Highlights:
- 1.53m @ 510.60 g/t Ag, 19.77%
Pb, 12.14% Zn, 5.60% Cu, and 0.16 g/t Au (SCS vein)
- 2.08m @ 247.49 g/t Ag, 1.95%
Pb, 4.92% Zn, 2.64% Cu, and 0.26 g/t Au (SCS vein)
- 2.32m @ 114.23 g/t Ag, 5.65%
Pb, 7.93% Zn, 1.08% Cu, and 0.20 g/t Au (SCS vein)
- 0.81m @ 231.06 g/t Ag, 4.50%
Pb, 8.30% Zn, 0.79% Cu, and 2.79 g/t Au (MTC vein)
- 1.52m @ 231.72 g/t Ag, 8.25%
Pb, 6.92% Zn, 0.96% Cu, and 0.32 g/t Au (MTC vein)
TORONTO, May 9, 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 an updated National Instrument
43-101 – Standards of Disclosure for Mineral Projects ("NI
43-101") compliant mineral resource in Q1 2024, an extensive
underground mapping and sampling program is continuing at
Reliquias. Several existing drifts and sublevels were mapped and
systematically sampled along channels cut across the exposed
veins.
The best channel results were obtained from the
Sacasipuedes structure on sublevel 290, which is currently
accessible over 16 m of strike length
(Fig.1 and Table 1). The mineralization is well developed over the
exposed shoot, with the vein thickness averaging 1.93 m. The weighted average assay results
returned 210.90 g/t Ag, 6.25% Pb, 7.14% Zn, 2.14% Cu, and 0.34 g/t
Au.
Along the sampled levels of the Matacaballo vein, the
mineralization is best developed in Zone 5 on Level 390, which
extends over 51 m along strike, with
a weighted average of 194.74 g/t Ag, 4.67% Pb, 5.85% Zn, 1.17% Cu,
and 0.33 g/t Au over an average vein width of 1.29 m (Fig.2 and Table 2).
Sacasipuedes Vein (SCS)
Fig. 1 displays the underground channel sampling results for the
Sacasipuedes vein on sublevel 290 situated approximately
60 m below the main haulage level
390. On this and other sampled mine levels, various zones returned
high-grade Pb and Zn grades, moderately high Ag and Cu values, and
promising Au values (8 individual channel samples above 1 g/t Au,
with highs of 13.75 and 15.55 g/t Au).
Matacaballo Vein (MTC)
On levels 390 and 365 of the Matacaballo vein, various zones of
well-developed mineralization are exposed over approximately
210 m in a horizontal direction and
additionally 25 m vertically. The
central part of Level 365 was exploited in the past (see Fig.2),
indicating prior occurrence of economic mineralization. The
underground sampling results from the Matacaballo vein confirm the
continuity of high- to medium-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 0.16 g/t and 1.02 g/t on both levels 365 and
390, correlate well with previously reported values from Sublevel
735-1 located above and to the east (see news release December 7, 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. 2 (see Tab. 2
for results).
Alvaro Espinoza, CEO, commented:
"We are delighted about these sampling results, proving
moderate- to high-grade polymetallic mineralization over several
levels in two of our most important vein structures. The sampled
sublevels are located close to existing infrastructure, most
significantly the main haulage level 390. The grades encountered on
Level 290 of the Sacasipuedes vein over the exposed strike length
of 16 m, with an average vein
thickness of 1.93 m averaging 210.9
g/t Ag, 6.25% Pb, 7.14% Zn, 2.14% Cu, and 0.34 g/t Au, are
especially promising. The 290 level is currently the lowest working
of the Reliquias mine, which emphasizes the potential of adding
high-grade mineralization in this structure further towards
depth."
The following tables provide more details regarding the channel
sample results reported today from the Sacasipuedes and Matacaballo
vein structures. In total, geochemical assays have been received
for 1,007 rock channel samples taken from Levels 390, 365, 290, and
adjacent workings of the Sacasipuedes vein and from Levels 390,
365, and 340 of the Matacaballo vein (Tables 3 and 4).
On Behalf of the Board of Directors of Silver Mountain Resources
Inc.
Alvaro Espinoza, Chief Executive
Officer
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 National
Instrument 43-101 – Standards of Disclosure for Mineral
Projects.
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 on the Company's
profile on www.sedar.com. A new technical report, titled NI
43-101 Technical Report Mineral Resource Estimate for the Reliquias
Mine, Huancavelica- Peru, dated
March 28, 2023, effective date
March 18, 2023, will be made
available shortly at https://sedar.com.
Silver Mountain's subsidiary Sociedad Minera Reliquias S.A.C.
owns 100% of its concessions and holds more than 40,000 hectares in
the district of Castrovirreyna, Huancavelica, Peru.
www.agmr.ca
Sampling Methodology, QA/QC and
Analytical Procedures
Silver Mountain follows systematic and rigorous sampling and
analytical protocols which meet industry standards. These protocols
are summarized below.
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 0.15
m and 2.57 m.
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.
SOURCE Silver Mountain Resources Inc.