/C O R R E C T I O N from Source - Silver Mountain Resources Inc./ In the news release, DELINEATION DRILLING AT AgMR's RELIQUIAS MINE CONFIRMS HIGH- GRADE INTERCEPTS, issued 29-Mar-2023 by Silver Mountain Resources Inc. over CNW, we are
/C O R R E C T I O N from Source - Silver
Mountain Resources Inc./
In the news release, DELINEATION DRILLING AT AgMR's RELIQUIAS MINE CONFIRMS HIGH-
GRADE INTERCEPTS, issued
29-Mar-2023
by Silver Mountain Resources Inc. over CNW, we are
advised by the company that in the first paragraph, the second sentence should read "December 4,
2022" and not "
December 4, 2002
." The complete, corrected release follows:
DELINEATION DRILLING AT AgMR's RELIQUIAS MINE CONFIRMS HIGH-GRADE INTERCEPTS
/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
Peru
1
. This campaign, initially planned with 41
holes for a total of
2200 m
, was started on
December 4, 2022
, 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.)
Alfredo Bazo
, President and CEO, commented:
"D
uring 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.
Table 1: Weighted assay results of nineteen drill holes testing the Ayayay (AYA), Matacaballo
(MTC), and Sorpresa (SOR) 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. (CNW Group/Silver
Mountain Resources Inc.)
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.
SOURCE
Silver Mountain Resources Inc.
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For further information:
Alfredo Bazo, President, CEO & Director, [email protected]; Jean Pierre
Fort, Chief Financial Officer, [email protected]; Silver Mountain Resources Inc, 82 Richmond Street
East, Toronto, ON M5C 1P1, 647-262-4017, [email protected], www.agmr.ca
CO: Silver Mountain Resources Inc.
CNW 10:28e 08-APR-23