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Highlights
- Underground drilling encountered high-grade
silver-polymetallic intercepts in the Perseguida and Meteysaca vein
and adjacent vein splays, including:
- 1.20m @ 331.67 g/t Ag, 1.74%
Pb, 3.16% Zn, 0.31% Cu, and 1.34 g/t Au in the Perseguida vein, in
drill hole SMR-60-22-PER, and
- 0.60m @ 281.00 g/t Ag, 1.60%
Pb, 5.00% Zn, 0.48% Cu, and 0.32 g/t Au in the Meteysaca vein, in
the same hole SMR-60-22-PER
- 0.50m @ 302.00 g/t Ag, 1.70%
Pb, 2.60% Zn, 0.17% Cu, and 1.31 g/t Au, in the Perseguida vein, in
hole SMR-64-22-PER
TORONTO, Jan. 25,
2023 /CNW/ - Silver Mountain Resources Inc. (TSXV:
AGMR) (OTCQB: AGMRF) (BVL: AGMR) ("Silver Mountain",
"AGMR" or the "Company") is pleased to provide
further results from its recently completed 2022 underground
drilling campaign with a total of 16,955 metres drilled in
71 bore holes at the Company's 100% owned Reliquias
silver mine in Huancavelica, central Peru.1 The assay results of 4
holes drilled to test the Perseguida vein are reported in this
release (Table 1).
The northwest-southeast striking Perseguida vein system, located
about 200 m northeast and subparallel
to the Meteysaca vein, has seen limited underground exploitation
from four mine levels, predominantly above the 560 m-level. Four exploratory bore holes were
designed to investigate the continuity and mineralization of the
northwestern part of the Perseguida vein, approximately 100 to
150 m below the lowest historic mine
development. The mineralized structure has been encountered in all
holes, reaching thicknesses between 0.30 and 1.25 m. The brecciated Perseguida vein is
composed of silver sulpho-salts, galena, sphalerite, chalcopyrite,
in gangue material including quartz, pyrite, and rhodochrosite.
Alfredo Bazo, President and CEO,
commented: "Aimed at expanding the known mineralization below
the historic resources at Perseguida, these initial drill holes
identified promising intercepts from this structure. High silver
grades are accompanied by elevated lead, zinc, and gold values in
this vein. Drill hole SMR-60-22-PER also intercepted a high-grade
interval of the Meteysaca vein, proving the extension of the
structure at least 250 m to the
southeast of the existing 415
m-level. We are also excited that a previously unknown vein
was recognized between the Meteysaca and Perseguida structures (see
Table 1). Its initial intercepts returned up to 132 g/t Ag, 4.2%
Pb, 11.8% Zn, and 0.52 g/t Au over thicknesses of 0.3-0.5 m, which warrants follow-up drilling during
the upcoming drill campaign."
_________________________________
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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 on the Company's profile on
www.sedar.com.
|
Fig.1: Plan view of underground drilling program at the
Reliquias silver mine, showing traces of drill holes completed in
2022 (in blue). The four holes reported in this release are
labelled and highlighted in bold green 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.
The following table shows the results of mineralized intercepts
encountered in the drill holes reported in this news release in
more detail.
Table 1: Weighted assay results of four drill holes
testing the Perseguida vein. Intervals are downhole drilled core
intervals. Drilling data to date is insufficient to determine true
width of mineralization. The last column of the table indicates
whether a drill intercept corresponds to one of the principal veins
or to a vein splay.
Fig.2: Photo of mineralized interval of drill core,
Perseguida vein, hole SMR-060-22-PER, 319.30 – 319.45 m depth. Vein interval is composed of
several generations of grey and milky white quartz, with irregular
pods and fine veinlets of silver sulpho-salts, galena, sphalerite,
chalcopyrite and pyrite. Late rhodochrosite with interspersed brown
iron oxides is also visible.
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 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.
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 36,000 hectares in
the district of Castrovirreyna, Huancavelica, Peru.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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 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.