Silver Mountain Mines Inc.
TSX VENTURE : SMM

Silver Mountain Mines Inc.

March 02, 2012 11:13 ET

Silver Mountain Mines Reports High Grade Assays From Its Extensive Geochemistry Sampling Program

CALGARY, ALBERTA--(Marketwire - March 2, 2012) - Silver Mountain Mines Inc. (TSX VENTURE:SMM) ("Silver Mountain" or the "Company") is pleased to announce the discovery of high grade gold and silver zones on its 100% owned 9,200 hectare (ha) Ptarmigan Property, British Columbia (BC). The new zones include further extension of the North Ridge West Vein, Iron Cap mine area and a newly discovered area of prospective mineralization located to the north in the Horsethief Creek and Law Creek areas.

The 2011 rock, soil and silt geochemical sampling program in the Ptarmigan and Horsethief Creek areas resulted in several significant Gold ("Au"), Silver ("Ag"), Copper ("Cu"), Lead ("Pb") and Zinc ("Zn") anomalies that warrant follow-up work in 2012. Highlights include:

  • 2011 Assay Ranges; 990 g/t - 1,560 g/t Silver (Ag), 0.08 g/t - 19.6 g/t Gold (Au)

Noteworthy 2011 analyses collected from a dolomitic outcrop north of the Ptarmigan adit ran 1400 g/t Ag and from quartz arenite outcrop east of the Iron Cap adits ran 990 g/t Ag. These samples were collected approximately 45 meters east of the trend of the Iron Cap adit previously reported. This area has seen little exploration activity since the 1930's and with recent technology and snow melt this area warrants further exploration as the potential for a lead-silver mineralization may occur along faults and at depths. In 1958-59, approximately 520 tonnes was produced from the Ptarmigan mine with lead-silver-zinc ore grades averaging 77 oz/t Ag. Similarly to Horsethief Creek, mineralization occurs with interconnecting and clusters of veins with galena and tetrahedrite in quartz and large pods or lenses of pyrite with tetrahedrite.

Silver Mountain Mines has been exploring the Ptarmigan-Iron Cap property, a Ag-Pb-Zn prospect with several adits and earlier recorded production. Mineralization has been developed over a horizontal distance of 400 meters from north to south and a vertical length of 250 meters and remains open. Silver as tetrahedrite mineralization occurs in veins and within manto-style tabular, pyritic rich deposits, the Ag, Pb, and Zn mineralization appears to be intimately related to north-trending, generally steeply dipping, thrust faults. These thrust faults are interpreted as probable main controls of mineralization and offer potential for extensions of the mineralized zones.

Tables 1- Rock samples, highlights from 2011 exploration sampling for major elements.

Sample
#
Sample
Area
Ag
(g/t
) Cu
(%
) Fe
(%
) Pb
(%
) Zn
(%
) Au
g/t
528233 North Ridge-West Vein 990 0.299 13.8 0.05 0.011 0.432
528241 North Ridge-West Vein 40.7 0.086 14.8 0.002 0 19.6
528246 North Ridge-West Vein 1,400 0.05 13.4 0.004 0 3.05
528247 North Ridge-West Vein 1,290 0.435 2.0 0.047 19 0.082
528248 North Ridge-West Vein 1,560 0.121 1.34 0.047 14.9 0.254

Table 2 points to highly anomalous material which may not be in place or in situ.

Tables 2- Soil samples, highlights from 2011 exploration sampling for major elements.

Sample
#

Sample Area
Ag
g/t
Ba
ppm
Cu
ppm
Fe
%
Pb
ppm
Sb
ppm
Zn
ppm
Au
ppb
AL-15 Ptarmigan Basin 198 412 62.10 3.12 656 1,190 41 2,050
AL-16 Ptarmigan Basin 18.90 676 73.80 8.40 4,510 668 66 439
AL-17 Ptarmigan Basin 10 130 69.60 3.95 172 81.1 79 107
AL-22
Ptarmigan Basin
10 16 154.0 14.80 10,000 6.0 10,000 5
AL-27 Ptarmigan Basin 96.40 103 983 7.56 243 323 201 138
AL-106 Ptarmigan Basin 1,760 51 279 3.65 90.3 5,820 6 7,270
Bw120S Ptarmigan Basin 48.60 141 527 5.64 3,230 667 247 167
Bw121S Ptarmigan Basin 3.63 66 25.60 4.70 779 33.6 48 32
Bw122S Ptarmigan Basin 5.48 53 24 4.02 1280 20.7 47 22
Bw124S Ptarmigan Basin 13 116 73.30 4.59 1,980 69.1 210 7
Bw138S Ptarmigan Basin 15.70 155 132 7.64 5,270 663 140 35
BW 168 Ptarmigan Basin 69.60 108 111 7.04 10,000 76 15,800 16
268 Ptarmigan Basin 4.29 0 0.14 15.00 0.0 0.0 0 2,360

Summary

Three key targets for the 2012 program will include the Iron Cap Trend, North Ridge West Vein and Horsethief and Law Creek areas. A summary of highlights from geochemical samples to date is available on the Company website at http://www.silvermountainmines.com/reports.asp. Maps of the project are also available on the Company's website at http://www.silvermountainmines.com/maps.asp.

To date, the Company has only explored 5% of its highly prospective property and is well funded to carry out its 2012 program. An assessment of results from the 2011 geochemical sampling program (including rock, soil and silt sampling) and metallurgical test work is ongoing and will assist the Company in understanding the mineralization at Silver Mountain and will guide the 2012 exploration program.

QA-QC

A total of 508 samples (376 Soils, 97 Rock, 35 Silts) were submitted to SGS Minerals ("SGS") for analysis, who maintain a certificate of accreditation to conform to ISO/IEC 17025. The samples were taken to SGS, an independent certified laboratory and preparation facility. All samples were securely stored at the Ptarmigan Mine site or within sight of the Project Manager and/or Supervising Geologist, at all times. Samples were placed in rice bags, taken to Calgary, Alberta, where they were palletized and shipped via DHL couriers to SGS Canada Inc, Metallurgical and Environmental, in Burnaby, BC for analysis.

The content of this news release has been reviewed by Stuart Fraser, M.Sc., P.Geol, a Qualified Person for the purposes of NI 43-101, with the ability and authority to verify the authenticity and validity of the data herein.

About Silver Mountain Mines Inc. (TSX VENTURE:SMM)

Silver Mountain Mines Inc. is a Canadian based exploration and development company with 100% ownership of a 9,200 ha property centered on the historical silver rich Ptarmigan Mine in south eastern, BC. The property hosts two styles of mineralization: silver rich, high grade polymetallic epithermal veins and manto style massive / semi-massive sulphide mineralization.

For further information on Silver Mountain Mines Inc. please visit the Company's website www.silvermountainmines.com and SEDAR (www.sedar.com).

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations,, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions and factors that could cause actual results to differ materially from those in forward looking statements Silver Mountain Mines Inc. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

ON BEHALF OF THE BOARD

Steve Konopelky, President and CEO

Neither the TSX-Venture Exchange nor its Regulation Services Provider as the term define in the polices of the TSX Venture Exchange accepts responsibility for the adequacy or accuracy of the release.

Contact Information

  • Silver Mountain Mines Inc.
    Mr. Steve Konopelky
    President & CEO
    403 229 9140

    Silver Mountain Mines Inc.
    Sheri Barton
    Corporate Communications
    403 217 5830
    www.silvermountainmines.com