SilverCrest (TSXV: $SIL.V) Announces
Further Drill Hole Results From Las Chispas Project; Confirms Discovery of the Unmined
Extension of William Tell Vein
VANCOUVER, BC – September 07, 2016 - (Investorideas.com
Newswire) SilverCrest
Metals Inc. (TSXV: $SIL.V)
(“SilverCrest”
or the “Company”) is pleased to announce additional drill hole results from the
William Tell Vein within its Las Chispas Project located in Sonora State, Mexico.
The Las Chispas Project is in a historic silver-gold mining district which
presently hosts two nearby precious metal producers. Historic information
indicates that of the fourteen historically reported veins at Las Chispas
Project, only three veins, the Las Chispas, William Tell and Babicanora, had
documented production, which occurred between 1880 and 1930. SilverCrest’s
initial focus is on these three veins. To the Company’s knowledge, these three
past-producing veins have not been intercepted by drilling prior to the
Company's recently completed initial Phase I drilling campaign. For more
information, please refer to our website at www.silvercrestmetals.com.
The
William Tell Vein is approximately parallel to the Las Chispas Vein and about
120 metres apart at its midpoint. The William Tell Vein’s historical workings appear
to advance on strike to a cross cutting fault and then terminate. This fault
also cross cuts the Las Chispas Vein beyond which higher grades and continuity
are found as previously reported (see news release dated August 2, 2016).
The Company believes this fault bound corridor, in both the William Tell and Las
Chispas Veins, may be a mineralizing control for a potential high grade zone in
both of the vein systems. Four of the
seven William Tell drill hole intersections located within the potential high
grade corridor display grade continuity greater than 400 grams per tonne
(“gpt”) silver equivalent* (“AgEq”) over estimated true widths of 0.8 to 1.5
metres. Applying a 50 metre radius influence to the four drill hole intercepts,
the area covers approximately 300 metres of strike (see attached figure). No
historical workings were intercepted in the seven William Tell Vein drill
holes.
Two
previously unmapped veins were intercepted in drill holes LC16-13 and LC16-16 at
the William Tell Vein which reported grades of 888 gpt AgEq* and 723 gpt AgEq*
over estimated true widths of 0.9 metres and 0.8 metres, respectively (see
table below). These intercepts are new vein discoveries and are interpreted to
be in the footwall and hanging wall, respectively.
Dunham
Craig, P.Geo., Interim CEO commented, “While we suspected the William Tell Vein
would extend to the south, we are very pleased to see this discovery in an area
where we did not know what the vein mineralization, location or geometry would
be. The high grade continuity in four of the drill holes within the potentially
mineralized corridor is very encouraging and we are eager to begin a Phase 2
drilling program as soon as possible to further delineate the strike extension
and depth. In addition, the discovery of two new vein intercepts grading above
700 gpt AgEq*, combined with all of the results received to date from drilling and
underground channel sampling, reiterate a possible discovery of a district-wide
area play. The crew in Mexico continues to gain further access within the
estimated 11.5 kilometres of historic underground workings in both the Las Chispas
area and Babicanora area for mapping, sampling and future drilling program
design. We expect to report on further drill results and underground activities
over the coming weeks. ”
The
most significant William Tell Vein core drilling results for this release are 1.5
metres wide grading 2.03 gpt gold (“Au”) and 683 gpt silver (“Ag”), or 835 gpt AgEq*
(see attached figure) including 0.75 metres grading 3.8 gpt Au and 1,102 gpt Ag or 1,388
gpt AgEq* in hole LC16-03. The following table summarizes the most significant drill
assay results (uncut) for the William Tell vein and the previously unidentified
veins;
|
William Tell Drill Hole Intercepts
within Potentially High Grade Corridor > 150 gpt AgEq
|
|
Hole No.
|
From (m)
|
To (m)
|
Drilled Thickness (m)
|
Est. True Thickness (m)**
|
Au gpt
|
Ag gpt
|
AgEq* gpt
|
|
LC16-03
|
172
|
176
|
4
|
1.5
|
2.03
|
683
|
835
|
|
includes
|
173
|
175
|
2
|
0.8
|
3.81
|
1,102
|
1,388
|
|
LC16-12
|
118
|
119
|
1
|
0.9
|
2.40
|
229
|
409
|
|
LC16-13
|
168
|
172
|
4
|
3.2
|
1.08
|
141
|
222
|
|
includes
|
168
|
169
|
1
|
0.8
|
3.58
|
249
|
517
|
|
Includes
|
171
|
172
|
1
|
0.8
|
0.23
|
249
|
266
|
|
LC16-15
|
197.5
|
199
|
1.5
|
1.3
|
1.94
|
352
|
497
|
|
New Identified Vein Intercepts adjacent to the William Tell Vein
|
|
LC16-13
|
180
|
181
|
1
|
0.8
|
4.79
|
364
|
723
|
|
LC16-16
|
93
|
94
|
1
|
0.9
|
6.57
|
395
|
888
|
|
William Tell Drill Hole Intercepts <
150 gpt AgEq
|
|
LC16-02
|
94
|
95
|
1
|
0.5
|
0.97
|
20
|
94
|
|
LC16-04
|
201
|
205
|
4
|
1.7
|
0.04
|
69
|
72
|
|
LC16-16
|
270
|
272
|
2
|
1.8
|
0.01
|
39
|
40
|
|
|
|
|
|
|
|
|
|
|
Note:
all numbers are rounded.
*AgEq
based on 75 (Ag):1 (Au) and 100% metallurgical recovery.
**
All holes were drilled at angles to mineralization; true thickness is estimated
based on geometry of the vein model.
All
assays were completed by ALS Chemex with sample preparation in Hermosillo,
Mexico and assayed in North Vancouver, BC.
Gold
grades are reported from fire assay, and silver grades >100 gpt are reported
from aqua regia digestion with ICP-AES finish.
As
previously announced, the Company has also drilled three holes (LV-16-01, LV-16-02
and LV-16-03) in the La Victoria area, a separate
mineralized showing, located 800 metres southwest of the Babicanora vein. Results
from these holes have shown mineralization but with relatively low values. Future drilling for the La Victoria area will
be undertaken to define the zonation of grade closer to surface and at depth.
Based
on the favorable results of the Phase I surface drill program, the Company is
planning a Phase II surface and underground drill program for the fall of 2016.Timing
of the underground drilling program depends on the receipt of the permit
application. The program will focus on the delineation of a potential bulk
sample and infill drilling in preparation for a maiden resource estimate at the
Las Chispas project.
The
Qualified Person under National Instrument 43-101 Standards of Disclosure for
Mineral Projects for this news release is James Barr, P.Geo, who is independent
of SilverCrest and has 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.
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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