BIG CREEK – Americas Gold and Silver Corporation has acquired the historic Crescent Silver Mine in Idaho’s Silver Valley, a move the company says will position it as a leading U.S. silver producer and strengthen its role in supplying critical minerals. 

The Toronto-based company purchased 100% of the Crescent Mine from Hale Capital Partners for about $65 million, including $20 million in cash and 11.1 million common shares valued at roughly $45 million, said Maxim Kouxenko, manager of investor relations. 

“This acquisition positions the Crescent as one of the highest-grade undeveloped silver deposits in the United States,” Kouxenko said.  

The mine holds a historical resource estimate of 3.8 million ounces of silver in measured and indicated categories and 19.1 million ounces inferred, according to a 2015 technical report. 

The Crescent Mine was discovered in 1886 by J.F. Ingalls and became a cornerstone of Silver Valley’s mining boom. Commercial production began in 1906, and the mine operated for decades under various owners, including the Bunker Hill Company from 1926 to 1981. During its peak years, the Crescent produced more than 25 million ounces of silver at exceptionally high grades, averaging about 26 ounces per ton, making it one of the richest silver mines in the region. 

The mine was known for its extensive underground workings, including the Hooper Tunnel, which connected deep ore bodies to the mill in the 1930s. The Crescent helped sustain the local economy through boom-and-bust cycles, even surviving the Great Depression with scaled-back operations. Falling silver prices and corporate restructuring led to its closure in 1981, and it remained largely dormant except for limited rehabilitation efforts in the 1980 and early 2010s.  

Americas Gold and Silver plans to restart operations by mid-2026 using modern mining techniques. Once in production, Crescent could add 1.4 million to 1.6 million ounces of silver annually, along with copper and antimony, minerals critical for defense and technology. 

The mine is fully permitted and sits on private land, eliminating regulatory delays. Existing underground workings, offices and power infrastructure will allow for a faster ramp-up. Ore from the Crescent will be processed at the company’s nearby Galena Complex, which already has milling capacity and infrastructure. 

Much of the mine’s lower workings are flooded with millions of gallons of wastewater, right up to the collar of the No. 1 Shaft inside the Hooper Tunnel. That water would need to be pumped out of the mine before they could access those lower levels. Less than 5% of the property has been explored, leaving significant room for new discoveries. The company plans a $3.5 million exploration program over five years starting in 2026. 

In 2010, a new portal was established along with the beginnings of a rubber tire spiral ramp on the hillside above the mine’s main property, named the Countess. 

Evan Pelletier, vice president of operations, said planning is still underway to determine how they will utilize these features.  

“We’re looking at continuing work from 2010 in the Countess, and pushing a big exploration campaign,” Pelletier said. “Details on mining plans will be made public as soon as they’re finalized.” 

With Crescent’s restart, Americas Gold and Silver aims to reinforce its position as a major silver producer and the nation’s largest antimony supplier, a mineral increasingly vital for military and technology applications.