#Mining Stock News: #SilverCrest
(TSXV: $SIL.V; NYSE: $SILV) Announces Babi Sur Vein Expansion, Additional
High-Grade Drill Results:
3.1 Metres at 1,355 gpt AgEq
8.8 Metres at 536 gpt AgEq
3.8 Metres at 773 gpt AgEq
Vancouver, British Columbia - August 28, 2019
(Investorideas.com Newswire) SilverCrest Metals Inc. (TSXV:
SIL.V; NYSE American:
SILV) ("SilverCrest" or the
"Company") is pleased to announce initial in-fill and additional
expansion drill results from the Babi Sur Vein ("Babi Sur") of the
Las Chispas Project ("Las Chispas") located in the state of Sonora,
Mexico. In-fill drilling has increased the confidence of resources and
high-grade continuity in the vein. Expansion drilling has increased the
high-grade footprint for possible additional resources (see attached Figures).
The 33 drill holes released today (23 in-fill and 10 expansion) are in addition
to the 39 drill holes previously announced on February 14, 2019, and used in
the technical report titled "Technical Report and Preliminary Economic
Assessment for the Las Chispas Property, Sonora, Mexico", dated effective
May 15, 2019, as amended July 19, 2019 (the "PEA"). The PEA is
available on SEDAR (www.sedar.com) and the Company's website (www.silvercrestmetals.com).
The Babi Sur Vein, as defined in the PEA includes
39 drill holes, and has a modelled average vein width (true) of 0.95 metres and
cut diluted grade of 4.10 grams per tonne ("gpt") gold (or
"Au") and 268 gpt silver (or "Ag"), or 575 gpt silver
equivalent ("AgEq", based on assumptions defined in table below) over
a discontinuous (4 discrete zones) mineralized length of 1,200 metres (see
attached Figures). The Babi Sur drill holes announced in this release have a
weighted average true width of 2.3 metres grading 3.36 gpt Au and 282.5 gpt Ag,
or 534 gpt AgEq (uncut) with hole intercepts distributed along the same
estimated mineralized length as presented in the PEA. These new drill results
suggest an increase in true width of between 1 to 2 metres, from 0.95 metres,
and confirm the estimated overall grade of 534 to 575 gpt AgEq. In-fill
drilling is also suggesting better continuity between the discrete zones
delineated in the most recent resource estimate, with potential to reduce the
required underground development to access these areas of the vein. In
addition, drilling has established further high-grade mineralization
intersected to depth and down plunge.
While drilling the Babi Sur Vein, the Babi Sur HW
Vein was intercepted along with other unknown vein intercepts, with the results
presented in the tables below.
N. Eric Fier, CPG, P.Eng, and CEO, remarked,
"While Babi Sur mineralization has an impressive average grade of
approximately 500 gpt AgEq, it tends to be overlooked when reviewing the higher
grades at the Babicanora, Babicanora Norte and Babicanora FW veins. Babi Sur is
incremental for additional ounces and conveniently located within the
Babicanora area for accessibility in the conceptual mine plan. Since the last
resource estimate in February 2019, we have been systematically testing Babi
Sur to connect the four zones of mineralization and potentially expand the
resource. The results to date suggest that the vein is wider and has increased
continuity, with potential to expand the resource while reducing underground
development costs to access the mineralization. Over the next several months,
we are systematically and aggressively drilling in-fill and expansion holes for
most of the Las Chispas veins with resources, including Babi Sur Vein, to meet
our schedule to convert resources into reserves for the ongoing feasibility
study. Of the 16 drills currently operating at Las Chispas, three are dedicated
to Babi Sur."
The most significant results for this release are
hole BAS19-63, at 3.1 metres (est. true width) grading 8.51 gpt Au and 716.6
gpt Ag, or 1,355 gpt AgEq and hole BAS19-57, which intersected 8.8 metres
grading 3.09 gpt Au and 304.6 gpt Ag, or 536 gpt AgEq. Also, noteworthy is hole
BAS19-49 at 3.8 metres grading 5.32 gpt Au and 374.3 gpt Ag, or 773 gpt AgEq.
The following table summarizes the most significant drill intercepts (uncut,
undiluted) for this release;
Note: all
numbers are rounded. Based on a cutoff grade of 150 gpt AgEq with no minimum
width.
* 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.
* 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.
For the Babi Sur veins, holes BAS19-41 to 43, 45 to
48, 52, 56, 58, 59, 62, and 64 intersected veining but were below the Company's
cutoff grade of 150 gpt AgEq. Holes BAS19-65, 66, 68, and 69 have pending
assays, and will be reported when compiled.
The Babi Sur Vein and Babi Sur HW Vein are still
open to depth and down plunge to the southeast. Unnamed veins are under review
for possible continuity and announcement(s) of additional vein discoveries.
Approximately 25 to 35 additional in-fill and expansion holes, for a minimum of
7,000 metres, are planned for the Babi Sur Veins in H2, 2019.
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.
Figure
1: Las Chispas District with Babicanora Plan Map, August 2019
Figure
2: Long Section (Inclined) of Babicanora Sur Vein Looking Southwest
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
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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