Opportunities and Exploration Potential
The Reliquias deposit has not been fully delineated by exploration drilling, and the extension of several of the veins remain open along strike and at depth. Opportunities for additional value at Reliquias include, but are not limited to:
Potential to extend individual vein systems both along strike and at depth with more drilling.
Potential to find different styles of mineralization under the large alteration areas found in the Brownfields targets identified by Company geologists.
Exploration potential for large porphyry-style mineralization under mineralized tourmaline breccias at the Yahuarcocha and Caudalosa targets which have not been reflected in the PEA.
Furthermore, the Caudalosa mine, located adjacent to the flotation plant used for Reliquias, hosts a historical resource equivalent to a 38 Moz of contained silver ounces. An aggressive drill program is planned in the near term to convert these resources into current resource and incorporate them quickly into the mine plan.
Resource Estimate
The mineral resource estimate for the PEA was prepared in accordance with NI 43-101 and CIM Standards and is set forth in the technical report entitled “NI 43-101 Technical Report: Mineral Resource Update, Reliquias Mine” dated March 8, 2024 and with an effective date of January 1, 2024 and available on the Company’s profile on SEDAR+ at https://sedarplus.ca.
Technical Background and Qualified Persons
All scientific and technical information contained in this news release has been reviewed and approved by Gerardo Acuña FAusIMM (CP), Principal Consultant (Mining Engineering) who is a Qualified Person as defined in NI 43-101.
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 Project, please refer to the Company’s technical report, titled “NI 43-101 Technical Report: Mineral Resource Update, Reliquias Mine”, Huancavelica- Peru, dated March 8, 2024, effective date January 1, 2024, available at https://sedarplus.ca.
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
Silver Mountain’s subsidiary Sociedad Minera Reliquias S.A.C. owns 100% of its concessions and holds more than 60,000 hectares in the district of Castrovirreyna, Huancavelica, Peru.
For Further Information Contact:
Alvaro Espinoza
Chief Executive Officer
Silver Mountain Resources Inc
82 Richmond Street East, Toronto, ON M5C 1P1
+51 954 475 319
info@agmr.ca
www.agmr.ca
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Non-IFRS Financial Measures
This news release contains certain non-IFRS measures, including AISC per Ounce of Payable Silver. AISC is reflective of all of the expenditures required to produce an ounce of silver from operations. AISC reported in the PEA includes total cash costs, sustaining capital, and corporate general and administrative costs. AISC per ounce is calculated as AISC divided by payable silver ounces. The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company and the results of the PEA. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
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 and include, but are not limited to, statements with respect to: the results of the PEA, including future Project opportunities, future operating and capital costs, closure costs, AISC per ounce of payable silver, the projected NPV, IRR, timelines, permit timelines, and the ability to obtain the requisite permits, economics and associated returns of the Project, the technical viability of the Project, the market and future price of and demand for silver, the environmental impact of the Project, and the ongoing ability to work cooperatively with stakeholders, including the local levels of government. 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 “Risk Factors” in the Company’s annual information form for the year ended December 31, 2023 and dated April 26, 2024, and other disclosure documents available on the Company’s profile 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.