The drill program to date has surpassed a total of 16375 metres, drilled in 69 bore holes. The assay results of 8 holes drilled to test the Matacaballo and adjacent veins are reported in this release. The main objective of the fully funded drill program is to establish a NI 43-101 compliant mineral resource in H1 2023 that will form the basis of a production decision in H2 2023. In addition, the company aims to better characterize and extend the known silver-rich zones at depth.
Highlights: Underground drilling returned high-grade silver-polymetallic intercepts in the Matacaballo and Ayayay veins, including 3.60 metres of 135.3 g/t silver, 5.5% lead, 7.3% zinc, 0.55% copper, and 0.23 g/t gold in Matacaballo vein, in drill hole SMR-56-22-MTC, including 0.90 metres of 208.0 g/t Ag, 10.8% Pb, 13.4% Zn, 0.93% Cu, and 0.19 g/t Au, and 0.30 metres of 402.0 g/t Ag, 2.5% Pb, 1.2% Zn, 0.1% Cu, and 1.34 g/t Au.
Hole SMR-33-22-MTC returned 2.30 metres of 81.0 g/t Ag, 4.9% Pb, 9.0% Zn, 0.82% Cu, and 0.08 g/t Au, in Matacaballo vein, including 0.75 metres of 191.0 g/t Ag, 11.8% Pb, 15.8% Zn, 1.75% Cu, and 0.06 g/t Au.
Hole SMR-59-22-MTC returned 1.25 metres of 153.6 g/t Ag, 1.8% Pb, 3.3% Zn, 0.09% Cu, and 1.31 g/t Au, in Matacaballo vein, including 0.75 metres of 234.0 g/t Ag, 2.7% Pb, 5.1% Zn, 0.14% Cu, and 1.48 g/t Au.
Hole SMR-32-22-MTC returned 1.25 metres of 98.9 g/t Ag, 1.9% Pb, 2.7% Zn, 1.40% Cu, and 0.06 g/t Au, in Ayayay vein.
Alfredo Bazo, President and CEO, commented: “Four of the drill holes reported today are located in the western part of the Reliquias mine, returning interesting intercepts in the Matacaballo and Ayayay structures as well as showing various vein splits with promising results. The remainder of the holes were drilled from platform C10, aimed at the eastern extension of the Matacaballo ore shoot tested by previous bore holes during the current campaign. We are strongly encouraged by the silver and base metal results encountered over significant vein widths in this area. Additional holes to investigate this zone are in progress, with pending assay results.” Silver Mountain Resources 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.
Silver Mountain’s subsidiary Sociedad Minera Reliquias S.A.C. owns 100% of its concessions and holds more than 27,000 hectares in the district of Castrovirreyna, Huancavelica, Peru.