Silver Bullet Mines Commences Processing of Third Party Silver Material
Silver Bullet Mines Commences Processing of Third Party Silver Material
May 2 , 2024 - Burlington, Ontario – Silver Bullet Mines Corp. (TSXV:SBMI and
OTCQB:SBMCF) (‘SBMI’ or ‘the Company’) is pleased to announce it has commenced test
processing of silver mineralized material (the “Material”) through its wholly owned state of the
art processing plant in Arizona. The Material has been sourced from a property owned by a n
arm’s length party, which property hosts a former producing silver mine in Arizona.
The Material has assayed as high as 8 ounces per ton silver over multiple assays carried out by
SBMI at the site of the former producing silver mine. Assay protocols for the Material are being
drafted.
The Material and this opportunity are in addition to the third party gold processing opportunity
announced November 1, 2023. That gold processing opportunity is still being evaluated by
SBMI and negotiations with the provider of the gold processing material continue.
Approximately 250 tons of Material has been delivered to SBMI’s mill for processing (see the
picture below) . SBMI has been advised by the provider of the Material that there are
approximately 30,000 tons of Material available for processing.
Third party silver mineralized material being delivered to the millsite
Initial results from the Material have yielded excellent numbers. Values in the concentrates
have run as high as 142 ounces per ton silver. SBMI is currently working on a sampling process
to better determine head grade and efficiency of the mill for the Material. The Company plans
to continue running the Material to optimize the process flow and maximize recovery.
The cost of turning the Material into silver bars is less than mining mine rock, as the Material
has already been mined by third parties and is sitting in a stockpile at surface. It requires only
to be loaded and shipped to SBMI’s mill, which is also in Arizona, and then processed. Some
of the Material is already partially crushed ; therefore, prep time and cost should be less than
for a run of mine rock.
Further, the Material has been provided at no charge to SBMI except that SBMI has to incur
the cost of trucking the Material to its mill. If this run of processing 250 tons of the Material
proves capable of being economic, SBMI would then intend to negotiate an agreement with the
third party for this Material and the remaining 30,000 tons.
The Company is also currently evaluating the property hosting the Material as a potential
acquisition target. It is located on private property and was a past silver producer, last mined in
the early 1900’s. Historical records indicate a silver vein of 35 to 50 foot width and grading 25
ounces per ton silver. There are at least 3 historic al shafts and multiple workings. (This work
and data pre-date NI43-101. SBMI does not know the methodology used or whether a Qualified
Person supervised such work. Readers are cautioned not to rely upon such results until further
work is carried out by SBMI, including processing of the Material at its mill.)
This type of acquisition is made possible by the fact SBMI has a complete mill and assay
complex that is not only highly efficient but also flexible to handle many types of material. This
is an excellent opportunity for SBMI to generate revenue quickly while the Buckeye Silver
Mine is completing MSHA requirements and being prepared for mining out of the high grade
Zone1. Work is ongoing and the Company is commencing the rock bolting phase of the
operation. Much of the other MSHA work has been completed.
QA/QC
The Material described above is assayed at multiple stages of the process. The assay results
will provide input as to a ny adjustments that may be necessary to improve production
efficiencies.
In accordance with best practices, multiple assays have been and should continue to be sent to
third party ISO-accredited labs for multielement analysis including precious metals and PGMs.
Readers are cautioned that these samples may not be representative of the Material as a whole,
and not all assay results will be disclosed.
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 Splitter 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 button and slag , following which a bone
ash cupel was utilized to eliminate the lead in the button to for m 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.
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, drout 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.