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SilverCrest Announces Additional High-Grade Results at Las Chispas, Including Record Drill Hole Intercept; 9.3 Metres (True Width) at 6,336 gpt AgEq

 

 

 

 

 

SilverCrest Metals Inc. (TSX-V: SIL) (NYSE American: SILV)  is pleased to announce further Phase III in-fill drill results for the Las Chispas Property located in Sonora, Mexico. The current drill program is designed to increase resources through expansion drilling and improve confidence in the resource with closely spaced in-fill drilling in the Babicanora Vein. The 20 reported in-fill holes in this release were targeting mineralization in the high-grade Area 51 zone (13 holes), Babicanora Central zone (7 holes), and Babicanora Footwall and Hangingwall veins which were drilled while targeting other zones. Combined with the 19 in-fill drill results previously reported on November 1, 2018 and December 13, 2018, the in-fill drilling program has returned very positive results. A total of 39 in-fill holes have been completed with 28 holes in the Area 51 zone. The weighted average (true width, uncut, undiluted) of the 28 in-fill holes from Area 51 is 3.9 metres grading 11.36 gpt gold and 1,064.1 gpt silver, or 1,915 gpt silver equivalent (“AgEq”, based on assumptions defined in table below). For comparison, in the September 13, 2018 resource estimate, Area 51 had an estimated weighted average true width of 2.7 metres, grading 7.13 gpt gold and 614 gpt silver or 1,148 gpt AgEq. Hole BA18-122 intersected and expanded high-grade mineralization in Area 51’s “Shoot 43” returning an impressive 9.3-metre wide intercept grading 6,336 gpt AgEq compared to previously modelled narrower mineralization in this area, which had averaged 3 metres in true width (see attached Figures).

 

  1. Eric Fier, CPG, P.Eng, and CEO, remarked, “Drill Hole BA18-122 is for the record books with 9.3 metres (true width) grading 6,336 gpt AgEq (84.5 gpt AuEq). Further positive results from closely spaced in-fill drilling continue to confirm the continuity of high-grade mineralization in the Babicanora Vein, including Area 51 and Babicanora Central zones, as well as the Babicanora FW and HW veins. Additional drill holes in Area 51 are indicating wider mineralized thicknesses in several areas than previously modelled and are identifying discrete multi-kilogram per tonne silver equivalent mineralized shoots (Shoots 43 and 51). These additional core holes are critical to both in-fill confirmation and potential expansion of resources in the Babicanora veins. This is a great way to start the New Year as we continue to improve our confidence and add ounces in Area 51, hunt for new discoveries on the additional 22 known veins not in the September 2018 resource estimate, compile the new drill results for the next updated resource, and advance the Las Chispas Preliminary Economic Assessment.”

 

 

The most significant result for this release in is Hole BA18-122 which intersected 9.3 metres (estimated true width) grading 39.66 gpt Au and 3,361.0 gpt Ag, or 6,336 gpt AgEq (84.5 gpt AuEq). Also noteworthy are holes BA18-116, at 2.4 metres grading 4.30 gpt Au and 1,571.5 gpt Ag, or 1,894 gpt AgEq, and BA18-114 at 3.0 metres grading 5.37 gpt Au and 998.0 gpt Ag, or 1,401 gpt AgEq. The following table summarizes the most significant drill intercepts (uncut, undiluted) for this release;

 

Babicanora Vein (Area 51 zone) In-Fill Drill Intercepts:

 

 

Hole No.§ From (m) To (m) Drilled Intercept
(m)
Est. True Width
(m)
Au gpt Ag gpt AgEq*
gpt
 
   
BA18-110 370.0 373.6 3.7 3.3 3.72 450.5 730    
incl. 373.1 373.6 0.6 0.5 14.55 1,640.0 2,731    
BA18-112 205.9 206.6 0.7 0.6 0.65 174.0 223    
BA18-113 137.2 140.4 3.3 2.9 1.08 365.0 445    
BA18-114 289.0 293.2 4.2 3.0 5.37 998.0 1,401    
incl. 291.1 292.2 1.1 0.8 11.95 1,860.0 2,756    
  309.1 311.2 2.1 1.5 2.49 225.7 413    
BA18-115 172.7 177.4 4.7 4.3 0.73 149.0 204    
BA18-116 318.9 321.6 2.8 2.4 4.30 1,571.5 1,894    
incl. 320.0 320.8 0.8 0.7 6.38 4,160.0 4,639    
BA18-118 219.6 226.1 6.5 4.0 0.50 211.0 249    
BA18-119 351.8 352.3 0.5 0.4 0.78 106.0 164    
  362.6 364.1 1.5 1.2 5.44 774.3 1,182    
BA18-120 185.8 195.0 9.2 8.6 0.98 409.1 483    
BA18-122 194.3 207.5 13.2 9.3 39.66 3,361.0 6,336    
incl. 194.3 194.8 0.5 0.4 252.00 9,740.0 28,640    
incl. 198.9 200.2 1.3 0.9 92.70 7,570.0 14,522    
incl. 205.4 206.0 0.6 0.4 47.30 7,760.0 11,307    
  224.8 226.8 1.9 1.4 6.01 722.4 1,173    

 

 

Babicanora Vein (Babicanora Central zone) In-Fill Drill Intercepts:

 

 

Hole No.§ From (m) To (m) Drilled Intercept
 (m)
Est. True Width
(m)
Au gpt Ag gpt AgEq*
 gpt
 
   
UB18-16 21.1 21.6 0.5 0.4 2.05 5.0 159    
UB18-17 66.6 75.5 8.9 6.3 0.21 330.3 346    
UB18-18 70.8 73.7 2.9 2.6 9.84 235.7 974    
UB18-20 91.5 93.0 1.5 1.0 2.73 40.3 245    
UB18-21 39.8 48.0 8.3 7.8 0.95 407.8 479    
incl. 46.5 48.0 1.5 1.4 0.14 1,917.0 1,928    
UB18-22 48.0 57.0 9.0 9.0 2.09 352.5 509    
incl. 49.5 51.0 1.5 1.5 1.90 933.0 1,076    
UB18-23 37.1 51.0 13.9 13.9 1.42 207.6 314    
incl. 50.0 51.0 1.0 1.0 16.40 349.0 1,579    

 

 

Babicanora FW Vein In-Fill Drill Intercepts:

 

 

Hole No.§ From (m) To (m) Drilled Intercept
(m)
Est. True Width
(m)
Au gpt Ag gpt AgEq*
gpt
 
   
BA18-115 208.7 209.2 0.5 0.5 9.81 935.0 1,671    
BA18-120 225.5 226.0 0.5 0.5 0.98 409.1 483    
UB18-14 34.0 36.0 2.0 1.0 1.21 143.1 234    
UB18-18 5.1 6.2 1.1 1.0 1.59 127.7 247    
UB18-19 3.5 6.0 2.5 2.3 1.26 52.2 146    
UB18-20 10.3 11.4 1.1 0.7 0.79 89.6 149    
UB18-21 9.5 10.0 0.5 0.5 25.90 2,010.0 3,952    
UB18-22 13.3 16.1 2.8 2.8 1.61 35.1 156    

 

 

Babicanora HW Vein In-Fill Drill Intercepts:

 

 

Hole No.§ From (m) To (m) Drilled Intercept
 (m)
Est. True Width
 (m)
Au gpt Ag gpt AgEq*
gpt
 
   
BA18-110 342.4 342.9 0.5 0.4 2.88 270.0 486    
BA18-116 300.8 301.4 0.6 0.5 1.72 152.0 281    
UB-18-23 79.3 80.6 1.3 1.3 0.05 167.0 171    

 

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.

  • UB signifies an underground core hole. BA is a surface core hole.
    ‡Drill intercept related to Babicanora Central zone was previously reported on November 1, 2018.

 

All assays were completed by ALS Chemex in Hermosillo, Mexico, and North Vancouver, BC, Canada. Holes BA18-111, BA18-117, and BA18-121 were below the Company’s cutoff grade of 150 gpt AgEq within the Babicanora veins. Holes BA18-117 and 121 are located at the top of the high-grade footprint with minimal impact on estimated resources. Hole BA18-111 is located in a previously define lower grade resource area (see attached Figures).

 

Mineralization in Hole BA18-122 shows epithermal silica and sulfide textures, including colloform-banding, jigsaw, cockade and crustiform that are commonly found in an epithermal Precious Metal Zone. The highest-grade intervals in this hole are related to both primary (argentite) and secondary (acanthite and polybasite) silver sulfides, electrum and native gold.

 

In-fill drill results for the northwest projection of the Babicanora Vein (Babicanora Central zone), Babicanora FW Vein and Babicanora HW Vein confirm estimated grade and width continuity as previously presented in the September 2018 resource estimate.

 

The Company continues its Phase III exploration program with nine drills operating on site. Drills are focused on expanding mineralization for inclusion in the next updated resource estimate anticipated in Q1, 2019 and in-fill drilling (estimated 25 metre spacing) to reclassify Inferred Resources to Measured and Indicated. An additional 5,000 to 10,000 metres of drilling are planned for inclusion in the next updated resource. Other ongoing site work includes PEA study, ground breaking for the Area 51 decline, an extensive metallurgical test program, drilling large diameter wells for site water, and permitting for various additional work.

 

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.

 

Figure 1: Long Section (Inclined) of Babicanora Vein Las Chispas Property, Looking Southwest

 

Figure 2: Long Section (Inclined) of Babicanora Vein Area 51, Looking Southwest

 

Figure 3: Babicanora Vein, Area 51 Cross-Section Comparison of Updated Resource Shape & New Mineralized Shape Looking Northwest

 

Figure 4

 

Figure 5: Long Section (Inclined) of Babicanora Vein Babicanora Central, Looking Southwest 

 

Figure 6: Las Chispas District with Babicanora Plan Map, January 2019

 

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.

 

Posted January 9, 2019

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