/CNW/ - Silver Mountain Resources Inc. (" Silver Mountain ", " AGMR " or the " Company
SILVER MOUNTAIN COMMENCES
PREPARATION OF TECHNICAL REPORT FOR
ITS EL MILAGRO PROJECT
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN OR INTO
THE UNITED STATES
/
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
.
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
underground
1
.
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
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, [email protected], www.agmr.ca
CO: Silver Mountain Resources Inc.
CNW 12:34e 13-SEP-22