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Highlights:
- 0.95m @ 535.26 g/t Ag, 6.43%
Pb, 6.26% Zn, 1.37% Cu, and 0.58 g/t Au
- 0.90m @ 721.27 g/t Ag, 1.91%
Pb, 2.62% Zn, 1.42% Cu, and 0.98 g/t Au
- 1.90m @ 313.06 g/t Ag, 2.51%
Pb, 2.47% Zn, 0.76% Cu, and 1.37 g/t Au
- 0.63m @ 873.82 g/t Ag, 2.50%
Pb, 3.23% Zn, 2.09% Cu, and 0.13 g/t Au
TORONTO, Feb. 14,
2023 /CNW/ - Silver Mountain Resources Inc.
(TSXV: AGMR) (OTCQB: AGMRF) (BVL: AGMR) ("Silver
Mountain", "AGMR" or the "Company") is pleased to
announce new results from underground channel sampling at the
Reliquias silver mine in Huancavelica, central Peru. To complement the drill campaigns and to
facilitate the conversion of additional historic resources into a
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects ("NI 43-101") compliant mineral resource, an extensive
underground mapping and sampling program is being carried out at
Reliquias. Several existing drifts, sublevels, and raises were
mapped and systematically sampled in channels cut across the
exposed veins.
Geochemical assays have been received for 436 rock channel
samples taken from Level 480 of the Meteysaca Vein and adjacent
workings, including a ramp and a raise that connect to the haulage
level 415 located approximately 67 m
below (Fig.1). This zone of well-developed mineralization in the
Meteysaca Vein is exposed over approximately 148 m horizontally and additionally 30 m along the subvertical raise.
Samples were taken using an electric percussion hammer to
produce a channel perpendicular across the veins and mineralized
structures. By cutting a continuous channel approximately 3-5 cm
deep by 10 cm wide, the channel samples essentially equal a drill
core in their significance for future resource estimation. Where
the structure is exposed along the back of the drift, channels were
cut across the vein systematically every 4
m. Channel lengths range between 0.27
m and 1.97 m.
![Figure 1: Isometric view of the Level 480, Meteysaca vein, at the Reliquias silver mine, showing the location of systematic channel sampling along the main haulage level, ramp, raise, and adjacent workings. Individual channel samples are shown within seven zones, colour-coded according to Ag values. Length, average thickness, and metal grades of each zone are provided in Table 1 in the text below. In the inset map, underground workings, main mineralized veins, and drill hole traces from the 2022 drill program are displayed, with the location of the Level 480, Meteysaca vein indicated by a grey rectangle. (CNW Group/Silver Mountain Resources Inc.) Figure 1: Isometric view of the Level 480, Meteysaca vein, at the Reliquias silver mine, showing the location of systematic channel sampling along the main haulage level, ramp, raise, and adjacent workings. Individual channel samples are shown within seven zones, colour-coded according to Ag values. Length, average thickness, and metal grades of each zone are provided in Table 1 in the text below. In the inset map, underground workings, main mineralized veins, and drill hole traces from the 2022 drill program are displayed, with the location of the Level 480, Meteysaca vein indicated by a grey rectangle. (CNW Group/Silver Mountain Resources Inc.)](https://mma.prnewswire.com/media/2001573/Silver_Mountain_Resources_Inc__SILVER_MOUNTAIN_REPORTS_NEW_UNDER.jpg)
The underground sampling results from the Meteysaca Vein confirm
the continuity of high-grade polymetallic mineralization within the
structure, with significant concentrations of silver (Ag), lead
(Pb), zinc (Zn), and copper (Cu). Gold grades, ranging on average
between 0.38 g/t and 0.98 g/t in zones 2 to 6, correlate well with
previously reported values from Level 415 (see news release
September 8, 2022). To highlight the
consistency of this vein system, the grades and widths of channels
were averaged over each of the seven zones shown in Fig. 1.
![Table 1: Weighted assay results from systematic channel sampling along the Meteysaca Vein, calculated for each of the zones displayed in Fig.1. Zones 1-6 are located along Meteysaca vein, while zone 7 is situated on a vein splay. (CNW Group/Silver Mountain Resources Inc.) Table 1: Weighted assay results from systematic channel sampling along the Meteysaca Vein, calculated for each of the zones displayed in Fig.1. Zones 1-6 are located along Meteysaca vein, while zone 7 is situated on a vein splay. (CNW Group/Silver Mountain Resources Inc.)](https://mma.prnewswire.com/media/2001574/Silver_Mountain_Resources_Inc__SILVER_MOUNTAIN_REPORTS_NEW_UNDER.jpg)
Alfredo Bazo, President and CEO,
commented: "Having completed the sampling program on Levels 415
and 480 of the Meteysaca vein, we are delighted about the
consistent development of this structure with regard to grades and
vein widths. The stopes between both haulage levels remain
intact and were partially developed for extraction (Fig.1 and
2). We are planning to include this zone in the
initial mine development work programmed to start in late Q3
2023."
Torsten Danne, Director of
Exploration, added: "To emphasize the potential of this vein to
host additional high-grade mineralization, the longitudinal section
in Fig. 2 (see below) shows that the Meteysaca structure has seen
almost no extraction above Levels 520 and 560. We are presently
rehabilitating Level 520, with detailed mapping and sampling
programmed to start next month. We expect that this will allow us
to add silver ounces beyond the mineralization confirmed to date,
which currently extends over 210 m
vertically between Level 480 and the deepest hole of our 2022 drill
campaign."
The following table provides more detail regarding the channel
sample results from Level 480 of the Meteysaca Vein structure.
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.
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 channel samples were collected with an electric percussion
hammer and do not exceed 1.0 m in
length. Channels are broken at obvious geologic boundaries to
correctly separate rock types and mineralization styles. The sample
bags were sealed with a plastic zip tie and identified with a
unique sample number, pending shipment to a certified laboratory
sample preparation facility. Samples are sent by batch to the ALS
laboratory in Lima for assaying.
Silver Mountain independently inserts certified control standards
(purchased from OREAS and Target Rocks), 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 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, Au) 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 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.
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SOURCE Silver Mountain Resources Inc.