#Mining Stock News:
#SilverCrest (TSX: $SIL.TO; NYSE: $SILV) Announces Acquisition of El Picacho
Property Near Las Chispas @SilverCrestMet
Vancouver, British Columbia - August 27, 2020 (Investorideas.com Newswire) SilverCrest Metals Inc. (TSX: SIL.TO; NYSE American: SILV) ("SilverCrest" or the "Company") is pleased to announce it has acquired the El Picacho Property ("Picacho" or the "Property") located near its Las Chispas Project ("Las Chispas") in Sonora, Mexico. The Property was acquired by the Company's subsidiary, Compañía Minera La Llamarada, S.A. de C.V., from American Metal Mining, S.A. de C.V. (the "Vendor", a Mexican company), and an affiliate. The purchase price for a 100% ownership in 11 mining concessions of the Property totalling approximately 7,060 hectares was US$1.6 million (paid to the Vendor). The Company also paid the necessary government taxes to bring these concessions to good standing.
Read this news featuring SILVERCREST in full at https://www.investorideas.com/CO/SILV/news/2020/08271Acquisition-El-Picacho-Property.asp
N. Eric Fier, CPG, P.Eng, and CEO, remarked,
"We first looked at acquiring Picacho in 2016, after the sale of
SilverCrest Mines Inc. (SilverCrest's predecessor) in 2015, as a continuation
of our regional exploration program on search of a new district containing
multiple precious metal epithermal veins. After 4 years of patience, we have
now acquired the next district. The most historic prominent vein in the
district, El Picacho Vein, can be easily accessed by a 4 metre by 4 metre
underground decline which visually shows the vein underground as approximately
6 metres wide with historic grades and SilverCrest recent sampling results
ranging from 350 to 1,000 gpt silver equivalent ("AgEq"*). Historic
drill intercepts in this vein's initial high-grade footprint have a weighted
average of 4.1 metres grading 618 gpt AgEq* (see attached Figures, Table and
Historic Qualification below). We plan on using our 15 years of local
experience gained at Santa Elena and Las Chispas to unlock the potential at
Picacho. The Company anticipates starting an exploration drill program at
Picacho before the end of the year, subject to permitting and minimal
disruptions from COVID-19."
Picacho is located approximately 40 kilometres northeast
of the Company's Las Chispas Project and depending on drilling success, may be
considered as either a standalone mine or a satellite project for additional
mill feed to Las Chispas which is currently under development.
The Property was a historic gold and silver
producer, with the first noted production in late 1800s with grades greater
than 15 gpt gold (Bird, 1904). No verifiable records of production numbers are
available. Artisanal mining has occurred sporadically over the last 100 years,
including a recent small mining operation for smelter flux, with precious metal
credits, which was transported to a nearby smelter.
Several companies over the past 30 years have
explored the Property; most notably Yamana Gold Inc. in 2012. A total of 100
drill holes totalling 15,890 metres (37% reverse circulation and 63% core) were
completed up to 2012. All but one drill intercept in El Picacho Vein are
located below historic mine workings in intact ground. Also notable is over
three (3) kilometres of near surface underground workings in El Picacho Vein
that are mostly accessible by a 4 metre by 4 metre decline that exposes the
partially developed mineralized vein. Previous drill results of the select
holes noted in the tables below and the presence of wide multiple converging
veins and stockwork at the surface suggest the potential for open pit mining on
Picacho.
There are seven (7) low-sulfidation epithermal main
veins on the concessions, with numerous near parallel hanging and footwall
veins (see attached Figures). The main veins have a known cumulative strike
length of over 10 kilometres with widths ranging from 0.5 to 15 metres. The El
Picacho Vein is the most prominently explored vein on the Property and has
several historic estimated resources. A historic resource completed before 2012
using historic drilling and underground work, suggests an estimated 360,000
tonnes grading 8.50 gpt Au and 40.0 gpt Ag, or 677 gpt AgEq* totalling 7.8
million ounces AgEq (see Historic Qualification below).
In 2017, SilverCrest completed underground channel
sampling as part of a due diligence exercise. Results from 10 underground bulk
channel (back or roof of ramp) samples, over an estimated strike length of 50
metres, showed an average true width of 6.0 metres and grade of 13.66 gpt Au
and 50.8 gpt Ag, or 1,075 gpt AgEq*. Two initial standard bottle rolls for
metallurgical test work on these samples, completed by SGS de Mexico, S.A.de
C.V., showed composite recoveries of greater than 90% for both gold and silver.
Historic Qualification
The historic sampling results and resource
estimates described above and in the presented tables have not been confirmed
by the Company. A qualified person has not done sufficient work to classify the
historic estimates as current mineral resources or mineral reserves. The
Company is not treating this information as current mineral resources or
reserves and has not verified this information. The Company currently does not
plan to conduct any work to verify this specific historic estimate, other than
using it to guide the Company in its planned drilling, including re-drilling
several of the reported drill hole intercepts.
Historic Significant Drill Hole Intercepts
The following tables represent the most significant
historic drill hole intercepts (uncut, undiluted) completed between 2007 to
2012. The weighted average grade in this table is generally considered to be
within a high-grade footprint.
El Picacho Vein, Historic Intercepts
Picacho District Veins, Historic Intercepts
(Excluding El Picacho Vein)
Note: All numbers are rounded. Based on a cutoff
grade of 150 gpt AgEq. Assay results are from various certified labs.
D = Diamond drill hole or core; and R = Reverse circulation drill hole.
*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.
** Drill hole suggests potential open pit target.
Planned Work
In H2, 2020, the Company plans to complete surface
and underground exploration work, including mapping, sampling and surveying.
Once the necessary drilling permits have been obtained, SilverCrest anticipates
drilling before the end of the year. The Company initially plans to allocate
two (2) drill rigs to test the El Picacho Vein. Drilling will focus on twinning
previous intercepts within the already defined initial high-grade footprint,
expanding the footprint and completing initial near surface drilling. The
Company's geologists and consultants that are not currently working on Las
Chispas will be used to complete work at Picacho. The continued development of
Las Chispas will remain the Company's top priority with feasibility work and
expansion drilling advancing as planned.
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 Property resulting
in numerous high-grade precious metal 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 on
Picacho and the Las Chispas Property; information with respect to high grade
areas and size of veins projected from underground sampling results and
historic drilling results; and potential quantities and grades on targets for
further exploration. 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: impact of the COVID-19 pandemic; 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: uncertainty as to the impact and duration of the COVID-19
pandemic; 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.
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
Figure 1
Figure 2
Figure 3
SilverCrest
Metals Inc. (TSXV: SIL.V; NYSE: SILV) is a featured company on Investorideas.com
Get News Alerts on SilverCrest Metals Inc.
Disclaimer/Disclosure: Investorideas.com is a digital
publisher of third party sourced news, articles and equity research as well as
creates original content, including video, interviews and articles. Original
content created by investorideas is protected by copyright laws other than
syndication rights. Our site does not make recommendations for purchases or
sale of stocks, services or products. Nothing on our sites should be construed
as an offer or solicitation to buy or sell products or securities. All
investing involves risk and possible losses. This site is currently compensated
for news publication and distribution, social media and marketing, content
creation and more. Disclosure is posted for each compensated news release,
content published /created if required but otherwise the news was not
compensated for and was published for the sole interest of our readers and
followers. Contact management and IR of each company directly regarding
specific questions.
More
disclaimer info: https://www.investorideas.com/About/Disclaimer.asp
Learn
more about publishing your news release and our other news services on the
Investorideas.com newswire https://www.investorideas.com/News-Upload/ and
tickertagstocknews.com Global investors must adhere to regulations of each
country.
Please
read Investorideas.com privacy policy:
https://www.investorideas.com/About/Private_Policy.asp
Disclosure: Investorideas.com is compensated by SilverCrest Metals Inc
for annual news publishing effective January 2017.
Get more mining stock investor ideas- news, articles, podcasts and stock directories
No comments:
Post a Comment