SilverCrest (TSXV: $SIL.V;
OTCQX: $SVCMF) Continues to Intercept High-Grade Mineralization at Las Chispas
Property, Extensions to Las Chispas and Giovanni Veins
Vancouver, British Columbia - November 28, 2017
(Investorideas.com Newswire) SilverCrest Metals Inc. (TSXV:
SIL.V; OTCQX: SVCMF) ("SilverCrest" or the "Company") is pleased to
release additional surface and underground drill results from its ongoing Phase
II Exploration Program at the Las Chispas Property (the "Property")
located in Sonora, Mexico. The surface and underground drill program is
designed to define readily accessible high-grade areas in the historic underground
workings in the Las Chispas Vein and further define the Giovanni Vein. The
Company is currently exploring nine of the 19 known epithermal veins on the
Property with efforts focused on four of these veins to be incorporated into
SilverCrest's maiden resource estimate anticipated in Q1 2018.
Read this news in full at http://www.investorideas.com/CO/SILV/news/2017/11281LasChispas.asp
N. Eric Fier, CPG, P.Eng, President and CEO,
remarked, "These results are building on our previous drilling and
underground sampling program, which has demonstrated intact semi-continuous
high-grade mineralization for the Las Chispas and Giovanni veins. As part of
our expanded Phase II Exploration Program, we intend to continue with
underground drilling and channel sampling on the Las Chispas and Giovanni veins
through Q1 2018. We remain on track to deliver a maiden resource estimate in Q1
2018 which will include the Las Chispas, Giovanni, William Tell and Babicanora
veins."
The most significant results for this release are
in Hole LC17-72, which returned 4.0 metres grading 18.61 grams per tonne
("gpt") gold and 696.2 gpt silver, or 2,092 gpt silver equivalent
("AgEq", based on 75 (Ag):1 (Au) and 100% metallurgical recovery),
including 0.8 metres grading 92.60 gpt gold and 2,890.0 gpt silver, or 9,835
gpt AgEq. Other significant results include Hole LC17-68 at 2.0 metres grading
5.85 gpt gold and 1,191.5 gpt silver, or 1,630 gpt AgEq, Hole LCU17-02 at 2.2
metres grading 9.42 gpt gold and 1,369.3 gpt silver, or 2,076 gpt AgEq, and
Hole LCU17-04 at 6.3 metres grading 1.97 gpt gold and 241.4 gpt silver, or 389
gpt AgEq. The following table summarizes the most significant drill results
(uncut, undiluted) for this release in the Las Chispas Area only;
Note: all numbers are rounded
*AgEq based on 75 (Ag):1 (Au) and 100% metallurgical recovery.
**True thickness is 80 to 100% of drilled thickness.
***Las Chispas surface holes begin with "LC" and underground holes begin with "LCU".
*AgEq based on 75 (Ag):1 (Au) and 100% metallurgical recovery.
**True thickness is 80 to 100% of drilled thickness.
***Las Chispas surface holes begin with "LC" and underground holes begin with "LCU".
All assays were completed by ALS Chemex in
Hermosillo, Mexico, and North Vancouver, BC, Canada.
Holes LC17-59, 62, 63, 64, and 71, and LCU17-01 and
06 intersected mineralization below the Company's 150 gpt AgEq cutoff. Hole
LCU17-07 was replaced with 07A and hole LC17-67 was a lost downhole.
Underground holes LCU17-02 to 07A tested for extensions of the Las Chispas Vein
to the southwest and northwest, beyond the historic workings and intercepted
the Tajo Chico Vein (see note below). Several un-named veins continue to be
intersected and are under review for possible inclusion in the ongoing
district-wide vein discoveries.
Hole LC17-72 (4.0 metres grading 2,092 gpt AgEq)
was designed to test the continuity of the Giovanni Vein and replicate the
nearby Hole LC16-08 (7.2 metres grading 492 gpt AgEq). This unmined vein is
readily accessible via the Las Chispas historic workings. The high-grade
footprint for the Giovanni Vein continues to grow and further underground
infill and expansion drilling in this area is underway.
Hole LC17-58 (2.0 metres grading 246 gpt AgEq) was
designed as a step-out hole to test the downward extension of the Las Chispas
Vein mineralization. The hole intercepted high-grade mineralization
approximately 400 metres to the southeast of previously announced drill
results. Further surface drilling to potentially expand the Las Chispas
high-grade footprint is planned for 2018.
Hole LCU17-04 (6.3 metres grading 389 gpt AgEq) was
designed to test the historic Tajo Chico Vein which is a high-grade splay of
the Las Chispas Vein (see attached Figure). The hole intercepted the unmined
high-grade extension of this vein. Further underground drilling is underway.
Historic Las Chispas Mine underground workings have
been open for over 80 years with minor backfill and no ground support. Several
prominent high-grade historic pillars remain intact in the mine and are readily
accessible via a historic haulage route (see attached Figures). With further
detailed underground channel sampling, the Company will be assessing the
optimal way to incorporate these pillars and intact mineralization into the
upcoming resource estimate. These pillars could potentially be incorporated
into plans for extraction of a permitted bulk sample for offsite processing in
2018.
The Company anticipates completing its Phase II
Exploration Program by mid-January which will include drilling a further 4,000
to 6,000 metres in the district, primarily on the Babicanora extension (see
November 27, 2017 news release). SilverCrest remains on track to deliver a
maiden resource estimate for the Las Chispas project in Q1 2018.
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'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. 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 Property,
including preparation of an initial resource estimate; 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 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
President & CEO
SilverCrest
Metals Inc.
For Further Information:
SilverCrest
Metals Inc.
Contact: Fred Cooper, Investor Relations
Telephone: +1 (604) 694-1730
Fax: +1 (604) 694-1761
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: Fred Cooper, Investor Relations
Telephone: +1 (604) 694-1730
Fax: +1 (604) 694-1761
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
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.
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