Silver Mountain drills 260.76 g/t silver over 7.5 metres at Reliquias mine, Peru

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Silver Mountain Resources Inc. [AGMR-TSXV; AGMRF-OTCQB] reported assay results from the last drill holes of its 2022 underground drilling campaign with a total of 16,955 metres drilled in 71 boreholes at the 100%-owned Reliquias silver mine in Huancavelica, central Peru. The assay results of 7 holes drilled to test the Pozo Rico, Perseguida, Matacaballo, Vulcano, and Escondida veins are reported in this release.

Highlights: Underground drilling encountered high-grade silver-polymetallic intercepts in the Perseguida and Pozo Rico veins and adjacent vein splays, including 7.50 metres of 260.76 g/t silver, 1.25% lead, 2.19% zinc, 0.10% copper, and 2.27 g/t gold in the Perseguida vein, in drill hole SMR-69-22-MTC, including 0.75 metres of 611.00 g/t Ag, 4.00% Pb, 9.00% Zn, 0.44% Cu, and 14.20 g/t Au; 1.60 metres of 296.59 g/t Ag, 2.78% Pb, 6.32% Zn, 0.04% Cu, and 0.99 g/t Au in the Perseguida vein, in drill hole SMR-68-22-MTC, including 0.55 metres of 565.00 g/t Ag, 7.50% Pb, 17.20% Zn, 0.06% Cu, and 1.50 g/t Au; 0.60 metres of 180.00 g/t Ag, 0.24% Pb, 0.29% Zn, 0.03% Cu, and 1.15 g/t Au in the Pozo Rico vein, in drill hole SMR-65-22-PZR.

Located between 120 and 280 m southwest and subparallel to the Sacasipuedes vein, the Pozo Rico system includes at least six structures that have been identified through surface mapping with a combined strike length of at least 490 metres. Only two vein splays of the Pozo Rico vein system have seen restricted historic underground exploitation along two levels. Two exploratory bore holes were programmed to investigate the vein system at depth, especially the splays closest to the Sacasipuedes structure.

Due to the lack of access to lower mine levels on these veins in Q4 2022, the drill chamber C12 was prepared just inside the adit of the Ramp 759, basically above the historic workings. Hole SMR-70-22-VUL was drilled with a northwesterly azimuth with the intent to test the Vulcano vein. At 33.45 metres depth, it intercepted a 2.30 metre-wide interval of mineralized veins splays correlated to the Pasteur vein, with the best interval returning 170 g/t Ag, 1.5% Pb, 2.6% Zn, and 1.17 g/t Au over 0.50 metres

The second bore hole from this platform was SMR-71-22-ESC, aimed at investigating the extension of the Perseguida system, also called Escondida vein, more than 600 metres to the southeast of existing drill intercepts. In this hole, vein splays returning up to 501 g/t Ag and 1.24 g/t Au with thicknesses between 0.30 and 1.10 metres were observed.

Alfredo Bazo, President and CEO, commented: “The drill holes reported today were aimed at expanding our knowledge of additional veins, hundreds of metres beyond the main mine workings. These exploratory holes identified very promising intercepts from the Perseguida and Pozo Rico structures which warrant follow-up drilling during the upcoming drill campaign.

“To further explore the Pozo Rico vein system in the vicinity of existing workings, additional drill holes will be completed during the coming months. A crosscut leading to the 390 level of the northern branch of the Pozo Rico vein is already undergoing rehabilitation, with the objective of carrying out detailed mapping and channel sampling.

“Simultaneously, mine rehabilitation work is currently advancing towards the eastern part of the Reliquias mine. This will allow us to prepare drill platforms that are better suited to test the Pasteur, Vulcano, and Escondida veins below and laterally of historic mine workings.”

Silver Mountain Resources is 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 39,000 hectares in the district of Castrovirreyna, Huancavelica, Peru.

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