New High Grade Copper Vein At The Reliquias Mine

TORONTO - Silver Mountain Resources Inc. reported the discovery of the Natividad vein, a new copper rich vein at its Reliquias mine, central Peru. Results from three of the initial four drill holes completed at Natividad have been received, all part of Phase 2 of the Company´s 2023 infill and resource expansion program. Drilling has also hit very high gold and silver grades near the Sacasipuedes vein, within a mineralized breccia body with strong argillic alteration.

Alvaro Espinoza, CEO, said, “It is very exciting to have discovered a new mineralized vein, which has been named by our technical team as Natividad (or “NAT”). It is early days still, and the high grade copper values and true thickness observed augur well for its possible incorporation into a future mine plan. Our geologists are adapting the program to further test this structure along strike and at depth, and we will provide results as we receive them. Discovering a new vein in a historic district such as Reliquias proves once again that this project not only has a solid resource base on which to prepare a mine plan to re-start operations, but also has significant exploration upside to grow it further.

The extremely high silver and gold grades found above the main Sacasipuedes vein is also exciting as it proves, once again, that bonanza type grades exist outside of the current mineral resource boundaries. We look forward to test the continuity of this new high grade hit in our ongoing underground drill program.”

Phase 2 of the 2023 drill program consists of 12,500 metres of NQ and HQ drilling aimed at infilling and growing the Company´s current mineral resource estimate. So far, drilling crews have completed approximately 7,600 metres of this program with two underground rigs, and the Company has received results from 18 drill holes.

The Company has so far completed 22 drill holes on the Sacasipuedes and Perseguida vein systems from three underground drill platforms, two from Sacasipuedes and one from Perseguida.