SilverCrest (TSXV: $SIL.V) Reports Further
Continuous High Grade Underground Results At Las Chispas; Extends Surface
Drilling Program
Vancouver - June 9, 2016 (Investorideas.com
Newswire) SilverCrest Metals Inc. (TSXV: $SIL.V) ("SilverCrest" or the "Company") is pleased to
report on additional results from the ongoing underground channel sampling
program and extension of its surface drilling program at its Las Chispas
Project ("Las Chispas") located in Sonora, Mexico . Las Chispas is a
historic silver-gold district with over six kilometres of existing underground
workings, which apparently were not previously drilled before their acquisition
by the Company. The project is in a prolific mining area which currently hosts
two nearby precious metal operations. Only three veins (Las Chispas, William
Tell and Babicanora) of the fourteen historically reported veins on the Las
Chispas Property have been previously mined extensively during the early
1900's. SilverCrest's initial focus is on these three veins. For more
information, please refer to our website at www.silvercrestmetals.com.
N. Eric Fier , CPG, P.Eng, President & CEO
commented, "We are pleased with the results received to date from the
underground rehabilitation program and early indications of mineralization in
core from the surface drilling program at Las Chispas. On April 27, 2016 , the
SilverCrest team safely ascended to the 400 level of the Las Chispas vein and
started the first systematic channel sampling in over 90 years. We are sampling
underground areas that are easily accessible in our efforts to confirm high
grade continuity at Las Chispas, while targeting areas for potential resource
estimation and future bulk sampling. Based on our initial success, we have
elected to expand the surface drill program to further test extensions of
mineralization. The Company is well financed with $5.6 million in the cash to
cover all intended exploration expenditures in 2016."
Underground Rehabilitation Update
Since the Company's news release dated April 28,
2016 , the Company has systemically collected an additional 87 continuous
channel samples at 2 to 3 metre intervals from the William Tell and Las Chispas
veins. The most significant sample results averaged 0.8 metres of 2.61 grams
per tonne ("gpt") gold and 203.7 gpt silver, or 399.5 gpt silver
equivalent ("AgEq", based on 75:1 Au:Ag) (uncut, undiluted) over a 70
metre strike length on the northern extension of the William Tell vein (see
attached Figure). The Company also expanded the William Tell vein from a strike
length of 75 metres, as previously reported on April 28, 2016 , to 85 metres.
The additional 10 metre length averaged 1.1 metres of 1.68 gpt gold and 197.7
gpt silver, or 324.1 gpt AgEq (uncut, undiluted). Further results are pending,
and additional sampling is being completed in this area.
The Company also successfully gained access to the
Las Chispas historic 400 level and collected its first continuous channel
samples in this area. It appears that this area has not been systematically
sampled for over 90 years. Results from 9 initial samples at this level
averaged 1.2 metres of 1.1 gpt gold and 171.6 gpt silver, or 250.4 gpt AgEq
(uncut, undiluted) over a 15 metre strike length. Further sampling is ongoing
on this level for potential strike length additions.
The following table summarizes the most significant
assays of the 87 sample results;
All assays were completed by ALS Chemex in
Hermosillo, Mexico , and North Vancouver, BC.
To date, approximately three kilometres of
underground workings have been accessed with an additional three kilometres to
be explored over the next several months.
The underground sampled width of mineralization may
not be indicative of the true width of mineralization. Sampling widths are
constrained by access to open faces. Ongoing and planned drilling may suggest
wider mineralized zones.
Drilling Update
The 3,000-metre surface drill program, previously
announced on April 28, 2016 , has now been extended to 5,000 metres. To date,
15 holes have been completed for a total of approximately 3,700 metres. All
holes have intersected quartz stockwork and veining which are strong
indications that the core is mineralized. Upon receipt of core assays, the
results will be compiled, integrated with all of the underground information
and announced in a timely manner.
The Company is also awaiting a MIA (Environmental
Impact Statement) for an underground drilling program of 2,000 metres as stated
in an earlier news release. Subject to permitting, the underground drill
program is expected to commence in the second half of 2016. The permit will
include permission to mine a 100,000-tonne bulk sample for testing and
processing off site.
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 President 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 is led by a proven management
team in all aspects of the precious metal mining sector, including the
pioneering of a responsible "phased approach" business model taking
projects through discovery, finance, on time and on budget construction, and
production with subsequent increased value to shareholders.
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, rehabilitation and
drilling programs of the Las Chispas Project, including initial extraction
program for bulk sample testing; information with respect to high grade areas
and size of veins projected from underground sampling results; and the
accessibility of future mining at the Las Chispas Project. 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
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
President & CEO
SilverCrest Metals Inc.
President & CEO
SilverCrest Metals Inc.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE SilverCrest Metals Inc.
Contact:
SilverCrest
Metals Inc.
Fred
Cooper, Investor Relations
Telephone:
+1 (604) 694-1730
Fax: +1 (604) 694-1761
Toll Free: 1-866-691-1730 (Canada & USA)
Fax: +1 (604) 694-1761
Toll Free: 1-866-691-1730 (Canada & USA)
570
Granville Street, Suite 501, Vancouver, British Columbia V6C 3P1
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