SILVER MOUNTAIN SUCCESSFULLY COMPLETES GEOTECHNICAL STUDIES AND PROVIDES UPDATE ON ACTIVITIES AT ITS RELIQUIAS MINE, PERU - REMAINS ON SCHEDULE TO RESTART PRODUCTION IN 1H 2025.
ENPNewswire-October 26, 2023--SILVER MOUNTAIN SUCCESSFULLY COMPLETES GEOTECHNICAL STUDIES AND PROVIDES UPDATE ON ACTIVITIES AT ITS RELIQUIAS MINE, PERU - REMAINS ON SCHEDULE TO RESTART PRODUCTION IN 1H 2025
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Release date- 25102023 - TORONTO - Silver Mountain Resources Inc. ('Silver Mountain' or 'the Company') (TSXV: AGMR) (OTCQB: AGMRF) is pleased to announce the completion of the Reliquias mine geotechnical study and to provide an update on its activities at its 100% owned Reliquias mine, Central Peru.
Since early 2023, the Company has established a two-pronged strategy to advance the mine rehabilitation and engineering needed towards restarting operations at the Reliquias mine, based on the current mineral resource estimate published on April 12th, 2023 (https://agmr.ca/silver-mountain-delivers-initial-ni-43-101-compliant-mineral-resource-estimate-for-reliquias-mine/) and to incorporate new areas drill tested during Phase 2 of the 2023 drill program. As part of this strategy, the Company has received the geotechnical evaluation by DCR Ingenieros of Lima, Peru. This report will be used to determine a suitable mining method and design a mine plan for developing the Reliquias underground mine.
Alvaro Espinoza, CEO of Silver Mountain, stated, 'The completion of the geotechnical study is yet another major milestone hit by our onsite technical team at Reliquias. We are very pleased with the work done by DCR Ingenieros, within budget and on time. The geotechnical evaluation is a key component toward restarting operations at Reliquias, and our team is working flat out to deliver a mine plan and a streamlined mine schedule that maximize value for our shareholders.'
Richard Contreras, Silver Mountain's COO, commented, 'The results of this geotechnical study confirm that the wallrock at Reliquias is competent throughout the deposit. We expect limited ground support needed throughout the mine, without the need to incorporate heavy support methods such as shotcrete or steel arches, thus maintaining a low Opex and sustaining capital costs. Our experienced engineering team has worked in multiple underground mines in Peru, and minimizing the need to use expensive ground reinforcement tools should significantly improve the Project's economics.'
2023 work program status
The Company's field crews have continued to rehabilitate the historic mine working at Reliquias. So far 14.8 kilometres of tmine...
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