SilverCrest (TSXV: $SIL.V) Announces Additional High Grade Underground Results At Las Chispas; Commencement of Surface Drilling Program
Vancouver - April 28, 2016 (Investorideas.com
Newswire) SilverCrest Metals Inc. (TSXV: $SIL.V) ("SilverCrest" or the "Company") is pleased to
announce additional results from the underground channel sampling program and
the commencement of a surface drilling program at its Las Chispas Project
("Las Chispas") located in Sonora, Mexico , as previously announced
on March 2, 2016. Las Chispas is in a prolific mining area with nearby precious
metal producers. Historical reports indicate the presence of 14 veins in the
district of which only three (Las Chispas, William Tell and Babicanora) have
been previously mined extensively in the early 1900s, but none of which appear
to have been drilled.
N. Eric Fier, CPG, P.Eng, President & CEO
stated, "We continue to systematically complete our planned underground
rehabilitation program at Las Chispas to evaluate areas of known high grade
silver-gold mineralization. To date, we have accessed two kilometres of the
estimated six kilometres of underground workings. Our first detailed
underground channel sampling, as reported below, indicates continuous high
grade areas that are easily accessible for potential future mining. In late
March, we also commenced a surface drilling program to test extensions of known
mineralized veins for potential new discoveries. For the next three months, we
will be focusing on continually accessing historical underground workings to
assess further high grade continuous mineralization."
Underground Rehabilitation Update
In an effort to start confirming continuity of
underground high grade potential at Las Chispas, 36 continuous channel samples
were collected at intervals about every 2.1 metres across the width of the vein
for approximately 75 metres. This location at the William Tell Vein is easily
accessible. Based on historic information, this vein has an estimated 1
kilometre strike length, can be projected to a depth of 300 metres, and has an
average width of 1.5 metres. Sample results averaged 1.1 metres of 2.4 gpt gold
and 174.9 gpt silver, or 358.1 gpt silver equivalent* (uncut, undiluted) over a
75 metre strike length. The following table summarizes the 17 most significant
results of the 36 samples collected;
William Tell Vein
*AgEq based on 75:1 Au:Ag
All assays were completed by ALS Chemex in
Hermosillo, Mexico and North Vancouver, BC.
The initial geochemical signature at Las Chispas is
Ag-Au-Sb-Ba-Mn-Ca indicating a low to intermediate sulphidation epithermal
system. Initial geochemical test results suggest that the veins at Las Chispas
may be similar to both nearby producing Santa Elena and Mercedes deposits.
Surface Drilling Update
Concurrent with the underground rehabilitation, a
surface drilling program of approximately 3,000 metres commenced in late March.
To date, six holes have been completed for a total of 1,500 metres. This
initial drill program is designed to test known mineralization, extensions of
mineralization and the potential for new discoveries. All holes have
intersected quartz stockwork and veining that are currently being logged and
sampled. Upon receipt of assays, the results will be announced and integrated
with the underground information.
The Company has applied for a MIA (Environmental
Impact Statement) for an underground drilling program of 2,000 metres to test
potential near-surface resource areas and deeper extensional targets of below
the historical workings. Minimal underground work is required to begin
underground drilling. Depending on permitting, this program is expected to
start in the second half of 2016. This permit also includes the extraction of a
100,000-tonne bulk sample for testing and processing off site.
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 President and CEO for SilverCrest, who has reviewed
and approved its contents.
About SilverCrest Metals Inc. (TSXV: SIL.V; OTC: SVCMF)
SilverCrest Metals Inc. 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 is led by a proven management
team in all aspects of the precious metal mining sector, including the
pioneering of a responsible "phased approach" business model taking
projects from discovery, finance, on time and on budget construction, and
production with subsequent increased value to shareholders.
FORWARD-LOOKING
STATEMENTS
This
news release contains "forward-looking statements" within the meaning
of Canadian securities legislation. Such forward‑looking statements concern the
exploration, rehabilitation and drilling plans of the Las Chispas Project. 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: 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: the
timing and content of work programs; 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
President & CEO
SilverCrest Metals Inc.
President & CEO
SilverCrest Metals Inc.
Neither
TSX Venture Exchange nor its Regulation Services Provider (as defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.
SOURCE
SilverCrest Metals Inc.
Contact:
SilverCrest
Metals Inc.
Fred
Cooper, Investor Relations
Telephone:
+1 (604) 694-1730
Fax: +1 (604) 694-1761
Toll Free: 1-866-691-1730 (Canada & USA)
Fax: +1 (604) 694-1761
Toll Free: 1-866-691-1730 (Canada & USA)
570
Granville Street, Suite 501, Vancouver, British Columbia V6C 3P1
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