Silver Mountain drills 104.5 g/t silver over 6.60 metres at Reliquias, Peru

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Silver Mountain Resources Inc. [AGMR-TSXV; AGRMF-OTCQB] provided an update on its underground drilling at the company’s Reliquias silver mine in Huancavelica, central Peru.

Sixty-five bore holes have been completed to date, with results of six holes drilled to test the Matacaballo vein reported in this release. The main objective of the fully financed drill program is to establish a NI 43-101 compliant mineral resource in H1 2023 that will form the basis of the company’s production decision in H2 2023. In addition, the company aims to better characterize and extend the known silver-rich zones at depth.

Highlights: Drill results returned high-grade silver-polymetallic intercepts of the Matacaballo vein, with more than one mineralized interval encountered in various drill holes, including 6.60 metres at 104.5 g/t silver, 2.6% lead, 2.5% zinc, 0.71% copper and 0.32 g/t gold, in Matacaballo vein, hole SMR-20-22-MTC, including 1.00 metre at 231.0 g/t Ag, 7.1% Pb, 7.4% Zn, 2.31% Cu, and 0.30 g/t Au.

Hole SMR-25-22-MTC returned 5.00 metres at 98.5 g/t Ag, 2.9% Pb, 3.7% Zn, 0.45% Cu, and 0.07 g/t Au, in Matacaballo vein, including 0.65 metres at 488.0 g/t Ag, 15.7% Pb, 9.7% Zn, 1.2% Cu, and 0.15 g/t Au.

SMR-25-22-MTC returned 1.00 metre at 391.0 g/t Ag, 11.9% Pb, 11.1% Zn, 4.47% Cu, and 0.29 g/t Au, in Ayayay vein, in same drill hole SMR-25-22-MTC.

Hole SMR-29-22-MTC returned 1.55 metres at 132.4 g/t Ag, 6.5% Pb, 6.5% Zn, 0.45% Cu, and 0.06 g/t Au, in Matacaballo vein.

Alfredo Bazo, President and CEO, commented: “Our drill program is progressing very well, with more than 15,400 metres in 65 bore holes drilled to date. In September, we have prioritized the logging and submittal of drill core samples from the Matacaballo vein. This will allow us to start the calculation of mineral resources for this important vein in Q4 2022, once we have received all drill assay results. Subsequently, all relevant drill information will be compiled for the Sacasipuedes vein and soon after for the Meteysaca vein.”

Torsten Danne, Director of Exploration, added: “We are delighted that various bore holes have intersected more than one mineralized interval. Based on our 3D geological modelling, the lower, high-grade interval in drill hole SMR-25-22-MTC (195.5-196.5m) represents the Ayayay vein, which was previously observed in historic mine workings. Additional structures such as the Ayayay or Sorpresa vein have the potential to positively impact the results of our future resource estimate.”

Silver Mountain’s subsidiary Sociedad Minera Reliquias S.A.C. owns 100% of its concessions and holds more than 27,000 hectares in the district of Castrovirreyna, Huancavelica, Peru.


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