SVRS.V · 2024-11-19 12:00:00

Silver Storm Announces Several Intercepts > 1,000 G/T Ag.eq from the LA Estrella Zone

Drill Results

NEWS RELEASE

SILVER STORM ANNOUNCES SEVERAL INTERCEPTS > 1,000 G/T AG.EQ

FROM THE LA ESTRELLA ZONE

Toronto, Ontario, November 19, 2024: Silver Storm Mining Ltd. (“Silver Storm” or the "Company")

(TSX.V: SVRS | OTC: SVRSF | FSE: SVR), is pleased to announce further drill results from its Phase

2 diamond drilling program at the Company’s 100% owned La Parrilla Silver Mine Complex, located

in Durango Mexico. Results from the nine holes contained within this release are from the La Estrella

Zones and San Rafael Zones in the Quebradillas mine. These zones were not modeled or included

in the NI -43-101 Mineral Resource Estimate prepared by SRK for the La Parrilla Silver Mine

Complex published on August 10, 2023.

An overview video on the La Parrilla Project is available at:

www.youtube.com/watch?v=dybgKXcGrYo

Key highlights include:

Numerous high-grade intercepts were encountered with the La Estrella (“ VES”) and San Rafael

(“VSR”) Zones in proximity to previous mined stopes. The current drill results, when combined with

historical holes drilled by First Majestic (“FM”), are expected to have a positive impact on future

Mineral Resources.

• Hole Q-24-039 returned 1,546 g/t Ag.Eq1 over 0.49 metres (“m”), 2,550 g/t Ag.Eq over 0.50

m, and 1,034 g/t Ag.Eq over 0.94 m within a broader interval of 768 g/t Ag.Eq over 7.26

m from the interpreted intersection of the VES and VSR Zones.

- This high-grade intercept is located ~25 m below a previously mined stope

• Hole Q-24-031 returned 2,495 g/t Ag.Eq over 0.40 m and 640 g/t Ag.Eq over 1.56 m within

a broader interval of 382 g/t Ag.Eq over 3.50 m from the interpreted intersection of the VES-

A, Quebradillas Bajo, and C1524 Zones.

- These high-grade intercepts are located ~10 m to the east of a previously mined stope

• Hole Q-24-035 returned 1,313 g/t Ag.Eq over 0.50 m and 502 g/t Ag.Eq over 0.50 m within a

broader interval of 361 g/t Ag.Eq over 5.00 m from the VES Zone and 1,019 g/t Ag.Eq over

0.90 m within a broader interval of 422 g/t Ag.Eq over 4.36 m from the interpreted

intersection of the VES-B and Quebradillas Zones.

- These high-grade intercepts are located ~80 m above a previously mined stope

• Hole Q-24-036 returned 1,690 g/t Ag.Eq over 0.50 m within a broader interval of 333 g/t

Ag.Eq over 5.75 m from the VES-A Zone.

- This high-grade intercept is located ~80 m above a previously mined stope

• Hole Q-24-038 returned 1,248 g/t Ag.Eq over 1.12 m within a broader interval of 482 g/t

Ag.Eq over 8.19 m from the VSR Zone.

- This high-grade intercept is located ~40 m to the east of a previously mined stope

Greg McKenzie, President and CEO, commented: “We are pleased with the high-grade results from

the La Estrella and San Rafael Zones. High-grade mineralization can be traced at La Estrella over a

strike length of 225 m, vertical extent of 1 75 m, and true thickness of up to 6 m. Limited mining was

previously conducted by First Majestic within these zones, and they were not included in the August

2023 Resource Estimate. We anticipate these results will have a positive impact on future

Mineral Resource updates.”

La Estrella Zone

The La Estrella Zone is a sulphide-bearing hydrothermal breccia with in a fault striking 274 degrees

and dipping 80 degrees to the south over an approximate strike length of 225 m. There are two sub -

parallel splay zones VES-A and VES-B which branch off the main zone. Prior to placing the mine on

care and maintenance (Q4 -2019) FM successfully mined one level in the VES Zone with excellent

results – the composited weighted average grade of historical channel samples within the 1967 EL

Stope returned 584 g/t Ag.Eq over a strike length of 71 m and average width of 1.89 m (Table 2).

Results from holes Q -23-029A to Q -24-039 (11 holes), when combined with historical holes in

proximity (Figures 1, 2 & Table 1), have identified a high-grade mineralized zone over a vertical extent

of 175 m, strike length of 225 m, and true width varying up to 6 m. Drill results from holes Q-23-029A

& 030 were previously reported in the Company’s news release dated May 7, 2024.

Figure 1: Cross Section View of Quebradillas Mine Toward NNW

Hole Q-24-031 successfully intersected the interpreted intersection of the VES-A, Quebradillas Bajo,

and C1524 Zones returning 2,495 g/t Ag.Eq over 0.40 m (41.30 to 41.70 m) and 640 g/t Ag.Eq over

1.56 m within a broader interval of 382 g/t Ag.Eq over 3.50 m (45.00 to 48.50 m) approximately 10 m

along strike to the east of a previously mined VES stope at 1967 EL. The composited weighted average

grade of historical channel samples from the 1967 EL VES stope is 584 g/t Ag.Eq over a strike length

of 71 m and an average width of 1.89 m (Table 2).

Hole Q-24-035 returned 1,313 g/t Ag.Eq over 0.50 m and 502 g/t Ag.Eq over 0.50 m within a broader

interval of 361 g/t Ag.Eq over 5.00 m (101.90 to 106.90 m) from the VES Zone and 1,019 g/t Ag.Eq

over 0.90 m within a broader interval of 422 g/t Ag.Eq over 4.36 m (125.60 to 129.96 m) from the

interpreted intersection of the VES-B and Quebradillas Zones. These intercepts lie approximately 80

m above the previously mined VES stope at 1967 EL.

Hole Q-24-036 returned 1,690 g/t Ag.Eq over 0.50 m within a broader interval of 333 g/t Ag.Eq over

5.75 m (95.40 to 101.15 m) from the VES -A Zone. This intercept lies approximately 80 m above the

previously mined VES stope at 1967 EL.

Hole Q-24-039 returned 1,546 g/t Ag.Eq over 0.49 m, 2,550 g/t Ag.Eq over 0.50 m, and 1,034 g/t

Ag.Eq over 0.94 m within a broader interval of 768 g/t Ag.Eq over 7.26 m (32.74 to 40.00 m) from

the interpreted intersection of the VES and VSR Zones. This intercept lies approximately 25 m below

the previously mined VES stope at 1956 EL. The composited weighted average grade of historical

channel samples from the 1956 EL VES stope is 367 g/t Ag.Eq over a strike length of 33 m and an

average width of 1.57 m (Table 2).

Hole Q-24-032 returned 178 g/t Ag.Eq over 0.50 m (61.65 to 62.15 m) from the VES-A Zone and 445

g/t Ag.Eq over 0.50 m (80.38 to 80.88 m) from the VES-B Zone.

Hole Q-24-033 returned 149 g/t Ag.Eq over 0.50 m (108.65 to 109.15 m) from the VES Zone and 203

g/t Ag.Eq over 4.20 m (136.80 to 141.00 m) from the VES -B Zone approximately 100 m above the

previously mined VES stope at 1967 EL.

As was previously reported in the Company’s news release dated May 7, 2024, h ole Q -23-029A

returned 321 g/t Ag.Eq over 7.50 m (57.80 to 65.30 m) including 463 g/t Ag.Eq over 1.12 m and 708

g/t Ag.Eq over 1.38 m from the VES Zone approximately 22 m above the previously developed 1967

EL VES stope and 376 g/t Ag.Eq over 3.93 m (46.12 to 50.05 m) including 811 g/t Ag.Eq over 1.01

m from the VES-A Zone. Hole Q-23-030 returned 455 g/t Ag.Eq over 4.13 m (103.61 to 107.74 m)

including 1,617 g/t Ag.Eq over 0.60 m from the VES Zone approximately 87 m above the previously

developed 1967 EL VES stope.

Figure 2: Longitudinal Section of La Estrella Zone View Toward South

San Rafael Zone

The San Rafael Zone is a sulphide-bearing tectonic breccia zone striking 299 degrees and dipping 68

degrees to the north -northeast with a known strike length of approximately 120 m. The zone is

mineralized over a known vertical extent of 80 m and its true width varies up to 7.5 m. Drill results from

holes Q-23-027 and 028 were previously reported in the Company’s news release dated May 7, 2024.

Hole Q-24-038 returned 1,248 g/t Ag.Eq over 1.12 m within a broader interval of 482 g/t Ag.Eq

over 8.19 m (37.55 to 45.74 m). This intercept lies approximately 40 m along strike to the east of the

previously mined VSR stope at 1945 EL. The composited weighted average grade of historical channel

samples from the 1945 EL VSR stope is 930 g/t Ag.Eq over a strike length of 11 m and an average

width of 2.28 m (Table 2).

As mentioned previously, hole Q-24-039 returned 1,546 g/t Ag.Eq over 0.49 m, 2,550 g/t Ag.Eq over

0.50 m, and 1,034 g/t Ag.Eq over 0.94 m within a broader interval of 768 g/t Ag.Eq over 7.26 m

(32.74 to 40.00 m) from the interpreted intersection of the VES and San VSR Zones. This intercept

lies approximately 10 m below the previously mined VSR stope at 1945 EL.

Hole Q-24-032 returned 378 g/t Ag.Eq over 0.80 m (88.35 to 89.15 m) and 243 g/t Ag.Eq over 0.50 m

(101.55 to 102.05 m) from the VSR Zone. These intercepts lie approximately 36 m along strike to the

east of the previously mined VSR stope at 1958 EL. The com posited weighted average grade of

historical channel samples from the 1958 EL VSR stope is 259 g/t Ag.Eq over a strike length of 36 m

and an average width of 1.35 m (Table 2).

As was previously reported in the Company’s news release dated May 7, 2024, h ole Q -23-027

returned 708 g/t Ag.Eq over 2.36 m (0.49 to 2.85 m), including 1,673 g/t Ag.Eq over 0.57 m from the

VSR Zone approximately 17 m along strike to the southwest of the previously mined VSR stope at

1945 EL. Hole Q-23-028 returned 540 g/t Ag.Eq over 1.21 m (0 to 1.21 m) from the VSR Zone.

Table 1 – Select Assay Intervals from Holes Q-24-031 to 039 and Historical Results

Zone Hole From To Length

(m)

Ag.Eq(1)

g/t

VES-A-

QUE_B

Q-24-031 41.30 41.70 0.40 2,495 2,370 0.05 4.08 0.42 0.11

VES-A-

C1524

Q-24-031 45.00 48.50 3.50 382 350 0.03 0.69 0.42 0.00

including 46.94 48.50 1.56 640 598 0.05 1.12 0.28 0.01

VES-A Q-24-032 61.65 62.15 0.50 178 164 0.02 0.26 0.21 0.00

VES-B Q-24-032 80.38 80.88 0.50 445 367 0.06 0.90 1.79 0.02

VSR Q-24-032 88.35 89.15 0.80 378 341 0.08 0.58 0.56 0.02

VSR Q-24-032 101.55 102.05 0.50 243 215 0.07 0.63 0.20 0.01

NS Q-24-032 136.75 139.50 2.75 290 286 0.05 0.98 0.35 0.03

including 136.75 138.00 1.25 493 487 0.07 1.47 0.33 0.04

VES Q-24-033 108.65 109.15 0.50 149 144 0.01 0.06 0.12 0.02

VES-B Q-24-033 136.80 141.00 4.20 203 201 0.02 0.07 0.23 0.01

C1524_A Q-24-034 27.70 28.20 0.50 149 79 0.86 0.01 0.01 0.01

VES Q-24-035 101.90 106.90 5.00 361 323 0.06 0.97 0.26 0.00

including 104.90 105.40 0.50 1,313 1,260 0.12 1.33 0.27 0.01

and 105.90 106.40 0.50 502 358 0.05 5.15 0.05 0.00

VES-B-

QUE

Q-24-035 125.60 129.96 4.36 422 376 0.02 0.60 1.03 0.01

including 125.60 126.50 0.90 1,019 909 0.09 1.63 2.17 0.01

VES-A Q-24-036 95.40 101.15 5.75 333 282 0.01 0.97 0.88 0.01

including 96.00 96.50 0.50 1,690 1,410 0.02 5.07 5.22 0.04

VES Q-24-036 110.07 110.57 0.50 186 154 0.03 0.49 0.61 0.01

C1524_A Q-24-037 9.53 12.45 2.92 240 214 0.23 0.15 0.13 0.02

including 10.72 11.80 1.08 351 317 0.31 0.18 0.14 0.03

C1524_A Q-24-037 14.60 18.60 4.00 251 216 0.34 0.13 0.13 0.01

including 14.60 15.25 0.65 941 909 0.35 0.09 0.06 0.03

VSR Q-24-038 37.55 45.74 8.19 482 374 0.06 2.09 1.75 0.02

including 43.88 45.00 1.12 1,248 876 0.12 7.83 5.60 0.05

QUE Q-24-038 60.30 61.00 0.70 141 130 0.02 0.22 0.12 0.02

VES-

VSR

Q-24-039 32.74 40.00 7.26 768 640 0.12 2.41 1.96 0.02

including 33.91 34.40 0.49 1,546 1,010 0.28 5.56 13.40 0.09

and 35.70 36.20 0.50 2,550 2,440 0.38 1.46 1.49 0.03

and 37.22 38.16 0.94 1,034 944 0.09 2.13 0.94 0.02

PREVIOUSLY RELEASED RESULTS

VSR Q-23-027 0.49 2.85 2.36 708 619 0.19 1.27 1.46 0.03

including 1.26 1.83 0.57 1,673 1,555 0.24 1.65 2.00 0.09

NEW Q-23-027 42.00 42.90 0.90 195 156 0.07 0.61 0.63 0.01

C1940 Q-23-027 61.43 62.13 0.70 689 548 0.14 3.07 1.73 0.04

VSR Q-23-028 0.00 1.21 1.21 540 466 0.14 1.58 0.74 0.02

VES-A Q-23-029A 46.12 50.05 3.93 376 326 0.04 1.45 0.27 0.02

including 49.04 50.05 1.01 811 673 0.10 4.29 0.55 0.02

VES Q-23-029A 57.80 65.30 7.50 321 284 0.04 0.89 0.36 0.02

including 57.80 58.92 1.12 463 390 0.06 1.97 0.57 0.02

and 63.00 64.38 1.38 708 611 0.03 2.64 0.88 0.02

VES-B Q-23-029A 76.04 76.70 0.66 170 136 0.02 0.30 0.93 0.01

VSR Q-23-029A 108.00 109.50 1.50 143 141 0.01 0.02 0.05 0.03

VES-A Q-23-030 91.99 92.57 0.58 260 213 0.05 0.85 0.76 0.01

VES Q-23-030 103.61 107.74 4.13 455 376 0.04 1.35 1.44 0.01

including 103.61 104.21 0.60 1,617 1,270 0.14 4.98 7.44 0.05

HISTORICAL RESULTS

VSR ILP-Q-16-09 197.20 199.05 1.85 147 119 0.01 0.43 0.60 0.01

VES-

VSR ILP-Q-17-21 91.05 96.10 5.05 1,761 1,277 0.44 6.45 10.10 0.10

VES-

VSR

ILP-Q-17-23-

A 67.65 74.40 6.75 246 211 0.09 0.42 0.59 0.03

VSR ILP-Q-18-08 195.80 197.30 1.50 244 195 0.05 0.41 1.29 0.02

VES ILP-Q-18-72 209.00 213.85 4.85 167 143 0.03 0.37 0.43 -

VES-A ILP-Q-19-07 64.15 72.90 8.75 228 170 0.03 1.35 0.72 0.01

VES 82.20 84.20 2.00 493 410 0.08 1.58 1.23 0.01

VES ILP-Q-19-09 46.75 47.45 0.70 225 193 0.09 0.08 0.82 0.03

NEW 68.75 69.25 0.50 172 141 0.03 0.69 0.38 0.01

NEW 71.45 72.00 0.55 863 783 0.16 1.90 0.57 0.03

VSR 105.30 107.55 2.25 322 285 0.04 1.16 0.08 0.02

VES ILP-Q-19-19 82.00 94.75 12.75 184 141 0.06 0.43 0.96 0.01

VES ILP-Q-19-21 59.85 61.85 2.00 2,936 2,861 0.03 1.99 0.74 0.02

VES 76.25 77.05 0.80 211 154 0.04 0.57 1.40 -

VES-

VSR SLP-Q-12-06 130.65 131.35 0.70 378 377 - 0.01 0.02 -

VSR SLP-Q-12-09 164.05 165.95 1.90 157 137 - 0.24 0.50 0.01

VES SLP-V-13-01 202.60 215.30 12.70 168 140 0.04 0.42 0.50 0.01

Table 2 – Historical Channel Sample Results (2) –La Estrella & San Rafael Zones

Elevation Zone Channel Width Ag.Eq(1)

g/t

1945 VSR VSR-1945-0 1.30 126 110 0.23 0.37

1945 VSR VSR-1945-3 1.50 262 203 0.88 1.29

1945 VSR VSR-1945-4 1.40 1,643 1,580 2.06 0.29

1945 VSR VSR-1945-5 4.90 1,690 1,411 5.77 4.55

1958 VSR VQ-1958-24 3.05 365 309 1.66 0.39

1958 VSR VQ-1958-21 0.40 202 139 1.52 0.82

1958 VSR VQ-1958-18 1.60 173 132 0.85 0.63

1958 VSR VQ-1958-15 0.40 3 3 0.00 0.00

1958 VSR VQ-1958-12 0.90 404 339 1.06 1.33

1958 VSR VQ-1958-9 1.80 646 549 1.86 1.73

1958 VSR VQ-1958-6 1.15 156 86 1.52 1.09

1958 VSR VQ-1958-3 3.40 129 111 0.45 0.21

1958 VSR VQ-1958-00 2.20 200 181 0.51 0.18

1958 VSR VQ-1958-01 0.50 352 315 0.60 0.76

1958 VSR VQ-1958-02 0.40 148 137 0.27 0.15

1958 VSR VQ-1958-05 0.80 299 280 0.56 0.13

1958 VSR VQ-1958-08 1.00 295 271 0.68 0.22

1956 VES VQ-1956-6 0.50 285 219 1.02 1.44

1956 VES VQ-1956-9 1.50 542 480 1.70 0.58

1956 VES VQ-1956-12 0.70 100 79 0.57 0.20

1956 VES VQ-1956-22 3.00 438 290 2.30 3.20

1956 VES VQ-1956-25 1.40 1,065 858 4.59 3.05

1956 VES VQ-1956-26 0.25 233 182 0.88 1.02

1956 VES VQ-1956-29 1.90 214 171 0.58 1.01

1956 VES VQ-1956-32 1.70 67 57 0.17 0.21

1956 VES VQ-1956-35 1.50 302 257 0.88 0.76

1956 VES VQ-1956-38 3.25 421 375 0.82 0.85

1967 VES VES-1967-17 3.40 722 582 1.69 3.45

1967 VES VES-1967-16 3.00 279 221 0.89 1.23

1967 VES VES-1967-15 2.30 193 151 0.65 0.90

1967 VES VES-1967-14 0.50 20 15 0.05 0.12

1967 VES VES-1967-13 0.40 1,554 1,477 1.30 1.53

1967 VES VES-1967-12 0.70 409 361 0.62 1.16

1967 VES VES-1967-11 1.30 614 538 0.86 1.93

1967 VES VES-1967-10 0.40 218 185 0.24 0.96

1967 VES VES-1967-9 1.15 309 256 0.60 1.32

1967 VES VES-1967-8 0.50 222 210 0.34 0.10

1967 VES VES-1967-7 2.65 297 265 0.63 0.56

1967 VES VES-1967-6 1.90 172 163 0.24 0.10

1967 VES VES-1967-5 3.00 171 147 0.57 0.34

1967 VES VES-1967-4 3.20 254 141 0.96 3.18

1967 VES VES-1967-3 1.10 306 257 0.78 1.05

1967 VES VES-1967-2 0.50 123 96 0.32 0.68

1967 VES VES-1967-1 5.90 186 146 0.57 0.91

1967 VES VES-1967-02 2.90 111 98 0.24 0.21

1967 VES VES-1967-03 2.30 46 41 0.07 0.09

1967 VES VES-1967-04 0.60 1,056 707 4.91 7.99

1967 VES VES-1967-05 3.70 2,577 2,368 4.76 2.97

1967 VES VES-1967-06 3.40 407 342 1.37 1.02

1967 VES VES-1967-07 1.40 457 343 1.25 2.93

1967 VES VES-1967-08 0.70 2,964 2,766 2.62 4.68

1967 VES VES-1967-09 0.35 944 886 0.70 1.45

2055 VES V550-2055-265 2.00 859 859 - -

2055 VES V550-2055-267 0.80 182 182 - -

2055 VES V550-2055-270 1.70 1,151 1,151 - -

2055 VES V550-2055-273 2.40 297 297 - -

2055 VES V550-2055-276 1.00 202 202 - -

2055 VES V550-2055-278 0.70 294 294 - -

2055 VES V550-2055-280 0.90 638 638 - -

(1) All results in this release are rounded. Assays are uncut and undiluted. Widths are core -lengths, not true

widths. Silver equivalent: Ag.Eq g/t was calculated using commodity prices of US$22.50 /oz Ag, US$1,800 /oz

Au, US$0.94 /lb Pb, and US$1.35 /lb Zn ap plying metallurgical recoveries of 70.1% for silver and 82.8% for

gold in oxides and 79.6% for silver, 80.1% for gold, 74.7% for lead and 58.8% for zinc in sulphides. Metal

payable used was 99.6% for silver and 95% for gold in doré produced from oxides , and 95% for silver, gold,

and lead and 85% for zinc in concentrates produced from sulphides. Cut-off grades considered for oxide and

sulphide were, respectively 140 g/t Ag .Eq and 125 g/t Ag.Eq and are based on 2017 costs adjusted by the

inflation rate and include sustaining costs.

(2) Weighted average grades were calculated over the mineralized widths of each channel (Figure 2).

Sample Analysis and QA/QC Program

Silver Storm uses a quality assurance/quality control (QA/QC) program that monitors the chain of

custody of samples and includes the insertion of blanks, duplicates, and reference standards in each

batch of samples sent for analysis. The drill core is phot ographed, logged, and cut in half, with one

half retained in a secured location for verification purposes and one half shipped for analysis. Sample

preparation (crushing and pulverizing) is performed at ALS Geochemistry, an independent ISO

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