Three Mines, One Mill, and No 43-101: The Silver Bullet Approach

Defying convention has become a hallmark of Silver Bullet Mines Corp. (TSXV: SBMI | OTCQB: SBMCF), and few embody that approach more directly than its Director and VP of Capital Markets, Peter Clausi. “We agreed back in 2020 we were not going to get a 43-101 resource estimate,” he recalled in a recent interview with InvestorNews host Tracy Hughes. “People told us you won’t be able to raise any money. And yet here we are, $20 million later.” That refusal to follow industry orthodoxy has positioned the company as a contrarian operator in the crowded junior mining sector, while simultaneously advancing multiple projects across Idaho and Arizona. Founded with a name that harkens back to the 1870s discovery of native silver in Arizona’s Richmond Basin, Silver Bullet is building its future by pursuing silver, gold, and copper opportunities in three mining jurisdictions at once.Nowhere is that strategy more visible than at the Washington Mine in Idaho, where Silver Bullet has entered Phase Two of its development program. Clausi explained that the company has a contract miner on site extracting roughly 50 tons per day of mineralized material, but the central question remains: where to process it. “Do you stockpile it at site and build your own mill? Do you put it in a truck and run it to a local mill? Or even do you run it down to our mill in Arizona?” he asked. “Putting it into a mill is like saying, ‘Hey, let’s build a house.’ It’s a sentence that sounds really simple, but a lot goes into it.” A recent proposal from a local mill is under evaluation, even as the company considers installing its own modular mill at the site. According to the company’s September 24, 2025, news release, the results from Phase One exploration, including the reopening of historic adits and identification of gold- and silver-bearing veins, point to “significant potential not only for near-term processing but also to support the development of a NI43-101 compliant resource.”While Idaho advances, the King Tut Mine in Arizona has delivered an unexpected twist: gold. “Maybe you should call it ‘Golden Bullet,’” Clausi joked. The company acquired the King Tut Mine under extraordinary terms—no shares, no royalties, no NSR or GOR, and only a small cash payment—largely because there was no surviving documentation. Instead, Silver Bullet relied on the memories of two employees who had worked there in the 1980s. “Nobody else in the world would take a gamble on this. We did. We trust these two people,” Clausi said. That gamble produced remarkable results: a 50-ton bulk sample from waste rock ran as high as 38 ounces of gold per ton at the company’s mill, while independent assays from ISO-accredited Activation Laboratories returned results of 23.6 ounces of gold per ton and 28 ounces of silver per ton. As CEO John Carter put it in the September 18 news release, “The results are absolutely incredible.”The company’s Super Champ project in Arizona is also entering a critical stage, with a buyer already lined up for its concentrate. But progress depends on third-party assay labs that are struggling under a global backlog. “Gold’s at $3,700 an ounce,” Clausi noted, “so everybody who has a gold project is dusting off their old samples, running into the field to get another sample, throwing it into the labs, and the labs are seriously backlogged.” Asked whether his industry connections could expedite results, he dismissed the idea: “At some point you become a bully, and I never want to be a bully or a bad neighbor.”