#Mining Stock News: #SilverCrest
(TSXV: $SIL.V; NYSE: $SILV) Announces Receipt of General Explosives Permit and
Water Rights; Finalizes Ownership in Mining Concessions for Las Chispas
Vancouver, British Columbia - August 22, 2019
(Investorideas.com Newswire) SilverCrest Metals Inc. (TSXV:
SIL.V; NYSE American:
SILV) ("SilverCrest" or the
"Company") is pleased to announce that it has received approval from
the Secretaria de la Defensa Nacional ("SEDENA") for the operational
storage and use of explosives (the "General Explosives Permit") at
the Las Chispas Project ("Las Chispas") in Sonora State, Mexico.
Prior to receiving the General Explosives Permit, the Company held a temporary
explosives permit for construction until late June 2019. The General Explosives
Permit is valid for the Life-Of-Project while exploring, developing or
potentially producing and is subject to various standard purchase, consumption,
reporting and safety provisions. The receipt of this permit allows SilverCrest
to further advance underground exploration for the Babicanora Vein in both the
Santa Rosa Decline and Babicanora Historic Adit. SilverCrest has also acquired
local water rights for Las Chispas, which are transferrable to a more
efficiently located operational well(s) at the Company's discretion. The
Company is also pleased to announce that it has exercised its last outstanding
option agreement to fully acquire the remaining four of the 28 concessions at
Las Chispas, thereby obtaining 100% ownership in all Las Chispas mining
concessions containing vein mineral resources.
Read this in full at
N. Eric Fier, CPG, P.Eng, and CEO, remarked,
"We continue to de-risk Las Chispas by achieving several significant
milestones that are timely and noteworthy as we move forward to a construction
decision, including; 1) the receipt of the General Explosives Permit with
continuation of the planned underground exploration in the Babicanora Vein
(Area 51 zone) and ongoing rehabilitation of the Babicanora Historic Adit for a
secondary access to the vein, 2) acquisition of water rights, and 3) attaining
100% ownership of our mining concessions across all vein mineral
resources."
"Also, with the rainy season in Sonora coming
to an end, the Company is ramping back up from 14 drills to 17 over the next
month. The Company estimates completion of an additional 50,000 metres of
drilling in H2 2019, allocating 15 drills on surface and two (2) underground.
With more than 100 drill holes awaiting assay results for release, an
aggressive H2 2019 drill program, ongoing work related to the Feasibility
Study, and a cash position of C$49 million, SilverCrest is well positioned
through the balance of the year and into 2020."
While waiting for receipt of the General Explosives
Permit, approximately 1.5 months, the Company reallocated operational resources
for underground enhancements and additional rehabilitation at both the
Babicanora and Las Chispas areas in preparation for further development work,
which has now recommenced with drifting on the Babicanora Vein.
SilverCrest continues to advance the extensive work
program required to deliver a Feasibility Study for Las Chispas, targeted for
H1 2020. The Company is well funded to complete the main work program through
the end of 2019, including:
·
Santa Rosa Decline: Completion of an estimated
1,500 to 2,000 additional metres of vein drifting in the Babicanora Vein, Area
51 zone, with subsequent underground infrastructure and continued stockpiling
of mineralized material. This underground development will give the Company a
better understanding of grade reconciliation, access to high-grade material for
detailed metallurgical test work, and will allow for shorter, less expensive
underground in-fill and expansion drilling.
·
Babicanora Historic Adit: Completion of
an estimated 300 metres of adit and drift rehabilitation for accessing the
Babicanora Vein in the Babicanora Central zone. Mineralized historic
underground backfill and stockpiles will be mined and stockpiled along with the
mineralized material from the Santa Rosa Decline.
·
In-Fill Drilling: Approximately 30,000
additional metres of in-fill drilling are budgeted for H2 2019. This drilling
is critical to improve the confidence in the current resources for conversion
to Measured and Indicated categories with potential inclusion in an initial
reserve estimate for the Feasibility Study.
·
Expansion Drilling: Approximately 20,000
additional metres of expansion drilling are budgeted for H2 2019. This program
is drill testing the potential expansion of the current resource base and new
target areas. In particular, the Company is looking to expand mineralization in
the Babicanora Vein to the southeast and toward the surface, the Babicanora
Norte Vein to the northwest and to depth, the Babi Sur Vein to depth, the Las
Chispas veins along strike and to depth, the La Victoria Vein to the southeast,
and conduct initial testing of the Babi Vista, Amethyst and Chiltepin veins.
·
Hydrology: Establish operational wells and infrastructure
using the newly acquired water rights.
·
Geotechnical Study: Complete geotechnical and
rock mechanic test work and analysis for mine design to be presented in the
Feasibility Study.
·
Metallurgy: Detailed metallurgical work continues with a focus
on optimizing silver and gold recoveries from results reported in the Las
Chispas Preliminary Economic Assessment of silver recoveries at 89.9% and gold
recoveries at 94.4%. Test work continues to suggest the potential for
improvement from the numbers used in the Las Chispas Preliminary Economic
Assessment as the process flow sheet is refined for the Feasibility Study.
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.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking
statements" within the meaning of Canadian securities legislation. Such
forward-looking statements concern the intended use of proceeds and the
scheduled closing date for the non-brokered private placement. 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:
conditions in general economic and financial markets; timing and amount of
capital expenditures; 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 the risk factors including: the
timing and content of work programs; results of exploration activities of
mineral properties; the interpretation of drilling results and other geological
data; 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.
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
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
Vancouver, British Columbia V6C 3P1
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