#Mining News: #SilverCrest
(TSXV: $SIL.V; OTCQX: $SVCMF) Discovers New High-Grade Vein at Las Chispas; 1.5
metres @ 23.96 gpt Au and 2,081 gpt Ag, or 3,879 gpt AgEq
Vancouver, British Columbia - May 29, 2018
(Investorideas.com Newswire) SilverCrest Metals Inc. (TSXV:
SIL.V; OTCQX: SVCMF) ("SilverCrest" or the "Company") is pleased to
announce the drill results and discovery of the Babicanora Norte Vein on the
Las Chispas Property (the "Property") located in Sonora, Mexico. The
high-grade Babicanora Norte Vein was discovered while drill-testing beneath
recently located shallow historic workings (see attached Figures). This vein is
approximately 300 metres northeast of the parallel Babicanora Vein. There are
23 known epithermal veins on the Property, including 11 which have
drill-intersected high-grade mineralization and consist of the Babicanora,
Babicanora Footwall, Babicanora Norte, Las Chispas, Giovanni including La
Blanquita, William Tell, Varela, Granaditas, Luigi and Amethyst veins. Five of
the 23 veins have been included in the maiden resource (refer to
"Technical Report and Mineral Resource Estimate for the Las Chispas Property,
Sonora, Mexico", effective February 12, 2018 and amended May 9, 2018).
N. Eric Fier, CPG, P.Eng and CEO, remarked,
"With this discovery of the Babicanora Norte Vein, we continue to show the
increased potential for more near-surface high-grade mineralized veins. This is
now the 11th high-grade vein we have discovered in the district.
This vein is located adjacent and parallel to the
Babicanora Vein which contains a majority of the maiden resource estimate. We
recently identified this untested vein and strategically drilled it for
high-grades which were discovered in our second drill hole (BAN18-02,
intercepting 1.5 metres grading 9.11 gpt gold and 1,033.3 gpt silver, or 1,716
gpt AgEq*).
This successful strategy required projecting the
known high-grade footprint of the adjacent Babicanora Vein along with geologic
constraints to the untested Babicanora Norte Vein. With six drills currently
operating, we continue to aggressively drill-test the Babicanora Norte Vein and
several other untested veins using the model of "Nature of
Multiples"; that is, find one high-grade footprint in a vein and apply the
same controls to the next nearby vein."
The most significant result for this release was
returned from Hole BAN18-06, which intersected 1.5 metres (true width) grading
23.96 grams per tonne ("gpt") gold and 2,081.0 gpt silver, or 3,879
gpt silver equivalent ("AgEq", based on 75 (Ag):1 (Au) calculated
using long-term silver and gold prices of US$18.50 per ounce silver and
US$1,225 per ounce gold, with average metallurgical recoveries of 86.6% silver
and 98.9% gold), including 0.5 metres grading 11,615 gpt AgEq. The following
table summarizes the most significant drill intercepts (uncut, undiluted) for
this release:
Note: all numbers are rounded.
*AgEq based on 75 (Ag):1 (Au) calculated using long-term silver and gold prices of US$18.50 per ounce silver and US$1,225 per ounce gold, with average metallurgical recoveries of 86.6% silver and 98.9% gold.
*AgEq based on 75 (Ag):1 (Au) calculated using long-term silver and gold prices of US$18.50 per ounce silver and US$1,225 per ounce gold, with average metallurgical recoveries of 86.6% silver and 98.9% gold.
All assays were completed by ALS Chemex in
Hermosillo, Mexico, and North Vancouver, BC, Canada.
Results for drill hole BAN18-05 is below the
Company's cutoff of 150 gpt AgEq. Hole BAN18-01 intercepted 0.5 metres grading
1.23 gpt gold and 194.0 gpt silver, or 286 gpt AgEq and hole BAN18-08
intercepted 0.50 metres grading 3.06 gpt gold and 169 gpt silver, or 398 AgEq.
The Babicanora Norte Vein consists of southeastward
plunging high-grade mineralization similar to the adjacent Babicanora Vein.
Mineralization consists of a 0.5 to 1.5 metre wide banded quartz-argentite-pyrargyrite
vein, dipping at an estimated 55° southeast proximal to a rhyolite dyke.
Conceptually, since the Babicanora and Babicanora Norte veins are proximal to
each other, shared future underground infrastructure is conceivable and
convenient.
The Babicanora Norte high-grade footprint in the
vein currently measures approximately 200 metres long by 100 metres high by 1.4
metres in average true width, grading an estimated 8.47 gpt gold and 878.9 gpt
silver, or 1,514 gpt AgEq (see attached Figures) and is open in most
directions. Further drilling for potential expansion is ongoing and additional
assays will be reported once compilation is complete.
The Company continues with its Phase III drill
program of expansion drilling on several new and partially-drilled high-grade
mineralized veins. A remaining 6,000 to 8,000 metres of drilling are planned up
to the end of July cutoff for updated resource inclusion. Other ongoing site
work includes continued underground mapping and sampling on the Las Chispas Vein,
drilling test wells for site water, permitting for various additional work, and
review of the maiden resource model for optimization and update.
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 metal mining sector, including taking projects through discovery, finance, on time and on budget construction, and production.
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.
Figure 1: Long Section (Inclined) of Babicanora
Norte Vein Las Chispas Property, Looking Southwest
Figure 2: Las Chispas District with Babicanora
Plan Map, May 2018
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: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
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
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