Silver Bullet Mines Corp. (TSX-V:SBMI, OTC:SBMCF) said grab samples collected at the Treasure Room area at its Buckeye Silver Mine near Globe, Arizona, have returned high-grade assay results.
The grab samples returned assay results of 8.6, 90.3, 90.6, and 229.7 ounces per ton of silver, the company said.
Paper-thin plates of native silver, as analyzed with a handheld XRF, were also observed along certain fractures, Silver Bullet added.
Additional grab samples assay on October 23, 2023, returned results of 74 ounces per ton of silver from stope 25, 11.6 ounces per ton of silver from stope 32, 212.2 ounces per ton of silver from stope 33, and 101.8 ounces per ton of silver from stope 34.
The company said it intends to stabilize the Treasure Room area to allow access to higher-grade material located within its continuation of the vein.
This in turn will provide additional mineralized material for the mill and will assist in refining a plan to mine that section of vein material, it said.
The company also reported initial assay results from its Zone 1 target at the Buckeye Mine.
Twelve samples collected from the body of Zone 1 returned assay results that averaged 2 ounces per ton of silver.
Visual inspection of the vein material other than silver and samples of such material have been sent to an independent lab for multi-element analysis, including gold and platinum group metals.
Silver Bullet anticipates, based on past observations and assays, that the silver grade will increase with further penetration into Zone 1.
Company announces financing
The company said that due to extremely hot weather in Arizona throughout most of August 2023 and a wildfire in proximity to the Buckeye Mine, it was unable to carry out work at the mill or mine during that period and was unable to generate cash flow.
To bolster its financial position, Silver Bullet said it intends to carry out a non-brokered private placement to raise $500,000.
Units are priced at $0.12 and will consist of one share and a full warrant exercisable into one common share at $0.17 for a term of two years.
The company also intends to re-price its previously issued warrants. It expects to re-price its previously issued $0.60 warrants to $0.24, previously issued $0.50 warrants to $0.20, and previously issued $0.30 warrants to $0.13.
Silver Bullet is a silver and copper exploration and development company with projects in the western USA.
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