SilverCrest (TSXV: $SIL.V)
Announces New Discovery at Las Chispas; Varela Veins with Multiple Results of
Greater Than 1,400 gpt AgEq
VANCOUVER, British Columbia - November 14, 2016
(Investorideas.com Newswire) SilverCrest Metals Inc. (TSXV: $SIL.V) ("SilverCrest" or the
"Company") is pleased to announce an update on the underground
rehabilitation program at its Las Chispas Property ("Las Chispas")
located in Sonora, Mexico . SilverCrest's initial focus was on the Las Chispas,
William Tell and Babicanora veins. Exploration has been expanded to include a
new, recently discovered target at the historic Varela Mine. This mine has two
near-parallel veins that are approximately 300 metres west of the William Tell
Vein.
N. Eric Fier , CPG, P.Eng, President & CEO
commented, "We continue to gain further access to historic workings and
expand our high grade footprint at Las Chispas. The latest results from the
ongoing underground rehabilitation are for the historic Varela Mine, which
includes bonanza grades of up to 40.9 grams per tonne ("gpt") gold
and 610.0 gpt silver or 3,677.5 gpt silver equivalent ("AgEq", based
on 75(Ag): 1(Au) and 100% metallurgical recovery) over 0.3 metres. Our sample
results on four levels are showing multiple grades of over 1,400 gpt AgEq. From
visual inspection, the Varela Mine has two veins (the Main Vein and the
Footwall Vein) and appears to have had less historical production than either
the Las Chispas or William Tell veins. The grades mined at Varela may have been
below an assumed historic cut-off grade of 1,000 gpt silver. SilverCrest plans
on drill testing this target during the ongoing Phase II exploration
program."
Underground Rehabilitation Update
The Company has accessed approximately 7 kilometres
of underground workings to date, with an additional 4.5 kilometres to be opened
and explored over the next several months.
As SilverCrest opens and explores the underground
workings, the Company continues to systemically collect samples at intervals of
two to three metres along strike length of veins.
The Company collected a total of 318 samples at the
Varela veins from 450 metres of underground access as reported below (see
attached Figure and Photo). Of the 318 samples tested, 129 were vein samples
and used for assay composites. The remaining samples were of hangingwall and
footwall material. Sampling locations and widths are restricted to historic
workings, which may only represent part of the mineralized vein, stockwork or
breccia. The Company plans to complete drilling at the Varela veins to determine
the location, true thickness and extent of mineralization.
The composited sample results (uncut, undiluted)
for this release for four underground levels are;
·
Level 1: average 0.53 metres wide grading 2.96 gpt
gold and 47.0 gpt silver, or 330 gpt AgEq over a continuous 6.5 metre strike
length.
·
Level 2: average 0.69 metres wide grading 1.22 gpt
gold and 114.1 gpt silver, or 205 gpt AgEq over a continuous 10 metre strike
length.
·
Level 3: average 0.88 metres wide grading 4.76 gpt
gold and 147.6 gpt silver, or 504 gpt AgEq over a continuous 10 metre strike
length.
·
Level 4: average 1.1 metres wide grading 3.13 gpt
gold and 223.6 gpt silver, or 458 gpt AgEq over a continuous 80 metre strike
length excluding 7 metres of faulting.
There appears to be an increase in vein width and
grade from the near surface Level 1 (1,160 metre elevation) to the deeper Level
4 (1,130 metre elevation).
The following table summarizes the 17 most
significant un-composited assay results (uncut, undiluted) greater than 500 gpt
AgEq from the four levels at the El Sheik historic workings of the Varela Main
Vein only;
Note: all
numbers are rounded.
*AgEq based on 75(Ag):1(Au) and 100% metallurgical recovery.
** The underground sample width of mineralization may not be indicative of the true width of mineralization. Sampling widths are constrained by access to open faces. Drilling may suggest wider mineralized zones.
*AgEq based on 75(Ag):1(Au) and 100% metallurgical recovery.
** The underground sample width of mineralization may not be indicative of the true width of mineralization. Sampling widths are constrained by access to open faces. Drilling may suggest wider mineralized zones.
All assays were completed by ALS Chemex in
Hermosillo, Mexico , and North Vancouver, BC.
The Varela veins are a low to intermediate
sulphidation epithermal system immediately adjacent and near parallel to the
Las Chispas and William Tell veins. The Varela veins consist of mineralized
veining, stockwork or breccia. Similar to the Las Chispas Vein, the Varela
veins are exposed at surface with numerous historic underground workings.
The Company intends to continue with the
underground rehabilitation program on the property and reporting results for at
least the remainder of 2016.
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. For more information on Las Chispas and recent
channel sampling results and drill results, please refer to our website
at www.silvercrestmetals.com.
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 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 through discovery, finance, on time and on budget construction,
and production with subsequent increased value to shareholders.
N. Eric Fier, CPG, P.Eng.
CEO and President
SilverCrest Metals Inc.
CEO and President
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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