Pacifica Silver raising $10 million for Mexico drilling
Pacifica Silver Corp. [PSIL-CSE] said it has struck a deal with an underwriting syndicate in connection with a brokered private placement offering that is expected to generate gross proceeds of over $10 million.
Net proceeds will be used to advance exploration and drilling activity at the company’s Claudia project, located in Durango, Mexico, and for working capital and general corporate purposes.
The private placement offering is expected to consist of 6.9 million common shares priced at $1.45 per share. The agents have been granted an option to offer up to an additional 1.03 million common shares, equal to 15% of the common shares to be issued in the offering. That option can be exercised at any time up to 48 hours prior to closing which is set to occur on January 23, 2026.
Pacific Silver is a Canadian resource company led by a proven management team with decades of mining and exploration experience in Mexico. The company is focused on its 100%-owned Claudia Project in Durango.
The Claudia Project spans 11,876 hectares and encompasses most of the historic El Papanton Mining District where at least nine small mines operated throughout the 20th century. Since 1990, sampling and drilling within have returned high-grade silver and gold intercepts across multiple vein systems, with only 10% of over 30 kilometres of known veins having been drilled. “Today, the project is a prime target for modern exploration and holds exceptional potential for new high grade vein discoveries,’’ the company said in a press release.
The project hosts several previously identified mineralized zones. The Aguilarena vein was previously explored by a former operator who developed a 90-metre-deep shaft and three levels of vein excavation at approximately 40, 60 and 90 metres below surface.
In a press release on January 12, 2026, the company released an exploration update in relation to Claudia, saying it completed its Phase 1.0 drill program at the end of 2025, with assay results pending for 19 holes. The company said a Phase 11 drill program was scheduled to commence on January 15, 2026, which will include 12,000 metres of diamond drilling to follow up on high-grade results encountered in the Phase 1.0 program and to test high priority targets in the southern portion of the property. Phase 11 also aims to expand management’s understanding of the broader district-scale potential of the project. The company plans to maintain continuous drilling throughout 2026 and is optimistic about the potential to increase the program to over 25,000 metres as results warrant.
The company also holds an option to acquire a 100% interest in the Janampalla Property, located in the Huancavalica Province of Central Peru. Pacifica said it is focused on continuing exploration work that has indicated widespread, high-grade copper-gold mineralization hosted within Manto style veins and disseminations.
On Friday, Pacifica shares eased 7.5% or 12 cents to $1.48. The shares trade in a 52-week range of $2.28 and 60 cents.