Silver Mountain Files Ni 43-101 Technical Report ON SEDAR FOR Its El Milagro Project
SILVER MOUNTAIN RESOURCES INC.
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SILVER MOUNTAIN RESOURCES INC. TSX.V | AGMR www.agmr.ca
82 Richmond Street East Toronto, ON M5C 1P1
SILVER MOUNTAIN FILES NI 43-101 TECHNICAL REPORT ON SEDAR FOR ITS EL
MILAGRO PROJECT
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN OR INTO THE
UNITED STATES
Toronto, Ontario, December 1, 2022 - Silver Mountain Resources Inc. (" Silver Mountain ",
"AGMR" or the "Company") is pleased to announce the filing of a National Instrument 43-101 -
Standards of Disclosure for Mineral Projects ("NI 43-101") compliant technical report on the El
Milagro project (the “El Milagro Technical Report”). Situated approximately 40 km southeast of
the Company´s Reliquias concession block, the El Milagro project is straddling the boundary
between the Huancavelica and Ayacucho regions of Peru.
The El Milagro Technical Report has an effective date of October 17, 2022, and was completed
by Recursos Reservas y Evaluaciones Mineras S.A.C. (“RREMIN”), Lima, Peru at the request of
Silver Mountain. The report titled, "NI 43-101 Technical Report for El Milagro Project,
Huancavelica and Ayacucho Regions, Peru" has been filed on the Company’s profile on SEDAR
at www.sedar.com and will be posted on the Company’s website at www.agmr.ca
The purpose of the El Milagro Technical Report was to assess the geological potential of the El
Milagro project area and to review the historic exploration work completed by previous owners.
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
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from underground 1. The previous project owners identified polymetallic mineralization in three
discrete mineralized bodies: Genoveva 1, Genoveva 2, and El Milagro. At a cut-off grade of 1%
ZnEq, the NI 43-101 compliant Technical Report states the following historical resources in the
inferred category: 873,250 t @ 2.01 oz/t Ag, 2.78 % Zn, and 1.1 % Pb.2
After a thorough review of the recommendations given by RREMIN in the El Milagro Technical
Report regarding the next exploration tasks at the El Milagro project, Silver Mountain will decide
on the timing and scope of further evaluation of this prospect.
Grant of Options
The Company also announces that it has granted to certain officer, directors and employees an
aggregate of 5,460,000 options to acquire class A common shares in the capital of the
Company (the “Options”) pursuant to the Company’s incentive stock option plan. The Options
are exercisable at a price of C$0.38 for a period of four years.
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,
1 Internal Report, Corporación Minera Castrovirreyna S.A., 2009
2 (i) The historical resource estimate was prepared by ROWAN General Services S.A.C. in December 2009, (ii) It has
not been possible to corroborate the economic and estimation parameters used in the estimation of resources, (iii)
the historical resource estimate was classified according to the Canadian Institute of Mining, Metallurgy and
Petroleum (CIM) Definition Standards, (iv) The authors of the El Milagro Technical Report consider that the
historical resource estimate is relevant for the proper understanding of El Milagro and additional exploration work
(mineralization interpretation, diamond drilling, etc.) could be needed to verify the historical estimate as current
Mineral Resources or Mineral Reserves, (v) A Qualified Person has not completed sufficient work to classify the
historical estimate as current Mineral Resources or Mineral Reserves, and (vi) Historic mineral resources should
not be considered current Mineral Resources or used for Mineral Reserve estimation.
SILVER MOUNTAIN RESOURCES INC.
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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 35,000 hectares in the district of Castrovirreyna, Huancavelica, Peru.
For Further Information Contact:
Alfredo Bazo Jean Pierre Fort
President, CEO & Director Chief Financial Officer
[email protected] [email protected]
Silver Mountain Resources Inc
82 Richmond Street East
Toronto, ON M5C 1P1
www.agmr.ca
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 exploration program 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
SILVER MOUNTAIN RESOURCES INC.
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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.