Mining Stocks News: SilverCrest (TSX: SVL) (NYSE MKT: SVLC)
Announces New Discovery at Ermitaño El Durazno Target
Vancouver,
BC - February 19, 2015 (Investorideas.com Mining Stocks Newswire) SilverCrest
Mines Inc. (TSX:SVL: NYSE MKT: SVLC) is pleased to announce initial results of
exploration drilling at the El Durazno Target within the 100% held Ermitaño I
concession in Sonora, Mexico. Nine (9) shallow drill holes, totalling an
estimated 2,656 metres have been completed. The objective was to initially
drill test surface mineralization for potential open pit targets. El Durazno is
the first of several targets identified by surface work to be drilled in the
Ermitaño I & II and Cumobabi concessions. Please refer to news releases
dated January 14, 2014 and November 18, 2014 on the Company's website at www.silvercrestmines.com for more information.
N. Eric
Fier, CPG, P.Eng., President & COO stated; "This is the first known
exploration drilling within the Ermitaño concessions. This drilling has
resulted in the discovery of near surface gold and silver mineralization at El
Durazno which we believe confirms a potential low grade oxide open pit target.
Since it is adjacent to the Company's Santa Elena facilities which includes
leach pad capacity, small lower grade discoveries can potentially become
economic deposits. We expect to carry out additional exploratory work in 2015
at El Durazno and will concurrently advance the exploration program in nearby
target areas within the Ermitaño and Cumobabi concessions. We are confident
that further attractive targets will be discovered within this developing
regional trend."
The
Ermitaño I and II concessions (see Figure 1) are located within an 8 kilometre
radius of the Company's low cost high-grade epithermal silver and gold
producing Santa Elena Mine. These concessions, comprising, an estimated 16,526
hectares, are located along the same "developing regional" trend of
mineralization that hosts the Company's Santa Elena Mine. The defined trend is
approximately 10 kilometres wide and 20 kilometres long and strikes
Northwest-Southeast. The concessions host Late Cretaceous andesite and rhyolite
volcanic rocks with major structures controlling the Santa Elena silver and
gold low sulphidation epithermal mineralization. An exploration program
completed in 2014 has tested outcropping widespread epithermal mineralization
in several defined main targets including:
·
El
Durazno. Comprises of two parallel east-west trending corridors of veining and
stockwork mineralization with thickness ranging from 4 metres to 50 metres with
outcropping for a defined cumulative strike length of approximately 900 metres.
The first corridor (see attached Figure 2) is defined by outcropping of veining
and stockwork in an area of 400 metres along strike and 50 metres wide with a
total of 86 surface channel samples averaging 1.28g/t Au. The second corridor
is defined by outcropping of veining and stockwork in an area of 500 metres
along strike and 50 metres wide with 129 surface channel samples averaging
0.34g/t gold, trace silver. Evidence based on epithermal textures and more
detailed mineralogical studies suggest a shallower level exposure in a low
sulphidation epithermal environment compared to Santa Elena.
·
Ermitaño
West. Contains a network of low sulphidation east–west trending epithermal
veins and stockwork within an area of 1,200 metres long 600 metres wide with
546 surface channel samples averaging 0.17g/t Au with surface grades up to 4.8
gpt gold, trace silver over 2.5 metres. Vein textures suggest a shallower level
of exposure in the low sulphidation epithermal environment compared to Santa
Elena.
·
Ermitaño
East. Is an east–west trending galena bearing silver vein system with
indications of two different levels of epithermal exposure (deep and shallow)
compared to Santa Elena. Several select surface channel samples over 0.1 to 2.0
metres grade over 300 gpt silver.
·
Veta
Valentina. Hosts a 1.2 kilometres long and 10 metres wide east-west trending
structural corridor with low sulphidation epithermal veining. Results to date
show 37 individual surface channel samples from a central zone (50 metres long
– 10 metres wide) averaging 1.34g/t gold and 33.2g/t silver.
The
Cumobabi concession was recently acquired from Evrim Resources Corp. and
consists of 25,221 hectares adjacent to Ermitano concessions (see Figure 1).
The Company is currently completing surface work to prioritize targets for
future work. Total concession hectares held by the Company at Santa Elena, Cumobabi
and Ermitano I & II is 51,172 hectares.
The most
significant assay results from this initial exploration drilling program at El
Durazno target are shown in the following table (see also Figures 2 & 3).
Intervals are considered near-true thickness.
Note: All
numbers rounded
All
sample analyses were completed by Inspectorate Labs of Reno, NV. Holes
ED-14-002 and 004 had no significant values.
Of the
board approved 2015 exploration budget totalling US$2.8 million, in respect to
the Company's organic growth program for Sonora, Mexico, the exploration budget
for the Ermitaño I & II and Cumobabi concessions is US$2.3 million.
Exploration work will consist of approximately 6,000 metres of drilling and
advance surface regional exploration program to delineate additional targets.
The
Qualified Person under National Instrument 43-101 for this news release is N.
Eric Fier, CPG, P.Eng, President and COO for SilverCrest, who has reviewed and
approved its contents.
SilverCrest Mines Inc. (NYSE MKT:
SVLC; TSX: SVL) is
a Canadian precious metals producer headquartered in Vancouver, BC. SilverCrest
flagship property is the 100%-owned Santa Elena Mine, located 150 kilometres
northeast of Hermosillo, near Banamichi in the State of Sonora, México. The
mine is a highgrade, epithermal silver and gold producer, with an estimated
life of mine of 7 years at an average operating cash costs of $11 per ounce of
silver equivalent (55:1 Ag:Au). SilverCrest anticipates that the new 3,000
tonnes per day conventional mill facility at the Santa Elena Mine should
recover an average of 1.5 million ounces of silver and 32,800 ounces of gold
per annum over the current reserve life. Exploration programs continue to
result in new discoveries at Santa Elena and also have rapidly advanced the
definition of a large polymetallic deposit at the La Joya property in Durango
State, Mexico.
CAUTIONARY NOTE REGARDING
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 and include,
without limitation, statements with respect to: the economic viability of a
project; strategic plans and expectations for the development of the Company's
operations and properties; the amount of mineral reserves and mineral
resources; the amount of future production of gold and silver over any period;
the amount of expected grades and ounces of metals and minerals; cash operating
costs; and life of mine.
These
forward-looking statements relate to analyses and other information that are
based on, without limitation, the following estimates and assumptions: the
presence of and continuity of metals at the Company's projects; cost of production
and productivity levels; plant and equipment function as anticipated; the
availability of skilled labour; contracted parties provide goods and services
on agreed time frame; ability to develop and finance projects; accuracy of the
interpretations and assumptions used in calculating reserve and resource
estimates; and operations not being disrupted or delayed by unusual geological
or technical problems.
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 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; and risks
related to governmental regulations and obtaining necessary licenses and
permits.
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 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.
Contact:
Fred
Cooper
Telephone: (604) 694-1730 ext. 108
Fax: (604) 694-1761
Toll Free: 1-866-691-1730
Email: info@silvercrestmines.com
Website: www.silvercrestmines.com
Suite 501 - 570 Granville Street, Vancouver, BC Canada V6C 3P1
Telephone: (604) 694-1730 ext. 108
Fax: (604) 694-1761
Toll Free: 1-866-691-1730
Email: info@silvercrestmines.com
Website: www.silvercrestmines.com
Suite 501 - 570 Granville Street, Vancouver, BC Canada V6C 3P1
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