Silver Bullet Mines Corp. 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. 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." 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. 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.