Silver Bullet Mines Corp. (TSX-V:SBMI, OTC:SBMCF) has announced it is implementing minor changes to the mine site following the first mine inspections by the federal Mining Safety and Health Administration (MSHA) and the state Mine Inspector at its Buckeye Silver Mine in Arizona.
Noting that no major changes were requested by either party, the company said it has been assigned both a mine and mill number from MSHA and the state Mine Inspector.
“SBMI's first mine safety report filed with MSHA is currently under review and a response is anticipated in the near future,” the company said in a statement.
“This regulatory step represents a significant move forward as SBMI transitions from a development company to commercial production.”
Once the miner changes have been completed, Silver Bullet said it plans to continue mining in Zone 1 at Buckeye to muck out the mineralized material, truck it to the mill, and process it through the mill resulting in commercial production.
Assay results from the area indicate that the mineralized material from Zone 1 will consist of higher-grade silver material, including the December 2023 results of the concentrates averaging 829.7 grams per tonne (g/t) silver.
Lower-grade material already stockpiled at the mill will be blended with the anticipated higher-grade material, the company said.
Silver Bullet also announced it has closed the second and final tranche of a previously announced non-brokered financing. The second tranche consisted of the issuance of 2,325,709 units at $0.12 each for proceeds of $279,085.
Each unit consisted of one common share and a full warrant exercisable into one common share at $0.17 for two years.
The company's shares were up 5.3% at C$0.10 in early afternoon trade in Toronto.
~Updated with share price movement~