Drill results returned silver-polymetallic intercepts in the main Sacasipuedes and Matacaballo vein, and various intervals in the Ayayay and Sorpresa veins, including: 4.20m
SILVER MOUNTAIN INTERSECTS SILVER-
POLYMETALLIC MINERALIZATION IN
MULTIPLE VEINS AT ITS RELIQUIAS MINE
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN OR INTO
THE UNITED STATES
/
Highlights
Drill results returned silver-polymetallic intercepts in the main Sacasipuedes and
Matacaballo vein, and various intervals in the Ayayay and Sorpresa veins, including:
4.20m
@ 117.3 g/t Ag, 1.5% Pb, 2.1% Zn, 1.08% Cu, and 0.04 g/t Au in
Ayayay
vein, in drill
hole SMR-36-22-MTC
1.00m
@ 80.7 g/t Ag, 2.2% Pb, 2.9% Zn, 0.43% Cu, and 2.56 g/t Au, in
Sorpresa vein
, in
hole SMR-24-22-SCS, including
0.40m
@ 155.0 g/t Ag, 4.7% Pb, 6.5% Zn, 1.0% Cu, and 5.86 g/t Au
1.85m
@ 49.3 g/t Ag, 3.6% Pb, 2.8% Zn, 0.21% Cu, and 0.09 g/t Au, in
Sacasipuedes vein
,
hole SMR-22-22-SCS, including
0.45m
@ 162.0 g/t Ag, 10.5% Pb, 7.6% Zn, 0.78% Cu, and 0.22 g/t Au;
and
0.65m
@ 132.0 g/t Ag, 8.6% Pb, 9.3% Zn, 0.42% Cu, and 0.19 g/t Au, in
Ayayay vein
, in
same drill hole SMR-22-22-SCS
1.95m
@ 48.1 g/t Ag, 2.1% Pb, 4.5% Zn, 0.37% Cu, and 0.08 g/t Au, in
Sacasipuedes vein
,
in drill hole
SMR-26-22-SCS
TORONTO
,
Nov. 10, 2022
/CNW/ - Silver Mountain Resources Inc. (TSXV: AGMR) (OTCQB:
AGMRF) (BVL: AGMR) ("
Silver Mountain
", "
AGMR
" or the "
Company
") is pleased to provide an
update on its underground drilling at the Company's Reliquias silver mine in Huancavelica, central
Peru
. The drill program to date has surpassed a total of 16100 metres, drilled in 68 bore holes. The
assay results of 6 holes drilled to test the Sacasipuedes and Matacaballo veins are reported in this
release (Table 1). The main objective of the fully funded drill program is to establish a National
Instrument 43-101 –
Standards of Disclosure for Mineral Projects
("
NI 43-101
") compliant mineral
resource in H1 2023 that will form the basis of our production decision in H2 2023. In addition, the
Company aims to better characterize and extend the known silver-rich zones at depth.
1
Alfredo Bazo
, President and CEO, commented:
"The drill holes reported today are located in one of
the significant parts of the mineralized system. Apart from providing important data for the zone
where the Matacaballo and Sacasipuedes veins join, these holes also identified very promising
intercepts in the Ayayay and Sorpresa veins. Especially worth mentioning are the gold values in a
number of intercepts. A split of the Matacaballo vein encountered in hole SMR-36-22-MTC
returned 11.1 g/t Au, 33.2 g/t Ag, 1.3% Pb and 2.1% Zn over
0.65 m
down-hole. In hole SMR-21-
22-SCS, a drill interval of
0.45 m
showed an exceptional grade of 21.2 g/t Au, apparently related to
a separate mineralization phase, based on the lack of base metals in this particular intercept
."
_________________________________
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
.
Figure1: Plan view of underground drilling program at the Reliquias silver mine, showing traces of
drill holes completed to date (in blue) as well as the subsequently programmed bore holes. The six
holes reported in this release are labelled and highlighted in bold blue 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. (CNW Group/Silver
Mountain Resources Inc.)
The following table shows the detailed results of mineralized intercepts encountered in the drill holes
reported in this news release.
Table 1: Weighted assay results of six drill holes testing the Sacasipuedes, Matacaballo, Ayayay,
and Sorpresa veins (CNW Group/Silver Mountain Resources Inc.)
Fig.2: Close-up view of mineralized intervals of drill core; photo A: brecciated quartz vein, locally
jigsaw texture, multiple vein generations, drusy quartz, disseminated sulphides, with minor carbonate
gangue, Sacasipuedes vein, hole SMR-28-22-SCS, 172.05 -172.32 m depth; photo B: sulphide-rich
interval of banded vein with multiple quartz vein generations, showing galena, sphalerite,
chalcopyrite, probable split of Matacaballo vein, hole SMR-36-22-MTC, 187.25 – 187.50 m depth.
(CNW Group/Silver Mountain Resources Inc.)
Fig.2: Close-up view of mineralized intervals of drill core; photo A: brecciated quartz vein, locally
jigsaw texture, multiple vein generations, drusy quartz, disseminated sulphides, with minor carbonate
gangue, Sacasipuedes vein, hole SMR-28-22-SCS, 172.05 -172.32 m depth; photo B: sulphide-rich
interval of banded vein with multiple quartz vein generations, showing galena, sphalerite,
chalcopyrite, probable split of Matacaballo vein, hole SMR-36-22-MTC, 187.25 – 187.50 m depth.
(CNW Group/Silver Mountain Resources Inc.)
Update Regarding Advertising Agreement
The Company previously announced that it had entered into an advertising agreement dated
September 12, 2022
(the "Advertising Agreement") with Gold Standard Media, LLC ("Gold
Standard"), whereby Gold Standard, together with certain of its affiliates, has agreed to provide
certain promotional and advertising services to the Company. The Advertising Agreement is
effective as of
February 2, 2022
and is valid until
February 2, 2024
. Pursuant to the Advertising
Agreement, Gold Standard commenced work on
September 12, 2022
by assisting the Company
with the creation of landing pages, native advertisements, email marketing, influencer endorsement
and publications for increasing awareness about the Company (collectively, the "Services"). The
Services are to be provided by Gold Standard together with its affiliates, Future Money Trends LLC,
Wealth Research Group LLC and Portfolio Wealth Global LLC (collectively, the "Service
Providers"). The Company wishes to clarify that it has pre-paid the Service Providers, for the
Services, in full, by paying
$1,000,000
in the first quarter of 2022 and
US$500,000
in June 2022.
Such fees are based on a monthly payment schedule pursuant to the terms of the Advertising
Agreement.
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
.
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 27,000 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 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/November2022/10/c7969.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, 647-262-4017, [email protected], www.agmr.ca
CO: Silver Mountain Resources Inc.
CNW 07:00e 10-NOV-22