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SilverCrest Announces First Drill Hole Results From Las Chispas; Multiple Drill Intercepts of Greater Than 2,000 gpt AgEq*

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SilverCrest Announces First Drill Hole Results From Las Chispas; Multiple Drill Intercepts of Greater Than 2,000 gpt AgEq*

 

 

 

 

 

SilverCrest Metals Inc. (TSX-V: SIL) is pleased to announce the first drill hole results at its Las Chispas Project located in Sonora State, Mexico. Las Chispas is in a historic silver-gold mining district which presently hosts two nearby precious metal producers. Historic information indicates that only three veins, the Las Chispas, William Tell and Babicanora, of the fourteen historically reported veins at Las Chispas had documented production, between 1880 and 1930. SilverCrest’s initial focus is on these three veins. To the Company’s knowledge, none of the known veins have been drilled prior to the Company’s current campaign. For more information, please refer to our website at www.silvercrestmetals.com.

 

 

N. Eric Fier, CPG, P.Eng, President & CEO remarked, “The initial Las Chispas drill hole results received to date are impressive. Not only do they indicate bonanza grades of up to*** 18.55 gpt Au and 2,460 gpt Ag or 3,851.3 gpt AgEq*, but also show mineralized widths up to 7.2 metres in estimated true thickness. These first results have exceeded our expectations and appear to confirm that historic mining completed in the early 1900’s has left behind substantial unexplored, unmined and easily accessible high grade mineralization. Until now, we have only been guided by what we could access from the estimated 11.5 kilometres of historic underground workings with approximate mined widths of 1 to 3 metres. Our drilling adjacent to historic workings now suggests that 1 to 3 metres may be the minimum widths of the Las Chispas vein. By combining our recent underground sampling and new drill results for the first of several veins to be explored, we have begun to discover the hidden potential of this district-wide play. This news release is the first of a series of releases on Phase I drill results and other activities to be announced over the next several weeks.”

 

 

The most significant core drilling results for this release are 4.6 metres wide grading 4.56 grams per tonne (“gpt”) gold (“Au”) and 621.5 gpt silver (“Ag”), or 963.2 gpt silver equivalent (“AgEq”* uncut, undiluted) including 0.8 metres grading 3,851.3 gpt AgEq in hole LC16-05. Also noteworthy is 7.2 metres wide grading 2.41 gpt Au and 311.5 gpt Ag, or 492.5 gpt AgEq* in hole LC16-08. The following table summarizes the most significant drill assay results (uncut, undiluted) for the Las Chispas vein only;

 

 

Hole No. From (m) To (m)

Drilled
Thickness
(m)

Est. True
Thickness
(m)**

Au gpt

Ag gpt

AgEq* gpt

LC16-05

149.0

150.0

1.0

0.9

2.10

226.0

383.5

167.0

172.0

5.0

4.6

4.56

621.5

963.2

includes

171.0

172.0

1.0

0.8

18.55

2,460.0

3,851.3

LC16-06

66.0

67.0

1.0

0.7

14.90

1,815.0

2,932.5

LC16-07

144.0

145.0

1.0

0.7

1.73

164.0

293.8

LC16-08

143.0

145.0

2.0

1.4

1.58

163.5

282.5

171.0

182.0

11.0

7.2

2.41

311.5

492.5

includes

171.0

176.0

5.0

3.3

2.25

276.3

444.8

includes

181.0

182.0

1.0

0.7

14.40

1,900.0

2,980.0

LC16-11

95.0

96.0

1.0

0.9

1.32

198.0

297.0

108.0

110.0

2.0

1.6

1.30

152.6

251.8

Note: all numbers are rounded.
*AgEq based on 75 (Ag):1 (Au) and 100% metallurgical recovery.
** All holes were driled at apparent angles to mineralization and adjusted for true thickness. Las Chispas Main Vein in bold.
*** Drill hole grade intercepts range from 1.3 gpt Au and 152.6 gpt Ag to 18.55 gpt Au and 2,460 gpt Ag with a weighted average grade of 3.52 gpt Au and 454.8 gpt Ag.

 

 

 

All assays were completed by ALS Chemex in Hermosillo, Mexico, and North Vancouver, BC.

 

 

All drill holes have intercepted quartz stockwork veinlets, veining and/or breccia. No underground workings have been intercepted while drilling the Las Chispas vein.

 

 

Drill hole LC16-01 intersected the Las Chispas Vein (outside the potentially identified high grade corridor) with grades less than the initially established cutoff of greater than 150 gpt AgEq*. Holes 2, 3 and 4 were drilled exclusively into the adjacent parallel William Tell Vein and will be reported separately. Holes 9 and 10 intercepted quartz stockwork including anomalous but low gold and silver values. Holes LC16-12 to 19 are pending final results, some of which are William Tell intercepts only, and will be reported once all assays are received and compiled.

 

 

 

For comparison purposes, hole LC16-05 intercepted 4.6 metres wide at 4.56 gpt gold and 621.5 gpt silver, or 963.2 gpt AgEq of breccia near the previously announced underground channel sampling result (see new release dated July 19, 2016) of 8 metres in vein strike length, 1 metre wide, and grading 1163.0 gpt AgEq, also in breccia.  By comparison, the mineralized drill intercept is 2.5 metres wider than the accessible historic workings and the Company’s average underground sample widths.

 

 

Drill holes LC16-05, 08, and 11 intercepted a new continuous vein (unnamed) which appears to be parallel to the nearby Las Chispas Main Vein. This new discovery suggests additional potential for further exploration work with a three hole drill-intercept, weighted average of 1.3 metres grading 1.32 gpt Au, 152.6 gpt Ag or 251.8 gpt AgEq.     

 

 

The Company is completing its expanded Phase I surface drill program having drilled 22 core holes totalling approximately 6,300 metres to date. Nineteen holes have been drilled in the Las Chispas and William Tell veins, and three holes in the adjacent Babicanora (La Victoria) area. Based on positive Phase I surface drilling results, the Company is planning a Phase II surface drill program for the fall of 2016.

 

 

With permitting near completion, the planned 2,000 metre underground drill program should commence in late Q3 or early Q4 2016. The underground drill program will focus on delineation of a potential bulk sample, infill and expansion drilling, and drilling to depth in preparation for the initial Las Chispas resource estimation.

 

 

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 President 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 is led by a proven management team in all aspects of the precious metal mining sector, including the pioneering of a responsible “phased approach” business model taking projects through discovery, finance, on time and on budget construction, and production with subsequent increased value to shareholders.

 

Posted August 2, 2016

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