Underground drilling encountered high-grade silver-polymetallic intercepts in the Perseguida and Meteysaca vein and adjacent vein splays, including: 1.20m
FIRST PASS DRILLING OF PERSEGUIDA VEIN
CONFIRMS HIGH-GRADE INTERCEPTS AT
AgMR's RELIQUIAS MINE
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN OR INTO
THE UNITED STATES
/
Highlights
Underground drilling encountered high-grade silver-polymetallic intercepts in the
Perseguida and Meteysaca vein and adjacent vein splays, including:
1.20m
@ 331.67 g/t Ag, 1.74% Pb, 3.16% Zn, 0.31% Cu, and 1.34 g/t Au in the
Perseguida
vein
, in drill hole SMR-60-22-PER, and
0.60m
@ 281.00 g/t Ag, 1.60% Pb, 5.00% Zn, 0.48% Cu, and 0.32 g/t Au in the
Meteysaca
vein
, in the same hole SMR-60-22-PER
0.50m
@ 302.00 g/t Ag, 1.70% Pb, 2.60% Zn, 0.17% Cu, and 1.31 g/t Au, in the
Perseguida
vein
, in hole SMR-64-22-PER
TORONTO
,
Jan. 25, 2023
/CNW/ - Silver Mountain Resources Inc. (TSXV: AGMR) (OTCQB:
AGMRF) (BVL: AGMR) ("
Silver Mountain
", "
AGMR
" or the "
Company
") is pleased to provide
further results from its recently completed 2022 underground drilling campaign with a total of 16,955
metres drilled in 71 bore holes at the Company's 100% owned Reliquias silver mine in Huancavelica,
central
Peru
.
1
The assay results of 4 holes drilled to test the Perseguida vein are reported in this
release (Table 1).
The northwest-southeast striking Perseguida vein system, located about
200 m
northeast and
subparallel to the Meteysaca vein, has seen limited underground exploitation from four mine levels,
predominantly above the
560 m
-level. Four exploratory bore holes were designed to investigate the
continuity and mineralization of the northwestern part of the Perseguida vein, approximately 100 to
150 m
below the lowest historic mine development. The mineralized structure has been encountered
in all holes, reaching thicknesses between 0.30 and
1.25 m
. The brecciated Perseguida vein is
composed of silver sulpho-salts, galena, sphalerite, chalcopyrite, in gangue material including quartz,
pyrite, and rhodochrosite.
Alfredo Bazo
, President and CEO, commented:
"Aimed at expanding the known mineralization
below the historic resources at Perseguida, these initial drill holes identified promising intercepts
from this structure. High silver grades are accompanied by elevated lead, zinc, and gold values in
this vein. Drill hole SMR-60-22-PER also intercepted a high-grade interval of the Meteysaca vein,
proving the extension of the structure at least
250 m
to the southeast of the existing
415 m
-level.
We are also excited that a previously unknown vein was recognized between the Meteysaca and
Perseguida structures (see Table 1). Its initial intercepts returned up to 132 g/t Ag, 4.2% Pb, 11.8%
Zn, and 0.52 g/t Au over thicknesses of 0.3-
0.5 m
, which warrants follow-up drilling during the
upcoming drill campaign."
_________________________________
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
.
Fig.1: Plan view of underground drilling program at the Reliquias silver mine, showing traces of drill
holes completed in 2022 (in blue). The four holes reported in this release are labelled and highlighted
in bold green 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.)
Fig.1: Plan view of underground drilling program at the Reliquias silver mine, showing traces of
drill holes completed in 2022 (in blue). The four holes reported in this release are labelled and
highlighted in bold green 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.
The following table shows the results of mineralized intercepts encountered in the drill holes reported
in this news release in more detail.
Table 1: Weighted assay results of four drill holes testing the Perseguida 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.)
Table 1: Weighted assay results of four drill holes testing the Perseguida 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.
Fig.2: Photo of mineralized interval of drill core, Perseguida vein, hole SMR-060-22-PER, 319.30 –
319.45 m depth. Vein interval is composed of several generations of grey and milky white quartz,
with irregular pods and fine veinlets of silver sulpho-salts, galena, sphalerite, chalcopyrite and pyrite.
Late rhodochrosite with interspersed brown iron oxides is also visible. (CNW Group/Silver Mountain
Resources Inc.)
Fig.2: Photo of mineralized interval of drill core, Perseguida vein, hole SMR-060-22-PER, 319.30
–
319.45 m
depth. Vein interval is composed of several generations of grey and milky white
quartz, with irregular pods and fine veinlets of silver sulpho-salts, galena, sphalerite, chalcopyrite
and pyrite. Late rhodochrosite with interspersed brown iron oxides is also visible.
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 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 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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http://www.newswire.ca/en/releases/archive/January2023/25/c6395.html
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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], (647) 262-4017, www.agmr.ca
CO: Silver Mountain Resources Inc.
CNW 07:00e 25-JAN-23