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Highlights:
- 1.70m @ 324 g/t Ag, 0.61 g/t
Au, 2.01% Pb, 6.32% Zn, and 0.32% Cu
- 0.90m @ 1,081 g/t Ag, 2.14 g/t
Au, 2.88% Pb, 1.43% Zn, and 0.22% Cu
- 0.60m @ 1,100 g/t Ag, 0.49 g/t
Au, 8.80% Pb, 7.40% Zn, and 0.57% Cu
- 1.10m @ 338 g/t Ag, 0.92 g/t
Au, 3.02% Pb, 5.05% Zn, and 0.27% Cu
TORONTO, Sept. 8,
2022 /CNW/ - Silver Mountain Resources Inc.
("Silver Mountain", "AGMR" or the "Company")
is pleased to announce initial results from underground channel
sampling at the Reliquias silver mine in Huancavelica, central
Peru. Assays have been received
for 183 rock channel samples taken from Level 415 of the Meteysaca
Vein (Fig.1). This well-mineralized ore shoot of the Meteysaca Vein
is exposed over 285 m along the
415 m level. The results reported
today were collected from Zones 1 to 4 over a strike length of
203 m, while sample assays taken over
a strike length of 82 m in Zone 5 are
still pending (Fig.1). The Meteysaca Vein extends further
southeast, however, for sampling to continue along strike, the
ongoing rehabilitation of the 415 m
level needs to be completed.
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 basically 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 0.30
m and 2.90 m.
The underground sampling results from the Meteysaca Vein confirm
the continuity of well-developed polymetallic mineralization within
the structure, with significant concentrations of silver (Ag), lead
(Pb), zinc (Zn), and copper (Cu). Gold grades were considerably
higher than expected, ranging between 0.11 g/t and 4.15 g/t. To
highlight the continuity of this vein system, the grades and widths
of channels were averaged over each of the four zones shown in Fig.
1.
Alfredo Bazo, President and CEO,
commented: "The underground sample results from the 415 level
provide verification of the tenor and continuity of high-grade
Ag-Pb-Zn-Cu mineralization in the Meteysaca Vein. We are thrilled
with the encountered gold grades, which could positively impact the
results of our future resource estimate. The systematic channel
sampling program complements the ongoing underground drilling and
should facilitate the conversion of additional historic resources
into NI 43-101 compliant resources."
The Meteysaca structure exhibits brecciation, irregular banding
and crustiform textures typical of intermediate sulphidation veins.
Sulphide minerals are present as fine veinlets, semi-massive pods,
or in disseminated form, within a matrix composed of at least three
generations of quartz, with minor barite and calcites. Galena,
sphalerite, silver sulpho-salts, chalcopyrite, and minor pyrite
were encountered. The Meteysaca Vein shows average widths of
approximately 0.50 m in the western
part of the ore shoot. Associated with a change in strike direction
observed in Zone 4 (Fig.1), the vein thickness increases towards
the southeast, averaging 0.89 m in
width.
The following table provides more detail regarding the channel
sample results from 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 National
Instrument NI 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 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 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.
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SOURCE Silver Mountain Resources Inc.