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TORONTO, Sept. 13,
2022 /CNW/ - Silver Mountain Resources Inc.
("Silver Mountain", "AGMR" or the "Company")
is pleased to announce that it has initiated the preparation of a
technical report for its El Milagro project, which is to be
prepared in compliance with the requirements of National Instrument
43-101 - Standards of Disclosure for Mineral Projects
("NI 43-101"). The El Milagro project is situated
approximately 40 km southeast of the Company´s Reliquias concession
block, straddling the boundary between the Huancavelica and
Ayacucho regions of Peru.
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Geologically, the project area is characterized by limestones of
Triassic to Jurassic age, in contact with Tertiary-age volcanic
successions and felsic subvolcanic stocks. Polymetallic Ag-Pb-Zn
mineralization is exposed as several carbonate replacement bodies
and in the form of tabular fracture fill. Previous project
operators evaluated the potential of the area, including geological
mapping, rock sampling and development of over 2500 m of underground workings. Additionally, 53
diamond drill holes with a total meterage of over 9800 m were completed from surface and from
underground1.
The purpose of the proposed technical report will be to assess
the geological potential of the El Milagro project area and to
review the historic exploration work completed by previous owners.
Following the Company's receipt of a NI 43-101 compliant technical
report for the El Milagro project area, Silver Mountain will decide
as to how to proceed regarding the further evaluation of this
prospect. The Company expects the technical report in respect of
the El Milagro project to be completed and filed during the fourth
quarter of 2022.
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 30,000 hectares in
the district of Castrovirreyna, Huancavelica, Peru.
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 preparation of a NI
43-101 compliant technical report in respect of the El Milagro
project.
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.
1 Internal
Report, Corporación Minera Castrovirreyna S.A., 2009
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SOURCE Silver Mountain Resources Inc.