Pitarrilla is an undeveloped silver, lead, and zinc project with a historical measured and indicated resource of 164.79 million tonnes grading 99.1 grams per tonne silver for 525.27 million ounces.

SSR will receive $35 million in cash and $35 million in Endeavour shares up-front, giving it about 5% of Endeavour.

The company will also hold a 1.25% net smelter return royalty over the project, which it expects could be worth up to $57 million.

"An accretive transaction, even when considering just the cash and share component," Canaccord Genuity analyst Dalton Baretto said.

"We have viewed Pitarrilla as non-core to SSR for some time, considering that a large silver-lead-zinc project is off-strategy for SSR and that the last feasibility study was completed 11 years ago."

Baretto maintained a buy rating and C$28 price target for SSR.

SSR shares last traded at $21.04 in Canada, while its CDIs were down 0.3% in Australia this morning to A$23.76.