#Mining Stock News: #SilverCrest
(TSXV: $SIL.V; NYSE: $SILV) Expands Las Chispas Resource: Indicated Resource:
1.0 Million Tonnes 1,234 gpt AgEq for 39.8 Million Oz AgEq, Inferred Resource:
3.6 Million Tonnes 581 gpt AgEq for 68.1 Million Oz AgEq
Vancouver, British Columbia - March 14, 2019
(Investorideas.com Newswire) SilverCrest Metals Inc. (TSXV:
SIL.V; NYSE American:
SILV) ("SilverCrest" or the
"Company") is pleased to announce an updated mineral resource
estimate for the Las Chispas Property, located in Sonora, Mexico, effective
February 8, 2019 (the "Third Mineral Resource Estimate" or "February
2019 Resources"). The infill drilling program at Las Chispas has
delineated an initial Indicated Mineral Resource estimate of 1.0 million tonnes
grading 6.98 grams per tonne ("gpt") gold (or "Au") and
710.6 gpt silver (or "Ag"), or 1,234 gpt silver equivalent
("AgEq"; based on 75 (Ag):1 (Au), defined in the table below),
containing 39.8 million ounces of AgEq. Inferred Mineral Resources are
estimated at 3.6 million tonnes grading 3.32 gpt Au and 332.5 gpt Ag, or 581
gpt AgEq, containing 68.1 million ounces of AgEq. Of the 30 known veins in the
district, ten veins were included in the updated resource estimate: Babicanora,
Babicanora Hangingwall (HW), Babicanora Footwall (FW), Babicanora Norte, Babi
Sur, Granaditas, Las Chispas, Giovanni (including La Blanquita and Giovanni
Mini), William Tell, and Luigi. For comparative purposes, please refer to the
technical reports titled "Technical Report and Mineral Resource Estimate
for the Las Chispas Property, Sonora, Mexico" effective February 12, 2018,
as amended May 9, 2018 (the "Maiden Resource Report") and
"Technical Report and Updated Mineral Resource Estimate for the Las
Chispas Property, Sonora Mexico", effective September 13, 2018 (the
"Second Resource Report").
The Third Mineral Resource Estimate is based on the
following: (1) 61 additional drill holes in the Babicanora Vein, including Area
51 zone, Babicanora HW and Babicanora FW, (2) infill drilling of Babicanora
Vein including Area 51, (3) reporting separately the Babicanora FW and
Babicanora HW veins from the Babicanora Vein, (4) discovery of the Babi Sur
Vein with 39 drill holes, (5) expansion of the Babicanora Norte Vein with 18
additional holes, and 6) a change to a minimum vein width (true) of 0.5 metres,
down from 1.5 metres, which has increased the grade primarily in the Babicanora
Norte Vein with an estimated true width of 0.85 metres, which will be diluted
when applying mining parameters as part of the upcoming Preliminary Economic
Assessment ("PEA").
N. Eric Fier, CPG, P.Eng and CEO, remarked,
"Less than three years ago we first started drilling the Las Chispas
Property and we are now announcing our third resource estimate, including our
first Indicated Resource Estimate. We are particularly excited about the
high-grade resources delineated at the Babicanora (including HW), Babicanora FW
and Babicanora Norte Veins. These three adjacent veins cumulatively host
Indicated Resources of 1.0 Million tonnes grading 1,234 gpt AgEq (39.8 million
ounces of AgEq). These high-grade resources are near surface and conceptually
can be developed using the same underground infrastructure, which may be a key
driver of the economics for the project.
This Third Mineral Resource Estimate will be used
to finalize the ongoing PEA planned for release in Q2, 2019. The Company will
continue exploration with seven core drills focused on infill drilling to
upgrade additional inferred resources into the indicated category and five core
drills testing up to five new vein prospects in H1, 2019. SilverCrest continues
to move forward on two paths; 1) work on critical studies to de-risk the
project in order to make a construction decision by H1, 2020, and 2) continue
to build value with the highly successful exploration program to test the other
20 veins on the property to potentially expand the resource base."
Notes: All
numbers are rounded(1) Conforms to NI 43-101, Companion Policy 43-101CP, and
the Canadian Institution of Mining, Metallurgy and Petroleum ("CIM")
Definition Standards on Mineral Resources and Mineral Reserves. Inferred
Resources have been estimated from geological evidence and limited sampling and
must be treated with a lower level of confidence than Measured and Indicated
Resources.
(2) AgEq based on 75 (Ag):1 (Au), calculated using long-term silver and gold prices of U.S.$17 per ounce silver and U.S.$1,225 per ounce gold with average metallurgical recoveries of 90% silver and 95% gold.
(3) Bulk density has been applied to all materials as 2.55 tonnes per cubic metres.
(4) Vein resource is reported using a 150 gpt AgEq cut-off grade and minimum 0.5 m true width, Babicanora Norte, Babicanora Sur, Babicanora FW and Babicanora HW veins have been modelled to a minimum undiluted thickness of 0.5 m, Babicanora Main has been modelled to a minimum undiluted thickness of 1.5m, and surface stockpile (historic dumps) resource is reported using a 100 gpt AgEq cut-off.
(5) Babicanora Area includes the Babicanora, Babicanora Footwall, Babicanora Hangingwall, Babicanora Norte, Babi Sur and Granaditas veins.
(6) Las Chispas Area includes the Las Chispas, Giovanni (including La Blanquita), William Tell, Luigi, Giovanni Mini Veins and Historical Dumps. Inferred Resources for the Las Chispas Area remains unchanged from September 2018.
(7) There are no known legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources.
(2) AgEq based on 75 (Ag):1 (Au), calculated using long-term silver and gold prices of U.S.$17 per ounce silver and U.S.$1,225 per ounce gold with average metallurgical recoveries of 90% silver and 95% gold.
(3) Bulk density has been applied to all materials as 2.55 tonnes per cubic metres.
(4) Vein resource is reported using a 150 gpt AgEq cut-off grade and minimum 0.5 m true width, Babicanora Norte, Babicanora Sur, Babicanora FW and Babicanora HW veins have been modelled to a minimum undiluted thickness of 0.5 m, Babicanora Main has been modelled to a minimum undiluted thickness of 1.5m, and surface stockpile (historic dumps) resource is reported using a 100 gpt AgEq cut-off.
(5) Babicanora Area includes the Babicanora, Babicanora Footwall, Babicanora Hangingwall, Babicanora Norte, Babi Sur and Granaditas veins.
(6) Las Chispas Area includes the Las Chispas, Giovanni (including La Blanquita), William Tell, Luigi, Giovanni Mini Veins and Historical Dumps. Inferred Resources for the Las Chispas Area remains unchanged from September 2018.
(7) There are no known legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources.
Notes: All numbers are rounded(1)
Conforms to NI 43-101, Companion Policy 43-101CP, and the Canadian Institution
of Mining, Metallurgy and Petroleum ("CIM") Definition Standards on
Mineral Resources and Mineral Reserves. Inferred Resources have been estimated
from geological evidence and limited sampling and must be treated with a lower
level of confidence than Measured and Indicated Resources.
(2) AgEq based on 75 (Ag):1 (Au), calculated using long-term silver and gold prices of U.S.$17 per ounce silver and U.S.$1,225 per ounce gold with average metallurgical recoveries of 90% silver and 95% gold.
(3) Bulk density has been applied to all materials as 2.55 tonnes per cubic metres.
(4) Vein resource is reported using a 150 gpt AgEq cut-off grade and minimum 0.5 m true width, and Babicanora Norte, Babicanora Sur, Babicanora FW and Babicanora HW veins have been modelled to a minimum undiluted thickness of 0.5m, Babicanora Main has been modelled to a minimum undiluted thickness of 1.5m.
(5) Shoot 51 (zone) is located within the Babicanora Vein.
(6) There are no known legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources.
(2) AgEq based on 75 (Ag):1 (Au), calculated using long-term silver and gold prices of U.S.$17 per ounce silver and U.S.$1,225 per ounce gold with average metallurgical recoveries of 90% silver and 95% gold.
(3) Bulk density has been applied to all materials as 2.55 tonnes per cubic metres.
(4) Vein resource is reported using a 150 gpt AgEq cut-off grade and minimum 0.5 m true width, and Babicanora Norte, Babicanora Sur, Babicanora FW and Babicanora HW veins have been modelled to a minimum undiluted thickness of 0.5m, Babicanora Main has been modelled to a minimum undiluted thickness of 1.5m.
(5) Shoot 51 (zone) is located within the Babicanora Vein.
(6) There are no known legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources.
Please refer to "Technical Report and Updated
Mineral Resource Estimate for the Las Chispas Property, Sonora Mexico",
effective September 13, 2018, for detailed information on the Las Chispas Area
veins.
The mineral resource estimate is based on the
Company's phase I, II, and III exploration programs from March 2016 to February
8, 2019 and is classified as an Indicated and Inferred Mineral Resource. The
effective date for the Third Mineral Resource Estimate is February 8, 2019.
Depending on the vein, drill sections were spaced 25 to 75 metres along strike,
with intercepts on each section at 25 to 50 metres apart down dip. The most
significant component of the data, collected and validated by SilverCrest
between September 14, 2018 and February 8, 2019, are results from an additional
136 drill holes (35,035 metres). Since the startup of the Phase I exploration
program in March 2016, a total of 440 drill holes (117,198 metres), 8,984
(7,212 metres) underground channel samples, and 2,895 dump samples have been
completed and analyzed, which comprise the database up to February 8, 2019. A
majority of the resource is in unmined areas with only the Las Chispas and
William Tell veins being partially mined out and voids (stopes) being accounted
for in the resource estimation. This release uses the previously announced
resource estimation for the Las Chispas Area veins as noted in the table above.
Details of the drill assays, surface and underground sampling results can be
found in various press releases from March 2, 2016 to February 25, 2019, and
available on the Company's website. The resource remains open in several
directions depending on which vein is considered. A Technical Report prepared
in accordance with National Instrument 43-101 - Standards of Disclosure for
Mineral Projects ("NI 43-101") will be filed on SEDAR at
www.sedar.com within 45 days.
The Third Mineral Resource Estimate is based on the
following key assumptions. A specific gravity of 2.55 was used based on test
work. Veins were modelled to capture mineralization grade of 150 gpt AgEq or
greater. For the veins in the Babicanora Area (78% of the updated resource
ounces), a minimum of 0.5 metres true width from drill hole intercepts was used
to create vein shapes for modeling. For the Las Chispas Area, the true widths
are variable (1 to 5 metres) for creating vein shapes for modeling as presented
and estimated in the September 2018 updated resource. Grade capping (top cut)
of silver and gold grades are at 96.78 to 99.6 percentile depending on the vein
and mineral domain. Specifically, Area 51, as part of the Babicanora Vein has a
top cut at the 98 percentile with a cap of 9,740 gpt for silver and a cap of
102.2 gpt for gold. Raw data was composited to 0.5 metres for all veins. A 2
metre by 2 metre by 2 metre block size was used for interpolation based on
geological constraints and potential future mining method. Resource volumes
have been constrained by the vein models. Variography, ordinary kriging and
inverse distance squared (ID2) were used to create both silver and gold block
models. Block models were classified into Inferred and Indicated Resources
according to appropriate criteria based on geologic constraints, sample sets,
and search radii.
The Third Mineral Resource Estimate is focused on
an estimated 8.0 kilometres of approximately 20 known kilometres of cumulative
vein strike length in the district. As planned, the Company will continue the
Phase III drilling up to the end of 2019, which will focus on expansion and
infill drill holes. Drilling priorities over the next nine months are: (1)
continued infill drilling the Babicanora, Babicanora FW and Babicanora Norte
Veins for resource re-categorization for upcoming preliminary feasibility study
("PFS"), (2) initiate definition drilling on the Unnamed and La
Victoria veins in the Babicanora Area, (3) initiate definition drilling on the
several new veins and veins to depth in the Las Chispas Area, and (4) initiate
definition drilling for the Chiltepin veins northeast of the Las Chispas Area.
The Company intends to provide another updated resource estimate, with resource
re-categorization, and deliver a PFS in Q1, 2020. There is no certainty that
Inferred Mineral Resources will be converted to the Measured and Indicated
categories through further drilling.
Qualified Assurance Program and Quality Control
Measures ("QA/QC")
SilverCrest has implemented QA/QC protocols
including the insertion of duplicate, blank and standard samples in all drill
holes and underground sampling. The samples were submitted directly to the ALS
Chemex in Hermosillo, Mexico, and North Vancouver, BC, Canada, for preparation
and analysis. P. James F. Barr, P. Geo., Senior Geologist and independent
Qualified Person, most recently visited the Las Chispas Property on October 16,
2018, and between February 10 and 11, 2019. Core was reviewed and independent
verification samples were collected and will be reported in the Technical
Report. Independent Qualified Person believes that all QA/QC work completed
from February 2018 to February 2019 has been done to adequate standards.
Qualified Person
The Mineral Resources for the Las Chispas Property
disclosed in this news release have been estimated by P. James F. Barr, P.
Geo., Senior Geologist and Team Lead - Geology for Tetra Tech, Inc. and
independent of SilverCrest. Mr. Barr is a Qualified Person under NI 43-101. The
Mineral Resources have been classified in accordance with CIM Definition
Standards for Mineral Resources and Mineral Reserves, adopted by CIM council,
as amended. Mr. Barr has read and approved the contents of this press release
as it pertains to the disclosed mineral resource estimate.
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. SilverCrest is the
first company to successfully drill-test the historic Las Chispas Project
resulting in numerous 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. Such
forward‐looking statements concern the
intended use of proceeds and the scheduled closing date for the Offering. 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 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
Chief Executive Officer
SilverCrest Metals Inc.
Chief Executive Officer
SilverCrest Metals Inc.
For Further Information:
SilverCrest Metals Inc.
Contact: Fred Cooper, Investor Relations
Telephone:+1 (604) 694-1730
Fax:+1 (604) 357-1313
Toll Free:1-866-691-1730 (Canada & USA)
Email: info@silvercrestmetals.com
Website: www.silvercrestmetals.com
570 Granville Street, Suite 501
Vancouver, British Columbia V6C 3P1
Fax:+1 (604) 357-1313
Toll Free:1-866-691-1730 (Canada & USA)
Email: info@silvercrestmetals.com
Website: www.silvercrestmetals.com
570 Granville Street, Suite 501
Vancouver, British Columbia V6C 3P1
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