#Mining Stock News: #SilverCrest (TSXV: $SIL.V;
NYSE: $SILV) Announces Decline Has Intersected Babicanora Vein, Confirms New
Vein Discovery and Additional High-Grade In-Fill Drill Results:
·
7.6 Metres at 4,671
gpt AgEq
·
3.5 Metres at 5,875
gpt AgEq
·
5.6 Metres at 2,176
gpt AgEq
Vancouver, British Columbia - June 27, 2019
(Investorideas.com Newswire) SilverCrest Metals Inc. (TSXV:
SIL.V; NYSE
American: SILV) ("SilverCrest" or the
"Company") is pleased to provide an exploration update for its Las
Chispas Project ("Las Chispas") located in the state of Sonora,
Mexico. The Company's newly constructed decline ("Santa Rosa
Decline") has intersected the Babicanora Vein in the high-grade Area 51
zone, along with intersecting and confirming the high-grade discovery of the
Babi Vista Vein. We are also pleased to announce additional high-grade in-fill
drill results for the Babicanora Vein which further increase the confidence
level in the recently announced Mineral Resource Estimate (see news release
dated March 14, 2019). See technical report titled "Technical Report and
Resource Estimate for the Las Chispas Property, Sonora, Mexico" with an
effective date February 8, 2019 and available on SEDAR at www.sedar.com.
Read this in full at
N. Eric Fier, CPG, P.Eng, and CEO, remarked,
"As we advance Las Chispas to complete a Feasibility Study, we are
diligently working to finish our in-fill drilling program on the Babicanora
veins to further de-risk and convert resources to reserves. The discovery of
the Babi Vista Vein in the decline provides us with a new target immediately
adjacent to already defined vein resources with established underground access.
This target can potentially add high margin resources beyond what was included
in the Preliminary Economic Assessment announced May 15, 2019. Also, we have 10
in-fill and five exploration rigs turning to drill-test additional potential
discoveries and expand current resources on five priority targets including: 1)
southeast plunge of Babicanora Vein in the Area 51 zone, 2) at depth and along
strike of the Babicanora Norte Vein, 3) at depth in the Las Chispas area, 4) at
depth in the Babi Sur area, and 5) initial drilling in the Chiltepin area.
Results from these targets will be reported on an ongoing basis."
Mr. Fier also commented, "It's a very exciting
time at Las Chispas, as we just intersected the Babicanora Vein underground
within 10 metres of our projected model location and confirmed the true width
of the high-grade vein at 3.6 metres, which is consistent with our model.
Congratulations to the SilverCrest Team for all its efforts on the construction
of the Santa Rosa Decline ahead of schedule."
While constructing the Santa Rosa Decline, the Babi
Vista Vein was intersected which confirmed this high-grade discovery noted in
five drill holes in a previous news release dated February 25, 2019. Initial
underground channel sampling shows an estimated true width of 1.5 metres,
including approximately 0.3 metres grading 12.0 grams per tonne
("gpt") gold ("Au") and 1,440.0 gpt silver
("Ag"), or 2,340 gpt silver equivalent ("AgEq", based on
assumptions defined in the table below). A 10 to 15-hole underground drill
program has been initiated with five short closely-spaced (est. 25m) core holes
already completed and intercepting the vein. Further results will be released
upon receipt of analysis and compilation.
On June 20, 2019, the Company intersected the
Babicanora Vein in the high-grade Area 51 zone within the Santa Rosa Decline
(see attached Figures). Construction of the Santa Rosa Decline was completed
ahead of schedule, with excellent ground conditions and intersected the vein
within 10 metres of its projected model target. This development gives the
Company its first look at the intact Babicanora Vein and accelerates our
planned work to help de-risk several ongoing tasks. These tasks include:
reconciliation of resource model against detailed underground vein evaluation,
bulk sampling for metallurgical test work, geotechnical studies, possible test
mining, stockpiling of high-grade material, and better access to Babicanora
veins for in-fill and expansion underground drilling in H2, 2019.
The 51 in-fill drill holes totaling 18,488 metres
drilled and reported in this news release were generally targeting
mineralization on the outer edges of the current block model of the Babicanora
Vein, Area 51 zone (see attached Figures). Results in this release, including
the drill holes below cutoff grade in the block model area, have an estimated
weighted average true width of 2.2 metres, grading 7.17 gpt Au and 752.6 gpt
Ag, or 1,290 gpt AgEq. Overall, these in-fill results confirm the vein
thickness and top cut grades of the Babicanora Vein based on a majority of the
results being from the outer edges of the Area 51 zone as reported in the
February 8, 2019 resource estimate.
The most significant result for this release is
Hole BA19-160, which intersected 7.6 metres (estimated true width) grading 26.6
gpt Au and 2,676 gpt Ag, or 4,671 gpt AgEq. Also noteworthy are holes BA19-165,
at 3.5 metres grading 32.8 gpt Au and 3,417.2 gpt Ag, or 5,875 gpt AgEq, and
BA19-159 at 5.6 metres grading 13.6 gpt Au and 1,153.8 gpt Ag, or 2,176 gpt
AgEq. The following table summarizes the most significant drill intercepts
(uncut, undiluted) for this release;
Babicanora Vein, Area 51 zone:
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.
All assays were completed by ALS Chemex in
Hermosillo, Mexico, and North Vancouver, BC, Canada.
For the Babicanora Vein, holes BA19-143, 144, 146,
148, 150, 151, 157, 162, 163, 175, 183, 184, 187, 188, 190, and 191 intersected
veining grading between 8 to 141 AgEq (below the Company's cutoff grade of 150
gpt AgEq). A majority of the drill holes below 150 gpt AgEq cutoff are on the
outer edges of the current computer-generated block model. Several below cutoff
grade deep drill holes experienced low core recovery in known clay-rich
mineralized zones and may not be representative of the grade of the interval.
Additional in-fill drilling in H2, 2019 will be re-testing some intervals using
standard triple tube core techniques for better clay recovery and further
evaluation.
The Babicanora Vein is still open: 1) to the southeast
down plunge where current drilling is ongoing, 2) along vein strike in the
upper part of the block model as suggested by new significant high-grade holes
in table above (BA19 - 155, 160, 161, 165, 180, and 192), 3) the upper and
lower parts of Babicanora Central zone currently being drilled for in-fill and
expansion purposes, and 4) potentially favourable significantly deeper hosts
for vein mineralization to be initially tested when underground infrastructure
is in place within the next 6 to 12 months. While drilling the Babicanora Vein,
several high-grade intercepts were made in the adjacent Babicanora HW and FW
veins which will be released once compiled.
With continued success on the drill program, the
Company has increased its planned drilling for its Phase III exploration
program with 15 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
40,000 to 50,000 metres of infill and expansion drilling are planned for the
remainder of 2019. Since inception of the project and up to June 15, 2019, the
Company has drilled an estimated total of 203,500 metres (8,500 metres in 2016,
33,000 metres in 2017, 72,000 metres in 2018, and 90,000 metres year-to-date in
2019) at the Las Chispas Project.
Other ongoing site activities includes work related
to the Feasibility Study expected in H1, 2020, 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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