#Mining #Stock News: SilverCrest (TSX:
$SIL.TO; NYSE: $SILV) Announces Babicanora Area Final In-fill Drill Results For
Feasibility Study Resource Estimation; @SilverCrestMet
Vancouver, British Columbia - January 14, 2021 (Investorideas.com Newswire) SilverCrest Metals Inc. (TSX: SIL.TO; NYSE American: SILV) ("SilverCrest" or the "Company") is pleased to announce the remaining in-fill drill results which will be included in the upcoming Feasibility Study for its Las Chispas Property ("Las Chispas" or the "Property") located in Sonora, Mexico. Today's results include in-fill drilling for the Babicanora ("Babi Main"), the Babicanora Footwall ("Babi FW"), the Babicanora Hangingwall ("Babi HW") and Babicanora Sur ("Babi Sur") veins (see attached Figures). Drilling for these veins was designed to expand the known mineralized footprints, and to in-fill previously reported drilling used for resource estimation in the Technical Report and Preliminary Economic Assessment for Las Chispas ("PEA") with an effective date of May 15, 2019, and amended on July 19, 2019.
Read this in full at https://www.investorideas.com/CO/SILV/news/2021/01141Babicanora.asp
These results, along with all assay data received
by the Company up to and including the cut-off date of October 16, 2020, will
be incorporated into the Mineral Resource Estimate update and Maiden Reserve
Estimate as part of the upcoming Feasibility Study.
Maps and Figures (CNW Group/SilverCrest Metals
Inc.)
Highlights include:
·
For this news release, a total of 235 holes,
comprising 65,360 metres and 15,153 assays, have been completed at Babi Main,
Babi FW, Babi HW, and Babi Sur veins since the previous drill results were
announced (refer to the Company's News Releases dated June 27, 2019 and January
20, 2020);
·
Of the 235 holes being reported, 133, some with
multiple vein intercepts, are shown in the following table with composite
assays grading greater than 150 grams per tonne ("gpt") silver equivalent
("AgEq");
The best intercepts reported in this news release
per vein (uncut, undiluted, est. true width) are:
·
In-fill drilling reduced the average vein intercept
spacing from approximately 60 metres used for the PEA resource estimation to an
estimated 35 metres for feasibility resource estimation;
·
Results confirm the general southeast plunging
continuity of mineralization related to known geologic controls for each vein (see
attached Figures);
·
Veins are now better defined, with drilling
generally expanding footprints with some veins showing less continuous internal
mineralization than the previous interpretation in the PEA;
·
The Babi Main Vein remains the largest vein on the
Property, with expansion of high-grade mineralization for approximately 2.1
kilometres in strike length and over 200 metres in height; and
·
Five surface core drills are currently operating at
Las Chispas focused on further expansion and in-filling for the Babi Vista
Vein, Babi Vista Splay Vein, El Muerto Zone and Amethyst Vein.
Overall, in-fill drilling generally shows that
veins are somewhat narrower but higher grade, with some veins having longer
strike lengths. Denser drill spacing has better defined high-grade shoots and
zones for future exploration work in the district.
N. Eric Fier, CPG, P.Eng, and CEO, remarked,
"These Babicanora in-fill drill results show that we generally 'moved
ounces around within a confined area' for these previously defined four veins,
resulting in less continuous mineralized footprints but with higher grades,
which is typical of late-stage exploration drilling. The reduced mineralized
footprint in the Babi FW Vein will have minimal impact on total district
mineralization. With the benefit of greater drilling density and understanding
of lithologic and structural controls, we now have a higher confidence in our
ability to identify additional high-grade mineralization for all veins in the
Las Chispas district. The feasibility resource estimation will include 21 veins
(5 veins containing a majority of the high-grade mineralization) of the known
45 veins. The best opportunities for resource expansion for the upcoming
Feasibility Study are the Babi Vista Vein and Babi Vista Splay Vein, which were
both discovered after the PEA release. We look forward to the announcement of
the Las Chispas Feasibility Study later this month, which will include a
Resource update and our maiden Reserve Estimate."
The following tables summarize the most significant
drill intercepts (uncut, undiluted, greater than 500 AgEq) for this release:
Babicanora "Main" Vein
Babicanora Footwall Vein
Babicanora Hangingwall Vein
Babicanora Sur Vein
All assays were completed by ALS Chemex in
Hermosillo, Sonora, Mexico, and North Vancouver, BC, Canada, and Bureau Veritas
Inspectorate Ltd. in Hermosillo, Sonora, Mexico.
The drill results in the news release include holes
BA19-194 to BA20-391, UBR19-01 to UBR19-06 and UBD19-01 to UBD19-06. Holes
BA19-194, 196, 199, 200, 204B-208, 210-214, 217, 221-223, 225, 226, 229,
231-233, 237-240, 244, 248, 249, 252, 255, 256, 258, 260-262, 264, 267, 268,
270, 273, 275, 276, 278-281, 283, 285, 286, 289A-291, 294, 295, 298, 299, 301,
303, 305-307, 309, 312, 315, 318, 319, 321, 323, 326, 331, 335, 339, 340, 342,
345, 348, 350, 351, 355-357, 359, 360, BA20-366, 369-372A, 374, 378-385, 387,
390, 391; UBD19-01, UBD20-02 to 05, 07; UBR19-04 intersected veining but were
below the Company's cutoff grade of 150 gpt AgEq.
The Qualified Person under National Instrument
43-101 Standards of Disclosure for Mineral Projects for this news release is N.
Eric Fier, CPG, P.Eng, and CEO for SilverCrest, who has reviewed and approved
its contents.
ABOUT SILVERCREST METALS INC.
SilverCrest is a Canadian precious metals
exploration company headquartered in Vancouver, BC, that is focused on new
discoveries, value-added acquisitions and targeting production in Mexico's
historic precious metal districts. The Company's current focus is on the
high-grade, historic Las Chispas mining district in Sonora, Mexico. The Las
Chispas Project consists of 28 mineral concessions, of which the Company has
100% ownership of where all the resources are located. SilverCrest is the first
company to successfully drill-test the historic Las Chispas Property resulting
in numerous high-grade precious metal discoveries. The Company is led by a
proven management team in all aspects of the precious metal mining sector, including
taking projects through discovery, finance, on time and on budget construction,
and production.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking
statements" within the meaning of Canadian securities legislation. These
include, without limitation, statements with respect to: the strategic plans,
timing and expectations for the Company's exploration, development and
construction activities at the Las Chispas Property, including completion of
the Feasibility Study, the ability to complete further drawdowns under the
Credit Agreement, the costs and timing of construction associated with the EPC
Contract and the timing of completion of the process plant and production ramp
up. Such forward looking statements or information are based on a number of
assumptions, which may prove to be incorrect. Assumptions have been made
regarding, among other things: impact of the COVID-19 pandemic; the reliability
of mineralization estimates, he availability of additional drawdowns under the
Credit Agreement, completion of the Feasibility Study, the conditions in
general economic and financial markets; availability of skilled labour; timing
and amount of expenditures related to rehabilitation and drilling programs; and
effects of regulation by governmental agencies. The actual results could differ
materially from those anticipated in these forward-looking statements as a
result of risk factors including: uncertainty as to the impact and duration of
the COVID-19 pandemic; the timing and content of work programs; proceeding with
the EPC Contract without completion of the Feasibility Study, the availability
of funds under the Credit Agreement and otherwise, results of exploration
activities; the interpretation of drilling results and other geological data;
receipt, maintenance and security of permits and mineral property titles;
environmental and other regulatory risks; project cost overruns or
unanticipated costs and expenses; and general market and industry conditions.
Forward-looking statements are based on the expectations and opinions of the
Company's management on the date the statements are made. The assumptions used
in the preparation of such statements, although considered reasonable at the
time of preparation, may prove to be imprecise and, as such, readers are
cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date the statements were made. The Company
undertakes no obligation to update or revise any forward-looking statements
included in this news release if these beliefs, estimates and opinions or other
circumstances should change, except as otherwise required by applicable law.
N. Eric Fier, CPG, P.Eng
Chief Executive Officer
SilverCrest Metals Inc.
SOURCE SilverCrest Metals Inc.
SilverCrest
Metals Inc. (TSXV: SIL.V; NYSE: SILV) is a featured company on Investorideas.com
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