10:01:42 EDT Sun 23 Jun 2024
Enter Symbol
or Name

Silver Bullet Mines Corp
Symbol SBMI
Shares Issued 66,697,522
Close 2023-11-27 C$ 0.105
Market Cap C$ 7,003,240
Recent Sedar Documents

Silver Bullet samples up to 829.7 g/t Ag at Zone 1

2023-11-27 10:13 ET - News Release

Mr. John Carter reports


Silver Bullet Mines Corp. has released high-grade silver results as it moves to the next stage in the development of the new Zone 1, as outlined in previous press releases.

In its press release of Nov. 1, 2023, Silver Bullet advised it was continuing to blast and muck in Zone 1 toward what management believed to be a volume of higher-grade silver mineralization. Since then, in the last three blasts the vein width significantly increased to over 19 feet wide, with current assays of up to 24.2 ounces per ton (oz/ton) silver from the new muck piles and directly from the vein (see the attached table). This is significant as the company believes it is very close to the 1969 historical drill holes, and expects the grade to increase in future blasts. It also provides strong support for management's theory of the grade increasing as blasting penetrates further into Zone 1.

"These results validate our interpretation of the historical and current data," said A. John Carter, Silver Bullet's chief executive officer. "The grades are increasing the further we blast into Zone 1, as we expected. After battling through COVID, severe supply chain challenges, Mother Nature and unexpected price increases, it is rewarding to be hitting our targeted area, almost exactly where we expected it to be."

As a result of these grades, management believes the recently blasted material to be economically viable and therefore is being prepared for transportation to the mill for processing. Upon receipt of the material, the company will restart the mill. Silver Bullet is working with a transport company to arrange transportation to the mill.

The company believes that due to the nugget-effect nature of the host rock, milling could increase or decrease the overall grade.

Silver Bullet believes Zone 1 to be the zone outlined in the historical data, including the 1969 drill results, and could contain a significant quantity of silver and other metals. The company intends to continue to drill and blast in Zone 1.

As described in the Nov. 1, 2023, press release, a third party has advised it intends to soon send 900 pounds of gold concentrate to Silver Bullet's mill for processing into a higher-purity product. Silver Bullet and the third party will agree upon commercial terms once Silver Bullet has had an opportunity to inspect the gold concentrate. Only minor changes will be made to the mill to enable the processing of the concentrate.

Quality assurance/quality control (QA/QC)

Channel samples and grab samples are taken after each blast, to be processed at the company's production assay lab located at the mill. In accordance with best practices, multiple assays have been and should continue to be sent to third party ISO-accredited labs for multielement analysis, including precious metals and PGMs (platinum group metals). Readers are cautioned that these samples may not be representative of the Buckeye mine as a whole.

Samples 1, 2 and 3 were processed on Nov. 17, 2023. Sample 4 was processed on Nov. 22, 2023. All samples were run in triplicate.

All samples above were analyzed by Silver Bullet at its facility near Globe, Ariz. They 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 F, 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 six to one distilled water to nitric acid was utilized to dissolve the silver in the bead at approximately 175 degrees Fahrenheit. A much more detailed description of the process and a picture of the assay lab can be found at the company's website.

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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