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4 October 2022

SILVER MOUNTAIN REPORTS ADDITIONAL UNDERGROUND CHANNEL SAMPLING RESULTS FROM ITS RELIQUIAS MINE

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN OR INTO THE

UNITED STATES

Highlights:

  • 0.85m @ 215 g/t Ag, 2.57 g/t Au, 2.54% Pb, 6.48% Zn, and 1.08% Cu
  • 1.95m @ 178 g/t Ag, 0.31 g/t Au, 2.03% Pb, 3.60% Zn, and 0.35% Cu
  • 0.90m @ 249 g/t Ag, 0.21 g/t Au, 3.06% Pb, 2.36% Zn, and 2.07% Cu

Toronto, Ontario, October 4, 2022 – Silver Mountain Resources Inc. TSXV:AGMR | OTCQB:AGMRF | BVL:AGMR (“Silver Mountain“, “AGMR” or the “Company“) is pleased to announce additional results from underground channel sampling at the Reliquias silver mine in Huancavelica, central Peru. Assays have been received for another 66 rock channel samples taken from Level 415 of the Meteysaca Vein (Fig.1), complementing the underground sampling results published on September 8, 2022. This zone of well-developed mineralization in the Meteysaca Vein is exposed over a total 272 m along the 415 m level.

Firmado Digitalmente por:

ALFREDO AUGUSTO BAZO RODRIGUEZ

Fecha: 04/10/2022 09:58:44 a.m.

The results reported today were collected from Zone 5 over a strike length of 69 m, at the southeastern end of the currently accessible workings. The Meteysaca Vein extends further southeast, however, for sampling to continue along strike, the ongoing rehabilitation of the 415 m level needs to be completed.

Samples were taken using an electric percussion hammer to produce a channel perpendicular across the veins and mineralized structures. By cutting a continuous channel approximately 3-5 cm deep by 10 cm wide, the channel samples essentially equal a drill core in their significance for future resource estimation. Where the structure is exposed along the back of the drift, channels were cut across the vein systematically every 4 m. Channel lengths range between 0.60 m and 1.95 m.

The underground sampling results from the Meteysaca Vein confirm the continuity of well- developed polymetallic mineralization within the structure, with significant concentrations of silver (Ag), lead (Pb), zinc (Zn), and copper (Cu). Gold grades – on average 0.44 g/t Au in zone 5 – were considerably higher than expected, ranging between 0.10 g/t and 4.76 g/t. To highlight the continuity of this vein system, the grades and widths of channels were averaged over each of the five zones shown in Fig. 1.

Table 1: Weighted assay results from systematic channel sampling along the Meteysaca Vein, calculated for each of the zones displayed in Fig.1. The new results from Zone 5 reported today are shown in bold.

The Meteysaca structure exhibits brecciation, irregular banding and crustiform textures typical of intermediate sulphidation veins. Sulphide minerals are present as fine veinlets, semi-massive pods, or in disseminated form, within a matrix composed of at least three generations of quartz, with minor barite and calcites. Galena, sphalerite, silver sulpho-salts, chalcopyrite, and minor pyrite were encountered. The Meteysaca Vein shows average widths of approximately 0.50 m in the western part of the ore shoot. Associated with a change in strike direction observed in Zone 4 (Fig.1), the vein thickness increases towards the southeast, reaching 1.00 m width in Zone 5.

Figure1: Plan view of the 415 m Level at the Reliquias silver mine, showing the location of systematic channel sampling along the Meteysaca vein. Individual channel samples are shown within five contiguous zones, colour- coded according to Ag values. Zone 5 with new results reported today is highlighted in blue. Length, average thickness, and metal grades of each zone are provided in the table shown in the lower part of the map. In the inset map, underground workings, main mineralized veins, and drill hole traces from the ongoing drill program are displayed.

Figure 2: Example of channel sampling along the back of Level 415, Meteysaca Vein. Central part of photo shows vein sample 10257 (part of channel C66), which returned 235 g/t Ag, 1.47 g/t Au, 2.7% Pb, and 1.77% Cu over 50 cm width.

The following table provides more detail regarding the channel sample results from Zone 5 of the Meteysaca Vein structure.

Table 2: Assay results of systematic channel sampling, Zone 5, Meteysaca Vein, Reliquias mine

On Behalf of the Board of Directors of Silver Mountain Resources Inc.

Alfredo Bazo, Chief Executive Officer and Director

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Antonio Cruz, an independent consultant of the Company and a Qualified Person within the meaning of National Instrument NI 43-101 – Standards of Disclosure for Mineral Projects.

About Silver Mountain

Silver Mountain Resources Inc. is a silver explorer and mine developer planning to restart production at the Reliquias underground mine and undertake exploration activities at its prospective silver camps at the Castrovirreyna Project in Huancavelica, Peru.

For additional information in respect of the Castrovirreyna Project, please refer to the Company’s technical report, titled National Instrument 43-101 Technical Report- Castrovirreyna Project, Peru, dated October 6, 2021, amended November 18, 2021, effective date August 17, 2021, available at https://sedar.com.

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Disclaimer

Silver Mountain Resources Inc. published this content on 04 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 October 2022 15:21:07 UTC.

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Sales 2021

Net income 2021 -2,14 M

Net cash 2021 4,57 M

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Capitalization 52,6 M
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