Silver Mountain drills 220.8 g/t AgEq over 9.20 metres at Reliquias, Peru

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Silver Mountain Resources Inc. [AGMR-TSXV; AGMRF-OTCQB] provided an update on its underground drilling at the Reliquias silver mine in Huancavelica, central Peru. The main objective of the 12,000-metre program is to establish a NI 43-101 compliant mineral resource in H1 2023 that will form the basis of a production decision in H2 2023. In addition, the company aims to better characterize and extend the known silver-rich zones at depth.

New drilling results add further confidence to the geological model with intercepts including 9.20 metres of 220.8 g/t silver equivalent (AgEq), including 1.33 metres of 672.8 g/t silver and 1.25 metres of 706.7 g/t AgEq in drill hole SMR-03-22-MTC. Hole SMR-08-22-MTC returned 0.70 metres of 1,314.6 g/t AgEq.

Hole SMR-08-22-MTC returned 5.35 metres of 324.0 g/t AgEq, including 2.40 metres of 611.2 g/t AgEq. Hole SMR-10-22-MTC returned 3.78 metres of 506.1 g/t AgEq, including 1.50 metres of 755.1 g/t AgEq.

Alfredo Bazo, President and CEO, commented: “The assay results from the reported drill holes confirm the continuity of high-grade Ag-Pb-Zn-Cu mineralization in the Matacaballo vein in proximity to existing mine workings at the Reliquias deposit. As was expected, the typical pinch-and-swell behaviour of the Sacasipuedes vein is shown in these drill holes, with varying vein widths and grades. We are encouraged that various bore holes have intersected more than one mineralized interval, which may represent splays of the main vein or newly identified structures. Our geological team is currently evaluating these intercepts to incorporate them in our 3D geological model.”

The drilling program is fully funded, with two rigs operating 24 hours per day. 32 holes have been completed to date, with results of 12 holes drilled to test the Matacaballo and Sacasipuedes veins included in this release.

Silver Mountain Resources is a silver explorer and mine developer planning to restart production at the Reliquias underground mine and undertake exploration activities at its prospective silver camps at the Castrovirreyna Project in Huancavelica, Peru. 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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