- Silver Bullet (SBMI) has assayed 55.5 oz/t silver from a bulk sample at its Washington Mine in Idaho
- Management believes the assays confirm the tenor and range of grades reported historically from the silver veins
- Next steps include going underground for visual inspection and gathering a larger bulk sample
- Director and VP Capital Markets Peter Clausi spoke with Caroline Egan about the results
- Silver Bullet Mines develops silver, gold and copper assets in the western United States
- Silver Bullet (SBMI) is unchanged trading at $0.37 per share
Silver Bullet (SBMI) has assayed 55.5 oz/t silver from a bulk sample at its Washington Mine in Idaho.
The company collected the 80 kg bulk sample from eight locations on the property. It then quartered the material and processed 5 kg from each quarter.
It processed lines 1-4 at its lab in Arizona. Paragon Geochemical processed line 5. Values are in oz/ton silver:
| Q1 | Q2 | Q3 | Q4 | |||
| SBMI | 1 | 69.6 | 55.4 | 44.2 | 48.8 | |
| SBMI | 2 | 68.8 | 55.4 | 43.0 | 51.6 | |
| SBMI | 3 | 74.0 | 57.0 | 44.0 | 54.0 | |
| SBMI | 4 | 70.4 | 56.8 | 44.2 | 51.4 | |
| Avg. per quarter | 70.7 | 56.2 | 43.9 | 51.5 | ||
| Avg. across all quarters | 55.5 | |||||
| Paragon | 5 | 70.1 | 67.1 | 50.0 | 46.6 | |
| Diff between SBMI & Paragon | 0.8% | -16.2% | -12.2% | 10.5% |
Paragon also assayed for gold, which across the four quarters returned 1.82 g/t, 2.49 g/t, 1.77 g/t and 1.4 g/t, respectively.
Management believes the assays confirm the tenor and range of grades reported historically from the silver veins.
Next steps include going underground for visual inspection and gathering a larger bulk sample.
The company is in discussions to purchase the resulting ore and/or concentrate and has identified potential mill facilities near the property.
It remains on schedule for pilot production at its Buckeye Silver Mine by the end of this quarter, pending the unloading of its shipping container in Long Beach within the next two weeks.
“These results support three important conclusions,” stated John Carter, Silver Bullet’s CEO. “First, they are in line with historical data, which increases our comfort level with using that data for guidance. Second, they show the property is still mineralized with silver and gold. Third, it confirms that QA/QC processes both in our own lab and at the third-party lab return very similar results.”
Director and VP Capital Markets Peter Clausi spoke with Caroline Egan about the results.
Silver Bullet Mines develops silver, gold and copper assets in the western United States.
Silver Bullet (SBMI) is unchanged trading at $0.37 per share as of 10:16 am EST.