#Mining News: #SilverCrest (TSXV: $SIL.V; OTCQX: $SVCMF) Announces Las
Chispas Maiden Resource Estimate; 3.4 Million Tonnes @ 3.66 gpt Au and 297 gpt
Ag or 572 gpt AgEq for 63 Million Oz AgEq
Vancouver,
British Columbia - February 27, 2018 (Investorideas.com Newswire) SilverCrest Metals Inc. (TSXV: SIL.V; OTCQX: SVCMF) ("SilverCrest" or the "Company") is pleased to
announce that Tetra Tech Canada Inc. ("Tetra Tech") has completed its
independent mineral resource estimation for the Las Chispas Property, located
in Sonora, Mexico. Inferred Mineral Resources are estimated at 3.4 million
tonnes grading 3.66 grams per tonne ("gpt") gold (or "Au")
and 297 gpt silver (or "Ag"), or 572 gpt silver equivalent
("AgEq"; based on 75 (Ag):1 (Au) and 100% metallurgical recovery).
The Inferred Resource Estimate contains 402,000 ounces gold and 32,650,000
ounces silver, or 62,800,000 ounces of AgEq, using a 150 gpt AgEq cut-off grade
and minimum true vein width of 1.5 metres.
N. Eric
Fier, CPG, P.Eng and CEO, remarked, "The delivery of this maiden resource
estimate is a major milestone for SilverCrest Metals as we continue to
systematically expand high-grade mineralization in the district and fast-track
the advancement of Las Chispas. In late 2017, we were targeting a total
resource number around 40 to 50 million ounces AgEq grading an estimated 500 gpt
AgEq but with the recent multiple high-grade intercepts in Area 51, this target
has been exceeded. Area 51 (near-surface Babicanora Vein extension) alone has
an estimated 32.2 million contained AgEq ounces, grading an impressive 7.43 gpt
Au and 469 gpt Ag, or 1,026 gpt AgEq and is open for potential expansion. The
Area 51 resource is similar to the 1800s historic production from the adjacent
Las Chispas Vein which was approximately 30 million ounce AgEq grading an
estimated 15 gpt Au and 1,700 gpt Ag. With continued drilling success, the
Company intends to complete an updated resource and plans to prepare a
Preliminary Economic Assessment ("PEA") in H2 2018. Congratulations
to our SilverCrest team, contractors, consultants and associated communities
for making this impressive high-grade precious metal discovery and maiden
resource possible."
Note:
1. Conforms to NI 43-101, Companion Policy 43-101CP, and the Canadian
Institution of Mining, Metallurgy and Petroleum ("CIM") Definition
Standards on Mineral Resources and Mineral Reserves adopted by CIM council, as
amended. Inferred Resources have been estimated from geological evidence and
limited sampling and must be treated with a lower level of confidence than
Measured and Indicated Resources.
2. AgEq based on 75 (Ag):1 (Au) and 100% metallurgical recovery.
3. All numbers are rounded.
4. Babicanora resource includes the Babicanora Vein and Babicanora Footwall
Vein, and Giovanni resource includes the La Blanquita extension and Gio-mini
Vein.
The
mineral resource estimate is based on the Company's Phase I and II exploration
programs and is classified as an Inferred Mineral Resources based on CIM
Definition Standards. The effective date for the Inferred Resource Estimate is
February 12, 2018. Depending on the vein, drill sections were spaced 25 to 75
metres along strike, with intercepts on each section averaging 50 metres apart
down dip. Underground channel sampling for the Las Chispas and William Tell
Veins is spaced from 2 to 10 metre centres along the back (roof) and side walls
for drifts and stopes depending on access. The most significant components of
the data, collected and validated by SilverCrest between April 2016 to February
2018, are results from 185 drill holes (46,127 metres), 2,895 dump samples, and
7,610 underground samples (6,647 metres). A majority of the resource is in
unmined areas with only the Las Chispas, William Tell and Giovanni veins being
partially mined out, and voids (stopes) being accounted for in resource
estimation. Surveying of the historical underground workings were completed by
Precision GPS S.A. DE C.V. Details of the drill core assays, as well as surface
and underground sampling results, can be found in various press releases from
March 2, 2016 to January 29, 2018. The resource remains open in several
directions depending on which vein is considered. A technical report prepared
by Tetra Tech in accordance with National Instrument 43-101 — Standards of
Disclosure for Mineral Projects ("NI 43-101") will be filed on SEDAR
at www.sedar.com within
45 days.
The Las
Chispas resource estimate is based on the following key assumptions; a specific
gravity of 2.55 was used based on test work; veins were modelled by SilverCrest
to capture mineralization grade of 150 gpt AgEq, all assays were composited to
1 metre, grade capping strategy was applied to each vein where gold values were
capped at between 4.2 to 61 gpt and silver values were capped at between 462 to
4,390; a 2 metre by 2 metre by 2 metre block size was used based on geological
constraints and potential future mining method; variography and ordinary
kriging were used to create both gold and silver block models where possible
and inverse distance squared was used in all other cases; multiple interpolation
passes were conducted in areas with both underground channel samples and core
drilling data, block models were classified into Inferred Resources according
to appropriate criteria based on geologic constraints, sample sets, and search
radii. Details of these criteria will be presented in the technical report to
be filed on SEDAR.
The
resource estimate is focused on an estimated 3.5 kilometres of approximately 12
known kilometres of cumulative vein strike length in the district. As planned,
the Company's Phase III drilling in 2018 will focus on; (1) the Babicanora
Vein, which includes Area 51, to fully test the additional known 1.5 kilometres
of vein strike length; (2) of the nine veins that were drilled on, five were
included in this resource, which the Company has only partially drilled tested;
and (3) the ten other identified veins on the Las Chispas Property, which have
not yet been drill tested. In-fill drilling will be considered later in 2018 to
target the conversion of the Inferred Resource to the Indicated category. The
Company intends to provide an updated resource estimate and plans to deliver a
PEA in H2 2018. There is no certainty that these Inferred Mineral Resources
will be converted to the Measured and Indicated categories through further
drilling.
Qualified
Assurance Program and Quality Control Measures ("QA/QC")
SilverCrest
has implemented QA/QC protocols including insertion of duplicate, blank and
standard samples in all drill holes and underground sampling. The samples were
submitted directly to the ALS Chemex in Hermosillo, Mexico, for preparation and
sent to ALS Chemex in North Vancouver, BC, Canada, for analysis. Additional
duplicate test work has been conducted on mineralized samples to assess
variability of coarse reject and pulp samples. A Tetra Tech independent
qualified person visited the Las Chispas Property between August 29-September
2, 2016, January 15-19, 2017, and November 21-22, 2017. Independent sampling
was completed. Tetra Tech has reviewed the QA/QC work completed by SilverCrest
and believes the database is reliable for estimating Mineral Resources.
Qualified
Person
The
Mineral Resources for the Las Chispas Property disclosed in this news release
have been estimated by P. James F. Barr, P. Geo., Senior Geologist and Team
Lead — Geology for Tetra Tech Canada Inc. and independent of SilverCrest. Mr.
Barr is a Qualified Person as defined in NI 43-101. The Mineral Resources have
been classified in accordance with CIM Definition Standards for Mineral
Resources and Mineral Reserves, adopted by CIM council, as amended. Mr. Barr
has read and approved the contents of this press release as it pertains to the
disclosed mineral resource estimate.
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,
preliminary economic assessment and updated 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
Chief Executive Officer
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.
For
Further Information:
SilverCrest
Metals Inc.
Contact: Fred Cooper, Investor Relations
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; OTCQX: SVCMF) is a featured company on Investorideas.com
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