15:12:17 EST Fri 01 Mar 2024
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Silver Bullet Mines Corp
Symbol SBMI
Shares Issued 64,892,962
Close 2023-03-16 C$ 0.185
Market Cap C$ 12,005,198
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Silver Bullet to convert Buckeye concentrate

2023-03-16 20:26 ET - News Release

Mr. John Carter reports

SILVER BULLET MINES CORP. PROCESSES GOLD AND SILVER FROM UPPER ADIT AT BUCKEYE MINE ARIZONA

Further to the press release of March 3, 2023, Silver Bullet Mines Corp. has provided an update on the latest processing campaign at its 125-tonne-per-day pilot plant.

Over a recent four-day period from March 8 to March 13, 2023, Silver Bullet processed mineralized vein material at its 100-per-cent-owned mill in Globe, Ariz., from which it recovered concentrate, which will be converted to dore bars, confirming the recent mill modification was successful. The mineralized material was taken from the vein structure in the upper adit behind the Treasure Room.

Silver Bullet is producing an initial batch of dore bars to be sent to a third party lab for analysis and to potential purchasers for their analysis. One dore bar has previously been sent to a potential purchaser for its analysis.

Calibrated XRF analysis has confirmed recovered gold in these dore bars, including one bar that analyzed 0.382 per cent gold. The XRF analysis shows the dore consists primarily of silver and copper, with gold, zinc, nickel, lead and iron. No deleterious material was found in the dore bar. This confirms the previous findings of Dr. Andrew Macdonald from the Harquail School of Earth Sciences at Laurentian University in Sudbury, Ont., on the silver contained within a sample collected from the floor of the Treasure Room area.

The crushing circuit of the mill is running at optimal efficiency. The grinding and gravity circuits were run at approximately 50-per-cent capacity while being optimized. The number of tons of mineralized material to be processed per hour will be increased as optimization continues and as a result of grade control assay results processed at Silver Bullet's lab at the mill site.

To feed the mill, the company has accumulated a significant stockpile of mineralized material at the Buckeye mine for transportation to the mill site. Mining is continuing in 150-ton (136-tonne) rounds, with four rounds per week, advancing at 12 feet (3.7 metres) per round.

Next steps include increasing the tonnage being shipped from the Buckeye mine to the mill, continuing mining of the historical higher-grade zone, filling the outstanding order, sourcing other purchasers, and continuing to improve operational performance at the Buckeye mine and at the mill.

Silver Bullet previously announced that it had received an order for 50 kilograms (1,760 ounces) of silver. The entity that placed that order has advised Silver Bullet that it intends to increase that order to a minimum of 500 kilograms (17,600 ounces) per month. Management reasonably believes it will be able to satisfy that increased order for the foreseeable future. To decrease risk, the company is currently in discussions with several additional potential purchasers.

Higher-grade samples and dore bars and what the field team believes to be bornite will be sent to Harquail School of Earth Sciences for further detailed analysis.

The potential bornite at the Buckeye mine is believed to be found as a hydrothermal mineral in fractures in cooler areas of the fluid migration. Association with native silver and other precious minerals has been known to occur in such mineralized situations. Further analysis of the potential bornite mineralization is continuing. A recent sample was collected from the Buckeye mine upper adit at 450 feet from the portal entrance.

Robert G. Komarechka, PGeo, an independent consultant, has reviewed and verified Silver Bullet's work referred to herein, and is the qualified person for this release.

We seek Safe Harbor.

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