverton project in Nevada. This will be the first time in over 35 years any form of modern exploration will be completed over the Silverton mine and property, and it will be exciting to review the results of what lays beneath the mine complex and property, where rock chip sampling yielded high-grade silver at the surface."
Why Gold?
Gold has seen increasing support from central banks. According to Katusa Research, gold purchases from central banks have totaled US$65 billion since January of 2020. This research goes on to suggest that gold, which has seen record prices this year, will move back to about US$1,950, and then move forward again to more record highs.
According to Business Insider, a World Gold Council survey reported that 62% of central banks expected gold to become a larger part of the total reserve over the next five years. The survey also found that half of the respondents expect the dollar to only make up 40% to 50% of the reserves in five years. This would represent a marked shift from the third quarter, where the dollar comprised 51% of reserves, and gold only made up 15% of reserves.
Catalyst
Silver Hammer has highly prospective projects in known silver districts with significant past production and limited modern exploration. The projects are located in tier-one mining-friendly jurisdictions, such as Idaho and Nevada.
The company has an experienced team with technical experience in the field. The company recently had a leadership change, where it replaced the interim CEO with a permanent CEO. Silver Hammer will conduct drilling on Silver Strand in the summer of 2023.
Ownership and Share Structure
Streetwise Ownership Overview*
Silver Hammer Mining Corp. (HAMR:CSE; HAMRF:OTCQB)
Silver Hammer has a market cap of $12.6 million based on a 50 day moving average. There are 46,713,662 shares, 11,289,538 warrants, and 2,400,000 options. It trades in the 52 week period between 0.19 and 0.47.
Management and insiders own approximately . Morgan Lekstrom owns 1.98% of the company with 1.08 million shares, Lawrence Roulston owns 1.11% with 0.60 million, Michael R. Dake owns 0.95% with 0.52 million, Alnesh Mohan owns 0.32% with 0.18 million, Joness Lang owns 0.32% with 0.17 million, Ronald Burk owns 0.14% with 0.08 million, Peter A. Ball owns 0.04% with 0.02 million.
As for investors, Palos Management Inc. owns 0.55% with 0.30 million.
The company has approximately CA$1 million in the bank, with a monthly burn rate of CA$120k, and no current monthly drilling cost.
The company reports no potential sellers. There are only 61,250 in the money warrants, valued at CA$0.10, which expire in June of 2024. The balance, 552,831 valued at CA$0.50 expire in June of 2023, and 3,956,643 valued at CA$0.50 expire in June of 2024.
Important Disclosures:
- Silver Hammer Mining Corp are billboard sponsor(s) of Streetwise Reports and has paid SWR a sponsorship fee between US$3,000 and US$5,000. In addition, Silver Hammer Mining Corp. is an affiliate of has a consulting relationship with Streetwise Reports and has paid a consulting fee between US$8,000 and US$20,000.
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Silver Hammer Mining Corp.
- Amanda Duvall wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
For additional disclosures please click here.
