• 1.70m @ 324 g/t Ag, 0.61 g/t Au, 2.01% Pb, 6.32% Zn, and 0.32% Cu
  • 0.90m @ 1,081 g/t Ag, 2.14 g/t Au, 2.88% Pb, 1.43% Zn, and 0.22% Cu
  • 0.60m @ 1,100 g/t Ag, 0.49 g/t Au, 8.80% Pb, 7.40% Zn, and 0.57% Cu
  • 1.10m @ 338 g/t Ag, 0.92 g/t Au, 3.02% Pb, 5.05% Zn, and 0.27% Cu

Toronto, Ontario, September 8, 2022 – Silver Mountain Resources Inc. (“Silver Mountain“, “AGMR” or the “Company“) is pleased to announce initial results from underground channel sampling at the Reliquias silver mine in Huancavelica, central Peru. Assays have been received for 183 rock channel samples taken from Level 415 of the Meteysaca Vein (Fig.1). This well-mineralized ore shoot of the Meteysaca Vein is exposed over 285 m along the 415 m level. The results reported today were collected from Zones 1 to 4 over a strike length of 203 m, while sample assays taken over a strike length of 82 m in Zone 5 are still pending (Fig.1). The Meteysaca Vein extends further southeast, however, for sampling to continue along strike, the ongoing rehabilitation of the 415 m level needs to be completed.

Samples were taken using an electric percussion hammer to produce a channel perpendicular across the veins and mineralized structures. By cutting a continuous channel approximately 3-5 cm deep by 10 cm wide, the channel samples basically equal a drill core in their significance for future resource estimation. Where the structure is exposed along the back of the drift, channels were cut across the vein systematically every 4 m. Channel lengths range between 0.30 m and 2.90 m.

The underground sampling results from the Meteysaca Vein confirm the continuity of well-developed polymetallic mineralization within the structure, with significant concentrations of silver (Ag), lead (Pb), zinc (Zn), and copper (Cu). Gold grades were considerably higher than expected, ranging between 0.11 g/t and 4.15 g/t. To highlight the continuity of this vein system, the grades and widths of channels were averaged over each of the four zones shown in Fig. 1.

Table 1: Weighted assay results from systematic channel sampling along the Meteysaca Vein, calculated for each of the zones displayed in Fig.1

Alfredo Bazo, President and CEO, commented: “The underground sample results from the 415 level provide verification of the tenor and continuity of high-grade Ag-Pb-Zn-Cu mineralization in the Meteysaca Vein. We are thrilled with the encountered gold grades, which could positively impact the results of our future resource estimate. The systematic channel sampling program complements the ongoing underground drilling and should facilitate the conversion of additional historic resources into NI 43-101 compliant resources.”

The Meteysaca structure exhibits brecciation, irregular banding and crustiform textures typical of intermediate sulphidation veins. Sulphide minerals are present as fine veinlets, semi-massive pods, or in disseminated form, within a matrix composed of at least three generations of quartz, with minor barite and calcites. Galena, sphalerite, silver sulpho-salts, chalcopyrite, and minor pyrite were encountered. The Meteysaca Vein shows average widths of approximately 0.50 m in the western part of the ore shoot. Associated with a change in strike direction observed in Zone 4 (Fig.1), the vein thickness increases towards the southeast, averaging 0.89 m in width.

Figure1: Plan view of the 415 m Level at the Reliquias silver mine, showing the location of systematic channel sampling along the Meteysaca vein. Individual channel samples are shown within four contiguous zones, colour-coded according to Ag values. Length, average thickness, and metal grades of each zone are provided in the table above the map. In the inset map, underground workings, main mineralized veins, and drill hole traces from the ongoing drill program are displayed.

The following table provides more detail regarding the channel sample results from the Meteysaca Vein structure.

Table 2: Assay results of systematic channel sampling, Meteysaca Vein, Reliquias mine.

On Behalf of the Board of Directors of Silver Mountain Resources Inc.

Alfredo Bazo, Chief Executive Officer and Director


Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Antonio Cruz, an independent consultant of the Company and a Qualified Person within the meaning of National Instrument NI 43-101 – Standards of Disclosure for Mineral Projects.

About Silver Mountain

Silver Mountain Resources Inc. is a silver explorer and mine developer planning to restart production at the Reliquias underground mine and undertake exploration activities at its prospective silver camps at the Castrovirreyna Project in Huancavelica, Peru.

For additional information in respect of the Castrovirreyna Project, please refer to the Company’s technical report, titled National Instrument 43-101 Technical Report—Castrovirreyna Project, Peru, dated October 6, 2021, amended November 18, 2021, effective date August 17, 2021, available at https://sedar.com

Silver Mountain’s subsidiary Sociedad Minera Reliquias S.A.C. owns 100% of its concessions and holds more than 27,000 hectares in the district of Castrovirreyna, Huancavelica, Peru.

For Further Information Contact:

Alfredo Bazo                                                                    Jean Pierre Fort

President, CEO & Director                                             Chief Financial Officer

abazo@agmr.ca                                                              jpfort@agmr.ca


Silver Mountain Resources Inc

82 Richmond Street East

Toronto, ON M5C 1P1



(647) 262-4017

Forward Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements“) that relate to Silver Mountain’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.

Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Silver Mountain’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the factors set forth under “Statement Regarding Forward-Looking Information” and “Risk Factors” in the Company’s final prospectus dated January 26, 2022 and other disclosure documents available on the Company’s profile at www.sedar.com. Silver Mountain undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Silver Mountain to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

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