SilverCrest (TSXV: $SIL.V) Announces First Drill Hole Results
From Las Chispas; Multiple Drill Intercepts of Greater Than 2,000 gpt AgEq*
VANCOUVER, BC – August 02, 2016
(Investorideas.com Newswire) -
SilverCrest Metals Inc. (TSXV: $SIL.V) (“SilverCrest” or the “Company”) is pleased
to announce the first drill hole results at its Las Chispas Project (“Las
Chispas”) located in Sonora State, Mexico. Las Chispas is in a historic
silver-gold mining district which presently hosts two nearby precious metal
producers. Historic information indicates that only three veins, the Las
Chispas, William Tell and Babicanora, of the fourteen historically reported
veins at Las Chispas had documented production, between 1880 and 1930.
SilverCrest’s initial focus is on these three veins. To the Company’s
knowledge, none of the known veins have been drilled prior to the Company's
current campaign. For more information, please refer to our website at www.silvercrestmetals.com.
N. Eric Fier,
CPG, P.Eng, President & CEO remarked, “The initial Las Chispas drill hole
results received to date are impressive. Not only do they indicate bonanza grades of up to*** 18.55 gpt Au and
2,460 gpt Ag or 3,851.3 gpt AgEq*, but also show mineralized widths up to
7.2 metres in estimated true thickness. These first results have exceeded our
expectations and appear to confirm that historic mining completed in the early
1900’s has left behind substantial unexplored, unmined and easily accessible
high grade mineralization. Until now, we have only been guided by what we could
access from the estimated 11.5 kilometres of historic underground workings with
approximate mined widths of 1 to 3 metres. Our drilling adjacent to historic
workings now suggests that 1 to 3 metres may be the minimum widths of the Las
Chispas vein. By combining our recent underground sampling and new drill
results for the first of several veins to be explored, we
have begun to discover the hidden potential of this district-wide play. This
news release is the first of a series of releases on Phase I drill results and
other activities to be announced over the next several weeks.”
The most
significant core drilling results for this release are 4.6 metres wide grading 4.56 grams per tonne (“gpt”) gold (“Au”) and
621.5 gpt silver (“Ag”), or 963.2 gpt silver equivalent (“AgEq”* uncut,
undiluted, see attached Figure)
including 0.8 metres grading 3,851.3 gpt AgEq (see attached Photo) in hole
LC16-05. Also noteworthy is 7.2 metres
wide grading 2.41 gpt Au and 311.5 gpt Ag, or 492.5 gpt AgEq* in hole
LC16-08.
The following
table summarizes the most significant drill assay results (uncut, undiluted)
for the Las Chispas vein only;
|
Hole No.
|
From (m)
|
To (m)
|
Drilled Thickness (m)
|
Est. True Thickness
(m)**
|
Au gpt
|
Ag gpt
|
AgEq* gpt
|
|
LC16-05
|
149.0
|
150.0
|
1.0
|
0.9
|
2.10
|
226.0
|
383.5
|
|
|
167.0
|
172.0
|
5.0
|
4.6
|
4.56
|
621.5
|
963.2
|
|
includes
|
171.0
|
172.0
|
1.0
|
0.8
|
18.55
|
2,460.0
|
3,851.3
|
|
LC16-06
|
66.0
|
67.0
|
1.0
|
0.7
|
14.90
|
1,815.0
|
2,932.5
|
|
LC16-07
|
144.0
|
145.0
|
1.0
|
0.7
|
1.73
|
164.0
|
293.8
|
|
LC16-08
|
143.0
|
145.0
|
2.0
|
1.4
|
1.58
|
163.5
|
282.5
|
|
|
171.0
|
182.0
|
11.0
|
7.2
|
2.41
|
311.5
|
492.5
|
|
includes
|
171.0
|
176.0
|
5.0
|
3.3
|
2.25
|
276.3
|
444.8
|
|
includes
|
181.0
|
182.0
|
1.0
|
0.7
|
14.40
|
1,900.0
|
2,980.0
|
|
LC16-11
|
95.0
|
96.0
|
1.0
|
0.9
|
1.32
|
198.0
|
297.0
|
|
|
108.0
|
110.0
|
2.0
|
1.6
|
1.30
|
152.6
|
251.8
|
Note:
all numbers are rounded.
*AgEq
based on 75 (Ag):1 (Au) and 100% metallurgical recovery.
**
All holes were driled at apparent angles to mineralization and adjusted for
true thickness. Las Chispas Main Vein in bold.
***
Drill hole grade intercepts range from 1.3 gpt Au and 152.6 gpt Ag to 18.55 gpt
Au and 2,460 gpt Ag with a weighted average grade of 3.52 gpt Au and 454.8 gpt
Ag.
All assays were completed by ALS
Chemex in Hermosillo, Mexico, and North Vancouver, BC.
All drill holes have intercepted
quartz stockwork veinlets, veining and/or breccia. No underground workings have
been intercepted while drilling the Las Chispas vein.
Drill hole
LC16-01 intersected the Las Chispas Vein (outside the potentially identified
high grade corridor) with grades less than the initially established cutoff of
greater than 150 gpt AgEq*. Holes 2, 3 and 4 were drilled exclusively into the
adjacent parallel William Tell Vein and will be reported separately. Holes 9
and 10 intercepted quartz stockwork including anomalous but low gold and silver
values. Holes LC16-12 to 19 are pending final results, some of which are
William Tell intercepts only, and will be reported once all assays are received
and compiled.
For comparison
purposes, hole LC16-05 intercepted 4.6
metres wide at 4.56 gpt gold and 621.5 gpt silver, or 963.2 gpt AgEq of
breccia near the previously announced underground channel sampling result (see
new release dated July 19, 2016) of 8 metres in vein strike length, 1 metre wide, and grading 1163.0 gpt AgEq, also
in breccia. By comparison, the
mineralized drill intercept is 2.5 metres wider than the accessible historic
workings and the Company’s average underground sample widths.
Drill holes
LC16-05, 08, and 11 intercepted a new continuous vein (unnamed) which appears
to be parallel to the nearby Las Chispas Main Vein. This new discovery suggests
additional potential for further exploration work with a three hole
drill-intercept, weighted average of 1.3 metres grading 1.32 gpt Au, 152.6 gpt
Ag or 251.8 gpt AgEq.
The Company is
completing its expanded Phase I surface drill program having drilled 22 core
holes totalling approximately 6,300 metres to date. Nineteen holes have been
drilled in the Las Chispas and William Tell veins, and three holes in the
adjacent Babicanora (La Victoria) area. Based on positive Phase I surface
drilling results, the Company is planning a Phase II surface drill program for
the fall of 2016.
With permitting
near completion, the planned 2,000 metre underground drill program should
commence in late Q3 or early Q4 2016. The underground drill program will focus
on delineation of a potential bulk sample, infill and expansion drilling, and
drilling to depth in preparation for the initial Las Chispas resource
estimation.
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 President 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 is led by
a proven management team in all aspects of the precious metal mining sector,
including the pioneering of a responsible “phased approach” business model
taking projects through discovery, finance, on time and on budget construction,
and production with subsequent increased value to shareholders.
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, rehabilitation and drilling programs of the Las
Chispas Project, including initial extraction program for bulk sample testing
and preparation of an initial resource estimate; 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
Project. 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 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
President & CEO
SilverCrest Metals 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.
SOURCE SilverCrest Metals Inc.
Contact:
SilverCrest Metals Inc.
Fred Cooper, Investor Relations
Telephone: +1 (604) 694-1730
Fax: +1 (604) 694-1761
Toll Free: 1-866-691-1730 (Canada & USA)
570 Granville Street, Suite 501, Vancouver, British
Columbia V6C 3P1
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