/CNW/ - Silver Mountain Resources Inc. (" Silver Mountain ", " AGMR " or the "
UNDERGROUND CHANNEL SAMPLING
RETURNS HIGH-GRADE SILVER - GOLD
RESULTS AT AgMR's RELIQUIAS MINE
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN OR INTO
THE UNITED STATES
/
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.
Table 1: Weighted assay results from systematic channel sampling along the Meteysaca Vein,
calculated for each of the zones displayed in Fig.1 (CNW Group/Silver Mountain Resources Inc.)
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.
Figure1: Plan view of the 415 m Level at the Reliquias silver mine, showing the location of
systematic channel sampling along the Meteysaca vein. Individual channel samples are shown within
four contiguous zones, colour-coded according to Ag values. Length, average thickness, and metal
grades of each zone are provided in the table above the map. In the inset map, underground
workings, main mineralized veins, and drill hole traces from the ongoing drill program are displayed.
(CNW Group/Silver Mountain Resources Inc.)
The following table provides more detail regarding the channel sample results from the Meteysaca
Vein structure.
Table 2: Assay results of systematic channel sampling, Meteysaca Vein, Reliquias mine. (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 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.
SOURCE
Silver Mountain Resources Inc.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/September2022/08/c9395.html
%SEDAR: 00052252E
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, [email protected], www.agmr.ca
CO: Silver Mountain Resources Inc.
CNW 07:00e 08-SEP-22