09:41:40 EDT Sun 23 Jun 2024
Enter Symbol
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USA
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Silver Bullet Mines Corp
Symbol SBMI
Shares Issued 69,439,898
Close 2024-04-30 C$ 0.095
Market Cap C$ 6,596,790
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Silver Bullet begins test processing of Ag in Arizona

2024-05-02 16:30 ET - News Release

Mr. John Carter reports

SILVER BULLET MINES COMMENCES PROCESSING OF THIRD PARTY SILVER MATERIAL

Silver Bullet Mines Corp. has commenced test processing of silver mineralized material through its wholly owned state-of-the-art processing plant in Arizona. The material has been sourced from a property owned by an arm's-length party, which property hosts a former producing silver mine in Arizona.

The material has assayed as high as eight ounces per ton silver over multiple assays carried out by Silver Bullet at the site of the former producing silver mine. Assay protocols for the material are being drafted.

The material and this opportunity are in addition to the third party gold processing opportunity announced Nov. 1, 2023. That gold processing opportunity is still being evaluated by Silver Bullet, and negotiations with the provider of the gold processing material continue.

Approximately 250 tons of material has been delivered to Silver Bullet's mill for processing. Silver Bullet has been advised by the provider of the material that there are approximately 30,000 tons of material available for processing.

Initial results from the material have yielded excellent numbers. Values in the concentrates have run as high as 142 ounces per ton silver. Silver Bullet is currently working on a sampling process to better determine head grade and efficiency of the mill for the material. The company plans to continue running the material to optimize the process flow and maximize recovery.

The cost of turning the material into silver bars is less than mining mine rock, as the material has already been mined by third parties and is sitting in a stockpile at surface. It requires only to be loaded and shipped to Silver Bullet's mill, which is also in Arizona, and then processed. Some of the material is already partially crushed; therefore, preparation time and cost should be less than for a run-of-mine rock.

Further, the material has been provided at no charge to Silver Bullet except that Silver Bullet has to incur the cost of trucking the material to its mill. If this run of processing 250 tons of the material proves capable of being economic, Silver Bullet would then intend to negotiate an agreement with the third party for this material and the remaining 30,000 tons.

The company is also currently evaluating the property hosting the material as a potential acquisition target. It is located on private property and was a past silver producer, last mined in the early 1900s. Historical records indicate a silver vein of a 35- to 50-foot width and grading 25 ounces per ton silver. There are at least three historical shafts and multiple workings. (This work and data predate National Instrument 43-101. Silver Bullet does not know the methodology used or whether a qualified person supervised such work. Readers are cautioned not to rely upon such results until further work is carried out by Silver Bullet, including processing of the material at its mill.)

This type of acquisition is made possible by the fact Silver Bullet has a complete mill and assay complex that is not only highly efficient but also flexible to handle many types of material. This is an excellent opportunity for Silver Bullet to generate revenue quickly while the Buckeye silver mine is completing MSHA requirements and being prepared for mining out of the high-grade zone. Work is continuing, and the company is commencing the rock bolting phase of the operation. Much of the other MSHA work has been completed.

Quality assurance/quality control

The material described above is assayed at multiple stages of the process. The assay results will provide input as to any adjustments that may be necessary to improve production efficiencies.

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 platinum group metals. Readers are cautioned that these samples may not be representative of the material as a whole, and not all assay results will be disclosed.

All samples 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 F, with the rest 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 F.

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