Silver Bullet Mines Corp. Commences Processing Operations at Columbia / Gold Queen
Silver Bullet Mines Corp. (SBMI) has shifted its primary processing focus to the Columbia/Gold Queen Complex in Arizona to meet tonnage commitments for Ocean Partners USA Inc., having successfully shipped the first loads of mineralized material from this complex to its mill. The company announced a convertible debenture financing of $670,000 to fund further development of the Columbia/Gold Queen Complex and general working capital, including the issuance of 6.7 million warrants. Exploration efforts on the new access road intercepted four additional high-grade gold zones, with initial internal assays showing high gold, silver, copper, and iron values, though comprehensive results are pending.
The Company elected to process material from the Columbia/Gold Queen Complex rather than the King Tut Mine to fulfill a commitment to ship up to 36,000 tons of product per annum to Ocean Partners USA Inc. Approximately 80 tons of mineralized material from the Columbia Mine are currently at the mill for processing into concentrate; initial processing aims to optimize recovery. A local road was built connecting the Columbia Mine to a highway leading to the mill in Globe, Arizona. Construction is underway to link this road to the Gold Queen Mine. Permitting is complete, though governmental and weather delays were experienced.
Exploration updates indicate that four potential high-grade gold zones were intercepted during road construction. Initial internal assays indicate high-grade gold, silver, copper, and iron values. The Steamboat Mine (part of the complex) revealed historical artifacts and old workings, suggesting past high-grade direct-shipping activity. The geological team believes a limestone cap may encapsulate mineralization, creating potential for multiple high-grade zones.
The financing terms include a convertible debenture with an amount of $670,000.00. The instrument includes 6,700,000 warrants. The conversion price is $0.12 per share, and the warrant exercise price is $0.16 per share. The term is three years, with an interest rate of 12% per year, payable in arrears in cash or shares at the Company's option. Closing is subject to regulatory approval; the company is relying on exemptions from Multilateral Instrument 61-101 for the related-party portion.
In administrative action, the company issued 114,815 common shares at $0.125 on July 24, 2026, pursuant to a consultant agreement dated December 1, 2023.
"The Company is very pleased to announce it has shipped the first loads of mineralized material from the Columbia / Gold Queen Complex over the road to its mill for processing," the company stated. "The Company is excited to reach this next step in the development of the Complex and believes it has an incredible opportunity to make significant gold/silver/copper concentrate and dore bars."