VANCOUVER - Silver Mountain Resources Inc. [AGMR-TSXV] reported the results for drill holes SMR-001-22-MTC and SMR-002-22-SCS, the first drill holes of the 12,000-metre underground drilling campaign at the company's Reliquias underground silver mine in Huancavelica, central Peru.
The Huancavelica region, and especially the Castrovirreyna mining district, is known to host significant precious metal and polymetallic deposits, such as Julcani (101 million ounces silver past production) and San Genaro (over 60 million oz Ag past production). Silver Mountain, through its subsidiary Sociedad Minera Reliquias SAC, controls over of 27,000 hectares in this belt, mostly within the prospective Reliquias and Dorita property blocks. Within the Reliquias concession block, epithermal intermediate-sulphidation-style mineralization was previously mined at the Reliquias and Caudalosa Grande deposits from multiple veins, however, both vein systems remain highly underexplored.
Highlights from drill hole SMR-001-22-MTC include 10.40 metres of 446.23 g/t AgEq (silver equivalent) (51.85 g/t Ag, 2.95% lead, 4.82% zinc, 0.24% copper and 0.17 g/t gold), including 2.60 metres of 406.44 g/t AgEq (54.46 g/t Ag, 2.95% Pb, 4.03% Zn, 0.30% Cu, and 0.08 g/t Au); 2.25 metres of 793.56 g/t AgEq (84.49 g/t Ag, 4.24% Pb, 9.45% Zn, 0.49% Cu, and 0.10 g/t Au); and 0.65 metres of 1,523.70 g/t AgEq (152.00 g/t Ag, 13.90% Pb, 16.70% Zn, 0.33% Cu, and 0.16 g/t Au).
Highlights from drill hole SMR-002-22-SCS include 1.00 metre of 718.86 g/t AgEq (235.00 g/t Ag, 4.20% Pb, 5.10% Zn, 0.56% Cu, and 0.09 g/t Au); 5.70 metres of 208.64 g/t AgEq (32.63 g/t Ag, 1.00% Pb, 2.14% Zn, 0.16% Cu, and 0.11 g/t Au), including 1.75 metres of 396.01 g/t AgEq (60.00 g/t Ag, 2.01% Pb, 3.85% Zn, 0.39% Cu, and 0.19 g/t Au).
Alfredo Bazo, President and CEO commented: "The assay results from our first two drill holes have confirmed high-grade Ag-Pb-Zn mineralization where modelled close to existing mine workings at the Reliquias deposit. Regarding the vein width, both drill intersections have surpassed our expectations to some extent. The drill program is advancing well with two rigs turning, with 18 holes finished to date. Our shareholders can look forward to a several news-rich months with a steady flow of drill results."
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. 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.