Burlington, Ontario–(Newsfile Corp. – May 4, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) is pleased to announce it has received the previously announced cash advance on its first order for its silver products from a third-party (the “Purchaser”).
SBMI has received the sum of USD$225,000 from the Purchaser as a cash advance against the order for 500 kg of silver, to be delivered to the Purchaser in tranches or all at once. At today’s pricing this first order represents more than USD$430,000 (more than CDN$570,000).
The Purchaser has indicated it intends to purchase 500 kg from SBMI each month for six months, including this order.
The first order is currently being processed from the stockpile at the mill and SBMI anticipates shipping it in whole or in part within 30 days. The Company continues to work with the Purchaser and other potential purchasers to develop a customer base for its silver/gold production.
At the Buckeye Mine, mining is ongoing. As per SBMI’s January 16, 2023 press release, SBMI continues to drift along the vein to an area believed to contain higher grade mineralization (see page 8 of the Geologic Report dated January 8, 2021). The Company expects to encounter that area in the near future, although given the uncertainties inherent in mining no exact date can be given.
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; the presence of mineable economic 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.
Burlington, Ontario–(Newsfile Corp. – April 27, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) is pleased to provide an update on its first order for its silver products from a third-party (the “Purchaser”).
The first order, announced in detail on April 17, 2023, and the attendant USD$225,000 cash advance from the Purchaser empowers SBMI to fund the cost of processing the mineralized material from the Buckeye Mine without dilution to the shareholders. The Purchaser advises it carried out a detailed analysis of the silver dore bar sent earlier and advises it believes there are no material impurities in that bar. If the bar is representative of the silver to be delivered, SBMI would incur a minimal discount to spot prices and there would be no reduction in the amount payable to SBMI due to deleterious metals.
The current order is for 500 kg (17,600 ounces), and the Purchaser has indicated it intends to order that same amount per month for the foreseeable future. Each such monthly order would represent roughly USD$400,000 in revenue to SBMI at current spot price for silver.
The Debenture referred to in the April 17, 2023 press release would bear interest at the rate of 2% per month on the outstanding principal for one month, which interest begins to accrue after 30 days. If the conversion feature of the Debenture is triggered, the conversion price would be $0.22 per share.
There are approximately 2500 tons of mineralized material on surface at the Buckeye Mine site to be shipped to the mill on an as needed basis. Mining is ongoing. As per SBMI’s January 16, 2023 press release, SBMI is drifting along the vein to an area believed to contain higher grade mineralization (see page 8 of the Geologic Report dated January 8, 2021). At the current rate of mining that zone should be intercepted in approximately 4 weeks, although that timing may vary subject to the usual risks attendant on mining.
SBMI anticipates starting to process the current order this week by processing the material on hand at the mill/mine site, which has earlier returned high grades (see March 3, 2023 press release). Management believes the mill is operating at optimum efficiency.
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; the presence of mineable economic 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.
Burlington, Ontario–(Newsfile Corp. – April 17, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) announces it has entered into a cash advance from a purchaser of SBMI’s silver products (the “Purchaser”).
SBMI has previously announced an order for 50 kilograms of silver from the Purchaser, which order has since been increased to 500 kilograms (17,600 oz) of silver. The Purchaser has indicated a willingness to purchase 17,600 oz of silver from SBMI every month for the foreseeable future. Management reasonably believes SBMI has the capability to fill such monthly orders.
The Purchaser and SBMI have since entered into an agreement whereby the Purchaser would advance USD$225,000 against the first delivery of silver to it by SBMI. This advance would be secured by a conditional convertible debenture (the “Debenture”). The Debenture only becomes convertible in the event SBMI does not deliver USD$225,000 of silver to the Purchaser within 60 days of SBMI receiving the USD$225,000 advance. This amounts to a little more than 9,000 oz of silver, depending upon the spot price at the time of delivery.
The principal amount of the Debenture would decrease as SBMI delivers silver to the Purchaser, and would expire upon the delivery of USD$225,000 worth of silver to the Purchaser. Once SBMI has delivered USD$225,000 worth of silver to the Purchaser, the Debenture would expire. The Debenture would accrue interest at the rate of 3% per month on the outstanding principal for one month, which interest begins to accrue after 30 days. After 60 days either the interest converts with the Debenture, or if SBMI has delivered USD$225,000 worth of silver to the Purchaser the obligation to pay interest would expire.
The funds would be advanced by the Purchaser immediately after SBMI receives regulatory approval for the Debenture, and would be used for working capital purposes.
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; the presence of mineable economic 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.
Burlington, Ontario–(Newsfile Corp. – March 29, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) is pleased to announce it has received the assay results from a third party independent (ISO 17025-2017) accredited lab, American Assay Laboratories. These are the ‘check assays’ for material tested and reported in September and October, 2022. These results confirm the presence of anomalous platinum group elements (PGE) values in some of the material.
QA/QC
A total of six samples, 6 duplicates, 4 standards and one blank sample were assayed. The samples were collected by the mine crew from various material at the Buckeye Mine and were crushed and ground to a powder at the Company’s assay lab with the powder retained in marked sample bags. A portion of each of these bags was retained and a portion was inserted in another labelled bag and then delivered by a courier in Globe, Arizona to American Assay Laboratories in Nevada. The blank and standards were included as well. American Assay Laboratories used a similar assay finish procedure as the first lab, Lone Pine, namely ICP-MS. Lone Pine used a 4 acid dissolution of a 200 milligram sample and American Assay Laboratories used a sodium peroxide fusion of a 5 gram sample.
To further confirm the presence of platinum a repeat Fire Assay was undertaken. For this method the sample was fused in a ceramic crucible with litharge, sodium carbonate, borax and flour at 1080°C. From this a 25-50 gram lead button was cupelled in a magnesite cupel at 900° for 60 minutes. The silver bead was then parted with concentrated nitric acid followed by hydrochloric acid to generate chlorine and nitrosoyl chloride that dissolved the PGM sponge. Digested samples were read on an ICP-AES.
The PGE results obtained from American Assay Laboratories were in line with a 1995 historic report and that of Lone Pine.
American Assay Laboratories assayed for silver, gold, iridium, osmium, palladium, platinum, rhodium and ruthenium (see chart below). The green highlighted samples relate to standards and the yellow to blanks.
Based on these results the Company plans to continue its evaluation of the economic potential of PGE on the Buckeye Mine. Samples within the Buckeye Mine upper adit hydrothermal vein system are in the process of being sent to Dr. A. Macdonald at Laurentian University for further analysis, and a selective sampling program is to be initiated. Further testing will be done using ICP-MS as well as NAA (nuclear activation analysis) when warranted.
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.
The Company also announces that due to time commitments on other projects, J. Birks Bovaird has resigned from the board of directors. The Company thanks him for his tireless commitment to the shareholders.
The Company also announces the appointment to the board of John S. MacKenzie, CPA CA. Mr. MacKenzie will also serve as the board’s chair.
Mr. MacKenzie is currently CFO and a founding shareholder of Critical Minerals Americas Inc., a private exploration stage mining company in Alberta. He is also CFO and a founding shareholder of Evergreen Environmental Inc., engaged in the anaerobic digestion of organic waste and production and sales of RNG.
In the past Mr. MacKenzie was for 13 years the CEO of international heavy jet cargo airline AllCanada Express (ACE) and has since occupied both C-Suite and consulting positions with various mining, aviation, and technology companies. He has extensive financing, lease, purchase and sales experience over dozens of transactions and hundreds of millions of dollars of equipment.
Mr. MacKenzie also has ten years of public accounting experience with Clarkson Gordon / Ernst & Young.
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; the presence of mineable economic 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.
Burlington, Ontario–(Newsfile Corp. – March 16, 2023) – Further to its press release of March 3, 2023, Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) is pleased to provide an update on the latest processing campaign at its 125 TPD pilot plant.
Over a recent four-day period from March 8 to March 13, 2023, SBMI processed mineralized vein material at its 100% owned mill in Globe, Arizona, from which it recovered concentrate which will be converted to dore bars, confirming the recent mill modification was successful. The mineralized material was taken from the vein structure in the upper adit behind the Treasure Room.
SBMI is producing an initial batch of dore bars to be sent to a third-party lab for analysis and to potential purchasers for their analysis. One dore bar has previously been sent to a potential purchaser for its analysis.
Calibrated XRF analysis have confirmed recovered gold in these dore bars, including one bar that analyzed 0.382 % gold. The XRF analysis shows the dore consists primarily of silver and copper, with gold, zinc, nickel, lead and iron. No deleterious material was found in the dore bar. This confirms the previous findings of Dr. Andrew Macdonald from the Harquail School of Earth Sciences at Laurentian University in Sudbury, Ontario on the silver contained within a sample collected from the floor of the Treasure Room area.
The crushing circuit of the mill is running at optimal efficiency. The grinding and gravity circuits were run at approximately 50% capacity while being optimized. The number of tons of mineralized material to be processed per hour will be increased as optimization continues and as a result of grade control assay results processed at SBMI’s lab at the millsite.
To feed the mill, the Company has accumulated a significant stockpile of mineralized material at the Buckeye Mine for transportation to the mill site. Mining is ongoing in 150 ton (136 tonne) rounds, with four rounds per week, advancing at 12 feet (3.7 metres) per round.
Next steps include increasing the tonnage being shipped from the Buckeye Mine to the mill, continuing mining of the historical higher grade zone, filling the outstanding order, sourcing other purchasers, and continuing to improve operational performance at the Buckeye Mine and at the mill.
SBMI previously announced that it had received an order for 50 kg (1,760 ounces) of silver. The entity that placed that order has advised SBMI that it intends to increase that order to a minimum of 500 kg (17,600 ounces) per month. Management reasonably believes it will be able to satisfy that increased order for the foreseeable future. To decrease risk, the Company is currently in discussions with several additional potential purchasers.
Higher grade samples and dore bars, and what the field team believes to be bornite, will be sent to Harquail School of Earth Sciences for further detailed analysis. See the photo below.
The potential bornite at the Buckeye Mine is believed to be found as a hydrothermal mineral in fractures in cooler areas of the fluid migration. Association with native silver and other precious minerals have been known to occur in such mineralized situations. Further analysis of the potential bornite mineralization is ongoing.
Recent sample collected from the Buckeye Mine upper adit @ 450 feet from the portal entrance.
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.
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; the presence of mineable economic 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.
Burlington, Ontario–(Newsfile Corp. – March 3, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) is pleased to announce it is again processing mineralized material at its 125 TPD pilot plant. The mill is currently being fine tuned with low grade material to set the recovery parameters. Having resolved the issues with pouring silver dore bars, and having made the necessary related modification to the mill circuit, the Company intends to soon process higher grade material. To date the mill has been operating to specifications with non-detectable values for silver in the tailings produced from the shaker table.
The Company has one outstanding order for 50 kilograms of silver including credits for any contained copper or gold. The purchaser of those 50 kilograms has indicated a willingness to acquire up to 500 kilograms of silver on one week’s written notice. The Company is also in discussions with other potential purchasers.
Like any responsible producer, SBMI operates its own assay lab. SBMI continues to implement a strategic sampling program using that lab to enable it to maintain silver grade control to the mill.
Below is a list of recent highlight assays and photos from the vein in the upper adit at the Buckeye Mine, from an area to which the Company recently drifted behind the Treasure Room (not all assay results are reported). Note that all of the samples listed and photographed below are from the upper adit 420ft – 444ft from the entrance of the upper adit.
Typical mineralization being encountered in the Buckeye vein within the last week
– 270.0 ounces per ton silver (from the sample in the picture above) – 290.0 ounces per ton silver – 297.6 ounces per ton silver – 284.0 ounces per ton silver
Green Vein Material
– 60.0 ounces per ton silver – 78.8 ounces per ton silver – 47.2 ounces per ton silver – 40.5 ounces per ton silver
10ft Channel Samples Across Vein -18.0 ounces per ton silver average across 10ft @ 432ft from the adit portal – 49.6 ounces per ton silver average across 10ft @ 444ft from the adit portal
Drill Cuttings From Blast Holes – 2.8 ounces per ton silver average over 12ft @ 420-432ft from the adit portal – 5.8 ounces per ton silver average over 12ft @ 432-444ft from the adit portal
The Company currently has approximately 750 tons of run of mine mineralized material at the minesite ready for transportation to and processing at the mill site in Globe.
QAQC
All the samples above were collected by SBMI’s field team. Samples were collected and placed in sample bags with their appropriate tag and processed at the Company’s own assay lab. Like any responsible producer, the Company owns its own assay lab and regularly takes samples as part of its production process.
The samples analyzed by SBMI at its facility near Globe, Arizona 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.
Readers should be aware that the SBMI facilities have been designed for quick production grade control and are not ISO compliant; however, duplicate sampling with other ISO labs has been done on past samples with good correlation.
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 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; the presence of mineable economic 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.
Burlington, Ontario–(Newsfile Corp. – March 2, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’). Based on a review of the Company’s technical disclosure by staff of the Ontario Securities Commission the Company is issuing the following update.
On September 26, 2022 and October 18, 2022 the Company disclosed high-grade gold, platinum, palladium, rhodium, and osmium (the “Bonus Materials”) results from the Buckeye Mine from the in initial lab.
The Company has subsequently received results on or about January 17, 2023 from six referee/check samples submitted to another independent third-party lab (Activation Laboratories Inc. (Actlabs)) which puts these previously released assay results into question. These new results indicate an absence of gold, palladium, and platinum. Please see the table below.
Assay Results
Actlabs
Certificate No.
Initial Lab (ppb)
Actlabs (ppb)
Sample No.
Initial Lab
Actlabs
Au
Pd
Pt
Au
Pd
Pt
I342175
2210001-11
A22-18646
22900
10400
61
2
< 5
< 5
I342176
2210001-10
A22-18646
30600
13600
70
3
< 5
< 5
I342177
2210001-1
A22-18646
14600
18900
50
4
< 5
5
I342178
2210001-12
A22-18646
81700
15900
93
< 2
< 5
< 5
I342179
2210001-8
A22-18646
31800
16009
93
5
< 5
< 5
I342180 (Duplicate)
2210001-1
A22-18646
14600
18900
172
< 2
< 5
< 5
I342181 (Standard)
A22-18646
88
683
581
I342182 (blank)
A22-18646
< 2
< 5
< 5
Notes:
1) Standard used for sample I342181 was CDN-PGMS-29 a certified reference material with expected values of Au (88 ppb), Pd (677 ppb), and Pt (550 ppb) 2) Blank used for sample I342182 was barren silica material.
Investors should not rely on the assay results previously reported by the Company on September 26, 2022 and October 18, 2022.
In addition, the Company’s November 3, 2022 news release indicated that assay results from samples of diabase at several locations near and in the Buckeye Silver Mine were received and were being considered and would be disclosed to the public as soon as possible. Based on six referee/check samples noted above, the Company does not intend to disclose these results as they are considered unreliable at this time.
The Company has engaged and sent samples to another independent certified lab (Third Lab). The Third Lab is performing check assay results using the same analytical method as the initial lab. Such results will be disclosed immediately upon receipt.
The QAQC set out below is important as Actlabs that completed the check assays followed an analytical process different from the initial lab that produced the data reported by the Company on September 26, 2022 and October 18, 2022.
QAQC
The Company had retained representative material from which each of the initial lab samples were obtained. A total of 6 samples inclusive of one duplicate were selected by the Company’s QP, Robert G. Komarechka P.Geo., from this material and secured in sealed and labeled sample bags and delivered to a local courier in Globe, Arizona who then forwarded the samples on to Actlabs in Thunder Bay. The shipment also included duplicates, standards and blanks. In addition, Actlabs also used its own standards, blanks and duplicates. Actlabs undertook assaying of these 6 samples using ICP (induced coupled plasma) followed by OES (optical emission spectroscopy) analysis. This is a different analytical analysis used by the initial lab which was by MS (mass spectroscopy). SBMI is investigating whether the difference in process could explain the discrepancy in results.
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 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; the presence of mineable economic 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.
Burlington, Ontario–(Newsfile Corp. – February 15, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) announces strong initial assay results from the interception of the upper main vein at the Buckeye Mine near Globe, Arizona.
The vein was intercepted approximately 380 feet from the entrance to the adit. Immediately on contact with the vein, the first significant assays from the vein were 43, 178.6, and 270.6 ounces silver per ton. The samples yielding these results did not include material from the footwall. The samples were selected at random from the mineralized material removed from the vein and then were sent to SBMI’s assay lab for processing.
The Company is now mining along the exposed vein with assay results pending from the face. SBMI has extended the workings to 420 feet from the entrance to the adit, the vein is ten feet wide and eleven feet high, and the footwall is estimated by the field team to be four feet wide.
SBMI has stockpiled in excess of 450 tons of vein material at surface at the Buckeye Mine site, for shipment to the mill. The Company is mining 150 to 200 tons of mineralized material per day, although this rate will vary. The Company believes it has achieved the targetted grade necessary to support processing this material at the Company’s mill and to then pour dore bars or create concentrate. Both the dore bars and the concentrate will saleable product, and the Company does not expect to encounter any significant difficulties in finding buyers for those products.
SBMI is also pleased to announce it has begun to resolve the issues with pouring dore bars from this material. The picture below shows a malformed dore bar from September, 2022.
The Company thanks Dr. Andrew Macdonald, a mineralogist with Harquail School of Earth Sciences at Laurentian University, for his assistance. Initial results from his work indicate the presence of a highly magnetic iron alloy in the mineralized material. The iron alloy smelts at temperatures of over 3000 degrees F, which is above the silver smelting temperature of roughly 1800 degrees F, and therefore it interferes with the silver smelting process. SBMI has confirmed this thesis by using a high intensity magnet to pull the iron alloy from the concentrate prior to smelting. The dore bar below, poured in February, 2023, resulted from concentrate after the iron alloy was removed.
Dore bar poured after the iron alloy was removed; Feb 2023
As a result, the Company intends to permanently install a high intensity magnetic separator in the milling operation to improve the likelihood the Company can smelt silver dore bars. The Company intends to store the magnetic concentrates for future research. Continued research will be needed.
The Company is still awaiting the check assay results from American Assay Labs and Actlabs.
SBMI’s near term goal is to process the higher grade material at the Company’s mill to produce saleable product.
QAQC
All the samples above were collected by SBMI’s field team. Samples were collected and placed in sample bags with their appropriate tag and processed at the Company’s own assay lab. Like any responsible producer, the Company owns its own assay lab and regularly takes samples as part of its production process.
The samples analyzed by SBMI at its facility near Globe, Arizona 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.
Readers should be aware that the SBMI facilities have been designed for quick production grade control and are not ISO compliant; however, duplicate sampling with other ISO labs has been done on past samples with good correlation.
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 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; the presence of mineable economic 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.
Burlington, Ontario–(Newsfile Corp. – January 31, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) is pleased to update the assay results from its Black Copper occurrence, reported earlier on January 31, 2023.
In SBMI’s January 17, 2023 press release, SBMI advised third part geologic consultants including the QP had visited the Black Copper occurrence in late November and early December, 2022. Black Copper is situated on SBMI’s Black Diamond property roughly one point five kilometres south of the Buckeye Mine and is referred to in the January, 2021 Geologic Report. Samples from Black Copper were taken and reported the following results:
Sample number
Au (ppb)
Cu ppm
342151
615
>1000
342152
192
>1000
342153
941
>1000
342154
654
>1000
The over-detection limit for copper on these samples was 1000 parts per million. These four samples were sent for further analysis which returned:
Sample number
Cu ppm
Cu %
342151
22400
2.24
342152
37400
3.740
342153
34000
3.400
342154
54900
5.490
The press release from earlier today incorrectly stated the values in parts per million as a result of manual data entry into the press release. A copy of the Actlabs certificates for these samples is attached.
QAQC For SBMI
All the samples above were collected by Robert Komarechka and John Corkery. Samples were collected and placed in sample bags with their appropriate tag and personally taken to the courier and shipped to Actlabs in Thunder Bay, Ontario for assaying. Certified standards and blanks were used both by the Company and Actlabs.
All samples analyzed by Actlabs were by Fire Assay ICPOES (Induced coupled plasma arc with optical emission spectroscopy).
The multi-element analysis was by digestion with a combination of hydrochloric, nitric, perchloric and hydrofluoric acids.
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.
With respect to the Company’s press release concerning seeking an extension of the Warrants (as that term is defined in that release), SBMI advises it is seeking an extension on a total of 8,528,081 Warrants with new expiry dates ranging from February 6, 2024 to July 8, 2024.
For further information, please contact:
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 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.
Burlington, Ontario–(Newsfile Corp. – January 31, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) is pleased to report results from its Buckeye Mine development, ongoing PGM (platinum group metals) study, assay results from its Black Copper occurrence and the discovery of a new gold occurrence on its Black Diamond Property.
Development drift intersecting a wall of sulphides at the Buckeye Mine, Jan. 28, 2023
As of this date, the development drift at the Buckeye Mine has advanced about 116 metres from the adit alongside the main vein with ongoing bolting and screening.
In its January 17, 2023 press release, the Company advised it “…next intends to drift along the vein to an area believed to contain higher grade mineralization (see page 8 of the Geologic Report dated January 8, 2021).” However, the Company believes it may have intercepted that area of higher grade mineralization sooner than expected.
Approximately 1 metre before turning into the anticipated intersection with the main vertical vein, a 0.6 metre thick horizontal fracture zone was encountered that contained bands of massive sulphides. Horizontal sulphide bands were also noted by the QP for this press release in the Treasure Room along with paper thin layers of high purity native silver, similar to the bands in the newly discovered fracture zone. While the Company expected to locate the area of higher grade mineralization, the placement of this 0.6 metre wide area of sulphide mineralization was a positive surprise to the Company.
A blast in the drift on January 27, 2023 exposed another wall of sulphides at the end of the drift. These sulphides were also encountered sooner than the Company expected. Samples of the sulphide material are being prepared to be sent for assaying and further petrographic examination.
Regarding the earlier reported PGM assays and as previously reported, check assay samples have been sent to three independent certified labs. SBMI is awaiting complete reporting of the assays from the three labs. In addition to these check assays, the Company has contracted Dr. Andy McDonald, Mineralogist, of the Harquail School of Earth Sciences, at Laurentian University in Sudbury, Ontario, Canada, to undertake sample preparation, petrographic and scanning electron microscope examination of two samples derived from the Buckeye Mine.
The first sample being analyzed by Dr. McDonald was taken by the QP in November, 2022. It was diabase from the floor of the Treasure Room of the Buckeye Mine containing a silvery ductile mineral, subsequently confirmed by Dr. McDonald to be high purity native silver. When this sample was examined with an uncalibrated handheld X-ray fluorescent unit, the presence of palladium at 29 and 21 parts per million was noted. The second sample provided to Dr. McDonald was a malformed dore bar poured by SBMI in September, 2022 derived from the Buckeye Mine, containing highly refractory “unknown material.”
Native silver in diabase rock sample collected from the floor of the Treasure Room, Buckeye Mine
Also in SBMI’s January 17, 2023 press release, SBMI advised third part geologic consultants including the QP had visited the Black Copper occurrence in late November and early December, 2022. Black Copper is situated on SBMI’s Black Diamond property roughly one point five kilometres south of the Buckeye Mine and is referred to in the January, 2021 Geologic Report. Samples from Black Copper were taken and reported the following results:
Sample number
Au (ppb)
Cu ppm
342151
615
>1000
342152
192
>1000
342153
941
>1000
342154
654
>1000
The over-detection limit for copper on these samples was 1000 parts per million. These four samples were sent for further analysis which returned:
Sample number
Cu ppm
Cu %
342151
2240
2.24
342152
3740
3.740
342153
3400
3.400
342154
5490
5.490
In addition, during this geological study, an area of broken rusty quartz float was observed by the QP near the trail to the Richmond Basin to the west of the McMorris and Buckeye Mines. This is the Company’s first testing of this area. These quartz fragments appeared to be segments of narrow quartz veins containing sulphides. Due to a soil cover of a few inches to a foot in this area, limited time prevented exposure of the underlying bedrock. Four samples were collected from surface and yielded the following gold assays:
Sample number
Au (ppb)
Bi (ppm)
342109
17
2
342110
4450
412
342111
64
1600
342112
7
16
A bismuth assay of 1600 ppm and a silver assay over 100 ppm was recorded in sample 342111. The QP of this press release highly recommends further evaluation of this new gold occurrence.
Sample 342110 assayed 4.45 g/t Au. from the new gold occurrence.
All the samples above were collected by Robert Komarechka and John Corkery. Samples were collected and placed in sample bags with their appropriate tag and personally taken to the courier and shipped to Actlabs in Thunder Bay, Ontario for assaying. Certified standards and blanks were used both by the Company and Actlabs.
All samples analyzed by Actlabs were by Fire Assay ICPOES (Induced coupled plasma arc with optical emission spectroscopy).
The multi-element analysis was by digestion with a combination of hydrochloric, nitric, perchloric and hydrofluoric acids.
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.
With respect to the Company’s press release concerning seeking an extension of the Warrants (as that term is defined in that release), SBMI advises it is seeking an extension on a total of 8,528,081 Warrants with new expiry dates ranging from February 6, 2024 to July 8, 2024.
For further information, please contact:
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 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.
