Silver Mountain Resources Inc. announced an updated mineral resource estimate for its 100% owned Reliquias project, central Peru. The new estimate incorporates 18,586.95 metres of additional diamond drilling completed in 2023, and 5,247 channel samples collected from rehabilitated underground tunnels. The MRE has been prepared by Antonio Cruz, P.Geol.

and incorporates the second phase of the 2023 drill program, and the underground channel samples completed in 2023. The dataset used includes 177 diamond drill holes and 1,776 channel samples, with 21 different mineralized veins modelled. Mineralized veins have been subdivided into three vein systems, or regions.

Regions 1 and 3 are mainly NW-SE striking structures, while Region 2 are E-W veins parallel to the Matacaballo vein. Region 1 includes the Ayayay, Sacasipuedes, Natividad and Pozo Rico veins, all located on the western and southwestern sections of the Reliquias Mine and all subparallel, except for the NAT vein. Region 2 includes the Matacaballo, Sorpresa and Vulcano veins, roughly aligned in an E-W corridor centered around the MTC vein.

Region 3 includes the Meteysaca, Pasteur and Perseguida veins, located on the eastern sector of the vien system. The Company is planning to complete a preliminary economic assesmtent by the end of First Quarter 2024, and move forward towards production in the first half of 2025.