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SilverCrest Announces New Discovery at Las Chispas; Varela Veins with Multiple Results of Greater Than 1,400 gpt AgEq

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SilverCrest Announces New Discovery at Las Chispas; Varela Veins with Multiple Results of Greater Than 1,400 gpt AgEq

 

 

 

 

 

SilverCrest Metals Inc. (TSX-V: SIL) is pleased to announce an update on the underground rehabilitation program at its Las Chispas Property located in Sonora, Mexico.   SilverCrest’s initial focus was on the Las Chispas, William Tell and Babicanora veins. Exploration has been expanded to include a new, recently discovered target at the historic Varela Mine. This mine has two near-parallel veins that are approximately 300 metres west of the William Tell Vein.

 

 

N. Eric Fier, CPG, P.Eng, President & CEO commented, “We continue to gain further access to historic workings and expand our high grade footprint at Las Chispas. The latest results from the ongoing underground rehabilitation are for the historic Varela Mine, which includes bonanza grades of up to 40.9 grams per tonne (“gpt”) gold and 610.0 gpt silver or 3,677.5 gpt silver equivalent (“AgEq”, based on 75(Ag): 1(Au) and 100% metallurgical recovery) over 0.3 metres. Our sample results on four levels are showing multiple grades of over 1,400 gpt AgEq. From visual inspection, the Varela Mine has two veins (the Main Vein and the Footwall Vein) and appears to have had less historical production than either the Las Chispas or William Tell veins. The grades mined at Varela may have been below an assumed historic cut-off grade of 1,000 gpt silver. SilverCrest plans on drill testing this target during the ongoing Phase II exploration program.”

 

 

Underground Rehabilitation Update

 

 

The Company has accessed approximately 7 kilometres of underground workings to date, with an additional 4.5 kilometres to be opened and explored over the next several months. As SilverCrest opens and explores the underground workings, the Company continues to systemically collect samples at intervals of two to three metres along strike length of veins. The Company collected a total of 318 samples at the Varela veins from 450 metres of underground access as reported below (see attached Figure and Photo). Of the 318 samples tested, 129 were vein samples and used for assay composites. The remaining samples were of hangingwall and footwall material. Sampling locations and widths are restricted to historic workings, which may only represent part of the mineralized vein, stockwork or breccia. The Company plans to complete drilling at the Varela veins to determine the location, true thickness and extent of mineralization.

 

 

The composited sample results (uncut, undiluted) for this release for four underground levels are;

 

  • Level 1: average 0.53 metres wide grading 2.96 gpt gold and 47.0 gpt silver, or 330 gpt AgEq over a continuous 6.5 metre strike length.
  • Level 2: average 0.69 metres wide grading 1.22 gpt gold and 114.1 gpt silver, or 205 gpt AgEq over a continuous 10 metre strike length.
  • Level 3: average 0.88 metres wide grading 4.76 gpt gold and 147.6 gpt silver, or 504 gpt AgEq over a continuous 10 metre strike length.
  • Level 4: average 1.1 metres wide grading 3.13 gpt gold and 223.6 gpt silver, or 458 gpt AgEq over a continuous 80 metre strike length excluding 7 metres of faulting.

 

 

There appears to be an increase in vein width and grade from the near surface Level 1 (1,160 metre elevation) to the deeper Level 4 (1,130 metre elevation).

 

 

The following table summarizes the 17 most significant un-composited assay results (uncut, undiluted) greater than 500 gpt AgEq from the four levels at the El Sheik historic workings of the Varela Main Vein only;

 

Mineralized Area

Sample
Type

Width**
(m)

Au
(gpt)

Ag
(gpt)

AgEq*
(gpt)

Level 1

Chip/Channel

0.63

7.14

129.0

664.5

Level 2 shaft

Chip/Channel

0.32

12.45

499.0

1,432.7

Level 3

Chip/Channel

0.42

9.20

94.2

784.2

Level 4

Chip/Channel

0.30

9.58

211.0

929.5

Level 4

Chip/Channel

0.36

8.88

203.0

869.0

Level 4

Chip/Channel

1.60

8.56

307.2

949.4

Including

Chip/Channel

0.30

40.90

610.0

3,677.5

Level 4 North Vein

Chip/Channel

0.97

4.64

1,074.1

1,422.3

Including

Chip/Channel

0.64

0.23

1,450.0

1,467.3

Including

Chip/Channel

0.33

13.20

345.0

1,335.0

Level 4 North Vein

Chip/Channel

0.46

9.15

274.0

960.2

Level 4 North Vein

Chip/Channel

1.31

8.62

556.7

1,203.4

including

Chip/Channel

0.89

9.45

692.0

1,400.7

including

Chip/Channel

0.42

6.87

270.0

785.2

Level 4 North Vein

Chip/Channel

0.37

20.80

929.0

2,489.0

Level 4 North Vein

Chip/Channel

0.36

8.78

135.0

793.5

Level 4 North Vein

Chip/Channel

0.29

3.81

699.0

984.7

Level 4 North Vein

Chip/Channel

0.54

6.11

398.0

856.3

Level 4 North Vein

Chip/Channel

0.61

18.25

947.0

2,315.8

Level 4 North Vein

Chip/Channel

1.27

5.81

235.9

671.9

including

Chip/Channel

0.46

15.00

419.0

1,544.0

Level 4 South Vein

Chip/Channel

0.38

17.65

359.0

1,682.7

Level 4 South Vein

Chip/Channel

0.97

4.64

1,074.1

1,422.3

Note: all numbers are rounded.
*AgEq based on 75(Ag):1(Au) and 100% metallurgical recovery.
** The underground sample width of mineralization may not be indicative of the true width of mineralization. Sampling widths are constrained by access to open faces. Drilling may suggest wider mineralized zones.

 

 

 

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

 

 

The Varela veins are a low to intermediate sulphidation epithermal system immediately adjacent and near parallel to the Las Chispas and William Tell veins. The Varela veins consist of mineralized veining, stockwork or breccia. Similar to the Las Chispas Vein, the Varela veins are exposed at surface with numerous historic underground workings.

 

 

The Company intends to continue with the underground rehabilitation program on the property and reporting results for at least the remainder of 2016.

 

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 November 16, 2016

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