/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR DISSEMINATION IN OR INTO THE
UNITED STATES/
Highlights
- Drill results returned high grade silver-polymetallic
intercepts of the Matacaballo vein, with more than one mineralized
interval encountered in various drill holes, including:
- 6.60m @ 104.5 g/t Ag, 2.6% Pb,
2.5% Zn, 0.71% Cu, and 0.32 g/t Au, in Matacaballo vein, hole
SMR-20-22-MTC, including
-
- 1.00m @ 231.0 g/t Ag, 7.1% Pb,
7.4% Zn, 2.31% Cu, and 0.30 g/t Au
- 5.00m @ 98.5 g/t Ag, 2.9% Pb,
3.7% Zn, 0.45% Cu, and 0.07 g/t Au, in Matacaballo vein, hole
SMR-25-22-MTC, including
-
- 0.65m @ 488.0 g/t Ag, 15.7%
Pb, 9.7% Zn, 1.2% Cu, and 0.15 g/t Au; and
- 1.00m @ 391.0 g/t Ag, 11.9%
Pb, 11.1% Zn, 4.47% Cu, and 0.29 g/t Au, in Ayayay vein, in same
drill hole SMR-25-22-MTC
- 1.55m @ 132.4 g/t Ag, 6.5% Pb,
6.5% Zn, 0.45% Cu, and 0.06 g/t Au, in Matacaballo vein, in drill
hole SMR-29-22-MTC
TORONTO, Oct. 26,
2022 /CNW/ - Silver Mountain Resources Inc. (TSXV:
AGMR) (OTCQB: AGMRF) (BVL: AGMR) ("Silver Mountain",
"AGMR" or the "Company") is pleased to provide an
update on its underground drilling at the Company's Reliquias
silver mine in Huancavelica, central Peru. 65 bore holes have been completed to
date, with results of 6 holes drilled to test the Matacaballo vein
reported in this release (Table 1). The main objective of the fully
funded drill program is to establish a National Instrument 43-101 –
Standard of Disclosure for Mineral Projects ("NI
43-101") compliant mineral resource in H1 2023 that will form
the basis of our production decision in H2 2023. In addition, the
Company aims to better characterize and extend the known
silver-rich zones at depth.1
![Figure 1: Plan view of underground drilling program at the Reliquias silver mine, showing traces of drill holes completed to date (in blue) as well as the subsequently programmed bore holes. The six holes reported in this release are labelled and highlighted in bold blue lines. Additionally, underground workings, main mineralized veins, and drill platforms are displayed. Inset map shows Reliquias property block with locations of both silver mines and the processing plant. (CNW Group/Silver Mountain Resources Inc.) Figure 1: Plan view of underground drilling program at the Reliquias silver mine, showing traces of drill holes completed to date (in blue) as well as the subsequently programmed bore holes. The six holes reported in this release are labelled and highlighted in bold blue lines. Additionally, underground workings, main mineralized veins, and drill platforms are displayed. Inset map shows Reliquias property block with locations of both silver mines and the processing plant. (CNW Group/Silver Mountain Resources Inc.)](https://mma.prnewswire.com/media/1930134/Silver_Mountain_Resources_Inc__SILVER_MOUNTAIN_REPORTS_FURTHER_D.jpg)
Alfredo Bazo, President and CEO,
commented: "Our drill program is progressing very well, with
more than 15,400 m in 65 bore holes
drilled to date. In September, we have prioritized the logging and
submittal of drill core samples from the Matacaballo vein. This
will allow us to start the calculation of mineral resources for
this important vein in Q4 2022, once we have received all drill
assay results. Subsequently, all relevant drill information will be
compiled for the Sacasipuedes vein and soon after for the Meteysaca
vein."
Torsten Danne, Director of
Exploration, added: "We are delighted that various
bore holes have intersected more than one mineralized
interval. Based on our 3D geological modelling, the lower,
high-grade interval in drill hole SMR-25-22-MTC (195.5-196.5m) represents the Ayayay vein, which was
previously observed in historic mine workings (see Fig.1).
Additional structures such as the Ayayay or Sorpresa vein have the
potential to positively impact the results of our future resource
estimate."
_________________________________
|
1 For
additional information in respect of the Castrovirreyna Project,
please refer to the Company's technical report, titled National
Instrument 43-101 Technical Report—Castrovirreyna Project,
Peru, dated October 6, 2021, amended November 18, 2021,
effective date August 17, 2021, available at
https://sedar.com/DisplayProfile.do?lang=EN&issuerType=03&issuerNo=00052252.
|
The following table shows the detailed results of mineralized
intercepts encountered in the drill holes reported today.
On Behalf of the Board of Directors of Silver Mountain Resources
Inc.
Alfredo Bazo, Chief Executive
Officer and Director
Qualified Person
The scientific and technical information contained in this news
release has been reviewed and approved by Antonio Cruz, an independent consultant of the
Company and a Qualified Person within the meaning of NI 43-101.
About Silver
Mountain
Silver Mountain Resources Inc. is a silver explorer and mine
developer planning to restart production at the Reliquias
underground mine and undertake exploration activities at its
prospective silver camps at the Castrovirreyna Project in
Huancavelica, Peru.
For additional information in respect of the Castrovirreyna
Project, please refer to the Company's technical report, titled
National Instrument 43-101 Technical Report—Castrovirreyna Project,
Peru, dated October 6, 2021, amended November 18, 2021, effective date August 17, 2021, available at
https://sedar.com
For further information about our drill program, including cross
sections of the main veins with drill hole locations, please refer
to our corporate presentation, available on our website at
www.agmr.ca
Silver Mountain's subsidiary Sociedad Minera Reliquias S.A.C.
owns 100% of its concessions and holds more than 27,000 hectares in
the district of Castrovirreyna, Huancavelica, Peru.
Sampling, QA/QC, and Analytical
Procedures
Silver Mountain follows systematic and rigorous sampling and
analytical protocols which meet industry standards. These protocols
are summarized below.
All drill holes are diamond core holes with HQ or NQ core
diameters. Drill core is collected at the underground drill site
where recovery measurements are taken before the core is
transported by truck to the core logging facility at the Caudalosa
Grande mine camp, where it is photographed and geologically logged.
The core is then cut in half with a diamond saw blade with half the
sample retained in the core box for future reference and the other
half placed into a pre-labelled plastic bag, sealed with a plastic
zip tie, and identified with a unique sample number. The core is
typically sampled over a 1-2 metre sample interval unless the
geologist determines the presence of an important geological
contact. The bagged samples are then stored in a secure area
pending shipment to a certified laboratory sample preparation
facility. Samples are sent by batch to the ALS laboratory in
Lima for assay. Silver Mountain
independently inserts certified control standards, fine and coarse
blanks, and duplicates into the sample stream to monitor data
quality. These standards are inserted "blindly" to the laboratory
in the sample sequence prior to departure from the core storage
facilities. At the laboratory, samples are dried, crushed, and
pulverized and then analyzed using a fire assay-AA finish analysis
for gold and a full multi-acid digestion with ICP-AES analysis for
other elements. Samples with results that exceed maximum detection
values for the main elements of interest (Ag, Zn, Pb, Cu) are
re-analyzed using precise ore-grade ICP analytical techniques,
while high gold values are re-analyzed by fire assay with a
gravimetric finish.
Forward Looking
Statements
This news release contains forward-looking statements and
forward-looking information within the meaning of Canadian
securities legislation (collectively, "forward-looking
statements") that relate to Silver Mountain's current
expectations and views of future events. Any statements that
express, or involve discussions as to, expectations, beliefs,
plans, objectives, assumptions or future events or performance
(often, but not always, through the use of words or phrases such as
"will likely result", "are expected to", "expects", "will
continue", "is anticipated", "anticipates", "believes",
"estimated", "intends", "plans", "forecast", "projection",
"strategy", "objective" and "outlook") are not historical facts and
may be forward-looking statements and may involve estimates,
assumptions and uncertainties which could cause actual results or
outcomes to differ materially from those expressed in such
forward-looking statements. No assurance can be given that these
expectations will prove to be correct and such forward-looking
statements included in this news release should not be unduly
relied upon. These statements speak only as of the date of this
news release. Forward-looking statements in this news release
include, but are not limited to, statements in respect of the
Company's proposed exploration program and the timing and potential
results thereof.
Forward-looking statements are based on a number of assumptions
and are subject to a number of risks and uncertainties, many of
which are beyond Silver Mountain's control, which could cause
actual results and events to differ materially from those that are
disclosed in or implied by such forward-looking statements. Such
risks and uncertainties include, but are not limited to, the
factors set forth under "Forward-Looking Statements" and
"Risk Factors" in the Company's final prospectus dated
January 26, 2022, and other
disclosure documents available on the Company's profile at
www.sedar.com. Silver Mountain undertakes no obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as may be
required by law. New factors emerge from time to time, and it is
not possible for Silver Mountain to predict all of them or assess
the impact of each such factor or the extent to which any factor,
or combination of factors, may cause results to differ materially
from those contained in any forward-looking statement. Any
forward-looking statements contained in this news release are
expressly qualified in their entirety by this cautionary
statement.
SOURCE Silver Mountain Resources Inc.