December 12, 2024 (Source) — Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) continues to assay high grade silver from the Super Champ in Arizona.
On November 18, 2024 SBMI reported assay results from the Super Champ, including five assays returning over 1000 oz/ton silver, with gold visible in the mill concentrates. To ensure best practices are being followed, the Company contracted two structural geologists to advise on sampling the vein to provide the most accurate data of the vein’s average grade. Both geologists have advised SBMI is following best practices in its continuous sampling and channeling.
The Super Champ vein pinches and swells between five and eight feet in width at surface. SBMI has assayed over 100 samples from the exposed vein and immediate area at the Super Champ, and each sample has contained silver. Since the November 18, 2024 release, chip and grab samples have assayed as high as 508.8 oz/ton silver, and channel samples across the vein assayed 76, 78 and 79 oz/ton. A sample from a parallel narrow vein assayed 178 oz/ton.
These results coupled with the other high grade assays give the Company a high level of confidence that the Super Champ could be a significant asset and provide a great deal of high grade material to SBMI’s mill. The photo below is an example of the size of massive chunks of what appears to be high grade mineralization the Company is encountering as it further exposes the vein.
Material from Super Champ
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8464/233594_e8a70a1d444f0854_001full.jpg
The Company has exposed the vein at surface by over 1000 feet and reasonably believes the vein continues both along strike and at depth. Further evidence of past mining has been uncovered, including old timbers that possibly supported historic underground workings and adits. In light of width, length, and grade of the vein, SBMI has staked and filed additional claims along strike and width to cover a large area of probable mineralization.
Like any responsible producer, SBMI maintains its own assay lab at its mill site in Globe, Arizona. SBMI carries out a continuous assaying program at this assay facility and occasionally sends check assays to a third party accredited lab for confirmation. Thus far assays from SBMI’s lab and the third party lab have been comparable, with all the third party assays being higher in grade.
On November 12, 2024, SBMI announced that as a result of data gathered during the sample runs carried out in September and October, SBMI was making minor modifications to its 100%-owned mill to improve efficiencies. The data showed the Super Champ material has metallurgical characteristics different from the Buckeye Mine material, which differences required those minor changes. All necessary changes have been made at the mill, allowing more efficient milling of the Super Champ material to commence. The plan is to begin by processing 50 tons of Super Champ material per day and to increase that daily amount over the coming weeks.
Mr. Bob Komarechka P.Geo, the Company’s senior geologist, is contemplating a field trip to Super Champ during the winter of 2025, to establish an exploration program to map the vein system and develop a plan that could lead to a drill program to determine the grade and potential size of the anomaly at depth. That program would likely commence in the early summer of 2025, assuming sufficient capital on hand. Data from such a program could allow SBMI to establish a maiden resource estimate for the Super Champ compliant with NI43 – 101.
The Company is currently working with a potential client who has reviewed the metallurgical data as provided by the third party lab, and that potential client has advised SBMI it is preparing an offer to purchase all the available concentrate. The timing and contents of that offer is beyond SBMI’s control. From the Super Champ processed material SBMI intends to produce dore bars and concentrate.
On May 13, 2024 SBMI closed on a debenture financing. Characteristics of such debenture included that interest would be paid in cash or in common shares of the Company, at SBMI’s option. For the first six months of the term of the debenture, SBMI has opted to pay such interest in common shares from treasury. The total interest payable for the first six months of the term of the debenture is $55,426.23. Using the closing price on December 11, 2024 of eleven point five cents, the Company will issue 481,967 shares in full payment of such interest.
QA/QC
The samples referred to above were taken from surface workings on the Super Champ Vein and hauled to the Silver Bullet’s millsite in Globe. Readers are cautioned samples are random by nature and may not be representative of the material at the Super Champ.
All samples above were analyzed by SBMI at its facility near Globe, Arizona. 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 degree Fahrenheit, 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 6 to 1 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 https://www.silverbulletmines.com/qaqcassaylab.
Mr. Robert G. Komarechka, P.Geo., an independent consultant, has reviewed and verified SBMI’s work referred to herein, and is the Qualified Person for this release.
For further information, please contact:
John Carter
Silver Bullet Mines Corp., CEO
[email protected]
+1 (905) 302-3843
Peter M. Clausi
Silver Bullet Mines Corp., VP Capital Markets
[email protected]
+1 (416) 890-1232
Cautionary and Forward-Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of ore; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global pathogens create risks that at this time are immeasurable and impossible to define.
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