Highlights  

• Underground drilling returned high-grade silver-polymetallic intercepts in several veins, including:
• 1.55m @ 742.3 g/t Ag, 1.5% Pb, 1.4% Zn, 0.25% Cu, and 0.26 g/t Au in the Ayayay vein, in drill hole SMR-49-22-SCS
• 2.80m @ 108.8 g/t Ag, 3.3% Pb, 9.1% Zn, 1.02% Cu, and 0.27 g/t Au, in a splay of the Sorpresa vein, in hole SMR-30-22-SCS, and
• 1.35m @ 248.4 g/t Ag, 2.2% Pb, 3.7% Zn, 1.09% Cu, and 0.35 g/t Au, in the Sorpresa vein, in the same hole SMR-30-22-SCS
• 2.20m @ 389.8 g/t Ag, 1.4% Pb, 1.5% Zn, 0.41% Cu, and 0.38 g/t Au, in the Ayayay vein, hole SMR-44-22-SCS
• 2.70m @ 289.9 g/t Ag, 0.9% Pb, 0.6% Zn, 0.20% Cu, and 0.17 g/t Au, in the Ayayay vein, in hole SMR-46-22-SCS

Silver Mountain Resources Inc. (TSX-V: AGMR) (OTCQB: AGMRF) (BVL: AGMR) is pleased to provide an update on its underground drilling at the Company’s Reliquias silver mine in Huancavelica, central Peru.¹  The drill program to date has reached a total of 16,955 metres, drilled in 71 bore holes. The assay results of 9 holes drilled to test the Sacasipuedes, Ayayay, Matacaballos, Sorpresa, and adjacent veins are reported in this release (Table 1).

Alfredo Bazo, President and CEO, commented: “The majority of the drill holes reported today are located in the western part of the Reliquias mine, proving high-grade mineralization in the Ayayay and Sorpresa structures as well as returning intercepts with promising results in various vein splays. The 2022 drill campaign with HQ- / NQ-diameter bore holes is being completed this week. We are expecting the assay results of the remaining holes to be arriving soon. In the meantime, we are preparing an infill drilling campaign with a smaller rig, details of which will be reported in due course.”

The following table shows the detailed results of mineralized intercepts encountered in the drill holes reported in this news release.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Antonio Cruz, an independent consultant of the Company and a Qualified Person within the meaning of National Instrument 43-101- Standards of Disclosure for Mineral Projects.

About Silver Mountain 

Silver Mountain Resources Inc. 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.

Figure1: Plan view of underground drilling program at the Reliquias silver mine, showing traces of drill holes completed to date (in blue). The nine holes reported in this release are labelled and highlighted in bold green lines. Additionally, underground workings, main mineralized veins, and drill platforms are displayed. Inset map shows Reliquias property block with locations of both silver mines and the processing plant. (CNW Group/Silver Mountain Resources Inc.)

Table 1: Weighted assay results of nine drill holes testing the Sacasipuedes, Ayayay, Sorpresa, and Matacaballo veins (CNW Group/Silver Mountain Resources Inc.)