Silver Mountain Mines Announces Newly Discovered Area from Its Gravity Survey
CALGARY, ALBERTA--(Marketwired - Nov 13, 2013) - Silver Mountain Mines Inc. (TSX VENTURE:SMM) ("Silver Mountain" or the "Company") is pleased to announce positive results of initial modeling of data acquired from a ground gravity survey program on its wholly-owned Ptarmigan Property (the "Property"), located near Radium, British Columbia (see News Release dated October 17, 2013).
Excel Geophysics was contracted to undertake a detailed gravity survey of the Ptarmigan - Iron Cap Basins, and other defined Areas (i.e McDonald Creek, Gopher / Horsethief Creek) covering an Area approximately 5 km x 10 km (50 km2)). The survey provides a regional background against which to evaluate the resulting gravity anomalies with respect to previously identified Areas having anomalous surface geochemical and/or sub-surface drill results (http://www.silvermountainmines.com/maps.asp). The resulting data defined three high priority Areas which require detail modeling and interpretation: newly discovered Area Dunwalk Area, Ptarmigan Basin and Iron Cap - Nip and Tuck Basin.
The detailed survey of the newly discovered Dunwalk Area, has estimated total surface dimensions of 600 m x 70 m, defined on the basis of 234 gravity stations spaced approximately 20 m along 9 lines separated by 50 m. Three significant gravity highs, surrounded by gravity lows were identified within the Dunwalk Area. The results of subsequent modeling are interpreted to suggest the gravity anomalies extend to a depth of at least 740 m, based on a minimum density contrast of 1.4 mGal.
The three anomalies measured and modeled by Excel Geophysics are elongated and oriented, east-southeast - west-northwest over a total distance of 550 m. Anomaly A, the westernmost anomaly has surface dimensions of 80 m x 160 m and extends from near surface to at least 80 m, Anomaly B, centred 160 m east-southeast of anomaly A, has surface dimensions of 95 m x 100 m and anomaly C, centred a further 200 m east of anomaly B, has a surface expression of 185m x 70 m (http://www.silvermountainmines.com/maps.asp)
"Our goal was to obtain geophysical profiles across fault systems we believe controls and host precious and/or base metal-enriched, massive sulphide mineralization. Our team believes that the gravity data has not only defined strong exploration targets but has potentially defined a new style of mineralization on the Property. The gravity highs modelled in the Dunwalk Area have a pipe-like shape similar to mineralized pipes described in the Bathurst Camp in New Brunswick and at the Antaminain mine in Peru," says Steve Konopelky, President and CEO of Silver Mountain.
Mapping and drilling completed to date document both polymetallic (Ag-Au-Pb±Cu±Zn) manto and vein style mineralization on the Property. Furthermore, skarn alteration is recognized further north, closer to the contact of the Horsethief Creek Batholith. Preliminary interpretation of results from the gravity survey document a gravity low associated with the Horsethief Creek Batholith, exposed on either side of Horsethief Creek along the northern margin of the Property. A review of regional magnetic data, available from the government, documents a very strong magnetic high coincident with the gravity low. Similar coincident gravity lows and very strong magnetic highs identified on the Property are interpreted to indicate covered ("blind") intrusive material extending south-southeast from the Horsethief Creek Batholith. (http://www.silvermountainmines.com/maps.asp). The Dunwalk detailed grid is located along the southern margin of a coincident gravity low ⁄ strong magnetic high. The gravity highs on the Dunwalk Area grid are interpreted to suggest potential skarn-style mineralization hosted within the dolomitic/ carbonate lithologies of the Mount Nelson Formation along the southern contact of the blind intrusion.
Reported rock (grab) samples E5525022 (6.91 g/t Au, 12,346 g/t Ag, 6.23% Cu), E5525023 (1,376 g/t Ag, 0.59 g/t Au, 0.77% Cu) and E5525024 (1,357 g/t Ag, 0.564 g/t Au, 0.767% Cu) collected approximately 77 m east-southeast of the Dunwalk Area, suggest a mineralized zone. Furthermore, review of analytical results of 142 soil samples along 6 contour soils lines within, and immediately adjacent to, the detailed survey Area document maximum values of 96.4 g/t Ag, 4,090 ppm As, 25.6 ppm Bi, 983 ppm Cu, 5.66 ppm Mo, 615 ppm Pb, 377 Sb, 5.4 ppm Sn, 20.4 ppm W, 667 ppm Zn and 391 ppb Au. The elevated to anomalous values for As, Bi, Mo, Sb, Sn and W are interpreted to indicate a magmatic influence to mineralization within, and adjacent to, the Dunwalk Area from the blind intrusions proposed above.
In summary, gravity anomalies documented and modeled within the detailed Dunwalk Area represent very attractive, easily accessible drill targets for near surface, potentially massive sulphide mineralization that appears to extend to depths greater than 750m. In addition, the gravity survey has delineated a larger prospective target at a modeled depth of 1 km which will require further evaluation. Analysis and modeling continues on the gravity results from the 2013 program in other Areas.
The content of this news release has been reviewed by Rick Walker, B.Sc., M.Sc., P. Geo., 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 9,986 hectare property centered on the historical silver rich Ptarmigan Mine in south eastern, British Columbia. The property hosts two styles of mineralization: silver rich, high-grade polymetallic epithermal veins and manto style massive / semi-massive sulphide mineralization.
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. Neither the TSX-Venture Exchange nor its Regulation Services Provider, as per the term defined in the policies of the TSX Venture Exchange, accepts responsibility for the adequacy or accuracy of the release.
ON BEHALF OF THE BOARD
Steve Konopelky, President and CEO
