Silver Storm Drills 911 g/t Ag.Eq Over 13.05 M, Expanding C460 Zone 74 M at Depth
Toronto, Ontario, February 22, 2024: Silver Storm Mining Ltd. (“Silver Storm” or the "Company") (TSX.V: SVRS | OTCQB: SVRSF | FSE: SVR), is pleased to announce further drill results from its Phase 1 diamond drilling program at the Company’s 100% owned La Parrilla Silver Mine Complex, located in Durango Mexico. Results from the three holes within this release are from the Quebradillas mine. An overview video on the La Parrilla Project is available at youtu.be/dybgKXcGrYo?si=DLHZq8jGX2kEA0Uq
Key highlights include:
- Hole Q-23-022A intersected the C460 Zone returning 911 g/t Ag.Eq1 over 13.05 metres (“m”) including 2,361 g/t Ag.Eq over 2.60 m and 1,266 g/t Ag.Eq over 2.15 m.
1767 EL composited historical channel samples graded 974 g/t Ag.Eq over a strike length of 23 m and width of 2.86 m.- Hole Q-23-023 intersected the C460 Zone returning 347 g/t Ag.Eq. over 9.65 m including 397 g/t Ag.Eq over 5.30 m.
Greg McKenzie, President and CEO, commented: “Drill results from within the C460 Zone continue to deliver exceptional results. The high-grade mineralization reported today in hole Q-23-022A extends this zone 62 metres below hole Q-23-020 (1,810 g/t Ag.Eq over 14.6 m). Combined, these two holes have demonstrated the mineralization extends 74 metres below the last mined stope (1767 EL), with higher grades and widths than what was previously mined in this area. We will follow up with additional drilling in this location in 2024.”
C460 Zone
The C460 Zone is a sulphide replacement vein striking 344 degrees and dipping 63 degrees to the northeast with a known strike length of 425 m. The zone is mineralized over a vertical extent of 570 m and its thickness varies up to 8.5 m. The replacement vein is concordant to bedding in the sediments and mineralization is comprised of pyrite, pyrrhotite, galena, sphalerite, arsenopyrite, acanthite, and freibergite.
Hole Q-23-022A
Hole Q-23-022A was drilled to target the downdip extension of the C460 Zone, successfully intersecting replacement mineralization, returning 911 g/t Ag.Eq over 13.05 m (125.55 to 138.60 m), including 2,361 g/t Ag.Eq over 2.60 m (129.00 to 131.60 m) and 1,266 g/t Ag.Eq over 2.15 m (134.85 to 137.00 m) – See Table 1; Figures 1, 2 3.
This intercept is located approximately 62 m below Hole Q-23-020 which returned 1,810 g/t Ag.Eq over 14.62 m (refer to news release January 4, 2024) and located approximately 74 m vertically below the last mine development in this area, with similar high-grade mineralization (Table 2):
- The composited weighted average grade of historical channel samples from the 1767 EL stope returned 974 g/t Ag.Eq over a strike length of 23 m and average width of 2.86 m.
Hole Q-23-022A also intercepted replacement mineralization, returning 535 g/t Ag.Eq over 0.55 m (119.65 to 120.20 m).
Figure 1: Longitudinal Section of C460 Zone View Toward West
Hole Q-23-023
Hole Q-23-023 was drilled to target the C460 Zone, successfully intersecting replacement mineralization, returning 347 g/t Ag.Eq over 9.65 m (70.55 to 80.20 m) including 397 g/t Ag.Eq over 5.30 m (72.00 to 77.30 m).
This intercept was drilled 13 m below the previously developed 1740 EL stope:
- The composited weighted average grade of historical channel samples from the 1740 EL stope returned 928 g/t Ag.Eq over a strike length of 31 m and average width of 1.94 m.
The intercept is also approximately 7 m to the west of the previously developed 1725 EL stope:
- The composited weighted average grade of historical channel samples from the 1725 EL stope returned 780 g/t Ag.Eq over a strike length of 43 m and average width of 1.79 m.
Hole Q-23-021
Hole Q-23-021 intersected the C460 Zone, successfully intersecting replacement mineralization, returning 154 g/t Ag.Eq over 0.54 m (101.56 to 102.10 m).
Table 1 – Select Assay Intervals from Holes Q-23-021 to Q-23-023 and Historical Results
Zone
Hole
From
To
Length
(m)
Ag.Eq(1)
g/t
Ag
g/t
Au
g/t
Pb
%
Zn
%
Cu
%
C460
Q-23-021
101.56
102.10
0.54
154
13
0.04
0.10
4.99
0.02
C460
Q-23-022A
119.65
120.20
0.55
535
64
0.06
0.47
16.65
0.21
C460
Q-23-022A
125.55
138.60
13.05
911
498
0.08
6.48
8.52
0.06
including
129.00
131.60
2.60
2,361
1,550
0.23
21.03
8.38
0.06
and
134.85
137.00
2.15
1,266
674
0.06
5.42
16.23
0.06
C460
Q-23-023
70.55
80.20
9.65
347
124
0.16
0.58
7.17
0.07
including
72.00
77.30
5.30
397
136
0.18
0.40
8.68
0.08
C460
Q-23-020
56.00
70.62
14.62
1,810
1,151
0.13
13.83
10.18
0.06
including
56.00
60.00
4.00
682
279
0.21
6.21
8.06
0.07
and
60.50
70.07
9.57
2,466
1,635
0.11
18.42
11.99
0.06
C460
ILP-Q-19-03
141.70
142.35
0.65
127
32
0.12
0.14
3.01
0.04
C460
ILP-Q-19-05
78.80
79.75
0.95
278
26
0.17
0.27
8.50
0.06
C460
ILP-Q-19-12
159.25
160.05
0.80
229
91
0.05
1.74
3.22
0.05
and
167.95
168.60
0.65
265
54
0.02
0.83
6.90
0.22
and
169.50
170.20
0.70
136
18
0.01
0.08
4.25
0.03
and
172.70
173.00
0.30
173
24
0.03
0.13
5.27
0.13
and
173.20
173.90
0.70
214
16
0.01
0.04
7.21
0.07
Table 2 – Historical Channel Sample Results (2) – C460 Zone
Elevation
Zone
Channel
Width
Ag.Eq(1)
g/t
Ag
g/t
Pb
%
Zn
%
1725
C460
ACCESO 12-10 (L-0)
4.70
1,099
607
6.86
11.30
1725
C460
L-1 Q
3.30
796
304
3.19
14.91
1725
C460
L-2 Q
0.80
129
3
0.29
4.35
1725
C460
L-3 W_Quebradillas
0.70
86
24
0.40
1.90
1725
C460
L-4 W_Quebradillas
0.90
626
285
8.35
4.27
1725
C460
L-5 W_Quebradillas
0.50
1,376
701
16.20
8.83
1725
C460
L-6 W_Quebradillas
0.60
894
569
8.34
3.70
1725
C460
L-7 W_Quebradillas
2.40
1,821
1,245
13.42
7.91
1725
C460
L-8 W
1.30
802
343
12.37
4.63
1725
C460
L-9 W_Quebradillas
1.60
816
547
6.76
3.22
1725
C460
L-10 W_Quebradillas
1.40
493
305
4.44
2.55
1725
C460
L-11 W_Quebradillas
0.60
884
343
5.77
14.20
1725
C460
L-11+1.50 Mts
1.20
1,261
866
8.95
5.69
1725
C460
L-12+2 Mts
2.30
816
373
7.49
8.92
1725
C460
L-13+.50 Mts
3.20
633
284
7.04
5.87
1725
C460
L-13+1.50 Mts
3.60
504
242
6.00
3.67
1725
C460
L-14 W_Quebradillas
1.30
231
98
3.30
1.62
1725
C460 SE
L-3 E_Quebradillas
2.00
1,243
547
9.47
16.24
1725
C460 SE
L-4 E_Quebradillas
2.90
1,479
906
12.40
8.79
1725
C460 SE
L-5 E_Quebradillas
1.70
3,402
2,483
23.32
10.74
1725
C460 SE
L-6 E_Quebradillas
0.70
452
273
2.72
3.91
1725
C460 SE
L-7 E_Quebradillas
1.30
343
81
2.60
7.07
1725
C460 SE
L-8 E_Quebradillas
1.60
1,035
430
10.04
12.32
1725
C460 SE
L-9 E_Quebradillas
2.00
289
136
2.50
3.15
1725
C460 SE
L-10 E_Quebradillas
1.80
1,765
1,193
15.88
5.31
1740
C460
L-3 S_Quebradillas
1.60
199
48
1.45
4.13
1740
C460
L-4 S_Quebradillas
4.70
993
572
8.67
6.91
1740
C460
L-5 S_Quebradillas
1.50
639
338
6.07
5.09
1740
C460
L-7 S_Quebradillas
0.70
185
117
1.86
0.65
1740
C460
L-8 S
1.00
1,517
964
14.50
6.00
1740
C460
L-9 S
1.90
1,248
839
11.04
4.12
1740
C460
L-10 S
2.40
601
400
5.26
2.18
1740
C460
L-11 S
3.10
484
297
4.21
2.73
1740
C460
L-13 S
0.60
2,489
1,789
18.50
7.47
1740
C460 SE
L-5 S_Quebradillas
2.20
1,227
707
8.50
10.70
1740
C460 SE
Xo. 2 L-1
1.90
2,702
1,958
21.49
6.09
1740
C460 SE
Xo. 2 L-2
1.60
1,105
497
6.51
15.93
1740
C460 SE
Xo. 2 L-3
2.20
224
42
1.13
5.60
1740
C460 SW
L-5 S_Quebradillas
3.10
404
142
3.72
5.98
1740
C460 SW
Xro 1 L-1
2.20
809
511
7.65
3.42
1740
C460 SW
Xro 1 L-2
3.50
319
156
3.17
2.85
Previously Disclosed Channel Sample Results
1767
C460
V460-1767-L0
1.60
660
288
5.40
8.37
1767
C460
V460-1767-L1
5.10
1,247
665
10.67
10.85
1767
C460
V460-1767-L2
2.80
1,447
733
12.80
13.62
1767
C460
V460-1767-L3
2.30
1,699
1,053
12.10
11.82
1767
C460
V460-1767-L4
2.00
1,249
659
10.68
11.13
1767
C460
V460-1767-L5
2.00
677
253
7.79
7.87
1767
C460
V460-1767-L6
3.30
437
158
4.70
5.63
1767
C460
V460-1767-L7
3.70
706
282
7.06
8.61
1767
C460
V460-1767-L8
2.90
641
274
5.58
7.98
1777
C460
V460-1777-L09
1.50
1,002
461
7.98
12.00
1777
C460
V460-1777-L08
2.70
376
150
3.37
4.96
1777
C460
V460-1777-L07
3.50
1,104
633
9.84
7.57
1777
C460
V460-1777-L06
3.20
995
496
7.68
10.77
1777
C460
V460-1777-L5S
1.80
1,915
1,057
13.64
18.09
1777
C460
V460-1777-L4S
1.65
1,816
1,152
13.62
10.96
1777
C460
V460-1777-L3S
2.40
893
443
7.82
8.84
1777
C460
V460-1777-L2S
1.95
569
280
6.72
3.97
1777
C460
V460-1777-L0
4.45
509
209
5.83
5.27
1777
C460
V460-1777-L2N
2.35
676
294
7.64
6.47
1792
C460
V460-1792-L1
2.30
315
148
4.19
2.01
1792
C460
V460-1792-L2
1.25
683
332
7.06
5.94
1792
C460
V460-1792-L3
1.40
1,417
914
12.59
6.07
1792
C460
V460-1792-L4
2.75
1,712
1,158
13.63
6.89
1792
C460
V460-1792-L5
2.40
986
471
12.90
6.15
1792
C460
V460-1792-L6
4.05
1,046
614
10.61
5.39
1792
C460
V460-1792-L7
3.65
563
236
6.04
6.06
(1) All results in this release are rounded. Assays are uncut and undiluted. Widths are core-lengths, not true widths. Silver equivalent: Ag.Eq g/t was calculated using commodity prices of US$22.50 /oz Ag, US$1,800 /oz Au, US$0.94 /lb Pb, and US$1.35 /lb Zn applying metallurgical recoveries of 70.1% for silver and 82.8% for gold in oxides and 79.6% for silver, 80.1% for gold, 74.7% for lead and 58.8% for zinc in sulphides. Metal payable used was 99.6% for silver and 95% for gold in doré produced from oxides, and 95% for silver, gold, and lead and 85% for zinc in concentrates produced from sulphides. Cut-off grades considered for oxide and sulphide were, respectively 140 g/t Ag.Eq and 125 g/t Ag.Eq and are based on 2017 costs adjusted by the inflation rate and include sustaining costs.
(2) Weighted average grades were calculated over the mineralized widths of each channel (Figures 1-3).
Sample Analysis and QA/QC Program
Silver Storm uses a quality assurance/quality control (QA/QC) program that monitors the chain of custody of samples and includes the insertion of blanks, duplicates, and reference standards in each batch of samples sent for analysis. The drill core is photographed, logged, and cut in half, with one half retained in a secured location for verification purposes and one half shipped for analysis. Sample preparation (crushing and pulverizing) is performed at ALS Geochemistry, an independent ISO 9001:2001 certified laboratory, in Zacatecas, Mexico and pulps are sent to ALS Geochemistry in Vancouver, Canada for analysis. The entire sample is crushed to 70% passing -2 mm, and a riffle split of 250 grams is taken and pulverized to better than 85% passing 75 microns. Samples are analyzed for gold using a standard fire assay with Atomic Absorption Spectrometry (AAS) (Au-AA23) from a 30-gram pulp. Gold assays greater than 10 g/t are re-analyzed on a 30-gram pulp by fire assay with a gravimetric finish (Au-GRA21). Samples are also analyzed using a 34 element inductively coupled plasma (ICP) method with atomic emission spectroscopy (AES) on a pulp digested by four acids (ME-ICP61). Overlimit sample values for silver (>100 g/t), lead (>1%), zinc (>1%), and copper (>1%) are re-assayed using a four-acid digestion overlimit method with ICP-AES (ME-OG62). For silver values greater than 1,500 g/t, samples are re-assayed using a fire assay with gravimetric finish on a 30-gram pulp (Ag-GRA21). Samples with lead values over 20% are re-assayed using volumetric titration with EDTA on a 1-gram pulp (Pb-VOL70). No QA/QC issues were noted with the results reported herein.
Review by Qualified Person and QA/QC
The scientific and technical information in this document has been reviewed and approved by Bruce Robbins, P.Geo., a Qualified Person as defined by National Instrument 43-101.
About Silver Storm Mining Ltd. (formerly Golden Tag Resources Ltd.)
Silver Storm Mining Ltd. holds advanced-stage silver projects located in Durango, Mexico. Silver Storm recently completed the acquisition of 100% of the La Parrilla Silver Mine Complex, a prolific operation which is comprised of a 2,000 tpd mill as well as five underground mines and an open pit that collectively produced 34.3 million silver-equivalent ounces between 2005 and 2019. The Company also holds a 100% interest in the San Diego Project, which is among the largest undeveloped silver assets in Mexico. For more information regarding the Company and its projects, please visit our website at www.silverstorm.ca.
For additional information, please contact:
Greg McKenzie, President CEO
Ph: +1 (416) 504-2024
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward Looking Statements:
Certain statements in this news release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of the phrase ‘forward-looking information’ in the Canadian Securities Administrators’ National Instrument 51-102 – Continuous Disclosure Obligations. Forward-looking statements are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management and Qualified Persons (in the case of technical and scientific information) expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the future exploration performance at La Parrilla, the timing and extent of current and future drill programs, the ability to increase Mineral Resources therein, and the ability to eventually place the La Parrilla Complex back into production.
In making the forward-looking statements included in this news release, the Company and Qualified Persons (in the case of technical and scientific information) have applied several material assumptions, including that the Company´s financial condition and development plans do not change because of unforeseen events, that future metal prices and the demand and market outlook for metals will remain stable or improve, management’s ability to execute its business strategy and no unexpected or adverse regulatory changes with respect to La Parrilla. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including, but not limited to, there being no assurance that the Company’s current and future exploration programs will grow the Mineral Resource base or upgrade Mineral Resource confidence, the risk that the assumptions referred to above prove not to be valid or reliable, the risk that the Company is unable to achieve its goal of placing La Parrilla back into production; market conditions and volatility and global economic conditions including increased volatility and potentially negative capital raising conditions resulting from the continued or escalation of the COVID-19 pandemic, risk of delay and/or cessation in planned work or changes in the Company’s financial condition and development plans; risks associated with the interpretation of data (including in respect of third party mineralized material) regarding the geology, grade and continuity of mineral deposits, the uncertainty of the geology, grade and continuity of mineral deposits and the risk of unexpected variations in Mineral Resources, grade and/or recovery rates; risks related to gold, silver and other commodity price fluctuations; employee relations; relationships with and claims by local communities and indigenous populations; availability and increasing costs associated with mining inputs and labour, the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses and permits and the presence of laws and regulations that may impose restrictions on mining, including the Mexican mining reforms; risks relating to environmental regulation and liability; the possibility that results will not be consistent with the Company’s expectations.
Such forward-looking information represents managements and Qualified Persons (in the case of technical and scientific information) best judgment based on information currently available. No forward-looking statement can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
Figure 2: Plan View C460 Zone 1792 EL and Below
Figure 3: Oblique View to NW of C460 Channel Samples 1792, 1777, 1767, 1740 and 1725 EL Stopes