Silver Bullet Mines Corp. (TSX-V:SBMI, OTC:SBMCF) has reported results from its Buckeye Mine development, ongoing platinum group metals (PGM) study, assay results from its Black Copper occurrence and the discovery of a new gold occurrence on its Black Diamond property in Arizona.
The Burlington, Ontario-based company said the development drift at the Buckeye Mine has advanced about 116 metres (m) from the adit alongside the main vein with ongoing bolting and screening.
On January 17, 2023, the company said it intends to drift along the vein to an area believed to contain higher-grade mineralization. The company now believes it may have “intercepted” that area of higher-grade mineralization “sooner than expected.”
READ: Silver Bullet Mines hits targeted vein at Buckeye Silver Mine in Arizona
Silver Bullet revealed that around 1 meter before turning into the anticipated intersection with the main vertical vein, a 0.6m-thick horizontal fracture zone was encountered containing bands of massive sulphides. Horizontal sulphide bands were also noted in the Treasure Room along with paper-thin layers of high-purity native silver, similar to the bands in the newly discovered fracture zone.
While the company expected to locate the area of higher-grade mineralization, the placement of this 0.6m wide area of sulphide mineralization was a positive surprise, noted Silver Bullet.
A blast in the drift on January 27, 2023, exposed another wall of sulphides at the end of the drift. The sulphides were also encountered sooner than the company expected. Samples of the sulphide material are being prepared to be sent for assaying and further petrographic examination, said the company.
Meanwhile, earlier reported PGM assays and check assay samples have been sent to three independent certified labs and complete results are pending. The company has also contracted Dr Andy McDonald, a mineralogist from Ontario’s Harquail School of Earth Sciences, at Laurentian University, to undertake sample preparation, petrographic and scanning electron microscope examination of two samples derived from the Buckeye Mine.
The first sample being analyzed by Dr McDonald was a diabase from the floor of the Treasure Room of the Buckeye Mine containing a silvery ductile mineral, subsequently confirmed by Dr McDonald to be “high purity native silver.” When this sample was examined with an uncalibrated handheld X-ray fluorescent unit, the presence of palladium at 29 and 21 parts per million (ppm) was noted.
The second sample provided to Dr McDonald was a malformed dore bar poured by the company in September 2022, derived from the Buckeye Mine, containing highly refractory unknown material.
New gold occurrence
On January 17, 2023, Silver Bullet revealed that geologic consultants, including their qualified person (QP) had visited the Black Copper occurrence in late-November and early-December last year. Black Copper is located on the firm’s Black Diamond property, 1.5 kilometers (km) south of the Buckeye Mine in Arizona. Investors can find results for samples from Black Copper here.
In addition, during the geological study, an area of broken rusty quartz float was observed by the QP near the trail to the Richmond Basin to the west of the McMorris and Buckeye Mines. This is the company's first testing of this area. These quartz fragments appeared to be segments of narrow quartz veins containing sulphides.
Due to a soil cover of a few inches to a foot in this area, limited time prevented exposure of the underlying bedrock. Four samples were collected from surface and yielded the following gold assays which can be found here.
In addition, a bismuth assay of 1,600 ppm and a silver assay over 100 ppm was recorded in sample 342111. Further evaluation of this new gold occurrence is recommended, noted the company.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive