SILVER MOUNTAIN MINES REPORTS HIGH GRADE ASSAYS FROM ITS EXTENSIVE GEOCHEMISTRY SAMPLING PROGRAM “Company”) is pleased to announce the discovery of high grade gold and silver zones on its 100% owned 9,200 hectare (ha) Ptarmigan Property, British Columbia (BC). The new zones include further extension
March 5, 2012, Calgary, Alberta – Silver Mountain Mines Inc. (TSX-V:SMM) (“Silver Mountain” or the “Company”) is pleased to announce the discovery of high grade gold and silver zones on its 100% owned 9,200 hectare (ha) Ptarmigan Property, British Columbia (BC). The new zones include further extension of the North Ridge West Vein, Iron Cap mine area and a newly discovered area of prospective mineralization located to the north in the Horsethief Creek and Law Creek areas.
The 2011 rock, soil and silt geochemical sampling program in the Ptarmigan and Horsethief Creek areas resulted in several significant Gold (“Au”), Silver (“Ag”), Copper (“Cu”), Lead (“Pb”) and Zinc (“Zn”) anomalies that warrant follow-up work in 2012. Highlights include:
- 2011 Assay Ranges; 990 g/t – 1,560 g/t Silver (Ag), 0.08 g/t – 19.6 g/t Gold (Au)
Noteworthy 2011 analyses collected from a dolomitic outcrop north of the Ptarmigan adit ran 1400 g/t Ag and from quartz arenite outcrop east of the Iron Cap adits ran 990 g/t Ag. These samples were collected approximately 45 meters east of the trend of the Iron Cap adit previously reported. This area has seen little exploration activity since the 1930’s and with recent technology and snow melt this area warrants further exploration as the potential for a lead-silver mineralization may occur along faults and at depths. In 1958-59, approximately 520 tonnes was produced from the Ptarmigan mine with lead-silver-zinc ore grades averaging 77 oz/t Ag. Similarly to Horsethief Creek, mineralization occurs with interconnecting and clusters of veins with galena and tetrahedrite in quartz and large pods or lenses of pyrite with tetrahedrite.
Silver Mountain Mines has been exploring the Ptarmigan-Iron Cap property, a Ag-Pb-Zn prospect with several adits and earlier recorded production. Mineralization has been developed over a horizontal distance of 400 meters from north to south and a vertical length of 250 meters and remains open. Silver as tetrahedrite mineralization occurs in veins and within manto-style tabular, pyritic rich deposits, the Ag, Pb, and Zn mineralization appears to be intimately related to north-trending, generally steeply dipping, thrust faults. These thrust faults are interpreted as probable main controls of mineralization and offer potential for extensions of the mineralized zones.
Tables 1- Rock samples, highlights from 2011 exploration sampling for major elements.
| Sample | Sample | Ag | Cu | Fe | Pb | Zn | Au | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| # | Area | (g/t) | (%) | (%) | (%) | (%) | g/t | ||||||||
| 528233 | North Ridge-West Vein | 990 | 0.299 | 13.8 | 0.05 | 0.011 | 0.432 | ||||||||
| 528241 | North Ridge-West Vein | 40.7 | 0.086 | 14.8 | 0.002 | 0 | 19.6 | ||||||||
| 528246 | North Ridge-West Vein | 1,400 | 0.05 | 13.4 | 0.004 | 0 | 3.05 | ||||||||
| 528247 | North Ridge-West Vein | 1,290 | 0.435 | 2.0 | 0.047 | 19 | 0.082 | ||||||||
| 528248 | North Ridge-West Vein | 1,560 | 0.121 | 1.34 | 0.047 | 14.9 | 0.254 |
Table 2 points to highly anomalous material which may not be in place or in situ.
Tables 2- Soil samples, highlights from 2011 exploration sampling for major elements.
| Sample | Ag | Ba | Cu | Fe | Pb | Sb | Zn | Au | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| # | Sample Area | g/t | ppm | ppm | % | ppm | ppm | ppm | ppb | ||||||||||
| AL-15 | Ptarmigan Basin | 198 | 412 | 62.10 | 3.12 | 656 | 1,190 | 41 | 2,050 | ||||||||||
| AL-16 | Ptarmigan Basin | 18.90 | 676 | 73.80 | 8.40 | 4,510 | 668 | 66 | 439 | ||||||||||
| AL-17 | Ptarmigan Basin | 10 | 130 | 69.60 | 3.95 | 172 | 81.1 | 79 | 107 | ||||||||||
| AL-22 | Ptarmigan Basin | 10 | 16 | 154. | 14.80 | 10,000 | 6.0 | 10,000 | 5 | ||||||||||
| AL-27 | Ptarmigan Basin | 96.40 | 103 | 983 | 7.56 | 243 | 323 | 201 | 138 | ||||||||||
| AL-106 | Ptarmigan Basin | 1,760 | 51 | 279 | 3.65 | 90.3 | 5,820 | 6 | 7,270 | ||||||||||
| Bw120S | Ptarmigan Basin | 48.60 | 141 | 527 | 5.64 | 3,230 | 667 | 247 | 167 | ||||||||||
| Bw121S | Ptarmigan Basin | 3.63 | 66 | 25.60 | 4.70 | 779 | 33.6 | 48 | 32 | ||||||||||
| Bw122S | Ptarmigan Basin | 5.48 | 53 | 24 | 4.02 | 1280 | 20.7 | 47 | 22 | ||||||||||
| Bw124S | Ptarmigan Basin | 13 | 116 | 73.30 | 4.59 | 1,980 | 69.1 | 210 | 7 | ||||||||||
| Bw138S | Ptarmigan Basin | 15.70 | 155 | 132 | 7.64 | 5,270 | 663 | 140 | 35 | ||||||||||
| BW 168 | Ptarmigan Basin | 69.60 | 108 | 111 | 7.04 | 10,000 | 76 | 15,800 | 16 | ||||||||||
| 268 | Ptarmigan Basin | 4.29 | 0 | 0.14 | 15.00 | 0.0 | 0.0 | 0 | 2,360 |
Summary
Three key targets for the 2012 program will include the Iron Cap Trend, North Ridge West Vein and Horsethief and Law Creek areas. A summary of highlights from geochemical samples to date is available on the Company website at http://www.silvermountainmines.com/reports.asp. Maps of the project are also available on the Company’s website at http://www.silvermountainmines.com/maps.asp.
To date, the Company has only explored 5% of its highly prospective property and is well funded to carry out its 2012 program. An assessment of results from the 2011 geochemical sampling program (including rock, soil and silt sampling) and metallurgical test work is ongoing and will assist the Company in understanding the mineralization at Silver Mountain and will guide the 2012 exploration program.
QA-QC
A total of 508 samples (376 Soils, 97 Rock, 35 Silts) were submitted to SGS Minerals (“SGS”) for analysis, who maintain a certificate of accreditation to conform to ISO/IEC 17025. The samples were taken to SGS, an independent certified laboratory and preparation facility. All samples were securely stored at the Ptarmigan Mine site or within sight of the Project Manager and/or Supervising Geologist, at all times. Samples were placed in rice bags, taken to Calgary, Alberta, where they were palletized and shipped via DHL couriers to SGS Canada Inc, Metallurgical and Environmental, in Burnaby, BC for analysis.
The content of this news release has been reviewed by Stuart Fraser, M.Sc., P.Geol, a Qualified Person for the purposes of NI 43-101, with the ability and authority to verify the authenticity and validity of the data herein.
About Silver Mountain Mines Inc. (TSX-V: SMM)
Silver Mountain Mines Inc. is a Canadian based exploration and development company with 100% ownership of a 9,200 ha property centered on the historical silver rich Ptarmigan Mine in south eastern, BC. The property hosts two styles of mineralization: silver rich, high grade polymetallic epithermal veins and manto style massive / semi-massive sulphide mineralization.
For further information on Silver Mountain Mines Inc. please visit the Company’s website www.silvermountainmines.com and SEDAR (www.sedar.com) or contact Mr. Steve Konopelky, President & CEO of the Company at +1 403 229 9140 or Sheri Barton, Corporate Communications, at +1 403 217 5830.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, , potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions and factors that could cause actual results to differ materially from those in forward looking statements Silver Mountain Mines Inc. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
Neither the TSX-Venture Exchange nor its Regulation Services Provider as the term define in the polices of the TSX Venture Exchange accepts responsibility for the adequacy or accuracy of the release.
ON BEHALF OF THE BOARD
“Steve Konopelky”
Steve Konopelky President and CEO