#Mining Stock News:
#SilverCrest (TSXV: $SIL.V; NYSE: $SILV) Announces High-Grade Underground
Sampling Results for the Babicanora Vein:
·
3.9 Metres at 9,310 gpt AgEq
·
3.5 Metres at 3,444 gpt AgEq
·
1.8 Metres at 7,537 gpt AgEq
Vancouver, British Columbia - July 10, 2019
(Investorideas.com Newswire) SilverCrest Metals Inc. (TSXV:
SIL.V; NYSE American:
SILV) ("SilverCrest" or the
"Company") is pleased to provide the first underground sampling
results for the Babicanora Vein at its Las Chispas Project ("Las
Chispas") located in the state of Sonora, Mexico. On June 20, 2019, the
Company intersected the Babicanora Vein in the high-grade Area 51 zone with the
newly constructed Santa Rosa Decline and proceeded with development (3.5 metres
by 3.5 metres drift) along the strike of the vein for approximately 35 metres
(see attached Figures). During this development drifting, a total of 133
channel samples were collected from blast faces, analyzed, and compiled to
determine the estimated average vein width and grade (see table below).
Compilation shows an average vein width in this area of 2.6 metres, which is
comparable to the resource block model for this area. Compilation of
underground ("U/G or u/g") sample results within the vein shows an
uncut undiluted weighted average grade of 13.70 grams per tonne
("gpt") gold ("Au") and 1,107.6 gpt silver
("Ag"), or 2,132 gpt silver equivalent ("AgEq", defined in
table below). For comparison purposes, the estimated grade from the current
resource block model for the mined area (undiluted but with capping applied) is
3.60 gpt Au and 592 gpt Ag, or 863 gpt AgEq. While the difference between the
results is significant, the sampling covers a small part of the resource for
the Babicanora Vein and should not be considered representative. For additional
information, please refer to "Technical Report and Preliminary Economic Assessment
for the Las Chispas Property, Sonora, Mexico" ("PEA Technical
Report") with an effective date May 15, 2019 and available on SEDAR at www.sedar.com.
N. Eric Fier, CPG, P.Eng, and CEO, remarked,
"We are pleased with these initial positive underground high-grade results
but caution that they are preliminary in nature and should not be considered
representative of an increase in the overall Babicanora Vein resource estimation.
That being said, these results represent a significant first step toward
understanding the grade variability and potential upside of the deposit as we
continue to de-risk the project. Positive results are also supported by other
work completed to date on drill hole comparisons to underground sample results,
assaying methodology, specifically screen metallics as noted in the recent PEA
Technical Report, and metallurgical test-work where comparative grade increases
are noted. The Company plans to continue its efforts to understand the grade
behavior through additional u/g face sampling, geostatistical analysis, ongoing
metallurgical testing to determine how best to apply representative grades to
resource estimation for the ongoing Feasibility Study. We are hopeful that the
information generated from this work could lead to positive adjustments to
grade estimation. The Company plans to continue in-vein drifting as part of a
larger effort to complete approximately 1,500 to 2,000 metres of total u/g
development for the remainder of 2019."
The most significant result for this release is
sample number 194-4 NW 1.5, which channel sampled 3.9 metres (estimated true
width) grading 62.66 gpt Au and 4,610.2 gpt Ag, or 9,310 gpt AgEq. Also
noteworthy are samples 195-5 SE 1.5 at 3.5 metres grading 16.69 gpt Au and
2,192.0 gpt Ag, or 3,444 gpt AgEq, and 201-11 NW 0.5 at 1.8 metres grading
53.18 gpt Au and 3,548.8 gpt Ag, or 7,537 gpt AgEq. The following table for
this release summarizes the most significant continuous channel samples (uncut,
undiluted) collected 0.5 and 1.5 metres above the mined floor level;
Babicanora Vein, Area 51 zone, Underground Channel
Sample Results:
Notes: all numbers are rounded. Based on a cutoff
grade of 150 gpt AgEq with no minimum width.
(1) 194-4 NW 1.5 means 194-4 blast number,
northwest drift, 1.5 metres above mined floor level. SE is southeast drift, 0.5
metres above mined floor level.
(2) AgEq based on 75 (Ag):1 (Au) calculated using long-term silver and gold prices of US$17 per ounce silver and US$1,225 per ounce gold, with average metallurgical recoveries of 90% silver and 95% gold.
(2) AgEq based on 75 (Ag):1 (Au) calculated using long-term silver and gold prices of US$17 per ounce silver and US$1,225 per ounce gold, with average metallurgical recoveries of 90% silver and 95% gold.
All assays were completed by ALS Chemex in
Hermosillo, Mexico, and North Vancouver, BC, Canada.
The underground intersection by the decline of the
Babicanora Vein in the Area 51 zone has accelerated our understanding of the
mineralization in this vein. The vein appears to have at least four phases of
mineralization including: 1) Quartz Veining with coarse argentite (silver
sulfide), electrum and pyrargyrite; 2) Quartz Breccia with lesser argentite; 3)
Shear Zone with supergene enrichment including cerargyrite (silver oxide),
clays, quartz vein fragments and calcite; and 4) adjacent Stockwork Quartz
Veining, and calcite mineralization. The highest grades in the vein are found
within Quartz Veining and Shear Zone mineralization. Noteworthy is the Shear
Zone, which had low recovery in core drilling and may be part of the positive
discrepancy reflected in higher grades from the initial u/g sampling results.
Further work is required to determine the impact of Shear Zone on the overall
grade of the Babicanora Vein. The Company intends to re-drill select known low
core recovery areas with triple tube drilling to increase core recovery of
clay-rich mineralization and help determine impact on grade estimation in the
Babicanora Vein.
The Company continues its exploration program with
14 drills operating on site today. Drilling is focused on expanding
mineralization and improving the resource confidence through in-fill drilling
to reclassify resources as reserves for the Feasibility Study. An additional
50,000 metres of infill and expansion drilling are planned for the remainder of
2019. Other work includes the Feasibility Study expected in H1, 2020, ongoing
development of the Babicanora Vein in Area 51 zone, stockpiling of high-grade
material, an extensive metallurgical test program, geotechnical work and
permitting for project development.
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 metals 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 and drilling programs of
the Las Chispas Property, including development of the Babicanora Vein in Area
51 zone, metallurgical test, mineralization estimates and grades for drill
intercepts, permitting for various work, and optimizing and updating the
Company's resource model and preparing a feasibility study; 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 reliability of mineralization
estimates, 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: Jacy Zerb, Investor Relations Manager
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: Jacy Zerb, Investor Relations Manager
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
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