10:35:29 EDT Wed 12 Jun 2024
Enter Symbol
or Name

Silver Bullet Mines Corp
Symbol SBMI
Shares Issued 66,697,522
Close 2023-06-14 C$ 0.135
Market Cap C$ 9,004,165
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Silver Bullet processes 350 t of material at Ariz. mill

2023-06-15 13:24 ET - News Release

Mr. John Carter reports


Silver Bullet Mines Corp. has provided an operational update on its Arizona activities.

The mill in Globe, Ariz., has been operating on a single shift of 10 hours per day at its rated capacity with no major issues. It is running at optimal efficiency processing mineralized material from the lower-grade stockpiles of vein material. Higher-grade material from the mine should be introduced as it arrives at the mill.

Silver Bullet intends to increase the operating hours by adding another shift, which should happen as the mill crew becomes more familiar with the running of the mill and is able to onboard a second shift.

The mill has processed approximately 350 tons of vein material over the past seven days. The 350 tons of feed produced 418 pounds of both magnetic and non-magnetic concentrates from the concentrating table. There was a line of goldish coloured material on the right end of the shaker table when recent material was processed. Management believes this material could be gold, given its location on the table, gold's specific gravity being higher than silver's and copper's, the history of the mineralized material from the Buckeye mine, and management's experience with processing. This material was not assayed for gold and readers are warned this material might not contain gold or such material may not be representative of other material from the Buckeye mine.

From the 418 pounds of concentrate roughly 226 pounds of iron alloy were removed using a magnetic separation circuit, to remove the material which may host some silver, gold and platinum group elements. This removed material is retained for future processing to recover any potential precious metals.

The 192 pounds of non-magnetic material were moved to the company's refinery where dore bars are poured. These dore bars contain silver and minor amounts of gold, copper, nickel and other metals. Based upon the report from Silver Bullet's customer, none of the material is deleterious in nature so it should not negatively impact the value of the bar. Slag material removed in the upgrading process will be retained for further processing and possible future sale.

The poured dore bars have been prepared for transportation.

Transportation of dore bars is handled by a specialized carrier permitted to transport precious metals to Europe requiring importation documentation. Working closely with the purchaser Silver Bullet intends to make a smaller test run of product (proof of concept) to ensure the shipping process functions as expected. That proof-of-concept shipment should take place soon. The total number of paid ounces for silver and gold will be determined by assay after the bars' arrival at the refinery.

At the Buckeye silver mine the mine team is carrying out screening and rock bolting as the team drifts along the vein. As noted in previous press releases, the goal of drifting along the vein is to intercept the historical higher mineralized zone behind the Treasure Room, which management believes should happen in the near future.

We seek Safe Harbor.

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