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SilverCrest Announces Babicanora Area Final In-fill Drill Results For Feasibility Study Resource Estimation

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SilverCrest Metals Inc. (TSX: SIL) (NYSE American: SILV) is pleased to announce the remaining in-fill drill results which will be included in the upcoming Feasibility Study for its Las Chispas Property located in Sonora, Mexico. Today’s results include in-fill drilling for the Babicanora  the Babicanora Footwall, the Babicanora Hangingwall and Babicanora Sur  veins (see attached Figures). Drilling for these veins was designed to expand the known mineralized footprints, and to in-fill previously reported drilling used for resource estimation in the Technical Report and Preliminary Economic Assessment for Las Chispas with an effective date of May 15, 2019, and amended on July 19, 2019. These results, along with all assay data received by the Company up to and including the cut-off date of October 16, 2020, will be incorporated into the Mineral Resource Estimate update and Maiden Reserve Estimate as part of the upcoming Feasibility Study.

 

Highlights include:

 

  • For this news release, a total of 235 holes, comprising 65,360 metres and 15,153 assays, have been completed at Babi Main, Babi FW, Babi HW, and Babi Sur veins since the previous drill results were announced (refer to the Company’s News Releases dated June 27, 2019 and January 20, 2020);
  • Of the 235 holes being reported, 133, some with multiple vein intercepts, are shown in the following table with composite assays grading greater than 150 grams per tonne silver equivalent;

 

Vein Drill Hole Vein Intercepts (composited) in This News Release Drill Hole Vein Intercepts (composited) in Total
# Vein
Intercepts
Ave. True
Width (m)
Weighted Ave. Grade # Vein
Intercepts
 

Ave. True
Width (m)

Weighted Ave. Grade
Au gpt Ag gpt AgEq* gpt Au gpt Ag gpt AgEq* gpt
Babi Main 125 2.1 4.53 409.9 750 231 2.7 7.54 712.6 1,238
Babi FW 31 1.1 9.03 655.9 1,333 67 1.0 9.04 748.0 1,431
Babi HW 31 0.8 4.62 182.8 529 56 0.7 3.90 206.6 460
Babi Sur 6 1.5 15.48 488.5 1,650 38 1.5 9.38 435.6 1,139
Note: Intercept numbers reflect multiple vein intercepts for some drill holes. Values shown are uncut, undiluted.
*AgEq based on 75 (Ag):1 (Au) calculated using long-term silver and gold prices of US$17 per ounce silver and US$1,225 per ounce gold, with average metallurgical recoveries of 90% silver and 95% gold.

 

  • The best intercepts reported in this news release per vein (uncut, undiluted, est. true width) are:
    • Babi Main: Hole BA19-304 – 2.4 metres, 38.06 gpt Au and 4,213.8 gpt Ag, or 7,068 gpt AgEq;
    • Babi FW: Hole BA19-215 – 2.0 metres, 96.53 gpt Au and 2,898.9 gpt Ag, or 10,139 gpt AgEq;
    • Babi HW: Hole BA19-303 – 0.4 metres 90.57 gpt Au and 75.4 gpt Ag, or 6,868 gpt AgEq; and
    • Babi Sur: Hole BAS20-156 – 1.8 metres, 72.22 gpt Au and 160.8 gpt Ag, or 5,577 gpt AgEq;
  • In-fill drilling reduced the average vein intercept spacing from approximately 60 metres used for the PEA resource estimation to an estimated 35 metres for feasibility resource estimation;
  • Results confirm the general southeast plunging continuity of mineralization related to known geologic controls for each vein (see attached Figures);
  • Veins are now better defined, with drilling generally expanding footprints with some veins showing less continuous internal mineralization than the previous interpretation in the PEA;
    • Babi Main Vein mineralized footprint has expanded approximately 700 metres along strike with the inclusion of Southeast extension and El Muerto Zone (refer to News Release dated November 5, 2020). Continuity of Area 51 Zone is similar to the previous footprint for the PEA;
    • Babi HW Vein mineralized footprint has expanded 100 metres along strike to the northwest with more continuous mineralization;
    • Babi FW Vein mineralized footprint has expanded 100 metres along strike to the southeast but with less continuous mineralization; and
    • Babi Sur Vein mineralized footprint (combined with its hangingwall and footwall) is similar to the previous footprint.
  • The Babi Main Vein remains the largest vein on the Property, with expansion of high-grade mineralization for approximately 2.1 kilometres in strike length and over 200 metres in height; and
  • Five surface core drills are currently operating at Las Chispas focused on further expansion and in-filling for the Babi Vista Vein, Babi Vista Splay Vein, El Muerto Zone and Amethyst Vein.

 

Overall, in-fill drilling generally shows that veins are somewhat narrower but higher grade, with some veins having longer strike lengths. Denser drill spacing has better defined high-grade shoots and zones for future exploration work in the district.

 

  1. Eric Fier, CPG, P.Eng, and CEO, remarked, “These Babicanora in-fill drill results show that we generally ‘moved ounces around within a confined area’ for these previously defined four veins, resulting in less continuous mineralized footprints but with higher grades, which is typical of late-stage exploration drilling. The reduced mineralized footprint in the Babi FW Vein will have minimal impact on total district mineralization. With the benefit of greater drilling density and understanding of lithologic and structural controls, we now have a higher confidence in our ability to identify additional high-grade mineralization for all veins in the Las Chispas district. The feasibility resource estimation will include 21 veins (5 veins containing a majority of the high-grade mineralization) of the known 45 veins. The best opportunities for resource expansion for the upcoming Feasibility Study are the Babi Vista Vein and Babi Vista Splay Vein, which were both discovered after the PEA release. We look forward to the announcement of the Las Chispas Feasibility Study later this month, which will include a Resource update and our maiden Reserve Estimate.”

 

The following tables summarize the most significant drill intercepts (uncut, undiluted, greater than 500 AgEq) for this release:

 

Babicanora “Main” Vein

 

 

Hole ID From (m) To (m) Drilled
Intercept (m)
Approx. True
Width (m)
Au gpt Ag gpt AgEq gpt*
BA19-197 271.7 272.7 1.0 0.8 3.10 402.1 635
BA19-209 411.0 415.9 4.9 3.9 8.08 959.1 1,565
BA19-219 175.5 176.8 1.3 1.0 26.80 815.0 2,825
BA19-220 235.1 238.8 3.7 3.0 19.11 1,692.3 3,125
BA19-235 160.6 163.0 2.4 2.0 21.41 1,632.4 3,238
BA19-246 216.7 218.1 1.4 1.1 10.43 99.1 881
BA19-253 169.1 171.3 2.2 1.8 7.61 1,059.5 1,630
BA19-257 189.5 190.9 1.4 1.1 10.14 586.3 1,347
BA19-271 69.8 70.6 0.8 0.7 6.77 8.0 516
BA19-277 88.5 91.7 3.2 2.6 6.09 109.8 566
BA19-282 140.3 146.3 6.0 4.8 3.54 276.8 542
BA19-293 118.7 119.4 0.7 0.6 0.05 543.7 547
BA19-296 129.6 130.8 1.2 1.0 6.81 503.2 1,014
BA19-302 138.7 141.6 2.9 2.3 4.83 395.9 758
BA19-304 305.0 308.0 3.0 2.4 38.06 4,213.8 7,068
BA19-310 150.5 152.5 2.0 1.6 6.54 124.2 615
BA19-311 331.5 335.0 3.5 2.8 1.94 459.4 605
BA19-313 195.3 199.5 4.2 3.4 4.80 226.8 587
BA19-314 313.2 315.9 2.7 2.1 3.43 503.9 761
BA19-317 218.7 221.5 2.8 2.2 3.60 573.8 844
BA19-320 399.9 402.2 2.3 1.8 3.04 287.5 516
BA19-329 401.9 414.3 12.4 9.9 2.93 476.6 696
BA19-334 266.8 267.5 0.7 0.6 4.00 346.6 647
BA19-341 186.5 192.9 6.4 5.1 6.05 190.3 644
BA19-344 362.7 365.3 2.6 2.1 8.96 840.9 1,513
BA19-347 348.1 349.6 1.5 1.2 4.71 662.4 1,015
BA19-353 176.3 178.2 1.9 1.5 5.81 71.1 507
BA20-361 237.4 243.6 6.2 4.9 3.77 531.7 814
BA20-362 254.4 256.2 1.8 1.5 8.60 504.8 1,150
BA20-364 248.0 249.4 1.4 1.1 9.62 1,435.1 2,156
BA20-367 68.7 71.7 3.0 2.4 8.22 425.0 1,041
BA20-368 211.0 212.3 1.3 1.0 9.98 1,293.1 2,042
BA20-373 200.3 202.6 2.3 1.8 5.63 644.2 1,067
BA20-376 269.2 271.8 2.6 2.1 1.98 406.0 555
BA20-377 225.9 226.5 0.6 0.5 3.80 357.3 642
UBR19-01 83.9 84.7 0.8 0.6 16.77 1,532.8 2,791
UBR19-06 29.4 35.0 5.6 4.4 23.36 2,194.2 3,946

 

 

Babicanora Footwall Vein

 

Hole ID From (m) To (m) Drilled
Intercept (m)
Approx. True
Width (m)
Au gpt Ag gpt AgEq gpt*
BA19-201 256.1 257.9 1.8 1.4 6.96 624.9 1,147
BA19-214 493.6 494.6 1.0 0.8 3.04 331.1 559
BA19-215 180.9 183.4 2.5 2.0 96.53 2,898.9 10,139
BA19-218 168.1 168.7 0.6 0.4 30.17 1,728.1 3,991
BA19-257 221.8 222.6 0.8 0.6 4.62 445.5 792
BA19-264 119.6 120.6 1.0 0.8 24.45 2,063.8 3,897
BA19-279 251.5 252.0 0.5 0.4 2.84 453.1 666
BA19-285 306.2 306.7 0.5 0.4 3.94 359.4 655
BA19-306 263.7 267.6 3.9 3.1 3.15 266.5 503
BA19-310 168.3 169.0 0.7 0.6 15.57 240.4 1,408
BA19-314 340.2 341.2 1.0 0.8 2.40 354.7 535
BA19-317 254.6 255.6 1.0 0.8 10.92 1,232.6 2,052
BA19-332 80.9 86.8 5.9 4.7 3.79 565.2 849
BA19-341 222.5 223.2 0.7 0.6 6.82 437.2 949
UBV19-29 3.0 3.8 0.8 0.6 8.22 2,188.9 2,805
UBV19-30 1.8 4.4 2.6 2.0 6.55 795.1 1,286
UBV19-31 1.5 3.7 2.2 1.8 4.07 570.8 876
BV20-24 92.5 93.1 0.6 0.5 26.11 5,584.6 7,543

 

 

Babicanora Hangingwall Vein

 

Hole ID From (m) To (m) Drilled
Intercept (m)
Approx. True
Width (m)
Au gpt Ag gpt AgEq gpt*
BA19-215 118.9 122.0 3.1 2.5 6.59 173.3 667
BA19-260 142.2 143.0 0.8 0.6 10.74 72.9 878
BA19-287 95.2 95.8 0.6 0.5 7.50 54.9 617
BA19-296 117.6 118.4 0.8 0.6 0.05 1,038.7 1,042
BA19-303 104.2 104.7 0.5 0.4 90.57 75.4 6,868
BA19-329 394.5 395.4 0.9 0.7 3.91 429.9 723
BA19-342 111.8 112.6 0.8 0.6 5.92 139.0 583
UBR19-05 6.9 7.6 0.7 0.5 8.80 685.8 1,346

 

 

Babicanora Sur Vein

 

Hole ID From (m) To (m) Drilled
Intercept (m)
Approx. True
Width (m)
Au gpt Ag gpt AgEq gpt*
BAS20-148 219.5 220.9 1.4 1.1 5.92 392.9 837
BAS20-156 128.0 130.2 2.2 1.8 72.22 160.8 5,577
BAS20-158 165.6 166.2 0.6 0.5 6.70 22.0 524
BAS20-159 252.9 259.8 6.9 5.5 7.12 845.4 1,379
BAS20-161 305.6 306.2 0.6 0.4 5.40 499.0 904
*AgEq based on 75 (Ag):1 (Au) calculated using long-term silver and gold prices of US$17 per ounce silver and US$1,225 per ounce gold, with average metallurgical recoveries of 90% silver and 95% gold.

 

 

All assays were completed by ALS Chemex in Hermosillo, Sonora, Mexico, and North Vancouver, BC, Canada, and Bureau Veritas Inspectorate Ltd. in Hermosillo, Sonora, Mexico.

 

The drill results in the news release include holes BA19-194 to BA20-391, UBR19-01 to UBR19-06 and UBD19-01 to UBD19-06.  Holes BA19-194, 196, 199, 200, 204B-208, 210-214, 217, 221-223, 225, 226, 229, 231-233, 237-240, 244, 248, 249, 252, 255, 256, 258, 260-262, 264, 267, 268, 270, 273, 275, 276, 278-281, 283, 285, 286, 289A-291, 294, 295, 298, 299, 301, 303, 305-307, 309, 312, 315, 318, 319, 321, 323, 326, 331, 335, 339, 340, 342, 345, 348, 350, 351, 355-357, 359, 360, BA20-366, 369-372A, 374, 378-385, 387, 390, 391; UBD19-01, UBD20-02 to 05, 07; UBR19-04 intersected veining but were below the Company’s cutoff grade of 150 gpt AgEq.

 

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. The Las Chispas Project consists of 28 mineral concessions, of which the Company has 100% ownership of where all the resources are located. SilverCrest is the first company to successfully drill-test the historic Las Chispas Property resulting in numerous high-grade precious metal 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 14, 2021

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