#Mining #Stock News: #SilverCrest (TSX: $SIL.TO;
NYSE: $SILV) Announces New High-Grade Discovery at Las Chispas
1.5 Metres Grading 2,675 gpt AgEq
1.0 Metres Grading 1,430 gpt AgEq
VANCOUVER, BC - November 5, 2020 (Investorideas.com Newswire) SilverCrest Metals Inc. (TSX: SIL.TO; NYSE American: SILV) ("SilverCrest" or the "Company") is pleased to announce the discovery of the El Muerto Zone ("El Muerto") in the northwest part of the Babicanora Vein at its Las Chispas Property ("Las Chispas") located in Sonora, Mexico. El Muerto is the Company's first successful attempt at intercepting high-grade precious metals deeper in the Babicanora Area, suggesting potential for a new mineralized horizon in the Babicanora Vein. The current drill program has been focused on expanding high-grade mineralization for known veins and testing targets for possible new precious metal discoveries. Results released today are for 45 holes with 11,350 metres drilled within El Muerto (see attached Figures and tables below).
Read this news featuring SilverCrest in full at https://www.investorideas.com/CO/SILV/news/2020/11051Las-Chispas.asp
Discovery Highlights:
·
SilverCrest continues to intersect high-grade mineralization
with the discovery of El Muerto. Best intercepts include:
·
El Muerto is estimated to have an average
high-grade footprint of 500 metres along strike and is 100 to 200 metres below
the current resource in the Babicanora Vein, demonstrating the potential for
high-grade mineralization in a new lower horizon.
·
The weighted average (true width, uncut, undiluted)
of these drill results to date is 1.1 metres grading 5.27 gpt Au and 389.2 gpt
Ag, or 784 gpt AgEq.
·
El Muerto will be included in the updated resource
that will be issued with the ongoing Feasibility Study.
N. Eric Fier, CPG, P.Eng, and CEO, remarked,
"Our exploration team is doing an exceptional job under strict COVID-19
protocols, including a quarantined site camp. The recent discovery of the El
Muerto Zone continues to show that Las Chispas has significant additional
potential as we focus on expansion and new discoveries of high-grade
mineralization in the district. Further drilling at El Muerto, below the
current Babicanora Vein resource, is planned in Q4 2020 and next year.
Our Las Chispas operations team is also doing an
excellent job as site work continues, including: underground drifting,
stockpiling of high-grade mineralization, building the warehouse and
administration office, expanding the site quarantined camp, and installation of
site water and electrical systems. Senior management recently had visited the
site to oversee the planned progress with respect to exploration and
operations. The Feasibility Study is advancing well with an anticipated release
in late December 2020 or early January 2021, along with a final mill
construction decision."
The most significant result for this release is
Hole EM20-37, which intersected 1.5 metres (estimated true width) grading 12.68
gpt Au and 1,723.8 gpt Ag, or 2,675 gpt AgEq. Also noteworthy is hole EM20-35
at 1.0 metres (estimated true width) grading 9.46 gpt Au and 720.0 gpt Ag, or
1,430 gpt AgEq. The following table summarizes the most significant drill
intercepts (uncut, undiluted) for this release.
Babicanora Vein, El Muerto Zone:
All assays were completed by ALS Chemex in
Hermosillo, Mexico, and North Vancouver, BC, Canada, and Bureau Veritas
Inspectorate Ltd. in Hermosillo, Mexico.
Holes EM19-01, 03 to 07, EM20-08, 09, 11, 12, 15 to
18, 21, 22, 24, 28 to 30, 33, 34, 36, and 39 to 42 intersected veining but were
below the Company's cutoff grade of 150 gpt AgEq.
While drilling El Muerto, several intercepts were
made in unnamed veins. Further work is planned on these unnamed vein intercepts
for possible new vein discoveries. The most significant results of these
intercepts are provided below (uncut, undiluted):
SilverCrest currently has five surface core drills
running at Las Chispas; two at the El Muerto Zone, two at the Babi Vista Vein
and one at the Amethyst Vein. Expansion drilling is planned to continue through
Q4 2020 and into 2021. The Company has budgeted to operate 6 to 8 drills at Las
Chispas over the next 12 months, with the potential to expand with further
success.
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. The Las
Chispas Project consists of 28 mineral concessions, of which the Company has
100% ownership of where all the resources are located. SilverCrest is the first
company to successfully drill-test the historic Las Chispas Property resulting
in numerous high-grade precious metal 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 and drilling programs of
the Las Chispas Property, including 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: impact of the COVID-19 pandemic; 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:
uncertainty as to the impact and duration of the COVID-19 pandemic; 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.
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
SilverCrest
Metals Inc. (TSXV: SIL.V; NYSE: SILV) is a featured company on Investorideas.com
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