#Mining Stock News: #SilverCrest (TSXV: $SIL.TO; NYSE: $SILV) Announces
Las Chispas Vein Extensions to Depth and New Vein Discovery:
- 1.6 Metres at 2,098 gpt AgEq
- 1.2 Metres at 1,584 gpt AgEq
- 2.5 Metres at 995 gpt AgEq
Vancouver, British Columbia - October 9, 2019
(Investorideas.com Newswire) SilverCrest Metals Inc. (TSX: SIL.TO; NYSE American:
SILV) ("SilverCrest" or the
"Company") is pleased to announce expansion drill results for three
veins (Giovanni, La Blanquita and Las Chispas) and the discovery of a new vein,
La Blanquita Dos, in the Las Chispas Area of the Las Chispas Project ("Las
Chispas") located in the state of Sonora, Mexico. The drilling announced
today has expanded the high-grade footprints of several veins in the Las
Chispas Area (see attached Figures). These multi-vein results show deeper
mineralization which could expand the current resource estimate. The 31
expansion drill holes released today are in addition to the 105 drill holes in
the Las Chispas Area previously announced and used in the technical report
titled "Technical Report and Preliminary Economic Assessment for the Las
Chispas Property, Sonora, Mexico", dated effective May 15, 2019, as
amended July 19, 2019 (the "PEA"). The PEA is available on SEDAR (
www.sedar.com) and on the Company's website (www.silvercrestmetals.com).
Read this in full at
N. Eric Fier, CPG, P.Eng, and CEO, remarked,
"While the veins in the Las Chispas Area are usually overshadowed by the
exceptional high-grades of the Babicanora Area veins, these results have
established the potential to expand and improve the average grade of the
resources for the Las Chispas Area veins. New drill results from deeper
intercepts in the Giovanni Vein are particularly impressive with an average
grade of 1,084 gpt AgEq or over three times the average grade of 349 gpt AgEq
used in the current Giovanni resource estimate. Drilling completed since the
February 2019 resource estimate suggests that these high-grade veins extend to
depth, down plunge and are open for further expansion. With the Babicanora Area
in-fill drilling nearing completion, and based on success of expansion drilling
in the Las Chispas Area, we will be re-allocating three drills for an
additional 8,000 metres of drilling in Q4, 2019. With further success, the
deeper multi-vein mineralization in the Las Chispas Area may develop into a new
higher-grade source of potential production later in the mine life. With
continued exploration success and over 100 drill holes in the lab being
assayed, the Company looks forward to providing further updates in the coming
months."
Since the Giovanni, La Blanquita and Las Chispas
veins are near parallel and closely-spaced at approximately 20 to 100 metres
apart, drilling of the veins can be intercepted in the same drill hole (see
attached Figures) allowing for greater efficiency with repeated hole numbers in
the table below.
The most significant result for this release is
Hole LC19-111 (Giovanni Vein), which intersected 1.6 metres (estimated true
width) grading 8.99 grams per tonne ("gpt") gold (or "Au")
and 1,424.0 gpt silver (or "Ag"), or 2,098 gpt silver equivalent (or
"AgEq", based on assumptions defined in table below). Also noteworthy
are holes LC19-107 (Las Chispas Vein) at 1.2 metres grading 7.72 gpt Au and
1,005.0 gpt Ag, or 1,584 gpt AgEq and LC19-101 (Giovanni Vein) at 2.5 metres
grading 4.17 gpt Au and 642.0 gpt Ag, or 955 gpt AgEq. The following table
summarizes the most significant drill intercepts (uncut, undiluted) for this
release;
Giovanni
Vein:
Las
Chispas Vein:
La
Blanquita Vein:
La
Blanquita Dos Vein:
Note:
All numbers are rounded. Based on a cutoff grade of 150 gpt AgEq.
* AgEq based on 75 (Ag):1 (Au)
calculated using long-term silver and gold prices of US$17 per ounce silver and
US$1,225 per ounce gold, with average metallurgical recoveries of 90% silver
and 95% gold.
All assays were completed by ALS Chemex in
Hermosillo, Mexico, and North Vancouver, BC, Canada.
Holes LC19-78 to 84, 86, 88, 90, 92, 93, 95, 97,
and 102 to 104 intersected veining but were below the Company's cutoff grade of
150 gpt AgEq. Holes LC19-109 and 110 have pending assays which will be reported
when compiled.
The Giovanni Vein inclusive of the La Blanquita
Vein, as defined in the PEA, includes an estimated 71 drill holes with a
modeled average vein true width of 2.0 metres and cut grade of 1.47 gpt Au and
239 gpt Ag, or 349 gpt AgEq over a semi-continuous mineralized length of 700
metres by 200 metres high for Giovanni and 200 meters by 100 metres for La
Blanquita (see attached Figures). The seven additional drill holes announced in
this release for the Giovanni Vein have a weighted average true width of 1.2
metres grading 4.78 gpt Au and 726.3 gpt Ag, or 1,084 gpt AgEq (uncut). These
holes have increased the mineralized footprint of the Giovanni Vein by
approximately 200 metres in length.
Previously, the La Blanquita Vein was considered to
be an extension of the Giovanni Vein, but further drilling shows that these
veins are independent of each other. The six additional drill holes announced
in this release for the La Blanquita Vein have a weighted average true width of
0.8 metres grading 3.75 gpt Au and 245.5 gpt Ag, or 527 gpt AgEq (uncut) which
is similar to the PEA resource estimate. These holes have increased the
mineralized footprint of the La Blanquita Vein by approximately 100 metres in
length.
The Las Chispas Vein, as defined in the PEA, has
estimated 61 drill holes with a modeled average vein width (true) of 2.1 metres
and cut grade of 2.39 gpt Au and 340.0 gpt Ag, or 520 gpt AgEq. The five
additional drill holes announced in this release for the Las Chispas Vein have
a weighted average true width of 0.8 metres grading 3.90 gpt Au and 505.8 gpt
Ag, or 798 gpt AgEq (uncut). These holes show high-grade mineralization down
plunge from historic workings with an increased mineralized footprint of
approximately 150 metres in length.
While these new drill results for the Las Chispas
Area veins suggest narrower overall widths, they also indicate higher-grade
mineralization when compared with the current resource estimate for these
veins. Epithermal veins typically show variable vein widths both horizontally
and vertically.
Drilling of Giovanni, Las Chispas and La Blanquita
veins in the Las Chispas Area has established vein continuity to depth, with
down plunge interception of high-grade mineralization open to further
expansion. Multi-vein in-fill drilling may connect current isolated mineralized
zones which could potentially decrease conceptual development costs associated
with infrastructure and result in previously stranded resources being included
in the ongoing feasibility work (see PEA; Opportunities, Section 24.1).
The La Blanquita Dos Vein is a new near-surface
discovery located in the hanging wall of the La Blanquita Vein. This vein is
approximately 50 metres from La Blanquita and was discovered while drilling to
depth for the Giovanni Vein and the Las Chispas Vein.
Several
unnamed veins were intersected while drilling other Las Chispas Area veins with
the following intercepts;
- Hole LC19-85 - 0.6m grading 1.07 gpt Au and 97.0 gpt Ag, or 177 gpt
AgEq;
- Hole LC19-94 - 0.9m grading 1.82 gpt Au and 370.0 gpt Ag, or 370
gpt AgEq;
- Hole LC19-96 - 0.5m grading 5.11 gpt Au and 0.7 gpt Ag, or 384 gpt
AgEq;
- Hole LC19-105 - 0.8m grading 1.00 gpt Au and 166.0 gpt Ag, or 241
gpt AgEq; and from the same drill hole,
- Hole LC19-105 - 1.9m grading 0.87 gpt Au and 141.2 gpt Ag, or 206
gpt AgEq.
These unnamed vein intercepts add to the potential
for further discoveries, and drills will be assigned to this area after
completion of in-fill drilling of Babicanora veins for resource conversion.
There are currently 18 core drills operating at Las
Chispas; 16 surface and 2 underground. This includes one rig completing process
plant site condemnation, 16 rigs completing in-fill and known vein expansion
holes in the Babicanora Area veins, and one rig working on new vein targets in
the Las Chispas Area with two more to be re-allocated after in-fill drilling
completion. Approximately 80 holes for 30,000 metres remain to be completed in
2019 of which 25 to 35 holes (8,000 metres) are for the Las Chispas Area veins.
An updated resource estimate, including the Las Chispas Area veins, is expected
in H1, 2020, along with the ongoing feasibility study.
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 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. These
include, without limitation, statements with respect to: the strategic plans,
timing and expectations for the Company's exploration and drilling programs of
the Las Chispas Property, including construction of the Area 51 decline,
metallurgical test, mineralization estimates and grades for drill intercepts,
permitting for various work, and optimizing and updating the Company's resource
model and preparing a feasibility study; information with respect to high grade
areas and size of veins projected from underground sampling results and
drilling results; and the accessibility of future mining at the Las Chispas
Property. 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 reliability of mineralization estimates, 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
Chief Executive Officer
SilverCrest Metals Inc.
Chief Executive Officer
SilverCrest Metals Inc.
For Further Information:
SilverCrest Metals Inc.
Contact: Jacy Zerb, Investor Relations Manager
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
Contact: Jacy Zerb, Investor Relations Manager
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
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