Silver Bullet Mines Discovers Additional High Grade Silver Mineralization at Super Champ Mine (405.4 oz/ton silver) in Arizona
Rhea-AI Summary
Silver Bullet Mines Corp. (SBMCF) has discovered high-grade silver float samples parallel to and above the existing Super Champ Vein in Arizona. Five float samples processed at the company's assay facility yielded impressive silver content ranging from 166.0 to 405.4 oz/ton.
The company currently has over 600 tons of mineralized material at the Super Champ mine site ready for shipping and 1,100 tons at the millsite awaiting processing. The mill is producing high-grade silver concentrate for potential clients.
Additionally, SBMI has closed a second tranche of financing worth $324,500, consisting of 2,704,167 Units priced at $0.12 each. Each Unit includes one common share and a full $0.16 warrant with a 36-month term.
Positive
- Discovery of new high-grade silver samples with values up to 405.4 oz/ton
- Significant inventory of 1,700 tons of mineralized material ready for processing
- Successfully closed second tranche of financing for $324,500
Negative
- Float samples may not be representative of the overall mine content
- Early stage of development with uncertain commercial viability
News Market Reaction
On the day this news was published, SBMCF gained 10.24%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Burlington, Ontario--(Newsfile Corp. - January 13, 2025) - Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) ('SBMI' or 'the Company') is pleased to announce it has encountered chunks of high grade silver float parallel to and above the known Super Champ Vein in Arizona. This float was discovered during surface exploration. The float material was found in the soils uphill from the Super Champ Vein, currently being mined by SBMI, and is suggestive of a parallel vein system. See photo below of typical float sample.
Float sample
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8464/236959_ebcc3f17249a3b55_001full.jpg
Float samples taken from the site were processed at the Company's own assay facility and yielded the following 5 silver assay results:
Float 1 - 274.8 oz/ton silver
Float 2 - 243.2 oz/ton silver
Float 3 - 166.0 oz/ton silver
Float 4 - 219.8 oz/ton silver
Float 5 - 405.4 oz/ton silver
These high grade values represent significant potential to increase the overall head grade and tonnage of feed from the Super Champ to SBMI's
Though in the early stages of development the Super Champ Property continues to produce incredibly high assay results (see news releases of November 12, 2024 and December 12, 2024). John Carter, SBMI CEO, is quoted as saying, "The Super Champ Mine keeps getting better and better every day, and the entire team is excited about the future potential and development of the property including a potential drill program."
Currently mineralized material from Super Champ is being shipped to the Company's mill. There are over 600 tons at the Super Champ mine site ready for shipping to the mill, and over 1100 tons already at the millsite ready to be processed. The mill is processing that material and producing a high grade silver concentrate for sale to potential clients.
In addition to the Company's Arizona properties, mining at the Company's wholly-owned Washington Mine in Idaho is advancing in accordance with the plans laid out in the Company's news release of November 22, 2024.
SBMI is also pleased to announce it has closed a second tranche in the amount of
QA/QC
In accordance with best practices SBMI will on a regular basis send check assays to a third party accredited lab for verification of grade and for multielement analysis. Readers are cautioned float samples are random by nature and may not be representative of the Super Champ as a whole.
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.
John Carter
Silver Bullet Mines Corp., CEO
cartera@sympatico.ca
+1 (905) 302-3843
Peter M. Clausi
Silver Bullet Mines Corp., VP Capital Markets
pclausi@brantcapital.ca
+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 mineralized material; 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236959
FAQ
What are the silver grades discovered in SBMCF's new float samples at Super Champ Mine?
How much mineralized material does SBMCF currently have ready for processing?
What are the terms of SBMCF's latest financing round closed in January 2025?
Where is SBMCF's Super Champ Mine located and what is its current operational status?
