Silver Bullet Mines Corp. Discovery of Palladium and Gold
Silver Bullet Mines Corp. Discovery of Palladium and Gold
September 26, 2022 - Burlington, Ontario - Silver Bullet Mines Corp. (TSXV:SBMI and
OTCQB:SBMCF) (‘SBMI’ or ‘the Company’) has assayed, among other elements, significant
quantities of palladium and gold in the mineralized material from its Buckeye Silver Mine in
Arizona. These surprise discoveries are not factored into any of the Company’s internal financial
projections. This mineralized material was taken from a newly exposed section at the Buckeye.
Palladium is currently trading at roughly USD$2, 100 per ounce and gold is currently trading at
roughly USD$1,650 per ounce. For reference below, SBMI notes that one ppm (part per million)
is equivalent to one gram per tonne. There are 28.35 grams in one ounce.
How The Gold and Palladium Were Found
The gold and palladium were discovered after SBMI initially processed roughly 60 tons of
Buckeye Mine material at its 100%-owned mill, and then encountered challenges in pouring proper
silver dore bars to satisfy the outstanding sample run order. An example of such challenges is in
the picture below.
Recent dore bar from material bulk sampled at the Buckeye Mine
First Batch Sample From a 60 ton Bulk Sample
To help identify the possible source of this, SBMI sent a sample (the “First Batch”) on September
7, 2022, from its concentrates of the 60 ton bulk sample to Lone Pine Analytical, a third-party lab,
for further analysis. That analysis completed on September 11, 2022 revealed , from this sample,
being an average of 2 collected concentrate samples, elevated levels of palladium and gold, as per
the chart below:
Element Unit Concentration Report
(Duplicates) Limits
Au ppm (1) 50.8 0.05
(2) 38.1
Pd ppm (1) 83.8 0.05
(2) 80.0
Pt ppm (1) .0457 0.05
(2) .667
Rh ppm (1) .150 0.05
(2) .255
Ir ppm (1) 0.172 0.05
(2) .308
Os ppm (1) .572 0.05
(2) .382
Ru ppm (1) ND 0.05
(2) ND
In response to these unusual values, SBMI will be undertaking referee sampling with another
independent third-party ISO accredited lab.
“Those are astonishing results for the gold and palladium,” said A. John Carter, SBMI’s CEO. “To
the best of our knowledge the only significant producer of palladium in the United States of
America is Sibanye-Stillwater in Montana, so this is a possible game-changer, not just for SBMI
but for platinim group metal exploration in Arizona. We have heard anecdotal evidence of Pt -Pd
production as a by-product of porphyry mining in the Globe area and have seen data from a local
prospective Pt-Pd property, but we are still investigating what our results mean. At this time the
Company is actively investigating the source and recovery of the anomalous palladium and gold
values and are currently engaging additional technical support in this pursuit.”
The Company believes the results above are representative of the 60 tons of the material extracted
from the Buckeye Mine.
Second Batch Samples From a 140 ton Bulk Sample
SBMI then took, from another larger bulk sample, a sample batch (the “Second Batch”) of a further
seven samples from various locations in the mill. This bulk sample represents roughly 140 tons of
material from the Buckeye Mine. SBMI’s assay team had initially assayed those samples for silver
only. Subsequently, each of the following samples from this 140 ton bulk sample were labelled
with unique identifiers as shown below:
1. Head Feed 700 oz/Ton Ag
2. 100 gm 2503oz/Ton Ag Conc
3. #1 Table Cons. Original
4. #1 Table Cons from Mill
5. #2 Table Cons from Mill
6. Tails
7. Dorie Bead
Those labels were provided by SBMI’s assay team to Lone Pine Analytics by the leader of SBMI’s
assay team, Mr. Robert Budd, who also collected and assayed those samples for silver. SBMI has
on prior occasions and on its website made disclosure of Mr. Budd’s credentials and QAQC
processes, and will include these matters below in the QA/QC for SBMI.
Second Batch Samples to Lone Pine Analytics
After being assayed for silver only by SBMI, th e Second Batch was then sent to Lone Pine
Analytical for further analysis of additional elements. The average values for Au and Pd of the 7
samples returned from Long Pine Analytics for the gold and the palladium were as follows:
Sample No. Sample Description Element Unit Concentration
(Duplicates) Report Limits Lab WO#
Head Feed 700oz/Ton Au ppm
(1) 42.9
(2) 47.1 0.05 2209004-1
Head Feed 700oz/Ton Pd ppm
(1) 6.31
(2) 5.90 0.05 2209004-1
100gm 2503.8oz/Ton Conc Au ppm
(1) 35.7
(2) 31.5 0.05 2209004-2
100gm 2503.8oz/Ton Conc Pd ppm
(1) 3.52
(2) 4.46 0.05 2209004-2
#1 Table Cons. Original Au ppm
(1) 42.1
(2) 33.1 0.05 2209004-3
#1 Table Cons. Original Pd ppm
(1) 53.3
(2) 48.4 0.05 2209004-3
#1 Table Cons. From Mill Au ppm
(1) 54.5
(2) 11.9 0.05 2209004-4
#1 Table Cons. From Mill Pd ppm
(1) 73.9
(2) 70.4 0.05 2209004-4
#1 Table Cons. Original Au ppm
(1) 36.3
(2) 28.1 0.05 2209004-5
#1 Table Cons. Original Pd ppm
(1) 24.3
(2) 22.5 0.05 2209004-5
Tails Au ppm
(1) 37.8
(2) 22.0 0.05 2209004-6
Tails Pd ppm
(1) 22.4
(2) 19.1 0.05 2209004-6
Dorie Bead Au ppm
(1) 90.1
(2) 55.9 0.05 2209004-7
Dorie Bead Pd ppm
(1) 2.13
(2) 2.61 0.05 2209004-7
7
1
2
3
4
5
6
The Company believes these results are representative of the 140 ton bulk sample. The complete
assay certificates with a photo of each sample will be posted to the Company’s website.
In response to these unusual values, SBMI will be undertaking referee sampling with another
independent third party ISO accredited lab.
All of the roughly 200 tons of material (combined from the 2 bulk samples) were taken directly
from the vein accessed at the lower drift. All 200 tons were taken and processed in the normal
course, with no selective sampling.
“We made a decision early on to build our own mill in Arizona to high standards , and as a result
we have been able to immediately recognize there were significant amounts of elements other than
silver in this new material” continued Mr. Carter. “Standard exploration techniques may not have
found the gold or palladium without the expenditure of millions of exploration dollars. We are
there now, more quickly for much less money.”
SBMI has found a potential buyer for the concentrates who is likely able to process the palladium
in addition to the gold and silver , but before making final decisions SBMI is waiting on further
assay data and input from metallurgists, engineers and others.
QAQC For SBMI
All the samples above were collected by Mr. Robert Budd, a Metallurgical Process Engineer who
began his career in metallurgical engineering in 1972. He has held various positions with various
employers including Senior Engineer, Superintendent, Engineer, Technical Assistant, Technician,
and Lab Assistant. Most recently, prior to joining SBMI he was involved in designing and creating
an internal assay facility in Arizona for Freeport McMorran Inc. He has also been the the Principal
Process Specialist for Fluor Canada out of Vancouver, the Senior Metallurgical Engineer for Doe
Run Lead, the Projec t Engineer for the commissioning of a copper concentrator start -up at Oz
Minerals’ Prominent Hill Mine in South Australia, Senior Metallurgical Engineer for Cyprus
Miami/Phelps Dodge Miami in Arizona, Metallurgical Engineer and Metallurgical Lab Supervisor
for Newmont Gold in Nevada, and Chief Metallurgist for Inspiration/Cyprus Miami in Arizona
among other positions.
The samples analyzed by SBMI at its facility near Globe, Arizona were processed by Mr. Budd
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 m etal button 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 th e 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.
QAQC For Lone Pine Analytics
For each batch, Lone Pine Analytical of Phoenix, Arizona sampled two distinct samples (approx
200mg), digested, filtered, diluted and analyzed. For the digestion, the lab used [1mL HF: 4.5mL
Nitric Acid: 4.5mL HCI]. The samples were digested in a microwave in sealed PTFE tubes where
the temperature reached 200C with a total cycle time of 40 minutes . Bismuth (Bi) was used the
internal standard. A three -point calibration, plotted through zero was used with excellent linear
correlation for each element. Thus, the lab used an internal and external standards (instrument
calibration). Chain of custody protocols were strictly observed. Lone Pine Analytical, as of
September 11, 2023, is in the process of renewing its ISO /IEC -17025 lab accreditation with a
scope for metals in soils and rocks
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 c an 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, actio ns 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 bu t 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 virus es create risks that at this time are immeasurable and impossible to
define.