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Silver Storm Drills 1,335 g/t Ag.Eq Over 3.7 m Within Broader Interval of 618 g/t Ag.Eq Over 18 m in C460 Zone and Extends High-Grade Zone 138 m at Depth

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Silver Storm Drills 1,335 g/t Ag.Eq Over 3.7 m Within Broader Interval of 618 g/t Ag.Eq Over 18 m in C460 Zone and Extends High-Grade Zone 138 m at Depth

 

 

 

 

Silver Storm Mining Ltd. (TSX-V: SVRS) (OTC: SVRSF) (FSE: SVR), is pleased to announce 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 10 holes (1,406 metres) contained within this release are from the C460 Zone, within the Quebradillas mine. The Company also provides an update on its non-brokered private placement offering.

 

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 within the C460 Zone up to 138 m beyond the last mined levels where the following channel samples and mining widths were observed (Figures 2 & 3):

  • 1767 EL graded 974 g/t Ag.Eq1 over a strike length of 23 m and an average width of 2.9 m.
  • 1743 EL graded 552 g/t Ag.Eq over a strike length of 50 m and an average width of 1.4 m.
  • 1740 EL graded 928 g/t Ag.Eq over a strike length of 31 m and an average width of 1.9 m.
  • 1725 EL graded 780 g/t Ag.Eq over a strike length of 43 m and an average width of 1.8 m.

 

The current drill results, when combined with historical holes drilled by First Majestic Silver Corp., are expected to have a positive impact on future Mineral Resources.

  • Hole Q-24-047 successfully returned 1,335 g/t Ag.Eq over 3.68 m, 1,569 g/t Ag.Eq over 2.10 m, and 913 g/t Ag.Eq over 2.55 m within a broader interval of 618 g/t Ag.Eq over 18.04 m approximately 20 m down dip from the 1725 EL stope, and 25 m down dip from hole Q-23-023 which returned 347 g/t Ag.Eq over 9.65 m.
  • Hole Q-24-049 returned 1,781 g/t Ag.Eq over 1.03 m within a broader interval of 958 g/t Ag.Eq over 2.03 m, and 549 g/t Ag.Eq over 0.44 m and 680 g/t Ag.Eq over 0.42 m within a broader interval of 322 g/t Ag.Eq over 1.70 m, approximately 25 m down dip from the 1743 EL stope.
  • Hole Q-24-048 returned 457 g/t Ag.Eq over 0.90 m and 439 g/t Ag.Eq over 1.35 m approximately 37 m down dip from the 1740 EL stope and 24 m up dip and to the north of Q-24-047.
  • Hole Q-24-053 returned 759 g/t Ag.Eq over 2.00 m within a broader interval of 380 g/t Ag.Eq over 7.00 m approximately 67 m down dip from the 1725 EL stope.
  • Hole Q-24-057 returned 696 g/t Ag.Eq over 2.02 m within a broader interval of 396 g/t over 5.52 m approximately 50 m down dip and south of hole Q-23-022A which returned 2,361 g/t Ag.Eq over 2.60 m and 1,266 g/t Ag.Eq over 2.15 m within a broader interval of 911 g/t Ag.Eq over 13.05 m. This intercept is located approximately 138 m down dip from the 1767 EL stope where the composited weighted average grades from historical channel samples, which are representative of the mineralization mined from this area, returned 974 g/t Ag.Eq over a strike length of 23 m and an average width of 2.9 m.

 

Greg McKenzie, President and CEO, commented: “The C460 Zone drill results reported today are indicative of the importance of this zone in a restart of operations. Hole Q-24-057 returned 696 g/t Ag.Eq over 2.02 m approximately 138 m below the 1767 EL stope, combined with previously reported holes Q-23-020 grading 1,810 g/t Ag.Eq over 14.6 m and Q-23-022A grading 911 g/t Ag.Eq over 13.05 m, also beneath the 1767 EL stope, demonstrate the high-grade potential of this undeveloped 138 m section of the southern C460 Zone. Our excellent follow-up high-grade drill results to date, which are in proximity to previous production stopes with high-grade historical channel samples, shows the potential for expansion of high-grade mining in C460.”

 

C460 Zone

 

The C460 Zone is a sulphide replacement vein striking 344 degrees and dipping 63 degrees to the northeast with a known strike length of 425 m (Figure 1). The zone is mineralized over a vertical extent of 570 m and its thickness varies up to 8.5 m. The replacement vein is concordant to bedding in the sediments and mineralization is comprised of pyrite, pyrrhotite, galena, sphalerite, arsenopyrite, acanthite, and freibergite. Phase 2 drilling consisted of 10 diamond drill holes (1,406 m) following up on the success of holes Q-23-020, reported in the Company’s news release dated January 4, 2024, and Q-23-021 to Q-23-023, reported in the Company’s news release dated February 22, 2024.

 

Hole Q-24-047 successfully returned 1,335 g/t Ag.Eq over 3.68 m, 1,569 g/t Ag.Eq over 2.10 m, and 913 g/t Ag.Eq over 2.55 m within a broader interval of 618 g/t Ag.Eq over 18.04 m (78.26 to 96.30 m), 25 m down dip from hole Q-23-023 which returned 347 g/t Ag.Eq over 9.65 m (see Company news release February 22, 2024). This intercept is located approximately 20 m down dip from the 1725 EL stope where the composited weighted average grades from historical channel samples, which are representative of the mineralization mined from this area, returned 780 g/t Ag.Eq over a strike length of 43 m and an average width of 1.8 m (Figures 2 & 3; Table 2).

 

Hole Q-24-048 returned 457 g/t Ag.Eq over 0.90 m (71.10 to 72.00 m) and 439 g/t Ag.Eq over 1.35 m (81.20 to 82.55 m), 24 m up dip and to the north of Q-24-047. This intercept is located approximately 37 m down dip from the 1740 EL stope where the composited weighted average grades from historical channel samples returned 928 g/t Ag.Eq over a strike length of 31 m and an average width of 1.9 m.

 

Hole Q-24-049 returned 194 g/t Ag.Eq over 2.20 m (63.21 to 65.41 m) including 334 g/t Ag.Eq over 0.50 m, 1,781 g/t Ag.Eq over 1.03 m within a broader interval of 958 g/t Ag.Eq over 2.03 m (68.76 to 70.79 m), and 549 g/t Ag.Eq over 0.44 m and 680 g/t Ag.Eq over 0.42 m within a broader interval of 322 g/t Ag.Eq over 1.70 m (83.61 to 85.31 m). This intercept is located approximately 25 m down dip from the 1743 EL stope where the composited weighted average grades from historical channel samples returned 552 g/t Ag.Eq over a strike length of 50 m and an average width of 1.4 m.

 

Hole Q-24-053 returned 759 g/t Ag.Eq over 2.00 m within a broader interval of 380 g/t Ag.Eq over 7.00 m (152.63 to 159.63 m). This intercept is located approximately 67 m down dip from the 1725 EL stope where the composited weighted average grades from historical channel samples returned 780 g/t Ag.Eq over a strike length of 43 m and an average width of 1.8 m.

 

Hole Q-24-057 returned 696 g/t Ag.Eq over 2.02 m within a broader interval of 396 g/t over 5.52 m (195.00 to 200.52 m), 50 m down dip and south of hole Q-23-022A which returned 2,361 g/t Ag.Eq over 2.60 m and 1,266 g/t Ag.Eq over 2.15 m within a broader interval of 911 g/t Ag.Eq over 13.05 m (see Company news release February 22, 2024). This intercept is located approximately 138 m down dip from the 1767 EL stope where the composited weighted average grades from historical channel samples returned 974 g/t Ag.Eq over a strike length of 23 m and an average width of 2.9 m.

 

For further information, the NI 43-101 Technical Report entitled “Independent Technical Report for the La Parrilla Silver Mine, Durango State, Mexico” with an effective date of May 31, 2023 is available for review on SEDAR (www.sedarplus.ca) and on the Company’s website (www.silverstorm.ca).

 

Table 1 – Select Assay Intervals from Holes Q-24-047 to Q-24-059

 

Zone Hole From To Length
(m)		 Ag.Eq(1)
g/t		 Ag
g/t		 Au
g/t		 Pb
%		 Zn
%		 Cu
%
C460B Q_24_047 33.00 36.50 3.50 180 82 0.03 1.69 1.84 0.06
C460 Q_24_047 78.26 96.30 18.04 618 364 0.04 4.27 5.00 0.03
  including 79.26 82.94 3.68 1,335 796 0.05 9.66 10.11 0.06
  and 84.70 86.80 2.10 1,569 941 0.09 9.98 12.97 0.05
  and 93.75 96.30 2.55 913 597 0.09 6.81 4.62 0.04
                     
C460 Q_24_048 71.10 72.00 0.90 457 111 0.37 2.32 9.35 0.06
C460 Q_24_048 81.20 82.55 1.35 439 190 0.03 3.82 5.28 0.05
                     
C460B Q_24_049 1.50 2.25 0.75 210 37 0.04 1.04 5.24 0.06
C460B Q_24_049 10.54 11.15 0.61 143 39 0.11 0.62 2.90 0.04
C460 Q_24_049 63.21 65.41 2.20 194 60 0.13 0.41 4.17 0.08
C460 including 63.21 63.71 0.50 334 121 0.06 0.78 6.91 0.10
C460 Q_24_049 68.76 70.79 2.03 958 608 0.03 7.59 5.30 0.05
C460 including 69.76 70.79 1.03 1,781 1,158 0.05 13.78 9.13 0.09
C460 Q_24_049 72.32 72.82 0.50 313 50 0.18 0.59 8.52 0.06
C460 Q_24_049 83.61 85.31 1.70 322 133 0.07 2.06 4.70 0.05
C460 including 83.61 84.05 0.44 549 219 0.15 2.58 9.12 0.10
C460 and 84.89 85.31 0.42 680 291 0.09 5.24 8.86 0.08
                     
C460B Q_24_050 4.95 6.00 1.05 251 66 0.17 1.36 4.94 0.12
                     
NEW Q_24_051 24.45 29.24 4.79 463 267 0.40 2.31 3.74 0.07
  including 25.41 27.33 1.92 732 498 0.38 3.99 3.54 0.08
                     
C460 Q_24_052 122.00 122.90 0.90 354 62 0.05 1.29 9.28 0.12
                     
C460B Q_24_053 140.00 142.00 2.00 194 13 0.42 0.11 5.28 0.09
C460 Q_24_053 152.63 159.63 7.00 380 29 1.66 0.22 7.78 0.07
  including 156.63 158.63 2.00 759 25 4.53 0.16 13.45 0.07
                     
C460B Q_24_055 127.32 128.65 1.33 260 26 0.21 0.30 7.66 0.07
C460 Q_24_055 140.97 146.05 5.08 152 21 0.04 0.30 4.40 0.08
  including 142.02 142.50 0.48 261 20 0.07 0.28 8.40 0.07
  and 145.48 146.05 0.57 348 45 0.03 0.38 10.65 0.28
                     
C460 Q_24_057 192.00 193.00 1.00 157 33 0.01 0.04 4.46 0.13
C460 Q_24_057 195.00 200.52 5.52 396 52 0.09 0.18 12.20 0.10
  including 198.50 200.52 2.02 696 75 0.16 0.31 22.02 0.13

 

 

Table 2 – Historical Channel Sample Results (2) – C460 Zone

 

  Elevation Zone Channel Width Ag.Eq(1)
g/t		 Ag
g/t		 Pb
%		 Zn
%
  1743 C460 460-1743-053 0.40 778 539 6.71 2.17
  1743 C460 460-1743-048 0.30 1,312 840 7.70 9.72
  1743 C460 460-1743-046 0.50 597 80 9.96 9.14
  1743 C460 460-1743-043 1.35 415 34 4.37 9.70
  1743 C460 460-1743-040 4.10 227 69 1.06 4.73
  1743 C460 460-1743-036 0.40 1,012 556 6.91 9.93
  1743 C460 460-1743-034 1.20 827 439 6.13 8.21
  1743 C460 460-1743-031 1.80 155 60 0.90 2.60
  1743 C460 460-1743-028 1.85 203 91 1.37 2.76
  1743 C460 460-1743-022 0.40 207 78 0.89 3.86
  1743 C460 460-1743-019 0.40 1,685 1,057 13.50 9.72
  1743 C460 460-1743-016 1.10 635 394 8.47 0.49
  1743 C460 460-1743-010 2.00 141 65 1.43 1.35
  1743 C460 460-1743-07 0.60 191 65 1.04 3.60
  1743 C460 460-1743-04 1.50 221 102 1.35 3.03
  1743 C460 460-1743-01 3.70 231 98 1.05 3.84
  PREVIOUSLY DISCLOSED CHANNEL SAMPLES
  1725 C460 ACCESO 12-10 (L-0) 4.70 1,099 607 6.86 11.30
  1725 C460 L-1 Q 3.30 796 304 3.19 14.91
  1725 C460 L-2 Q 0.80 129 3 0.29 4.35
  1725 C460 L-3 W_Quebradillas 0.70 86 24 0.40 1.90
  1725 C460 L-4 W_Quebradillas 0.90 626 285 8.35 4.27
  1725 C460 L-5 W_Quebradillas 0.50 1,376 701 16.20 8.83
  1725 C460 L-6 W_Quebradillas 0.60 894 569 8.34 3.70
  1725 C460 L-7 W_Quebradillas 2.40 1,821 1,245 13.42 7.91
  1725 C460 L-8 W 1.30 802 343 12.37 4.63
  1725 C460 L-9 W_Quebradillas 1.60 816 547 6.76 3.22
  1725 C460 L-10 W_Quebradillas 1.40 493 305 4.44 2.55
  1725 C460 L-11 W_Quebradillas 0.60 884 343 5.77 14.20
  1725 C460 L-11+1.50 Mts 1.20 1,261 866 8.95 5.69
  1725 C460 L-12+2 Mts 2.30 816 373 7.49 8.92
  1725 C460 L-13+.50 Mts 3.20 633 284 7.04 5.87
  1725 C460 L-13+1.50 Mts 3.60 504 242 6.00 3.67
  1725 C460 L-14 W_Quebradillas 1.30 231 98 3.30 1.62
                 
  1725 C460 SE L-3 E_Quebradillas 2.00 1,243 547 9.47 16.24
  1725 C460 SE L-4 E_Quebradillas 2.90 1,479 906 12.40 8.79
  1725 C460 SE L-5 E_Quebradillas 1.70 3,402 2,483 23.32 10.74
  1725 C460 SE L-6 E_Quebradillas 0.70 452 273 2.72 3.91
  1725 C460 SE L-7 E_Quebradillas 1.30 343 81 2.60 7.07
  1725 C460 SE L-8 E_Quebradillas 1.60 1,035 430 10.04 12.32
  1725 C460 SE L-9 E_Quebradillas 2.00 289 136 2.50 3.15
  1725 C460 SE L-10 E_Quebradillas 1.80 1,765 1,193 15.88 5.31
                 
  1740 C460 L-3 S_Quebradillas 1.60 199 48 1.45 4.13
  1740 C460 L-4 S_Quebradillas 4.70 993 572 8.67 6.91
  1740 C460 L-5 S_Quebradillas 1.50 639 338 6.07 5.09
  1740 C460 L-7 S_Quebradillas 0.70 185 117 1.86 0.65
  1740 C460 L-8 S 1.00 1,517 964 14.50 6.00
  1740 C460 L-9 S 1.90 1,248 839 11.04 4.12
  1740 C460 L-10 S 2.40 601 400 5.26 2.18
  1740 C460 L-11 S 3.10 484 297 4.21 2.73
  1740 C460 L-13 S 0.60 2,489 1,789 18.50 7.47
                 
  1740 C460 SE L-5 S_Quebradillas 2.20 1,227 707 8.50 10.70
  1740 C460 SE Xo. 2 L-1 1.90 2,702 1,958 21.49 6.09
  1740 C460 SE Xo. 2 L-2 1.60 1,105 497 6.51 15.93
  1740 C460 SE Xo. 2 L-3 2.20 224 42 1.13 5.60
                 
  1740 C460 SW L-5 S_Quebradillas 3.10 404 142 3.72 5.98
  1740 C460 SW Xro 1 L-1 2.20 809 511 7.65 3.42
  1740 C460 SW Xro 1 L-2 3.50 319 156 3.17 2.85
                 
  1767 C460 V460-1767-L0 1.60 660 288 5.40 8.37
  1767 C460 V460-1767-L1 5.10 1,247 665 10.67 10.85
  1767 C460 V460-1767-L2 2.80 1,447 733 12.80 13.62
  1767 C460 V460-1767-L3 2.30 1,699 1,053 12.10 11.82
  1767 C460 V460-1767-L4 2.00 1,249 659 10.68 11.13
  1767 C460 V460-1767-L5 2.00 677 253 7.79 7.87
  1767 C460 V460-1767-L6 3.30 437 158 4.70 5.63
  1767 C460 V460-1767-L7 3.70 706 282 7.06 8.61
  1767 C460 V460-1767-L8 2.90 641 274 5.58 7.98
                 
  1777 C460 V460-1777-L09 1.50 1,002 461 7.98 12.00
  1777 C460 V460-1777-L08 2.70 376 150 3.37 4.96
  1777 C460 V460-1777-L07 3.50 1,104 633 9.84 7.57
  1777 C460 V460-1777-L06 3.20 995 496 7.68 10.77
  1777 C460 V460-1777-L5S 1.80 1,915 1,057 13.64 18.09
  1777 C460 V460-1777-L4S 1.65 1,816 1,152 13.62 10.96
  1777 C460 V460-1777-L3S 2.40 893 443 7.82 8.84
  1777 C460 V460-1777-L2S 1.95 569 280 6.72 3.97
  1777 C460 V460-1777-L0 4.45 509 209 5.83 5.27
  1777 C460 V460-1777-L2N 2.35 676 294 7.64 6.47
                 
  1792 C460 V460-1792-L1 2.30 315 148 4.19 2.01
  1792 C460 V460-1792-L2 1.25 683 332 7.06 5.94
  1792 C460 V460-1792-L3 1.40 1,417 914 12.59 6.07
  1792 C460 V460-1792-L4 2.75 1,712 1,158 13.63 6.89
  1792 C460 V460-1792-L5 2.40 986 471 12.90 6.15
  1792 C460 V460-1792-L6 4.05 1,046 614 10.61 5.39
  1792 C460 V460-1792-L7 3.65 563 236 6.04 6.06
(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 applying 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 across the stope (Figures 2 & 3).  

 

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 photographed, 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 9001:2001 certified laboratory, in Zacatecas, Mexico and pulps are sent to ALS Geochemistry in Vancouver, Canada for analysis. The entire sample is crushed to 70% passing -2 mm, and a riffle split of 250 grams is taken and pulverized to better than 85% passing 75 microns. Samples are analyzed for gold using a standard fire assay with Atomic Absorption Spectrometry (AAS) (Au-AA23) from a 30-gram pulp. Gold assays greater than 10 g/t are re-analyzed on a 30-gram pulp by fire assay with a gravimetric finish (Au-GRA21). Samples are also analyzed using a 34 element inductively coupled plasma (ICP) method with atomic emission spectroscopy (AES) on a pulp digested by four acids (ME-ICP61). Overlimit sample values for silver (>100 g/t), lead (>1%), zinc (>1%), and copper (>1%) are re-assayed using a four-acid digestion overlimit method with ICP-AES (ME-OG62). For silver values greater than 1,500 g/t, samples are re-assayed using a fire assay with gravimetric finish on a 30-gram pulp (Ag-GRA21). Samples with lead values over 20% are re-assayed using volumetric titration with EDTA on a 1-gram pulp (Pb-VOL70). No QA/QC issues were noted with the results reported herein.

 

Correction to January 6, 2025 News Release

 

The Company wishes to issue a correction regarding the number of Units issued under the Second Tranche of its Offering. The Company received subscriptions for 2,197,778 Units and closed on 447,778 Units. The total gross proceeds raised in the Second Tranche amounted to $40,300.02.

 

Review by Qualified Person and QA/QC

 

The scientific and technical information in this document has been reviewed and approved by Bruce Robbins, P.Geo., a Qualified Person as defined by National Instrument 43-101.

 

About Silver Storm Mining Ltd.

 

Silver Storm Mining Ltd. holds advanced-stage silver projects located in Durango, Mexico. In August 2023 Silver Storm completed the acquisition of 100% of the La Parrilla Silver Mine Complex, a prolific operation which is comprised of a 2,000 tpd mill as well as five underground mines and an open pit that collectively produced 34.3 million silver-equivalent ounces between 2005 and 2019. The Company also holds a 100% interest in the San Diego Project, which is among the largest undeveloped silver assets in Mexico.

 

Figure 1: Cross Section of Quebradillas Mine View Towards NNW (Graphic: Business Wire)

 

Figure 2: Longitudinal Section of C460 Zone View Towards West (Graphic: Business Wire)

 

Figure 3: Plan View of C460 Zone 1800 EL and Below (Graphic: Business Wire)

 

Posted January 10, 2025
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