Highlights  

• Infill and delineation drilling confirmed high-grade silver-polymetallic intercepts in the Ayayay, Matacaballo, and Sorpresa vein and adjacent vein splays, including:
• 3.20m @ 222.79 g/t Ag, 3.75% Pb, 5.64% Zn, 1.52% Cu, and 1.54 g/t Au in the Matacaballo vein, in drill hole SMR-75BQ-22-MTC, including
  • 0.70m @ 536.00 g/t Ag, 12.90% Pb, 8.90% Zn, 3.16% Cu, and 0.99 g/t Au
• 0.70m @ 328.00 g/t Ag, 4.90% Pb, 4.29% Zn, 5.32% Cu, and 0.25 g/t Au in the Ayayay vein, in drill hole SMR-72BQ-22-MTC
• 0.75m @ 185.00 g/t Ag, 3.50% Pb, 6.50% Zn, 0.77% Cu, and 0.34 g/t Au in the Ayayay vein, in hole SMR-79BQ-23-MTC
• 1.20m @ 113.91 g/t Ag, 2.45% Pb, 7.59% Zn, 0.55% Cu, and 0.43 g/t Au, in the Ayayay vein, in hole SMR-91BQ-23-AYA, including
  • 0.65m @ 191.00 g/t Ag, 4.00% Pb, 13.00% Zn, 0.98% Cu, and 0.68 g/t Au

Silver Mountain Resources Inc. (TSX-V: AGMR) (OTCQB: AGMRF) (BVL: AGMR) is pleased to provide results for the first 19 drill holes of its underground infill drilling program at the Company’s 100% owned Reliquias silver mine in Huancavelica, central Peru¹. This campaign, initially planned with 41 holes for a total of 2200 m, was started on December 4, 2002, and, after a 2-week holiday break, continued on January 4, 2023. The assay results of 19 holes drilled to test the Ayayay, Matacaballo, and Sorpresa structures and adjacent vein splays are reported in this release (Table 1). The location of the bore holes is shown in Fig.1.

The equipment utilized for this campaign is a smaller, versatile rig able to operate in narrow workings and recovering BQ diameter core (see photo above). The program’s objective is to further delineate the principal structures through infill drilling as well as to recognize vein splays and tensional structures.

Alfredo Bazo, President and CEO, commented: “During the 2022 drill program in the western part of the Reliquias deposit, promising intervals with high-grade mineralization were reported for the Ayayay and Sorpresa veins (see press release, December 15, 2022). Following up on those intercepts, the first group of BQ drill holes investigated these veins further to the east and tested for any additional structures in the hanging wall of the Matacaballo vein, over a strike length of almost 800 m. We are encouraged to see strong mineralization in several holes, with silver grades fluctuating between 3.5 to 10 oz/t Ag, together with up to 22% lead and zinc combined. The locally elevated gold (up to 1.54 g/t Au) and high copper values (up to 5.3% Cu) are very promising, as they most likely will positively impact future resource estimates.” 

The following table shows the results of all mineralized intercepts encountered in the drill holes reported in this news release in more detail. The core recovery in these 19 BQ diameter bore holes surpassed 98%, ensuring representative sampling of the mineralized intervals.

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.

Fig.1: Plan view of underground infill drilling program at the Reliquias silver mine, showing traces of BQ drill holes completed in 2022/23 (in blue). The 19 holes reported in this release are labelled and highlighted in bold green lines. Additionally, underground workings and main mineralized veins 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 nineteen drill holes testing the Ayayay (AYA), Matacaballo (MTC), and Sorpresa (SOR) vein. Intervals are downhole drilled core intervals. Drilling data to date is insufficient to determine true width of mineralization. The last column of the table indicates whether a drill intercept corresponds to one of the principal veins or to a vein splay. (CNW Group/Silver Mountain Resources Inc.)