/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR DISSEMINATION IN OR INTO THE
UNITED STATES/
Highlights
- Infill and delineation drilling confirmed high-grade
silver-polymetallic intercepts in the Ayayay, Matacaballo, and
Sorpresa vein and adjacent vein splays, including:
- 3.20m @ 222.79 g/t Ag, 3.75%
Pb, 5.64% Zn, 1.52% Cu, and 1.54 g/t Au in the Matacaballo vein, in
drill hole SMR-75BQ-22-MTC, including
-
- 0.70m @ 536.00 g/t Ag, 12.90%
Pb, 8.90% Zn, 3.16% Cu, and 0.99 g/t Au
- 0.70m @ 328.00 g/t Ag, 4.90%
Pb, 4.29% Zn, 5.32% Cu, and 0.25 g/t Au in the Ayayay vein, in
drill hole SMR-72BQ-22-MTC
- 0.75m @ 185.00 g/t Ag, 3.50%
Pb, 6.50% Zn, 0.77% Cu, and 0.34 g/t Au in the Ayayay vein, in hole
SMR-79BQ-23-MTC
- 1.20m @ 113.91 g/t Ag, 2.45%
Pb, 7.59% Zn, 0.55% Cu, and 0.43 g/t Au, in the Ayayay vein, in
hole SMR-91BQ-23-AYA, including
-
- 0.65m @ 191.00 g/t Ag, 4.00%
Pb, 13.00% Zn, 0.98% Cu, and 0.68 g/t Au
TORONTO, March 29,
2023 /CNW/ - Silver Mountain Resources Inc.
(TSXV: AGMR) (OTCQB: AGMRF) (BVL: AGMR) ("Silver Mountain",
"AGMR" or the "Company") is pleased to provide
results for the first 19 drill holes of its underground infill
drilling program at the Company's 100% owned Reliquias silver mine
in Huancavelica, central Peru1. This campaign, initially
planned with 41 holes for a total of 2200
m, was started on December 4,
2002, and, after a 2-week holiday break, continued on
January 4, 2023. The assay results of
19 holes drilled to test the Ayayay, Matacaballo, and Sorpresa
structures and adjacent vein splays are reported in this release
(Table 1). The location of the bore holes is shown in Fig.1.
________________________________
|
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.
|
The equipment utilized for this campaign is a smaller, versatile
rig able to operate in narrow workings and recovering BQ diameter
core (see photo above). The program's objective is to further
delineate the principal structures through infill drilling as well
as to recognize vein splays and tensional structures.
![Fig.1: Plan view of underground infill drilling program at the Reliquias silver mine, showing traces of BQ drill holes completed in 2022/23 (in blue). The 19 holes reported in this release are labelled and highlighted in bold green lines. Additionally, underground workings and main mineralized veins are displayed. Inset map shows Reliquias property block with locations of both silver mines and the processing plant. (CNW Group/Silver Mountain Resources Inc.) Fig.1: Plan view of underground infill drilling program at the Reliquias silver mine, showing traces of BQ drill holes completed in 2022/23 (in blue). The 19 holes reported in this release are labelled and highlighted in bold green lines. Additionally, underground workings and main mineralized veins are displayed. Inset map shows Reliquias property block with locations of both silver mines and the processing plant. (CNW Group/Silver Mountain Resources Inc.)](https://mma.prnewswire.com/media/2042717/Silver_Mountain_Resources_Inc__DELINEATION_DRILLING_AT_AgMR_s_RE.jpg)
Alfredo Bazo, President and CEO,
commented: "During the 2022 drill program in the western
part of the Reliquias deposit, promising intervals with high-grade
mineralization were reported for the Ayayay and Sorpresa veins (see
press release, December 15, 2022).
Following up on those intercepts, the first group of BQ drill holes
investigated these veins further to the east and tested for any
additional structures in the hanging wall of the Matacaballo vein,
over a strike length of almost 800 m.
We are encouraged to see strong mineralization in several holes,
with silver grades fluctuating between 3.5 to 10 oz/t Ag, together
with up to 22% lead and zinc combined. The locally elevated gold
(up to 1.54 g/t Au) and high copper values (up to 5.3% Cu) are very
promising, as they most likely will positively impact future
resource estimates."
The following table shows the results of all mineralized
intercepts encountered in the drill holes reported in this news
release in more detail. The core recovery in these 19 BQ diameter
bore holes surpassed 98%, ensuring representative sampling of the
mineralized intervals.
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 BQ 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. In order to
achieve the required sample weight for samples from BQ-sized drill
holes, the entire core sample interval is 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 1.0 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.
![Silver Mountain Resources Inc. Logo (CNW Group/Silver Mountain Resources Inc.) Silver Mountain Resources Inc. Logo (CNW Group/Silver Mountain Resources Inc.)](https://mma.prnewswire.com/media/2042716/Silver_Mountain_Resources_Inc__DELINEATION_DRILLING_AT_AgMR_s_RE.jpg)
SOURCE Silver Mountain Resources Inc.