Silver Bullet Announces High Grade Silver Results from the Treasure Room, and a Financing
Silver Bullet Announces High Grade Silver Results from the Treasure Room, and a Financing
October 25, 2023 - Burlington, Ontario – Silver Bullet Mines Corp. (TSXV:SBMI and
OTCQB:SBMCF) (‘SBMI’ or ‘the Company’) announces:
1. two sets of high grade assay results from the Treasure Room
2. initial assay results from the targeted mineralized zone at the Buckeye Mine in Arizona
(Zone1),
3. a financing, and
4. the re-pricing of warrants.
The Treasure Room is located roughly 310 feet from the portal, or roughly halfway to Zone1 along
the vein structure. On March 1, 202 2 SBMI reported assay results from grab samples from the
Treasure Room as follows:
GRAB SAMPLES
SAMPLE I.D
Silver Silver
[oz/ton] [ppm]
1
14.0 480.2
2
15.2 521.4
3
12.2 418.5
4
13.6 466.5
5
13.8 473.3
6
35.2 1207.4
7
125.0 4287.5
8
20.2 692.9
9
21.2 727.2
Additional selected grab samples were recently taken from the Treasure Room area, whose assay
results were 8.6, 90.3, 90.6, and 229.7 ounces per ton silver. Paper thin plates of native silver,
analyzed with a hand held XRF, were also observed along certain fractures.
Historically mining was carried out in the Treasure Room, resulting in stopes and drifts. A third
set of selected grab samples from various stopes in the Treasure Room were assayed on October
23, 2023 and returned as follows:
1. from stope 25 - 74.0 Ozs./Ton silver
2. from stope 32 - 11.6 Ozs./Ton silver
3. from stope 33 - 212.2 Ozs./Ton silver
4. from stope 34 - 101.8 Ozs./Ton silver
Readers are cautioned that such samples may not be representative of the Treasure Room or the
Buckeye Mine as a whole.
SBMI intends to stabilize the Treasure Room and provide other safety measures to allow access to
the higher grade material located within the Treasure Room’s continuation of the vein. This will
provide an additional supply of mineralized material for the mill and will also assist in refining a
plan to mine that section of vein material. The Company believes the Treasure Room likely hosts
more higher grade material at depth.
Zone1 begins roughly 700 feet from the portal. Twelve samples were assayed from the bod y of
Zone1, with assay results from these preliminary samples averaging 2 oz per ton silver . Earlier
assay results from the contact right edge with Zone1 over an initial width of 4 feet averaged 1 oz
silver/t. Both of these averages are in line with management’s expectations. From past observations
and past assays, the Company anticipates the silver grade to increase with further penetration into
Zone1. Mineralized material will be shipped from Zone1 to the Company’s mill in Globe, Arizona
when the grade is high enough to justify the cost of transportation.
Historically gold and copper values were also reported in Zone1. Current visual inspection of the
vein material shows materials other than silver, for which SBMI cannot assay at its own onsite
assay facility. SBMI has sent multiple samples of such material to an independent ISO 9001
certified lab for multielement analysis including gold and PGM.
The Company suffered through aberrant extremely hot w eather in Arizona throughout most of
August, 2023. For example, the temperature on the concrete ball mill pad during this period on
occasion exceeded 150 degrees Fahrenheit. A wildfire proximate to the Buckeye Mine during that
period caused by lightning further impeded SBMI’s efforts. The Company was unable to carry out
work at the mill or at the Buckeye Mine during that period, and as a result was not able to generate
cash flow. T he Company now intends to bolster its financial positio n as it continues with
operations.
SBMI intends to carry out a non-brokered financing (the “Financing”) of $500,000.00 by way of
a private placement of units (each, a “Unit”) priced at $0.12 cents per Unit, resulting in the issuance
of 4,166,666 shares. Each Unit will consist of one common share and a full warrant exercisable
into one common share at $0.17 for a term of 2 years. There is no acceleration clause on these
$0.17 warrants.
The Company also announces its intention to re -price previously issued warrants. SBMI intends
to re-price all previously issued $0.60 warrants to $0.24, all previously issued $.50 warrants to
$0.20, and all previously issued $0.30 warrants to $0.13. Regulatory approval is required for the
Financing and to re-price warrants.
The Financing and the re-pricing of warrants are subject to regulatory approval.
QA/QC
All samples above were analyzed by SBMI at its facility near Globe, Arizona. They were processed
through the Lab Jaw Crusher, Lab Hammer Mill and Splitt er Box into an aliquot. Most of the
pulverized aliquot was mixed with a flux and flour combination and melted in a crucible at 1,850
degree Fahrenheit, with the remainder being logged and archived. Upon cooling, the poured melt
was in the form of a metal b utton and slag, following which a bone ash cupel was utilized to
eliminate the lead in the button to form a bead. The bead was then weighed, following which a
solution of 6 to 1 distilled water to nitric acid was utilized to dissolve the silver in the bead at
approximately 175 degrees Fahrenheit. A much more detailed description of the process and a
picture of the assay lab can be found at https://www.silverbulletmines.com/qaqcassaylab.
The SBMI facilities have been designed for quick production grade control and are not ISO
compliant; however, duplicate sampling with other ISO labs has been done on past sa mples with
good correlation.
Mr. Robert G. Komarechka, P.Geo., an independent consultant, has reviewed and verified SBMI’s
work referred to herein, and is the Qualified Person for this release.
For further information, please contact:
John Carter
Silver Bullet Mines Corp., CEO
+1 (905) 302-3843
Peter M. Clausi
Silver Bullet Mines Corp., VP Capital Markets
+1 (416) 890-1232
Cautionary and Forward-Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its
subsidiaries. Forward-looking statements are not historical facts but represent management's current expectation of future events,
and can be identified by words such as "believe", "expects", "will", "intends", "plans", "projects", "anticipates", "estimates",
"continues" and similar expressions. Although management believes that the expectations represented in such forward-looking
statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could
cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and
when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions
used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no
obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may
be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key
personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in
the production and processing of ore; shareholder and regulatory approvals; activities and attitudes of communities local to the
location of the SBMI's properties; risks of future legal proceedings; income tax matters; fires, floods and other natural
phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency
movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution.
SARS CoV-2 and other potential global pathogens create risks that at this time are immeasurable and impossible to define.