Silver Mountain Resources Inc. provided further results from its recently completed 2022 underground drilling campaign with a total of 16,955 metres drilled in 71 bore holes at the company's 100% owned Reliquias silver mine in Huancavelica, central Peru. The assay results of 4 holes drilled to test the Perseguida vein are reported in this release. The northwest-southeast striking Perseguida vein system, located about 200 m northeast and subparallel to the Meteysaca vein, has seen limited underground exploitation from four mine levels, predominantly above the 560 m-level.

Four exploratory bore holes were designed to investigate the continuity and mineralization of the northwestern part of the Perseguida vein, approximately 100 to 150 m below the lowest historic mine development. The mineralized structure has been encountered in all holes, reaching thicknesses between 0.30 and 1.25 m. The brecciated Perseguida vein is composed of silver sulpho-salts, galena, sphalerite, chalcopyrite, in gangue material including quartz, pyrite, and rhodochrosite. Highlights: Underground drilling encountered high-grade silver-polymetallic intercepts in the Perseguida and Meteysaca vein and adjacent vein splays, including: 1.20m at 331.67 g/t Ag, 1.74% Pb, 3.16% Zn, 0.31% Cu, and 1.34 g/t Au in the Perseguida vein, in drill hole SMR-60-22-PER, and 0.60m at 281.00 g/t Ag, 1.60% Pb, 5.00% Zn, 0.48% Cu, and 0.32 g/t Au in the Meteysaca vein, in the same hole SMR-60-22-PER; 0.50m at 302.00 g/t Ag, 1.70% Pb, 2.60% Zn, 0.17% Cu, and 1.31 g/t Au, in the Perseguida vein, in hole SMR-64-22-PER.