|By Marketwired .||
|January 22, 2014 10:00 AM EST||
CALGARY, ALBERTA -- (Marketwired) -- 01/22/14 -- Silver Mountain Mines Inc. (TSX VENTURE: SMM) ("Silver Mountain" or the "Company") is pleased to announce new results from further modeling of data acquired from the 2013 gravity survey completed on its wholly-owned Ptarmigan Property (the "Property"), located near Radium, British Columbia (see News Release dated October 17, 2013).
Detailed gravity survey data collected by Excel Geophysics previously identified a number of exciting gravity anomalies in the Ptarmigan Basin that merit subsequent evaluation. Continued modeling and interpretation of the gravity data indicates these significant anomalies are located at greater depth than known high grade mineralization identified through surface sampling, trenching and/or diamond drilling completed between 2009 and 2012 ("2009-2012 Geological Exploration Results"). Diamond drilling proposed for 2014 will require deeper holes to evaluate these recently discovered gravity anomalies.
The detailed gravity survey completed within the Ptarmigan Basin comprised a total of 329 gravity stations, with 56 stations along the upper ridge and 273 stations within the basin. Stations within the basin were collected along 25 survey lines oriented east - west, with a station spacing of 50 meters. Survey lines were spaced 50 meters apart within the basin and 25 meters apart in the area over the former Ptarmigan mine workings and the Upper-East Ptarmigan Basin.
Modeling and interpretation of the gravity data has resulted in identification of 3 well defined anomalies in the Ptarmigan Basin (Anomalies D, E, F) (www.silvermountainmines.com/maps.asp), which are interpreted to be located below 240m depth, extending to at least 540 m below surface, based on a minimum density contrast of 1.4 g/cm3. All three anomalies are strong and modeling. Interpretation of the data, as well as correlation to results reported in the "2009-2012 Geological Exploration Results" suggests that these new anomalies are sources and/or deeper extensions of the previously identified shallow mineralization. All three anomalies present very attractive targets and will be drilled in 2014.
The northern anomaly (D) is located northwest of the former Ptarmigan Mine, underlying the valley floor and has been interpreted from prior geophysical surveys. The middle anomaly (E) is located east of the surface trace of the former Ptarmigan Mine, with approximate surface dimensions of 172 m x 50 m. The southern anomaly (F) has estimated surface dimensions of 100 m x 26 m. The Upper Ptarmigan massive sulphide occurrence, spatially associated with the west margin of gravity anomaly (F), extends east toward the East Ptarmigan area, where additional drill holes were completed to further evaluate and develop semi-massive to massive sulphide intercepts, identified by surface trenching and drilling in 2009-2012.
These anomalies are the objective of the Company's proposed 2014 drill program. Analysis and modeling continues on the gravity results from the 2013 program to better define and develop the anomalies.
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.
For further information on Silver Mountain Mines Inc. please visit the Company's website http://www.silvermountainmines.com and SEDAR (www.sedar.com) or contact Mr. Steve Konopelky, President & CEO of the Company.
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
Silver Mountain Mines Inc.
Mr. Steve Konopelky
President & CEO
+1 403 229 9140
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