22:47:25 EST Sat 02 Mar 2024
Enter Symbol
or Name

Silver Bullet Mines Corp
Symbol SBMI
Shares Issued 66,697,522
Close 2023-05-23 C$ 0.165
Market Cap C$ 11,005,091
Recent Sedar Documents

Silver Bullet evaluates Washington mine condition

2023-05-23 17:00 ET - News Release

Mr. Peter Clausi reports


Silver Bullet Mines Corp. has provided an update on its wholly owned Washington mine located in Idaho, approximately 1.5 hours drive from Idaho City. The Washington mine was a historical gold producer, and its historical silver discoveries were not able to be processed at the time.

The company has recently been able to physically access the property following a severe winter during which the area received more than 150 per cent of its normal snowfall. Company personnel were able to visit the site to assess the condition of the mine and roads leading to the mine. It was determined that road repairs were required to some washed out areas but otherwise the site is in good shape. Permits for road repairs have been received and work is continuing including the installation of a new culvert and is anticipated to be completed within 30 days.

The company is currently finalizing a budget for property and site work for this year, including the set up of the mining camp, the hook up of the water supply, moving equipment to the site and building necessary structures to house the equipment.

The company has engaged an experienced underground mine contractor to carry out mining activities at the site. Commencement of mining activities, which is subject to the availability of sufficient financing, is anticipated to commence within 120 days.

It is estimated that potential mineralized material is located approximately 100 feet from the portal entrance. The company plans to mine to that area and then extract an initial 2,000-ton bulk sample. Historical values from multiple bulk samples averaged 44 ounces per ton silver and 0.05 ounce per ton gold (see press releases of Jan. 18, 2022, and of Feb. 14, 2022). The company is negotiating with a local mill to process the material.

The company has received the final report from the Centre for Advanced Materials Processing (CAMP) of Montana Technical University for the metallurgical testwork carried out on behalf of SBMI on samples from the Washington mine. The data will be used as a basis for the company's mineral processing flowsheet. The work performed by CAMP using gravity and flotation combined produced initial recoveries of 86.35 per cent for silver and 69.1 per cent gold prior to optimization. Finally, CAMP advised the results of the tests it ran returned the head grade of the material at 62.8 silver ounces per ton and 0.062 gold ounce per ton. The company is planning to run optimization tests to improve the results as recommended by CAMP.

Management is looking forward to starting re-development of the Washington mine, and believes the mine has a great deal of potential not only as a significant silver producer but, based on last year's field program, also as a potential extension of the historical high-grade gold zone (see press release Aug. 23, 2023).

We seek Safe Harbor.

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