/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR DISSEMINATION IN OR INTO THE
UNITED STATES/
Highlights:
- 2.0 x 1.2 km-sized advanced argillic alteration zone with
vuggy silica ledges
- Channel samples include:
- 2.10 m @ 1.53 g/t Au and 70.1
g/t Ag,
- 7.53 m @ 0.55 g/t Au and 30.5
g/t Ag
- 3.23 m @ 0.36 g/t Au and 123.4
g/t Ag
TORONTO, Sept. 15,
2022 /CNW/ - Silver Mountain Resources Inc.
("Silver Mountain", "AGMR" or the "Company")
is pleased to report that a high sulphidation epithermal
gold-silver target has been recognized at the Pucasora zone, within
the Company's 15000-ha Dorita property block in Huancavelica,
central Peru (Fig. 1). Pucasora is
located approximately 3 km southwest of the previously described
Dorita vein system (see press release July
7, 2022).
Based on the results of 1:2000-scale geological mapping, the
Pucasora target is underlain by dacitic to andesitic volcanic
rocks, intruded by a subvolcanic stock of dioritic composition.
This prospect is characterized by the occurrence of a large
alteration zone typical for high sulphidation epithermal systems.
The dominant feature is an advanced argillic alteration zone
extending over an area of 2.0 x 1.2 km, with common alteration
minerals including alunite, dickite, and kaolinite. Hydrothermal
breccias, silica ledges, and silicified tensional fractures can be
observed within the advanced argillic zone, indicating a structural
control of the mineralization. Vuggy silica is developed in
discrete structures and ledges, locally accompanied by native
sulphur. The structural corridors show predominantly
northwest-southeast and northeast-southwest strike directions,
reaching strike lengths of up to 870
m.
Assay results have been received for 660 rock channel samples,
systematically collected from key areas across the Pucasora target
(Fig. 1). The channel sample results include strongly anomalous
concentrations of gold (Au) and silver (Ag) at surface, similar to
known high sulphidation systems throughout the Andes. Individual
structural corridors display average Au values between 0.20 and
0.40 g/t, with highs of up to 1.53 g/t Au. Silver assays averaged
over individual structural corridors range from 3.29 to 41.10 g/t,
reaching a maximum of 217 g/t Ag. Pathfinder elements like arsenic,
antimony, bismuth, and mercury show consistently elevated
concentrations in surface samples, implying limited erosion and
therefore a largely preserved epithermal system. Hydrothermal
breccias containing pervasively silicified fragments with
disseminated electrum and pyrite or clasts of vuggy silica with
native sulphur indicate the presence of favourable lithological
horizons at depth.
Petrographic studies of rock samples from the Pucasora
zone1 have identified no less than five hydrothermal
pulses, of which at least two have introduced gold and silver in
the form of finely disseminated electrum into the system.
Associated minerals include tetrahedrite, pyrite, covellite, and
minor sphalerite, either disseminated or as wispy veinlets in the
rock matrix.
The geological characteristics recognized to date at the
Pucasora zone confirm the presence of a high sulphidation system
with promising Au-Ag values at surface. As a next step, the Company
is planning to conduct detailed mapping and selective sampling of
the most prospective zones, with the objective of identifying
targets for an initial drill campaign during 2023.
_____________________________
|
1 Andes
Consultores & Prospectores EIRL: Avance Petrográfico y
Mineragráfico (July 2022)
|
The following table provides more detail regarding selected
channel sampling results:
On Behalf of the Board of Directors of Silver Mountain Resources
Inc.
Alfredo Bazo, Chief Executive
Officer and Director
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 of the Canadian Securities Administrators.
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.
For additional information in respect of the Castrovirreyna
Project, please refer to the Company's technical report, titled
National Instrument 43-101 Technical Report—Castrovirreyna Project,
Peru, dated October 6, 2021, amended November 18, 2021, effective date August 17, 2021, available at
https://sedar.com
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.
Sampling, QA/QC, and Analytical Procedures
Silver Mountain follows systematic and rigorous sampling and
analytical protocols which meet industry standards. These protocols
are summarized below.
All surface rock samples were collected with an electric diamond
saw, typically over a 1–2-meter sample interval. The sample bags
were sealed with a plastic zip tie and identified with a unique
sample number, pending shipment to a certified laboratory sample
preparation facility. Samples are sent by batch to the ALS
laboratory in Lima for assaying.
Silver Mountain independently inserts certified control standards,
fine and coarse blanks, and duplicates into the sample stream to
monitor data quality. These standards are inserted "blindly" to the
laboratory in the sample sequence prior to departure from the
storage facilities. At the laboratory samples are dried, crushed,
and pulverized and then analyzed using a fire assay-AA finish
analysis for gold and a full multi-acid digestion with ICP-AES
analysis for other elements. Samples with results that exceed
maximum detection values for the main elements of interest (Ag, Zn,
Pb, Cu) are re-analyzed using precise ore-grade ICP analytical
techniques, while high gold values are re-analyzed by fire assay
with a gravimetric finish.
Forward Looking
Statements
This news release contains forward-looking statements and
forward-looking information within the meaning of Canadian
securities legislation (collectively, "forward-looking
statements") that relate to Silver Mountain's current
expectations and views of future events. Any statements that
express, or involve discussions as to, expectations, beliefs,
plans, objectives, assumptions or future events or performance
(often, but not always, through the use of words or phrases such as
"will likely result", "are expected to", "expects", "will
continue", "is anticipated", "anticipates", "believes",
"estimated", "intends", "plans", "forecast", "projection",
"strategy", "objective" and "outlook") are not historical facts and
may be forward-looking statements and may involve estimates,
assumptions and uncertainties which could cause actual results or
outcomes to differ materially from those expressed in such
forward-looking statements. No assurance can be given that these
expectations will prove to be correct and such forward-looking
statements included in this news release should not be unduly
relied upon. These statements speak only as of the date of this
news release. Forward-looking statements in this news release
include, but are not limited to, statements in respect of the
Company's proposed exploration program and the timing and potential
results thereof.
Forward-looking statements are based on a number of assumptions
and are subject to a number of risks and uncertainties, many of
which are beyond Silver Mountain's control, which could cause
actual results and events to differ materially from those that are
disclosed in or implied by such forward-looking statements. Such
risks and uncertainties include, but are not limited to, the
factors set forth under "Forward-Looking Statements" and
"Risk Factors" in the Company's final prospectus dated
January 26, 2022 and other disclosure
documents available on www.sedar.com. Silver Mountain undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required by law. New factors emerge from time to
time, and it is not possible for Silver Mountain to predict all of
them or assess the impact of each such factor or the extent to
which any factor, or combination of factors, may cause results to
differ materially from those contained in any forward-looking
statement. Any forward-looking statements contained in this news
release are expressly qualified in their entirety by this
cautionary statement.
![Silver Mountain Resources Inc. logo (CNW Group/Silver Mountain Resources Inc.) Silver Mountain Resources Inc. logo (CNW Group/Silver Mountain Resources Inc.)](https://mma.prnewswire.com/media/1899116/Silver_Mountain_Resources_Inc__SILVER_MOUNTAIN_IDENTIFIES_HIGH_S.jpg)
SOURCE Silver Mountain Resources Inc.