Silver Bullet Mines Corp. to Commence Mining at its Wholly-Owned Washington Mine in Idaho
Silver Bullet Mines Corp. to Commence Mining
at its Wholly-Owned Washington Mine in Idaho
Burlington, Ontario--(Newsfile Corp. - March 15, 2022) - Silver Bullet Mines Corp. (TSXV: SBMI) ('SBMI'
or 'the Company') announces it has made a production decision for its Washington Mine on patented
land in Idaho. Upon review of the historical records, SBMI's 2021 and 2022 field programs, the proposed
budget, the success of the financing announced February 9 of this year, the existing infrastructure and
the current data including SBMI's blended bulk sample that yielded 55.5 ounces silver per tonne, the
board has decided to initiate mining at the Washington Mine.
It is the Company's plan to widen the existing adit, make the area safe for work, proceed to the historical
workings and extract mineralized material. To that end SBMI is in discussions with an experienced
contract miner to commence such work as soon as reasonably possible, subject to a due diligence site
visit.
This part of the Washington Mine was last mined in the 1980's when a bulk sample was removed by the
then-owner and processed by Hecla Mining. That bulk sample resulted in a grade of 44 ounces silver per
tonne and 10 grams of gold per tonne. (All historical references pre-date
NI43-101
and the work involved
was not carried out by SBMI. SBMI does not know what processes were followed for any such work or
whether the work was carried out under the supervision of a Qualified Person. Such historical references
cannot be relied upon until further work is carried out.)
Historical Adit at the Washington Mine in Idaho
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The Washington Mine overall first saw production in the late 1800's with an average gold grade of one
ounce per ton. It again produced gold in the 1930's during which time the then-owner lacked the process
capability needed to produce silver, so a decision was then made to block out the silver mineralization
with the intention of returning at a future date to extract it. To the best of SBMI's knowledge, the blocked-
out volume remains
in situ
. A historical report indicates the blocked-out volume contains an estimated 3
million ounces of silver with a grade of 30 to 90 ounces per ton and 15,000 ounces of gold at 0.3 ounces
per ton. (Source,
"Geological Evaluation", Roger G. Stoker, P.G. and Ryne C. Stoker, Student
Geologist, Energy Services Inc., December, 1981.)
The historical records and existing infrastructure suggest SBMI should be able to in the short-term extract
a bulk sample of 1,500 to 3,000 tonnes of mineralized material from that blocked-out volume. After a
brief pause to assess the results of the bulk sample and to inspect more of the existing infrastructure, the
Company would continue extracting material from this part of the mine and also develop a ramp to the
high-grade parallel structure identified in last year's field program. (see press release of December 15,
2021).
The Company is waiting on metallurgical testing results from Montana Technical University to enable
SBMI to create an appropriate flowsheet and recovery parameters, following which the Company intends
to reach terms with a third-party mill in Idaho. The resulting processed silver and other materials will be
sold to local smelters at spot prices. The Company is also in discussions with two commodity brokers
interested in buying the expected concentrate. There is a risk the Company will not be able to reach
agreement with any of these counter-parties, including the contract miner.
In anticipation of start-up the Company has received its mine ID number and is completing the MSHA
application. Other permitting is limited as the Washington Mine is on patented land.
"These are very exciting times for Silver Bullet Mines as we rapidly approach commencement of mining
operations at the Buckeye Mine in Arizona and move simultaneously to mining in Idaho," said A. John
Carter, SBMI's CEO. "Revenue generated from both mines can fund exploration programs to attack the
past-producing McMorris Mine, increase production capacity at our 100%-owned modular mill, and
explore the potential for a copper porphyry at our Black Diamond Property."
The financing announced February 9, 2022 has closed two tranches totalling $1,574,075. There will be
at least one more closing before March 26, 2022. This successful financing means SBMI is well funded
to finance the opening of both the Buckeye and Washington Mines.
Please visit the website at
www.silverbulletmines.com
for pictures, video and technical information, or
find us in the metaverse in Horizon Worlds.
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 viruses create risks that at this time are immeasurable and impossible to define.
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