16:16:05 EDT Sun 19 May 2024
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Silver Bullet Mines Corp
Symbol SBMI
Shares Issued 57,534,704
Close 2022-04-01 C$ 0.45
Market Cap C$ 25,890,617
Recent Sedar Documents

Silver Bullet samples up to 341.8 oz/t Ag at Buckeye

2022-04-04 12:51 ET - News Release

Mr. John Carter reports

SILVER BULLET MINES CORP. PROVIDES ASSAY RESULTS FROM THE BUCKEYE MINE INCLUDING A FOOTWALL ASSAY OF 706.6 OUNCES PER TON SILVER

Silver Bullet Mines Corp. has provided the following report on its continuous assay program at its Buckeye silver mine in Arizona.

This press release reports the recent assay results from 44 samples. The assays were processed at Silver Bullet's non-ISO in-house assay facility in Arizona under the supervision of Robert Budd, a metallurgical engineer whose career in metallurgy began in 1972, and Vic Powers, a certified Arizona assayer. The assays include samples from four underground areas of the Buckeye mine, these being: 1) the footwall of the vein; 2) the recently announced Treasure Room stope; 3) behind the Treasure Room stope; and 4) the historical tailings.

Five samples, taken from the footwall of the vein from an area covering approximately 14 to 18 inches in width, provided the following returns (in ounces of silver per ton or oz/t as well as grams per tonne or g/t):

  • 341.8 oz/t or 11,718.95 g/t;
  • 336.2 oz/t or 1,152.95 g/t;
  • 674.0 oz/t or 23,108.76 g/t;
  • 706.6 oz/t or 24,226.49 g/t;
  • 124.4 oz/t or 4,265.18 g/t.

The average of the remaining 39 samples (including six samples of zero oz/t) is as follows:

  • Treasure Room stope assays (27 samples) -- 20.17 oz/t or 691.56 g/t silver;
  • Assays behind the Treasure Room stope (seven samples) -- 37.08 oz/t or 1,271.32 g/t silver;
  • Assays from the Treasure Room's historical tailings (five samples) -- 17.9 oz/t or 613.72 g/t silver;
  • The 35-pound sample from the historical tailings.

The overall average for all the 39 above samples is 22.91 oz/t or 785.63 g/t silver. The high-grade values from the footwall were not included in the above overall average.

"These are exciting numbers and they provide us with a great deal of confidence in our internal grade estimates as we move to production," said A. John Carter, Silver Bullet's chief executive officer. "As any responsible producer would, we will continuously sample and assay as we proceed."

Readers are cautioned that the 44 samples are selective grab samples and may not be representative of all the material at the Buckeye silver mine. The reader is further advised that these preliminary assay values do not represent a reserve or resource at this time. While significant silver values have been encountered, the quantity, grade, or metal or mineral content of a deposit has not been categorized as an inferred mineral resource, an indicated mineral resource, a measured mineral resource, a probable mineral resource, reserve or a proven mineral reserve.

As it moves into production, Silver Bullet will assay on a daily basis to better enable it to determine the production head grade of the feed material. Silver Bullet does not intend to report all assays taken daily.

In light of the high-grade values in the assays, the company has engaged Montana Technical University to help Silver Bullet optimize an efficient recovery process flow sheet. The capital expenditures being made to the mill, financed by the recently completed oversubscribed financing, will also assist in improving recoveries.

The mill, on permitted patented lands owned by Silver Bullet, is close to completion. Electrical, piping and small fabrication items remain to be completed before commencement of an anticipated two-week trial period. During this two-week trial period Silver Bullet will move roughly 1,500 tons of the lower-grade ore to the mill.

Silver Bullet will move its two boom jumbo and mucker to the Buckeye silver mine in anticipation of completion of continuing development and commencement of mining.

Quality assurance/quality control

No standards, duplicates or blanks were used on the above 44 samples although management intends to include such checks in future assay programs. Management also intends occasionally send samples to an ISO-certified third party lab for confirmation of Silver Bullet's own lab equipment and processes.

The samples analyzed by Silver Bullet at its facility near Globe, Ariz., were processed through the lab jaw crusher, lab hammer mill and splitter box into an aliquot. Most of the pulverized aliquot was mixed with a flux and flour combination and melted in a crucible at 1,850 degrees Fahrenheit, with the remainder being logged and archived. Upon cooling, the poured melt was in the form of a metal button and slag, following which a bone ash cupel was utilized to eliminate the lead in the button to form a bead. The bead was then weighed, following which a solution of 6 to 1 distilled water to nitric acid was utilized to dissolve the silver in the bead at approximately 175 degrees Fahrenheit.

The qualified person for this press release is Robert G. Komarechka, PGeo, an independent consultant who has reviewed and verified Silver Bullet's work referred to herein. Mr. Komarechka co-authored the National Instrument 43-101-compliant report on this property, delivered to the company in January, 2021.

Finally, due to a typo, the company underreported the number of broker warrants issued as part of its recent financing. The correct number is 179,130.

We seek Safe Harbor.

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