Polymetallic Zones Intercepted In Drilling At Reliquias Mine

TORONTO - Silver Mountain Resources Inc. (AGMR) reported on underground drilling at the Reliquias silver mine at the Castrovirreyna Project in Huancavelica, central Peru. 58 bore holes have been completed to date, with results of 5 holes drilled to test the Matacaballo and Sacasipuedes veins. The main objective of the fully funded drill program is to establish a National Instrument 43-101 – Standard of Disclosure for Mineral Projects ("NI 43-101") compliant mineral resource in H1 2023 that will form the basis of our production decision in H2 2023. In addition, the Company aims to better characterize and extend the known silver-rich zones at depth.

Alfredo Bazo, President and CEO, commented, "The drill hole results confirm the continuity of high-grade Ag-Pb-Zn-Cu mineralization in both the Matacaballo and Sacasipuedes vein, close to existing mine workings at the Reliquias deposit. We are delighted that various bore holes have intersected more than one mineralized interval, which appear to represent additional structures such as the Ayayay vein previously observed in historic mine workings. Our geological team is currently evaluating these intercepts to incorporate them in our 3D geological model."