- Silver Bullet (SBMI) is reporting progress at its Arizona pilot plant and Buckeye and Washington mines
- The Arizona mill is performing within parameters while processing lower-grade material from Buckeye
- Mineral extraction at Buckeye is ongoing from the vein above the decline near the Treasure Room
- The company is negotiating a C$650,000 loan from its largest institutional shareholder to protect its treasury due to COVID-related delays
- Peter Clausi, VP Capital Markets, spoke with Sabrina Cuthbert about the updates
- Silver Bullet Mines is focused on the discovery and development of mineral deposits in the U.S.
- Silver Bullet Mines (SBMI) is up by 2.04 per cent trading at $0.25 per share
Silver Bullet (SBMI) is reporting progress at its Arizona pilot plant and Buckeye and Washington mines.
The Arizona mill is performing within parameters while processing lower-grade material from Buckeye. The mill is producing silver concentrate and pouring silver from this material while the ramp-up continues.
The company plans to introduce higher-grade material from Buckeye once the mill is operating optimally. It is shipping silver concentrate and dore bars to potential buyers for analysis.
Occasional challenges with the motor and starter for the ball mill are expected to be overcome in the near future.
Mineral extraction at Buckeye is ongoing from the vein above the decline near the Treasure Room. Silver Bullet is also bolting, screening and adding timber to the adit as part of its ESG commitment.
The company is currently timbering the adit at the Washington Mine in Idaho. The next step involves the extraction of a bulk sample between 1,500 and 3,000 tons to be processed at a local mill. Management expects capital investment for this process to be relatively minor.
Due to COVID, the ramp-up of the Arizona mill has experienced delays and affected the company’s anticipated cash flow. To protect its treasury, Silver Bullet is in advanced negotiations with its largest institutional shareholder to borrow C$650,000 at 8-per-cent interest over an 18-month term.
The loan may convert into 2,166,667 units priced at $0.30 per unit. Each unit would be comprised of one common share and one common share purchase warrant exercisable at $0.35 for a four-year term.
Peter Clausi, VP Capital Markets, spoke with Sabrina Cuthbert about the updates.
Silver Bullet Mines is focused on the discovery and development of mineral deposits in the U.S.
Silver Bullet Mines (SBMI) is up by 2.04 per cent trading at $0.25 per share as of 12:59 pm EST.
