Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) has announced significant gold assay results from multiple locations at its Columbia / Gold Queen Complex in Arizona, including a peak result of 41.7 g/t gold from the newly rediscovered Steamboat Mine. The release states results are guiding the company toward production of higher-grade saleable concentrate at its Globe, Arizona mill. Investors may be watching the announcement closely given the breadth of mineralisation identified across an area of roughly 400 acres at the complex.

Key Points

  • Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) issued the update on October 8, 2026.
  • Assay results from the Steamboat Mine returned up to 41.7 g/t gold from independent laboratory analysis at Activation Laboratories.
  • In-house fire assay results from Columbia and Gold Queen samples reached up to 41.14 g/t gold; no deleterious elements were found in any assay described in the release.
  • Third-party assay results from concentrate produced at the Steamboat stockpile remain pending as of the announcement date.

Steamboat Mine Rediscovery Yields Highest Gold Values at the Complex

The company states it recently rediscovered the Steamboat Mine, a past-producing operation whose existence it was previously unaware of. Channel chip samples collected from the roof near the portal were sent to Activation Laboratories, an ISO/IEC 17025:2017-accredited independent facility in Ancaster, Ontario. Of the first eight samples received, the three highest returned gold values of 41.7 g/t, 17.1 g/t, and 19.0 g/t respectively, with accompanying silver, copper, zinc, and iron values also reported. The release notes the remaining five samples were anomalous for gold, silver, and copper.

Columbia and Gold Queen In-House Assays Support Broad Mineralisation Picture

Five samples collected from the Columbia and Gold Queen mines were processed at SBMI's in-house fire assay facility near Globe, Arizona, returning gold values ranging from 10.70 g/t to 41.14 g/t. A separate set of five samples from a stockpile likely attributable to the Steamboat Mine returned gold values between 10.29 g/t and 27.43 g/t, with one sample also showing 312.0 g/t silver. The company emphasises that all samples are random by nature and may not be representative of their location or of the complex generally, a standard caution for early-stage sampling programmes.

New Road Access and Mill Readiness Position SBMI for Concentrate Production

The company has completed a road to the Columbia Mine and is finalising a road to the Gold Queen Mine — described as the first road ever built to that site, enabling modern equipment including a 25-ton haulage truck to access the property for the first time. SBMI previously announced it had produced approximately six thousand pounds of concentrate from a Steamboat stockpile. The release states this material has shown to be suitable for processing at the Globe mill, with third-party assay results from that concentrate still pending as of the announcement date.

Qualified Person Sign-Off and QA/QC Protocol

Mr. Robert G. Komarechka, P.Geo., an independent consultant, reviewed, verified, and approved the technical content of the release as Qualified Person under TSXV and NI 43-101 requirements. The release notes the QP was not present during sample collection, which was conducted by the SBMI field crew. Independent samples were couriered to Activation Laboratories in Ancaster, Ontario. Certified standards and blanks were run by the laboratory. In-house samples were processed using the company's established fire assay procedure at its Globe facility.