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Key Highlights – Locked cycle tests
Two high quality concentrates produced with high recoveries, a bulk concentrate, and a zinc concentrate
Bulk concentrate recoveries of 88% Ag, 75% Au, 93% Pb and 91% Cu
Bulk concentrate grades of 47.8 oz/t Ag, 3.75 g/t Au, 38.2% Pb and 7.2% Cu
Zinc concentrate recovery of 84% Zn, grading 58.6% Zn
Deleterious elements below penalty levels for both concentrates
Seven composite samples were sent to
The Reliquias mine and the Caudalosa processing plant have historically produced two products: a bulk concentrate containing copper, lead, and silver; and a zinc concentrate. Locked cycle testwork was completed on all samples using a primary grind of 120 microns. A regrind to 11 microns was used to optimize recoveries for the zinc concentrate circuit. All the equipment and collectors used are industry standard and can be readily replicated at the Caudalosa facility once it is refurbished and re-recommissioned.
A final metallurgical balance, based on 40% material from the Matacaballo Vein, 40% material from the Sacasipuedes vein, 10% from the Perseguida and 10% from the Pozo Rico vein, was used to project overall recoveries from the Relliquias mine. The head grades are summarized in Table 1:
Table 1: Head grades from the veins used to obtain final metallurgical balance.
Vein | Ag oz/t | Au g/t | Pb % | Cu % | Zn % |
Matacaballo | 4.49 | 0.34 | 2.90 | 0.68 | 4.53 |
Sacasipuedes | 2.37 | 0.12 | 3.36 | 0.59 | 3.40 |
Perseguida | 6.15 | 0.72 | 1.18 | 0.15 | 2.35 |
4.02 | 1.05 | 2.35 | 0.30 | 3.16 | |
Final Metallurgical Balance | 3.76 | 0.36 | 2.86 | 0.55 | 3.72 |
The recent metallurgical testwork represents a significant improvement on the historical metallurgical recoveries used in the preparation of the current mineral resource estimate, as shown in Table 2. Silver recoveries, for example, are 15% higher than the historical values. These improved results will be incorporated into the mineral resource estimate update and the PEA expected in early 2024.
Table 2: Comparison of recent metallurgical testwork results and historical data.
Testwork | Ag % | Pb % | Cu% | Zn% |
Metallurgical recoveries used in current | 73 % | 83 % | 85 % | 71 % |
2024 Metallurgical Testwork | 88 % | 93 % | 91 % | 84 % |
Difference | +15 % | +10 % | +6 % | +13 % |
Notes: (1) Please refer to the Company's technical report, titled NI 43-101 Technical Report Mineral Resource Estimate for the |
Recoveries and concentrate grades calculated for the bulk, and zinc concentrates are shown in Table 3 and Table 4 respectively. The gold grades and recoveries from the bulk concentrate confirm that gold has the potential to be an important by-product from future production at Reliquias, and no deleterious elements above penalty levels are reported.
Table 3: Bulk Concentrate grades and recoveries
Bulk Concentrate | Concentrate Grade | Recoveries % | ||||||||
Ag oz/t | Au g/t | Pb % | Cu % | Zn % | Ag % | Au % | Pb % | Cu % | Zn % | |
Matacaballo | 61.95 | 3.52 | 39.94 | 9.17 | 7.81 | 90.06 | 74.41 | 89.67 | 89.01 | 11.22 |
Sacasipuedes | 27.17 | 0.97 | 39.19 | 6.64 | 5.77 | 95.46 | 71.49 | 96.79 | 93.37 | 14.08 |
Perseguida | 98.50 | 10.41 | 22.98 | 2.63 | 11.62 | 70.56 | 58.79 | 86.59 | 79.03 | 22.06 |
62.51 | 15.12 | 36.46 | 4.74 | 9,28 | 89.25 | 89.25 | 93.35 | 93.16 | 17.66 | |
Composite | 47.76 | 3.75 | 38.20 | 7.17 | 7.21 | 88.11 | 74.83 | 93.19 | 90.85 | 13.49 |
Table 4: Zinc Concentrate grades and recoveries.
Zinc Concentrate | Concentrate Grade | Recoveries % | ||||
Ag oz/t | Au g/t | Zn % | Ag % | Au % | Zn % | |
Matacaballo | 4.47 | 0.48 | 62.30 | 6.24 | 9,73 | 85.89 |
Sacasipuedes | 1.75 | 0.24 | 59.40 | 3.56 | 10.21 | 83.76 |
Perseguida | 27.00 | 3.33 | 49.20 | 14.61 | 14.22 | 70.57 |
6.44 | 1.82 | 44.90 | 8.68 | 9.94 | 78.92 | |
Composite | 5.12 | 0.71 | 58.59 | 7.19 | 10.87 | 83.55 |
Some of the Reliquias veins were not included in this phase of metallurgical testwork, as they have not yet been drilled systematically. However, the samples used for this program is considered representative as they cover the spectrum of observed mineralization styles.
Silver Mountain is not aware of any factors that could materially affect the accuracy or reliability of the data referred to herein.
On Behalf of the Board of Directors of
For additional information with respect to the
For further information about our drill program, including cross sections of the main veins with drill hole locations, please refer to our corporate presentation, available on our website at www.agmr.ca
Silver Mountain's subsidiary Sociedad Minera Reliquias S.A.C. owns 100% of its concessions and holds more than 60,000 hectares in the district of Castrovirreyna, Huancavelica,
info@agmr.ca
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Silver Mountain follows systematic and rigorous sampling and analytical protocols which meet industry standards. These protocols are summarized below.
All drill holes are diamond core holes with BQ, HQ or NQ core diameters. Drill core is collected at the underground drill site where recovery measurements are taken before the core is transported by truck to the core logging facility at the Caudalosa Grande mine camp, where it is photographed and geologically logged. The core is then cut in half with a diamond saw blade with half the sample retained in the core box for future reference and the other half placed into a pre-labelled plastic bag, sealed with a plastic zip tie, and identified with a unique sample number. The core is typically sampled over a 1 - 2 metre sample interval unless the geologist determines the presence of an important geological contact. The bagged samples are then stored in a secure area pending shipment to a certified laboratory sample preparation facility.
Rock channel samples were collected with an electric percussion hammer and do not exceed 1.0 m in length. Channels are broken at obvious geologic boundaries to correctly separate rock types and mineralization styles. The sample bags were sealed with a plastic zip tie and identified with a unique sample number, pending shipment to a certified laboratory sample preparation facility.
Samples are sent by batch to the ALS or Certimin laboratories in
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 "Risk Factors" in the Company's annual information form dated
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