VANCOUVER, BC - September 27, 2012 (Investorideas.com Mining Stocks Newswire) SilverCrest Mines Inc. (
TSX-V:SVL)(
NYSE MKT:SVLC)
(the "Company") is pleased to announce the results of an additional 15
holes of the Phase II drill program and additional surface sampling
currently underway at its La Joya Property in Durango, Mexico. The
Phase II drill program has been expanded by 10 holes to 90 holes
totaling 20,000 metres. Phase II drilling reported to date has extended
the Main Mineralized Trend ("Trend") beyond the area containing the
current Inferred Resource of 101.9 million ounces Ag Eq.*(see News
releases dated March 20 and May 7, 2012 and attached figure). Newly
constructed drill roads have exposed high grade surface mineralization
with Ag Eq values ranging from 72.6 grams to 187.6 grams over sample
intervals ranging from 39.7 metres to 99 metres. Drilling and surface
sampling has now extended the Trend to approximately 2.5 kilometres with
an average width of approximately 700 metres. Please reference our
revised website at www.silvercrestmines.com for more information, photos
and figures on La Joya.
J. Scott Drever, President stated: "Since announcing the Inferred
Resource of more than 100 million ounces Ag Eq. at La Joya, we have
completed an additional 64 core holes in the expanded Phase II program
of 70 core and 20 RVC holes. The drill results continue to support our
large tonnage silver deposit model and the extensive surface sampling in
conjunction with certain drill holes support the concept of a
potentially higher grade, open pit concept. The remaining drill holes
will be directed to establishing additional resources and a basis for a
conceptual open pit evaluation."
Drilling and surface sampling confirms the presence of multiple
mineralized systems with metal content dependent on proximity to an
underlying intensive body which comes to surface in the southwest
portion of the Trend. There is distinct zonation of metals both
vertically and laterally that has created an Ag, Au, Cu zone along the
main portion of the Trend and a near surface tungsten (W), Cu, Au zone
on the southwest portion of the Trend. Tungsten mineralization adjacent
to the intrusive(s) is found in virtually all the holes drilled to date.
Five of the 15 holes reported in the tables and text below
continued to test the southern extension of the Trend and the remaining
10 holes focused on the delineation of the Contact Zone within the Trend
and Santo Nino Target. An extensive, channel surface sampling program
along new road cuts has been completed within the Trend and subsequent
Contact Zone area with 196 recent assay results. Composites of the
surface sampling results are presented in the Tables below and attached
figure.
Silver values in this series of core holes and surface channel
samples along the Trend range from 1.6 gpt to 119.1 gpt and on a silver
equivalent* basis values range from 11.0 gpt to 200.3 gpt Ag Eq.
Mineralized intervals range from 8.9 metres to 305.0 metres. True
thicknesses of mineralized intercepts can be approximated from cross
sections of previously announced drill holes in associated areas. The
most significant assay results are shown in the following tables;
Main Mineralized Trend (Ag, Au, Cu)
* Silver equivalency includes silver, gold and
copper and excludes lead, zinc, molybdenum, tin and tungsten values.
Ag:Au is 50:1, Ag:Cu is 86:1, based on 5 year historic metal price
trends of US$24/oz silver, US$1200/oz gold, US$3/lb copper. 100%
metallurgical recovery is assumed. All numbers are rounded.
Intervals are sampled or drilled widths. True
thicknesses of mineralized intercepts can be approximated from cross
sections of previously announced drill holes in associated areas
All sample analyses presented in this news release were completed
by ALS Chemex in Zacatecas, Mexico and North Vancouver, BC, Canada.
Mineralized Trend Surface Sampling
Continuous surface channel sampling along newly cut access roads
has helped define the potential of near-surface higher grade Ag-Au-Cu
mineralization in the central and southern areas of the Trend. Results
represent new surface exposures of both manto and structure/stockwork
related mineralization with up to 99 metres grading 116.8 gpt Ag, 0.32
gpt Au, 0.63% Cu or 187.6 gpt Ag Eq.
* Silver equivalency includes silver, gold and
copper and excludes lead, zinc, molybdenum, tin and tungsten values.
Ag:Au is 50:1, Ag:Cu is 86:1, based on 5 year historic metal price
trends of US$24/oz silver, US$1200/oz gold, US$3/lb copper. 100%
metallurgical recovery is assumed. All numbers are rounded.
Intervals are sampled or drilled widths. True
thicknesses of mineralized intercepts can be approximated from cross
sections of previously announced drill holes in associated areas.
Contact Zone (W, Cu, Au) and Santo Nino Target (massive sulphides, W, Cu)
Eight holes were drilled on the near-surface portion of the Contact
Zone which is located within the Trend boundaries but is a separate
target from the manto and structure mineralization. The Trend
mineralization is located geologically and vertically above the Contact
Zone. The Contact Zone mineralization consists of skarning with
stockwork veining and occurs adjacent to intrusive stock and dykes which
are exposed at surface in the southwestern portion of the Trend.
Copper and gold values appear to be higher on the eastern edge of the
Contact Zone compared to the western edge. Contact Zone holes also
contain anomalous Pb, Zn, Mo and Sn.
Partial drilling of the Contact Zone shows consistent intercepts of
wide-spread tungsten (W03), gold (Au), copper (Cu) mineralization from
surface to depth (up to approximately 300 metres vertical). All drilling
to date that has intercepted intrusive(s) has also intercepted the
Contact Zone over an area of approximately 2.5 kilometres by 1.2
kilometre with estimated thicknesses ranging from 10 to 200 metres. The
Contact Zone is considered a "potential large bulk tonnage tungsten
target" which will be presented in the next resource estimation due in
Q4 2012. Continuous channel sampling along new access roads shows
tungsten mineralization up to 305 metres grading 0.063% W03 with
anomalous grades of Au, Cu, Ag (see Table below and attached Figure).
Hole L J DD12-74 was drilled on the Santo Nino Target approximately
1 kilometre east of the Trend and intercepted 35.2 metres of massive
and semi-massive sulphides grading 52.2 gpt Ag, 0.05 gpt Au and 1.6% Cu
with 0.037% W03. This is considered a new discovery at La Joya. Further
drilling is planned to determine the dimensions of this mineralization.
Contact Zone and Santo Nino Target (W, Cu, Au)
* Silver equivalency includes silver, gold and
copper and excludes lead, zinc, molybdenum, tin and tungsten values.
Ag:Au is 50:1, Ag:Cu is 86:1, based on 5 year historic metal price
trends of US$24/oz silver, US$1200/oz gold, US$3/lb copper. 100%
metallurgical recovery is assumed. All numbers are rounded.
Intervals are sampled or drilled widths. True
thicknesses of mineralized intercepts can be approximated from cross
sections of previously announced drill holes in associated areas.
Near surface tungsten/molybdenum mineralization encountered in both
the Contact Zone and at the adjacent Coloradito target have grades
similar to current economic or potentially economic near surface bulk
tonnage deposits such as Thompson Creek Mine, ID (0.046 to 0.081 % Mo),
Endako, BC (0.030 to 0.046 % Mo) Sisson, NB (0.031% Mo, 0.094% WO3), and
El Creston, Mexico (0.071% Mo, 0.06% Cu). All references are from
public company websites. Tungsten mineralization at the Coloradito
target is up to 116 metres thick grading 0.048% Mo to 0.098% WO3.
Hole L J DD12-67 and L J DD12-69 encountered only intrusive and showed no significant mineralization.
The Phase II drill program is designed to test approximately 2.5
kilometres of the Trend which includes at least 8 near-vertical
structures/stockwork zones, 14 near-horizontal, stacked mantos plus the
Contact Zone which is adjacent to the underlying intrusive. Drilling on
the southern extension of the Trend and Contact Zone continues with
three core drill rigs. A reverse circulation drill is expected to be
added in October 2012. Based on Company surface mapping, sampling and
historic drill hole results, the southern area is thought to be
potentially the highest grade area along the Trend. The Company is
currently examining the potential for a near-surface, higher grade, low
strip open pit as a conceptual "starter pit" that will be evaluated in
an upcoming Preliminary Economic Assessment.
Core samples for holes L J DD12-75 to L J DD12-90 are currently
being logged, sampled or are in the laboratory for analysis. The Company
is currently drilling hole L JDD12-93 located on the southern part of
the Trend. Assays for the next series of holes will be reported upon
receipt and compilation. Several holes contain anomalous molybdenum,
tungsten, tin, lead and zinc values over significant widths in the
skarn. The significance of these associated mineral zones is being
examined with partial near-surface tungsten results presented in the
Table above.
The La Joya Deposit (Mineral Mineralized Trend) currently has estimated Inferred Resources of:
* Silver equivalency includes silver, gold and
copper and excludes lead, zinc, molybdenum and tungsten values. Ag:Au is
50:1, Ag:Cu is 86:1, based on 5 year historic metal price trends of
US$24/oz silver, US$1200/oz gold, US$3/lb copper. 100% metallurgical
recovery is assumed.
**Classified by EBA, A Tetra Tech Company and
conforms to NI 43-101, 43-101CP, and CIM definitions for resources. All
numbers are rounded. 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.
*** Mineralization boundaries used in the
interpretation of the geological model and resource estimates are based
on cutoff grades of 15 gpt Ag Eq and 30 gpt Ag Eq using the metal price
ratios described above.
Please refer to the January 4, 2012 news release and to the La Joya
NI 43-101 Technical Report dated February 20, 2012 for further details
of the Inferred Resource estimate.
The core drilling of the Phase II drill program is anticipated to
be complete in October, 2012 with a subsequent revision and announcement
of updated resources in Q4 2012. Extensive metallurgical test work is
underway to examine the amenability and potential metallurgical
recoveries of Ag, Au, Cu, W, Mo, Sn, Zn and Pb. Test work results will
be presented in the next NI 43-101 Technical Report.
The current NI43-101 resource estimate for La Joya is 101.9 million
ounces of silver equivalent as set out in the table above. Based on the
current geologic model, drilling and sampling from the Phase I & II
programs it is reasonable that the recently discovered mineralized
systems could potentially result in a 50 to 100% increase in current
inferred mineral resources. This potential increase in resources is
conceptual in nature and insufficient exploration has been completed to
define the additional mineral resource. It is uncertain that further
exploration will result in the recently discovered mineralized systems
being delineated as a new mineral resource.
The Qualified Person under National Instrument (NI 43-101)
Standards of Disclosure for Mineral Projects for this News Release is N.
Eric Fier, CPG, P.Eng, and Chief Operating Officer for SilverCrest
Mines Inc., who has reviewed and approved its contents.
SilverCrest Mines Inc. (TSX-V: SVL; NYSE MKT: SVLC) is a Mexican
precious metals producer with headquarters based in Vancouver, BC.
SilverCrest’s flagship property is the 100%-owned Santa Elena Mine,
which is located 150 km northeast of Hermosillo, near Banamichi in the
State of Sonora, México. The mine is a high-grade, epithermal gold and
silver producer, with an estimated life of mine cash cost of US$8 per
ounce of silver equivalent (55:1 Ag:Au). SilverCrest anticipates that
the 2,500 tonnes per day facility should recover approximately 4,805,000
ounces of silver and 179,000 ounces of gold over the 6.5 year life of
the open pit phase of the Santa Elena Mine. A three year expansion plan
is underway to double metals production at the Santa Elena Mine and
exploration programs are rapidly advancing the definition of a large
polymetallic deposit at the La Joya property in Durango State.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" within the
meaning of Canadian securities legislation and the United States
Securities Litigation Reform Act of 1995. Such forward-looking
statements concern the Company's anticipated results and developments in
the Company's operations in future periods, planned exploration and
development of its properties, plans related to its business and other
matters that may occur in the future. These statements relate to
analyses and other information that are based on expectations of future
performance,
including silver and gold production and planned work programs.
Statements concerning reserves and mineral resource estimates may also
constitute forward-looking statements to the extent that they involve
estimates of the mineralization that will be encountered if the property
is developed and, in the case of mineral reserves, such statements
reflect the conclusion based on certain assumptions that the mineral
deposit can be economically exploited.
Forward-looking statements are subject to a variety of known and
unknown risks, uncertainties and other factors which could cause actual
events or results to differ from those expressed or implied by the
forward-looking statements, including, without limitation: risks related
to precious and base metal price fluctuations; risks related to
fluctuations in the currency markets (particularly the Mexican peso,
Canadian dollar and United States dollar); risks related to the
inherently dangerous activity of mining, including conditions or events
beyond our control, and operating or technical difficulties in mineral
exploration, development and mining activities; uncertainty in the
Company's ability to raise financing and fund the exploration and
development of its mineral properties; uncertainty as to actual capital
costs, operating costs, production and economic returns, and uncertainty
that development activities will result in profitable mining
operations; risks related to reserves and mineral resource figures being
estimates based on interpretations and assumptions which may result in
less mineral production under actual conditions than is currently
estimated and to diminishing quantities or grades of mineral reserves as
properties are mined; risks related to governmental regulations and
obtaining necessary licenses and permits; risks related to the business
being subject to environmental laws and regulations which may increase
costs of doing business and restrict our operations; risks related to
mineral properties being subject to prior unregistered agreements,
transfers, or claims and other defects in title; risks relating to
inadequate insurance or inability to obtain insurance; risks related to
potential litigation; risks related to the global economy; risks related
to the Company's status as a foreign private issuer in the United
States; risks related to all of the Company's properties being located
in Mexico and El Salvador, including political, economic, social and
regulatory instability; and risks related to officers and directors
becoming associated with other natural resource companies which may give
rise to conflicts of interests. Should one or more of these risks and
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described in
the forward-looking statements. The Company's forward-looking statements
are based on beliefs, expectations and opinions of management on the
date the statements are made. For the reasons set forth above, investors
should not place undue reliance on forward-looking statements.
The information provided in this news release is not intended to be
a comprehensive review of all matters and developments concerning the
Company. It should be read in conjunction with all other disclosure
documents of the Company. The information contained herein is not a
substitute for detailed investigation or analysis. No securities
commission or regulatory authority has reviewed the accuracy or adequacy
of the information presented.
J. Scott Drever, President
SILVERCREST MINES 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.
Contact:
SilverCrest Mines Inc.
Fred Cooper
(604) 694-1730 ext. 108
Toll Free: 1-866-691-1730
(604) 694-1761 (FAX)
info@silvercrestmines.comwww.silvercrestmines.com
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