In this InvestorIntel interview, host Tracy Weslosky talks to Silver Bullet Mines Corp.’s (TSXV: SBMI | OTCQB: SBMCF) VP Capital Markets and Director Peter Clausi about the surprise discovery of significant quantities of palladium and gold in the mineralized material from its Buckeye Silver Mine in Arizona.
“We found gold, palladium, and rhodium in our silver vein as we’re processing the silver,” Peter tells Tracy.”What happened was we were trying to pour doré bars” he continues. “We could not get the silver to smelt correctly from this new part of the vein. The field team thought it was because there was a metal included that needed to be smelted at a higher temperature, and it turns out they were right – that’s the palladium.” That is what caused the silver doré bars “to be so ugly,” he says.
Peter points out that there’s only one palladium mine in the U.S., and palladium is currently at about $2,200 US/oz. “This is a wonderful win for the shareholders… If the silver was economic for us at $16 an ounce, imagine what it looks like with gold, rhodium and palladium.”
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About Silver Bullet Mines Corp.
Silver Bullet Mines Corp. is a silver and copper exploration and development company with projects in the western USA. Their flagship project is the Black Diamond, close to 5,000 acres in the Miami-Globe copper camp and centered on the Richmond Basin. The basin is the site of the original 1870s native silver discoveries that brought prospectors to the now significant Globe copper camp. The story goes that a scouting party was fired upon by Apache Indians using bullets made of hammered native silver. Thus inspiring the company name – Silver Bullet Mines. The Richmond Basin is the location of several historic high grade silver-copper mines including: McMorris, La Plata, Helena, Silver Sevens, Buckeye and numerous associated prospects. Little work or extraction came from this area since the early 20th century as the camp focused on big copper mines. But these mine anchor this section of what is called the Arizona Silver Belt that extends from the famous Silver King near Superior, AZ and parallels the trend of the major copper deposits including the Magma mine. They believe the high grade silver is still there waiting for discovery.
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