SilverCrest (TSXV: $SIL.V)
Reports More High Grade Underground Sampling Results at Las Chispas; Update on
Phase II Drill Program
VANCOUVER - January 18, 2017 (Investorideas.com
Newswire) SilverCrest Metals Inc. (TSXV: $SIL.V) is pleased to provide an update on the underground rehabilitation and
drill programs at its Las Chispas Property ("Las Chispas") located in
Sonora, Mexico, and report on additional high grade underground sampling
results on the 550 level of the Las Chispas Vein.
N. Eric Fier, CPG, P.Eng, President & CEO,
commented, "During Q4 2016, SilverCrest gained access to a majority of the
historic workings on the Las Chispas Vein. This work was critical to further
understand the continuity, widths and opportunities for intact high grade
silver-gold mineralization. Initial sampling of a historic high grade area on
the 550 level shows grades of up to 13.35 grams per tonne ("gpt") gold
and 1,720 gpt silver or 2,721 gpt silver equivalent ("AgEq"; ratio 75
Ag : 1 Au and 100% metallurgical recovery) over 0.6 metres. Concurrently with
the underground rehabilitation program, Phase II surface and underground
drilling programs are underway with 12 core holes completed to date totalling
approximately 2,400 metres. All 12 holes have intersected stockwork, veining
and/or breccia. Drill results should be available for release in
late-February."
Underground Rehabilitation Update
To date, the Company has accessed approximately 9
kilometres of underground workings, with an additional 2.5 kilometres to be
explored over the next several months. As SilverCrest rehabilitates the
underground workings, the Company continues to systemically collect samples at
intervals of two to three metres along strike lengths of veins. The Company
collected a total of 72 samples on the Las Chispas 550 level from 120 metres of
underground access as reported below (see attached Figure and Photo). Of the 72
samples tested, 43 were mineralized samples with 19 used for true thickness
assay composites stated below. 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 has previously drilled three holes in this area,
intercepting high grade mineralization with true thicknesses from 1.0 to 7.2
metres. Further surface and underground drilling is planned as part of the
Phase II program.
Weighted average composites from 19 samples showing
true mineralized thicknesses on the 550 level are as follows:
·
2.6 metres grading 1.17 gpt Au and 242 gpt Ag or
330 gpt AgEq.
·
6.5 metres grading 4.36 gpt Au and 604 gpt Ag or
931 gpt AgEq (see attached photo).
·
3.0 metres grading 3.78 gpt Au and 507 gpt Ag or
790 gpt AgEq.
A weighted average composite for all 43 mineralized
samples shows an approximate strike length of 32 metres averaging 3 metres in
width and grading 2.73 gpt Au and 384 gpt Ag or 589 gpt AgEq (see Figure).
Select high grade samples range from 0.76 gpt Au and 310 gpt Ag or 367 gpt AgEq
to 13.35 gpt Au and 1,720 gpt Ag or 2,721 gpt AgEq (see below table).
The following table summarizes the 14 most significant
un-composited assay results (uncut, undiluted) from the Las Chispas Vein 550
level:
All assays were completed by ALS Chemex in
Hermosillo, Mexico, and North Vancouver, BC.
Phase II Drill Program Update
SilverCrest's current underground and surface drill
programs are focused on four of the 19 veins identified at Las Chispas; the Las
Chispas, William Tell, Babicanora and Varela veins. To date, the Company has
drilled 12 holes for a total of 2,400 metres in the Phase II program. Surface
drilling at the northern extension of the Las Chispas and William Tell veins is
ongoing to further expand and grid drill for resource estimation. Underground
drilling of three holes at the Babicanora Vein has been completed. All holes
have intercepted quartz stockwork, quartz veining and shear zone. Assays are
pending and will be released after compilation and consideration.
For more information on Las Chispas, including
recent underground sampling and drill results, please refer to our website
at www.silvercrestmetals.com.
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, President 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 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.
FORWARD-LOOKING STATEMENTS
This news release contains
"forward-looking statements" within the meaning of Canadian
securities legislation. Such forward looking statements concern the net
proceeds from the Offering and the intended use of proceeds. 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: conditions in general economic and financial markets; timing and amount
of capital expenditures; 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 the risk factors including: the availability
of funds; the timing and content of work programs; results of exploration
activities of mineral properties; the interpretation of drilling results and
other geological data; 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.
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)
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