Outcrop Silver & Gold Corporation announced that Silver Mines Limited has optioned Outcrop Silver's Kramer Hills brownfield oxide gold property in San Bernardino, California, USA. Silver Mines may earn up to an 80% stake in Kramer Hills by paying approximately USD 6,000,000 (approximately CAD 8.2 million) in a combination of cash and Silver Mines common shares (?Shares?) and free carrying Outcrop Silver through completion of a feasibility study. Kramer Hills consists of 569 BLM claims covering approximately 48 km2 surrounding a patented claim covering the historic Shaherald oxide gold mine.
The project lies along a mapped fault zone approximately 7 kilometres long, with historic shafts, adits and an open pit extending for over 4 kilometers. On June 11, 2025, Silver Mines purchased an option on Kramer Hills for USD 500,000 payable in cash and subject to the approval of the ASX, 23,500,000 Shares (AUD 0.13 share on June 10, 2025). The Shares are subject to a voluntary escrow of 12 months.
Silver Mines has the option to earn-in to 50% of Kramer Hills by funding USD 3,500,000 in exploration within 2 years, issuing an additional USD 1,500,000 in Shares and funding the underlying option payments on the patented ground. Silver Mines has the option to earn-in to an additional 30% (80% total) by issuing an additional USD 2,000,000 in Shares and free carrying Outcrop Silver through completion of a feasibility study. Upon completion of a feasibility study Outcrop Silver has the option to form a joint venture with Silver Mines or convert it's remaining 20% stake into a 2% net smelter return royalty.
The Kramer Hills project was acquired through the amalgamation with Zacapa Resources Ltd. (?Zacapa?). Zacapa's portfolio also included the Pearl porphyr copper project (?Pearl?) in Arizona which is optioned to Golden Mile Resources Limited (?Golden Mile?) and the 100% owned South Bullfrog gold project in Beatty, Nevada adjacent to Anglo Gold's Silicon and Merlin discoveries. Pearl is currently being drill tested by Golden Mile.
