Business
Silver Bullet Mines Provides Update on Washington Silver Mine, A New Director, and a Lead Order for Financing
Burlington, Ontario--(Newsfile Corp. - August 2, 2024) - Silver Bullet Mines Corp. (TSXV: SBMI) (...
About this update from Silver Bullet Mines Corp
[{"type":"text","content":"Silver Bullet Mines Provides Update on Washington Silver Mine, A New Director, and a Lead Order for FinancingBurlington, Ontario--(Newsfile Corp. - August 2, 2024) - Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) ('SBMI' or 'the Company') is pleased to announce it is continuing preparations for mining at its Washington Mine Property in Idaho, including adding mining strength to its board of directors. The Washington Mine, a historical past producing high grade gold/silver mine, is 100% privately owned by SBMI on patented lands. It is near Idaho City and Boise, proximate to infrastructure.As previously disclosed by SBMI, the Washington Mine first saw production in the late 1800's with an average gold grade of one ounce per ton. It again produced gold in the 1930's during which time the then-owner lacked the process capability needed to produce silver, so a decision was made to block out the silver mineralization with the intention of returning at a future date to extract it. To the best of SBMI's knowledge, the blocked-out volume remains in situ. A historical report indicates the blocked-out volume contains an estimated 3 million ounces of silver with a grade of 30 to 90 ounces per ton and 15,000 ounces of gold at 0.3 ounces per ton. (Source, \"Geological Evaluation\", Roger G. Stoker, P.G. and Ryne C. Stoker, Student Geologist, Energy Services Inc., December, 1981.).Stoker also indicated the underground location of the \"Berger Vein,\" described as a \"gold ore shoot 25 feet wide, 135 feet long, and unknown depth.\" Average grades were given as 0.3 oz/ton gold with unknown silver content. Additional notes in Stoker suggest that the Berger Vein had been intersected in drifting at the 400-foot level.In the 1980's a previous owner of the Washington Mine reopened the underground to produce a bulk sample claimed to be representative of the mineralized body. The bulk sample was sent to Hecla Smelting for processing with the head grade reported to be 44 ounces silver per ton. (Stoker, ibid.).SBMI took its own bulk sample in 2021 which averaged 55.5 oz/t silver (news release of January 18, 2022), which equates to over 1,902 g/t silver at a conversion rate of 34.285.As part of its preparations for mining at the Washington Mine, the Company completed the mine identification process and contracted a Mine Safety and Health Administra...