Silver Mountain drills 588 g/t AgEq over 1.45 metres at Reliquias mine, Peru

Silver Mountain Resources Inc. [TSXV-AGMR] reported results from 14 additional drill holes from its continuing infill and resource expansion program at its 100-per-cent-owned Reliquias mine, central Peru. All of the holes are part of phase 2 of its 2023 infill and resource expansion program and are not included in the current mineral resource estimate announced on April 12, 2023.

Phase 2 of the 2023 drill program consists of 12,500 metres of NQ and HQ drilling aimed at confirming certain high grade areas of the historical mineral resource which was not included in the Companys current resource estimate.

So far, drilling crews have completed approximately 7,600 metres of this program with two underground rigs, and the Company has received results from 22 drill holes.

Alvaro Espinoza, CEO of Silver Mountain, stated, “We are very happy to see such high-grade base metal results from the Sacasipuedes (SCS) vein. The Reliquias mine has long been known for hosting very high grades on its multiple mineralized veins, and it is gratifying to confirm such grades with our recent drilling. Hitting 19% of combined zinc and lead grade confirms that some of the highest grade portions of the mineralized system remain outside of our current mineral resource base and our drill program is therefore good value for money.”

Espinoza continued, “Coupled with the recent discovery of the Natividad vein, we feel increasingly confident that our resource expansion drill program will continue to give us pleasant surpirses and allow us to grow the Reliquias resource significantly. Our drilling and mine rehabilitation program continues at full speed and we look forward to updating the market as we receive results.”

The company has so far completed 24 drill holes on the Sacasipuedes and Perseguida vein systems from three underground drill platforms, two from Sacasipuedes and one from Perseguida.

Drilling along the Sacasipuedes vein (SCS) tested its southeast extension, several hundred metres from the limits of the current mineral resource. The best results were obtained in drill hole SMR-136-23-SCS with 1.45 mettres of 205 g/t Ag, 4.06% Pb, 8.20% Zn, 0.26% Cu and 0.81 g/t Au. Mineralization remains open along strike and at depth, and high grade trend can be identified towards the southeast and at depth near the northwestern extension of the vein.

Drilling along the Perseguida vein (PER) has focused along the northwestern extension of the vein, aimed at testing the deeper levels of the vein, beyond the lowest mining levels from the historic mine. The PER vein was not included in the current mineral resource estimate for the Reliquias mine.

The latest results show significant silver equivalent grades extending the known mineralization along strike and down dip. The best results from the PER vein reported here were obtained in drill hole SMR-142-23-PER with 1.50 metres of 263 g/t Ag, 0.73% Pb, 1.61% Zn, 0.18% Cu and 0.36 g/t Au. Mineralization remains open along strike and at depth.

The 2023 drill program consists of two phases: an initial 3,500 metre phase using BQ diameter core (now completed); and a second 12,500 meter phase using NQ and HQ diameter core. Full results from the BQ diameter drilling have now been announced. The second phase of infill drilling started in June 2023 and continues with 3 rigs working in the upper levels of the MTC (Matacaballo), MTS (Meteysaca), PER (Perseguida), and SCS (Sacasipuedes) vein systems, where high grade historical resource blocks remain outside of the current resource estimate.

The company has also recently announced the discovery of the NAT (Natividad) vein. The company plans to incorporate these high-grade blocks in future resource estimates. Results will be announced as they become available.

Silver Mountain Resources is a silver explorer and mine developer planning to restart production at the Reliquias underground mine and currently exploring its 100%-owned Castrovirreyna Project, consisting of over 60,000 hectares of highly prospective mineral claims and concessions located in the Huancavelica Region, central Peru.