TORONTO, Sept. 20,
2023 /CNW/ - Silver Mountain Resources Inc.
("Silver Mountain" or "the Company") (TSXV: AGMR) (OTCQB: AGMRF) is
pleased to announce that it has received approval from Peru´s
Ministry of Energy and Mines for its Environmental Impact
Declaration (or "DIA") for the Dorita block, one of three groups of
mining concessions which make up its 100% owned Castrovirreyna
Project, central Peru. This
authorization allows the Company to drill 60 diamond holes in 21
drill platforms over 15 months, to build access roads, and to build
any other component needed for its approved activities.
Alvaro Espinoza, CEO of Silver
Mountain, remarked, "Obtaining the DIA for Dorita is a
significant milestone for Silver Mountain and its strategy of
advancing the highest priority exploration targets in parallel to
the current underground drill program aimed at growing the mineral
resource at the nearby Reliquias mine. Once all additional required
permits are obtained, we intend to rapidly advance Dorita to grow
the mineral inventory in our over 60,000 hectare land
package."
The DIA authorization is the initial part of the exploration
permitting process in Peru. With
this authorization in hand, the Company will request authorization
to initiate activities, the final permit needed to begin
drilling.
Description of the Dorita Block
The Dorita block is the northernmost group of mining claims and
concessions making up the Company´s 100% owned Castrovirreyna
project, covering over 31,000 hectares. Company geologists have
identified three priority targets at Dorita: the Dorita, Dorita
North, and Huancarpusa targets. Figure 1 shows the location of the
exploration targets within the Dorita block.
At Dorita, a 2.5 km x 1.5 km advanced argillic alteration zone
coincides with a prominent magnetic low. The alteration at Dorita
is typical of high sulphidation epithermal deposits, with extensive
zones of alunite, pyrophyllite and dickite alteration with
localized vuggy silica zones around dacitic porphyry stocks.
Several mineralized veins and silicified ribs have been identified
to date.
At Dorita North and Huancarpusca, silicified and locally
brecciated ribs with Au-Ag-Pb-Zn mineralization are hosted in
andesitic lava flows and dacitic domes. Significant argillic
alteration, occurring as illite-semctite and kaolinite, can be seen
over the 1.8km long corridor hosting these silicified ribs. The
main mineralized structures have a NE-SE orientation and outcrop
over strike lengths of hundreds of meters with gold grades of up to
7.2 g/t Au (see Figure 2) -
see https://agmr.ca/high-sulphidation-target-at-pucasora-done-dorita-project/ for
a description of the mineralization found at Dorita.
Of the 21 approved platforms, 8 are located in the Huancarpusa
target, 6 in Dorita and 7 in Dorita North. Drill platform locations
can be modified within the approved working area at any time.
Figure 3 shows the location of supported platforms approved
at Dorita.
Drilling in the Dorita block is part of the Company´s
two-pronged strategy to advance the Castrovirreyna project, through
rapidly growing the Reliquias mine and fast-tracking the various
exploration targets identified to date. Underground drilling in the
Reliquias mine continues with three rigs, and our teams are moving
forward with the mine rehabilitation needed for a future production
start-up. Company geologists continue exploring the 60,000 hectare
land package in one of South
America's most prolific mining belts.
On Behalf of the Board of Directors of Silver Mountain Resources
Inc.
Alvaro Espinoza, Chief Executive
Officer
Qualified Person
Antonio Cruz Bermudez, , P. Geo.
Registered Member MAIG is an independent consultant of the
Company and the Qualified Person (within the meaning of NI 43-101)
responsible for the MRE, has reviewed and approved the scientific
and technical information contained in this news release.
About Silver
Mountain
Silver Mountain Resources Inc. is a silver explorer and mine
developer planning to restart production at the Reliquias
underground mine and currently exploring its 100% owned
Castrovirreyna Project, consisting of over 60,000 hectares of
highly prospective mineral claims and concessions located in the
Huancavelica Region, central Peru.
For additional information regarding the Castrovirreyna Project,
please refer to the Company's technical report, titled NI 43-101
Technical Report Mineral Resource Estimate for the Reliquias Mine,
Huancavelica- Peru, dated
March 27, 2023, effective date
March 18, 2023, available at
https://sedar.com.
For further information about our drill program, including cross
sections of the main veins with drill hole locations, please refer
to our corporate presentation, available on our website at
www.agmr.ca.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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.
Rock channel samples were collected with an electric percussion
hammer and do not exceed 1.0 m in
length. Channels are broken at obvious geologic boundaries to
correctly separate rock types and mineralization styles. 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 assay. 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 core 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 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 "Caution Regarding Forward-Looking
Statements" and "Risk Factors" in the Company's Annual
Information Form dated August 14,
2023, and other disclosure documents available on the
Company's profile on SEDAR+ at www.sedarplus.ca. 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.
SOURCE Silver Mountain Resources Inc.