#Mining
News: #SilverCrest (TSXV: $SIL.V; OTCQX: $SVCMF) Expands High-Grade Babicanora
Norte Vein & Adds More Veins
- 2.2 Metres Grading 7,436 gpt AgEq
- 2.1 Metres Grading 1,286 gpt AgEq
- 1.4 Metres Grading 6,695 gpt AgEq
Vancouver, British Columbia - July 24, 2018
(Investorideas.com Newswire) SilverCrest Metals Inc. (TSXV:
SIL.V; OTCQX: SVCMF) ("SilverCrest" or the "Company") is pleased to
announce further Phase III drill results for the Las Chispas Property (the
"Property") located in Sonora, Mexico. Step-out drilling of the
Babicanora Norte Vein, since the Company's news release on May 29, 2018, announcing
the discovery of this vein, has intersected additional high-grade silver-gold
mineralization (see attached Figures). The Babicanora Norte Vein is parallel to
the Babicanora Vein and approximately 300 metres northeast. The vein appears to
connect with the Granaditas area, which has multiple drill-tested veins to the
southeast.
Read this in full at http://www.investorideas.com/CO/SILV/news/2018/07241BabicanoraNorte.asp
We are increasing the number of identified
epithermal veins on the Property to 30 from 23 (see attached Figures). Eleven
(11) of these veins have been partially drilled and intersected high-grade
silver-gold mineralization, including the Babicanora, Babicanora FW, Babicanora
Norte, Las Chispas, Giovanni, which includes La Blanquita, William Tell,
Varela, Granaditas, Luigi and Amethyst veins. Five of the 30 veins were
included in the maiden resource (see "Technical Report and Mineral
Resource Estimate for the Las Chispas Property, Sonora, Mexico", effective
February 12, 2018, and amended May 9, 2018 (the "Technical Report and
MRE")).
N. Eric Fier, CPG, P.Eng, and CEO,
remarked, "We continue with our successful Phase III expansion drill
program with further high-grade silver-gold intercepts in multiple veins at Las
Chispas. This most recent drilling of the Babicanora Norte Vein intercepted
native silver, silver oxides, and fine-grained free gold in several holes along
an estimated strike length of 900 metres, expanded from the previous 200
metres. We now have identified 30 epithermal veins on the Property with a total
cumulative strike length of approximately 20 kilometres, of which 5 kilometres
have been partially drilled and only 3.5 kilometres were included in the maiden
resource. We are currently step-out drilling with nine core rigs at the
Babicanora Norte, Granaditas, Luigi and Babicanora veins, including the Area 51
southeast extension. We are systematically working towards an updated resource
in Q3, 2018."
The most significant result for this
release was returned from Hole BAN18-10, which intersected 2.2 metres (true
width) grading 61.36 grams per tonne ("gpt") gold and 2,833.5 gpt
silver, or 7,436 gpt silver equivalent ("AgEq", based on 75 (Ag):1
(Au) calculated using long-term silver and gold prices of US$18.50 per ounce
silver and US$1,225 per ounce gold, with average metallurgical recoveries of
86.6% silver and 98.9% gold). Also noteworthy are Hole BAN18-26 at 1.4 metres
grading 51.43 gpt gold and 2,838.0 gpt silver, or 6,695 gpt AgEq and Hole
BAN18-27 at 2.1 metres grading 6.54 gpt gold and 795.3 gpt silver, or 1,286 gpt
AgEq. The following table summarizes the most significant drill intercepts for
this news release (uncut, undiluted).
Babicanora Norte Vein Drill Intercepts;
Note: all numbers are rounded.
* AgEq based on 75 (Ag):1 (Au) calculated using long-term silver and gold prices of US$18.50 per ounce silver and US$1,225 per ounce gold, with average metallurgical recoveries of 86.6% silver and 98.9% gold.
* AgEq based on 75 (Ag):1 (Au) calculated using long-term silver and gold prices of US$18.50 per ounce silver and US$1,225 per ounce gold, with average metallurgical recoveries of 86.6% silver and 98.9% gold.
All assays were completed by ALS Chemex in
Hermosillo, Mexico, and North Vancouver, BC, Canada.
Drill holes BAN18-15 and 17 to 25 intercepted
quartz veining/stockwork and anomalous mineralization, but are below the
Company's 150 gpt AgEq cutoff. Holes BAN18-10, 26, and 27 contain argentite,
native silver, silver oxides (chalky white) and free gold. BAN18-26 also
contains secondary mineralization with acanthite and polybasite crystals
(silver sulfides) in quartz and amethyst cavities (see attached Figures).
The Babicanora Norte Vein has drill intercepted
high-grades (201 gpt AgEq to 7,436 gpt AgEq in 14 core holes) over
approximately 900 metres along strike and 75 to 125 metres high. More drilling
is required to fully understand the high-grade constraints, which may change
the size and shape currently suggested (see attached Figures). High-grade
intercepts in drill holes BAN18-11, 14, 26 and 27 are in the same projected
high-grade structural corridor as Area 51 (Babicanora Vein), which has an Inferred
Resource of an estimated 32.2 million ounces AgEq grading 1,026 gpt AgEq (see
"Technical Report and MRE").
Not included in the above tables are the following
additional drill intercepts of a new unnamed vein located between the
Babicanora and Babicanora Norte veins:
- BAN18-11; 0.5 metres grading 2.43 gpt gold and 182 gpt silver, or
364 gpt AgEq.
- BAN18-14; 0.5 metres grading 2.80 gpt gold and 198 gpt silver, or
408 gpt AgEq.
This new vein may be the northwest extension of the
Granaditas Vein. The number of veins appear to be increasing as new discoveries
are being made east and southeast of the Babicanora area. Drilling on the
Babicanora Norte Vein continues to intercept the new vein. Further drilling is
underway for both Babicanora Norte and the new adjacent vein.
Several deeper Babicanora Norte drill holes to date
have intercepted a wide (up to 6 metres) fluorite-enriched vein and breccia
with anomalous gold approximately 100 metres below the Babicanora Norte Vein.
These fluorite intercepts may be the downward extension of another unknown
vein. Surface alteration above these projected intercepts suggest a shallower
target for future drilling.
The Company continues its Phase III exploration
program with nine (9) drills on site, seven on surface and two underground.
Drills are focused on expanding mineralization for inclusion in the updated
resource anticipated in Q3, 2018. An additional 3,000 to 5,000 metres of future
drilling are planned for inclusion in the updated resource. Other ongoing site
work includes continued underground mapping and sampling on the Las Chispas
Vein, testing drilled wells for site water, permitting for various additional
work, and reviewing of the maiden resource model for optimization and update.
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 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's current focus is on the high-grade, historic Las Chispas mining district in Sonora, Mexico. SilverCrest is the first company to successfully drill-test the historic Las Chispas Project resulting in numerous discoveries. The Company is led by a proven management team in all aspects of the precious metal mining sector, including taking projects through discovery, finance, on time and on budget construction, and production.
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's current focus is on the high-grade, historic Las Chispas mining district in Sonora, Mexico. SilverCrest is the first company to successfully drill-test the historic Las Chispas Project resulting in numerous discoveries. The Company is led by a proven management team in all aspects of the precious metal mining sector, including taking projects through discovery, finance, on time and on budget construction, and production.
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 Property, including drilling test water wells, permitting for various
work, and optimizing and updating the Company's resource model; 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 Property. 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.
Chief Executive Officer
SilverCrest Metals Inc.
Chief Executive Officer
SilverCrest Metals Inc.
For
Further Information:
SilverCrest
Metals Inc.
Contact:Fred Cooper, Investor Relations
Telephone:+1 (604) 694-1730
Fax:+1 (604) 357-1313
Toll Free:1-866-691-1730 (Canada & USA)
Email:info@silvercrestmetals.com
Website:www.silvercrestmetals.com
570 Granville Street, Suite 501
Vancouver, British Columbia V6C 3P1
Contact:Fred Cooper, Investor Relations
Telephone:+1 (604) 694-1730
Fax:+1 (604) 357-1313
Toll Free:1-866-691-1730 (Canada & USA)
Email:info@silvercrestmetals.com
Website:www.silvercrestmetals.com
570 Granville Street, Suite 501
Vancouver, British Columbia V6C 3P1
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.
Figure 1:
Babicanora Norte Vein Long Section Looking Southwest, 24 July 2018
Figure 2:
Babicanora Area w/Defined Veins, 24 July 2018
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