SilverCrest Metals Inc. is pleased to announce further Phase III drill results for the Las Chispas Property located in Sonora, Mexico. Continued step out drilling of the Babicanora Norte Vein, since the Company’s news release on May 29, 2018, announcing the discovery of this vein, and initial step-out drilling results reported July 24, 2018, has intersected additional high-grade silver-gold mineralization (see attached Figures). The Babicanora Norte Vein is parallel to the Babicanora Vein and is located approximately 300 metres northeast. The vein appears to connect with the Granaditas area which has multiple drill-tested veins to the southeast. The Babicanora Norte Vein will be part of the upcoming updated resource which will include 8 of the 30 identified veins in the district. Five veins were included in the February 2018 maiden resource.
The most significant result for this release was returned from Hole BA18-31, which intersected 1.8 metres (true width) grading 15.11 grams per tonne (“gpt”) gold and 1,718.2 gpt silver, or 2,851 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). Also noteworthy is Hole BA18-40 at 1.6 metres grading 8.96 gpt gold and 1078.7 gpt silver, or 1,750 gpt AgEq. The following table summarizes the most significant drill intercepts for this news release (uncut, undiluted).
Babicanora Norte Vein Significant Drill Intercepts in this new release;
|Hole No.||From (m)||To||Drilled Intercept (m)||Est. True Width (m)||Au||Ag||AgEq*|
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.
All assays were completed by ALS Chemex in Hermosillo, Mexico, and North Vancouver, BC, Canada.
Drill holes BAN18-29, 34, 35, 38 and 39 intercepted quartz veining/stockwork and anomalous mineralization, but are below the Company’s 150 gpt AgEq cutoff. Hole BAN18-28 was lost while drilling and did not reach its intended target depth. Hole BAN18-32 intercepted two unnamed mineralized veins as listed below. Holes BAN18-31, 37, and 40 contain argentite, native silver, silver oxides (chalky white) and free gold.
The Babicanora Norte Vein has drill intercepted 19 core holes in the high grade footprint(s) over approximately 900 metres along strike (see attached Figures). Of the 19 intercepts, eight are greater than 1,000 gpt AgEq (1,004 to 7,436 gpt AgEq). High-grade intercepts in the Babicanora Norte Vein appears to be in the same projected high-grade structural corridor as the Babicanora Vein including Area 51 which is located approximately 300 metres to the southwest with a current Inferred Resource of an estimated 32.2 million ounces AgEq grading 1,026 gpt AgEq (see “Technical Report and MRE”).
Not included in the above table is the following additional drill intercepts of unnamed vein(s) located adjacent to the Babicanora Norte Vein:
The high-grade intercept of 2.4 metres grading 503 gpt AgEq in Hole BAN18-33 appears to be on projection with other mineralized intercepts and will be further drill-tested in the near-future for possible high-grade continuity.
The Company continues its Phase III exploration program with nine (9) drills on site, seven on surface and two underground. Seasonal rains are beginning to dissipate and drills are being redirected for continued expansion and startup of infill drilling. Up to September 10, 2018, drills were focused on expanding mineralization for inclusion in the updated resource anticipated in Q3, 2018. Assays are pending on the Babicanora Vein southeast expansion, Babicanora Sur Vein, Granaditas Vein expansion, and other veins, which will be reported after receipt and compilation. Approximately 20,000 additional metres of drilling are budgeted for Q4, 2018. This drilling will be split between further expansion drilling on numerous veins and startup of infill drilling for re-categorizing the resource. Other ongoing site work includes: continued underground mapping and sampling on the Las Chispas Vein (near completion), testing recently drilled wells for site water flow rates, permitting for various additional work, and planning for the startup of a new underground decline into Area 51 with subsequent advancement in high-grade mineralization for bulk testing.
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.
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