By: Tomas Ronolski - AllPennyStocks.com News

Tuesday, November 15, 2016

The Canadian stock market has remained steadier today than the slumping US markets, as seen by the relatively steady and modest gains made by the S&P/TSX today. Global markets haven’t done too well either, with the major indices falling the world over. The silver sector, however, has seen some stability following a weaker dollar earlier in the day to-day. The silver futures contract for December delivery was trading at $17.0 per ounce, a gain of ~0.65%. Technical indicators show that silver is in a long term buy signal right now. The iShares Silver Trust was up 1.06% to $16.17 at the time of writing. Demand has been buoyed by uncertainty in the geopolitical climate globally, as well as local economic and political measures taken by sil-ver-buying countries like India and China.

Santacruz Silver Mining Ltd. (TSX-Venture:SCZ) is a Canadian silver mining company working and mining in Mexico, mainly in the Rosario mines, San Felipe and Gavilenas mining locations. The company explores for silver, zinc, gold, and lead deposits. The company, incorporated in 2011, also has interests in the El Gachi property, the Minillas property, and the Veta Grande.

The company just announced results from an estimate of the Panuco silver deposit in Zacatecas, Mexico, near its Veta Grande property. According to the estimates, there is an inferred mineral re-source of 16,342,456 AgEq ounces grading 192.40 g/t AgEq. This is the first indication of the poten-tial of the Veta Grande project area. The mineral veins provide numerous drill targets.

Arturo Préstamo, President and CEO, remarked, "We are very pleased with the results of the first resource estimate to come out of our land package in the Zacatecas Mining District. We believe the Panuco resource estimate is just the first indication of the significant potential that exists in this region. Further work aimed at expanding the resources in the area will occur in conjunction with pro-duction at the Veta Grande Mine.”

The stock is up 7% on the news today. The company has a market cap of about $60 million and traded in a range of 0.09 - 0.63 in the previous 52-week. Two of its existing properties produce sil-ver, while the others are in various stages of development. The company has a proven track record in silver mines in Mexico, and its objective is to become a mid-tier silver producer.

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