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SilverCrest Announces New High-Grade Discovery at Las Chispas

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SilverCrest Announces New High-Grade Discovery at Las Chispas

 

 

 

 

 

  • 1.5 Metres Grading 2,675 gpt AgEq
  • 1.0 Metres Grading 1,430 gpt AgEq

 

SilverCrest Metals Inc. (TSX: SIL) (NYSE American: SILV) is pleased to announce the discovery of the El Muerto Zone in the northwest part of the Babicanora Vein at its Las Chispas Property located in Sonora, Mexico. El Muerto is the Company’s first successful attempt at intercepting high-grade precious metals deeper in the Babicanora Area, suggesting potential for a new mineralized horizon in the Babicanora Vein. The current drill program has been focused on expanding high-grade mineralization for known veins and testing targets for possible new precious metal discoveries. Results released today are for 45 holes with 11,350 metres drilled within El Muerto (see attached Figures and tables below).

 

Discovery Highlights:

 

  • SilverCrest continues to intersect high-grade mineralization with the discovery of El Muerto. Best intercepts include:
    • EM20-37 at 1.5 metres (estimated true width) grading 12.68 grams per tonne gold and 1,723.8 gpt silver or 2,675 gpt silver equivalent (“AgEq” based on assumptions defined in the table below); and
    • EM20-35 at 1.0 metres (estimated true width) grading 9.46 gpt Au and 720.0 gpt Ag, or 1,430 gpt AgEq.
  • El Muerto is estimated to have an average high-grade footprint of 500 metres along strike and is 100 to 200 metres below the current resource in the Babicanora Vein, demonstrating the potential for high-grade mineralization in a new lower horizon.
  • The weighted average (true width, uncut, undiluted) of these drill results to date is 1.1 metres grading 5.27 gpt Au and 389.2 gpt Ag, or 784 gpt AgEq.
  • El Muerto will be included in the updated resource that will be issued with the ongoing Feasibility Study.

 

  1. Eric Fier, CPG, P.Eng, and CEO, remarked, “Our exploration team is doing an exceptional job under strict COVID-19 protocols, including a quarantined site camp. The recent discovery of the El Muerto Zone continues to show that Las Chispas has significant additional potential as we focus on expansion and new discoveries of high-grade mineralization in the district. Further drilling at El Muerto, below the current Babicanora Vein resource, is planned in Q4 2020 and next year.

 

Our Las Chispas operations team is also doing an excellent job as site work continues, including: underground drifting, stockpiling of high-grade mineralization, building the warehouse and administration office, expanding the site quarantined camp, and installation of site water and electrical systems. Senior management recently had visited the site to oversee the planned progress with respect to exploration and operations.  The Feasibility Study is  advancing well with an anticipated release in late December 2020 or early January 2021, along with a final mill construction decision.”

 

The most significant result for this release is Hole EM20-37, which intersected 1.5 metres (estimated true width) grading 12.68 gpt Au and 1,723.8 gpt Ag, or 2,675 gpt AgEq. Also noteworthy is hole EM20-35 at 1.0 metres (estimated true width) grading 9.46 gpt Au and 720.0 gpt Ag, or 1,430 gpt AgEq. The following table summarizes the most significant drill intercepts (uncut, undiluted) for this release.

 

Babicanora Vein, El Muerto Zone:

 

 

Hole ID From (m) To (m) Length

(m)

True
Width (m)
Au gpt Ag gpt AgEq gpt*
EM20-10 124.7 126.5 1.8 1.4 6.00 445.9 896
EM20-13 42.0 44.3 2.3 1.8 3.70 179.0 457
EM20-14 78.5 80.5 2.0 1.6 2.50 36.0 223
EM20-19 255.0 256.4 1.4 1.1 1.36 51.9 154
EM20-20 112.3 112.8 0.5 0.4 6.04 90.1 543
EM20-25 216.6 217.2 0.6 0.4 1.63 126.0 248
EM20-26 229.2 229.8 0.6 0.4 3.58 305.0 574
EM20-31 317.5 319.4 1.9 1.5 3.33 128.0 378
EM20-32 102.7 103.5 0.8 0.6 5.19 278.0 667
EM20-35 310.0 311.3 1.3 1.0 9.46 720.0 1,430
EM20-37 271.7 273.7 2.0 1.5 12.68 1,723.8 2,675
EM20-38 281.0 282.0 1.0 0.8 3.21 314.0 555
EM20-44 356.1 356.8 0.7 0.5 4.05 205.0 509
BA17-38** 15.0 17.2 2.2 1.8 6.39 239.3 719
Weighted Average   1.4 1.1 5.27 389.2 784
Note: All numbers are rounded. Based on a cutoff grade of 150 gpt AgEq.
*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.
** BA-17-38 was previously announced in a new release on November 27, 2017.

 

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

 

Holes EM19-01, 03 to 07, EM20-08, 09, 11, 12, 15 to 18, 21, 22, 24, 28 to 30, 33, 34, 36, and 39 to 42 intersected veining but were below the Company’s cutoff grade of 150 gpt AgEq.

 

While drilling El Muerto, several intercepts were made in unnamed veins. Further work is planned on these unnamed vein intercepts for possible new vein discoveries. The most significant results of these intercepts are provided below (uncut, undiluted):

 

 

Hole ID From (m) To (m) Length
(m)
True
Width (m)
Au gpt Ag gpt AgEq* gpt
EM19-02 45.8 46.5 0.7 0.5 0.99 76.0 150
EM19-02 7.5 9.0 1.5 1.2 0.94 84.5 155
EM20-23 108.4 109.3 0.9 0.7 1.72 33.9 163
EM20-23 96.8 97.6 0.8 0.6 12.75 723.0 1,679
EM20-27 29.0 29.8 0.8 0.6 2.27 64.4 235
EM20-35 304.4 304.9 0.5 0.4 12.2 813.0 1,728
EM20-37 306.1 306.6 0.5 0.4 1.28 101.0 197
EM20-43 179.7 181.2 1.5 1.2 0.05 785.0 789
Note: All numbers are rounded. Based on a cutoff grade of 150 gpt AgEq.
*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.

 

SilverCrest currently has five surface core drills running at Las Chispas; two at the El Muerto Zone, two at the Babi Vista Vein and one at the Amethyst Vein. Expansion drilling is planned to continue through Q4 2020 and into 2021. The Company has budgeted to operate 6 to 8 drills at Las Chispas over the next 12 months, with the potential to expand with further success.

 

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 November 5, 2020

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