SilverCrest (TSXV: $SIL.V) Reports More High
Grade Underground Sampling Results at Las Chispas; Multiple Sample Results
Greater than 2,500 gpt AgEq*
VANCOUVER, BC – August 18, 2016 – (Investorideas
Newswire) SilverCrest Metals Inc. (TSXV: $SIL.V) (“SilverCrest” or the “Company”)
is pleased to announce an update on the underground rehabilitation program with
additional assay results from underground channel sampling at its Las Chispas
Project (“Las Chispas”) located in Sonora, 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 of the fourteen
historically reported veins at Las Chispas have had documented production,
which occurred between 1880 and 1930. SilverCrest’s initial focus is on these
three veins; the Las Chispas, William Tell and Babicanora. This news release
reports on the sampling assay results of the William Tell vein. For more
information on Las Chispas and recent channel sampling and drill results,
please refer to our website at www.silvercrestmetals.com.
N.
Eric Fier, CPG, P.Eng, President & CEO commented, “We continue to expand
our high grade footprint at Las Chispas with the latest results from the
ongoing underground rehabilitation and channel sampling program as we continue
to gain further access to historic workings. Our onsite team has safely
descended to the historic 650 level** of the William Tell vein with subsequent
ongoing mapping and sampling. Our channel sample results on the 650 level are
showing sub interval bonanza grades in excess of 2,500 grams per tonne silver
equivalent (AgEq)*over 0.20 metre to 1.12 metre widths.
The
William Tell vein is located approximately 120 metres west of the Las Chispas
vein and is easily accessible by shared access to both veins. The William Tell vein has had less historical
production than the Las Chispas vein, for reasons which we believe are due to a
fault displacement which resulted in the previous operator mining out only a
fraction of the in situ mineralization. Our Phase I drilling program appears to
have intercepted the unmined faulted extension of the William Tell vein.
Additional drilling will be required to confirm this and determine the extent,
if any, of the intercepted mineralization.”
Underground Rehabilitation Update
The
Company continues to systemically collect channel samples at intervals of two
to three metres along strike length as new areas and levels are being explored.
In its news releases dated April 28th and June 09, 2016, the Company
disclosed that it had gained access to the historic 600 level at William Tell
and reported results from 79 channel samples. Since then, the Company has
collected a total of 39 additional channel samples on the 650 and 450 levels
(see attached Figure and Photo). Sampling locations and widths are restricted
to historic workings which may only represent part of the mineralized vein,
stockwork, or breccia. The location, true thickness and extent of
mineralization is indeterminate until adequate drilling is completed at the
William Tell vein.
The
most significant composited sample results for the William Tell South 650 level
average 1.12 metres wide at 3.23 grams per tonne (“gpt”) gold and 518 gpt
silver, or 760 gpt silver equivalent (AgEq*, uncut, undiluted) over a continuous 21 metre strike length
in a developed but unmined area on the 650 level. The most significant
un-composited sampling for the William Tell North 450 level averages 2.13m wide at 5.7 gpt gold and 257.7 gpt
silver, or 685 gpt silver equivalent (AgEq*, uncut, undiluted) over a continuous 30 metre strike length.
Further drilling will help test the true thickness and grade of mineralization
in both these areas.
The
following table summarizes the 20 most significant composited and un-composited
assay results (uncut, undiluted) from the 450 and 650 levels of the William
Tell vein that are above a 500 gpt AgEq cutoff;
|
William Tell 450 & 650 Level Channel Sampling >500gpt
AgEq
|
|
|
Mineralized Area
|
Sample Type
|
Width*** (m)
|
Au (gpt)
|
Ag (gpt)
|
AgEq* (gpt)
|
|
|
|
William Tell South 650 level
|
Channel
|
0.94
|
1.78
|
477
|
610
|
|
|
|
Channel
|
0.68
|
7.41
|
1,109
|
1,664
|
|
|
|
Includes
|
0.37
|
13.40
|
1,560
|
2,565
|
|
|
|
Includes
|
0.31
|
0.26
|
571
|
590
|
|
|
|
Channel
|
0.98
|
1.20
|
969
|
1,059
|
|
|
|
Channel
|
0.93
|
10.85
|
1,895
|
2,708
|
|
|
|
Channel
|
1.12
|
9.47
|
1,910
|
2,620
|
|
|
|
Channel
|
0.55
|
4.27
|
686
|
1,006
|
|
|
|
Channel
|
0.55
|
32.50
|
1,665
|
4,102
|
|
|
|
Channel
|
0.33
|
23.60
|
2,730
|
4,500
|
|
|
|
Channel
|
2.25
|
1.93
|
672
|
816
|
|
|
|
Includes
|
0.20
|
16.65
|
1,570
|
2,818
|
|
|
|
Includes
|
1.10
|
0.75
|
1,000
|
1,056
|
|
|
|
Channel
|
0.40
|
8.64
|
576
|
1,224
|
|
|
|
Channel
|
1.30
|
5.13
|
307
|
692
|
|
|
|
Includes
|
0.30
|
17.45
|
1,100
|
2,409
|
|
|
William Tell North 450 Level
|
Channel
|
1.50
|
0.16
|
2,170
|
2,182
|
|
|
|
Channel
|
4.20
|
14.15
|
225
|
1,286
|
|
|
|
Channel
|
3.00
|
6.62
|
88
|
584
|
|
|
|
Channel
|
2.00
|
14.25
|
293
|
1,362
|
|
Note: all numbers are rounded.
*AgEq based on 75(Ag):1(Au) and 100%
metallurgical recovery.
** Level number is based on historical mine
level in feet (not metres) from surface collar of historic shaft.
***
The underground sample width of mineralization may not be indicative of the
true width of mineralization. Sampling widths are constrained by access to open
faces. Ongoing and planned drilling may suggest wider mineralized zones.
All
assays were completed by ALS Chemex in Hermosillo, Mexico, and North Vancouver,
BC.
The
Company is reviewing the possibility of a controlling, cross-cutting, high
grade structural corridor that extends from the Las Chispas vein through the
William Tell vein which is potentially 500 metres in length and a minimum of
300 metres in depth (see attached Figure).
To
date, approximately 4 kilometres of underground workings have been accessed
with an additional 7.5 kilometres to be opened and explored over the next
several months. The Company intends to continue with the underground
rehabilitation program and reporting results for the remainder of 2016.
Drilling Update
The
Company has completed its Phase I surface drill program having drilled 22 core
holes for a total of approximately 6,400 metres. A combined 19 holes have been
drilled in Las Chispas and William Tell veins, and three holes have been
drilled in the La Victoria area located near the Babicanora vein. Upon receipt
of further core assays, the Company will compile and integrate the drill
results with the underground information, which the Company expects to announce
over the next several weeks. Based on positive Phase I surface drilling
results, the Company will propose a Phase II surface drill program.
Dependent
on permitting 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 and infill drilling 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; information with respect to high grade areas and size of veins
projected from underground sampling 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.
Dunham
L. Craig, P.Geo., Director
Interim
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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