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SilverCrest Appoints New VP; Updates La Joya Resources

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SilverCrest Appoints New VP; Updates La Joya Resources

 

 

 

SilverCrest Mines Inc. (TSX VENTURE:SVL)(NYSE MKT:SVLC) announce the appointment of Mr. Marcio Fonseca (P.Geo.) to the newly created position of Vice President, Corporate Development. In his new position, Mr. Fonseca will be responsible for developing, implementing and executing all aspects of SilverCrest’s corporate development opportunities designed to accelerate the Company’s growth and enhance its shareholder’s value. Mr. Fonseca’s responsibilities will be to forge new and strengthen existing relationships with institutional and retail investors, source and evaluate opportunities for corporate and property acquisitions, develop and implement corporate financial strategies and raise the corporate profile of the Company in the general investment community through marketing and presentation of the Company’s assets and plans for growth
 

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SilverCrest Mines Inc. (TSX VENTURE:SVL)(NYSE MKT:SVLC)(NYSE Amex:SVLC) announce an updated resource estimation for the La Joya Property in Durango, Mexico. The updated Inferred Resources are summarized as (refer to tables below for details);

 

 

 

– Cutoff grade of 15 gpt silver equivalent    198.6 million ounces Ag Eq

(Ag Eq(i),Global Case):

– Cutoff grade of 30 gpt Ag Eq (Base Case);   159.8 million ounces Ag Eq

– Cut-off grade of 60 gpt Ag Eq (High Grade   100.8 million ounces of Ag Eq

Case);

– Cut-off grade of 0.05% WO3;                 75.1 million pounds (35,700

tonnes) of tungsten

 

 

 

The Company believes that the 60 gpt Ag Eq portion of the deposit with an estimated tonnage of 27.9 million tonnes grading 112 grams per tonne Ag Eq(i) constitutes a priority area to be examined as a potential “Starter Pit” for initial conceptual operations that will be examined in the Preliminary Economic Assessment (PEA) to be commenced shortly. The La Joya Property has excellent potential for additional resources with the deposits being open in most directions. Further infill and expansion drilling is recommended to increase and convert resources from Inferred to Indicated.
 

These resources have been independently estimated by EBA Engineering Consultants Ltd., a Tetra Tech Company utilizing Company Phase I and Phase II drill results and surface sampling programs along with independently-validated historic data. Drilling to date has been relatively widespread in the Main Mineralized Trend (MMT) as well as the independent deposits of Coloradito and Santo Nino. The MMT which includes the Phase I and II drilling areas, has a length of 2.5 kilometres and an average minimum width of over 700 metres (see attached Figures – http://media3.marketwire.com/docs/svl129_F1-2.pdf).

 
The La Joya resource models separate the deposits into two broad categories based on the predominant mineralogy. The first category is comprised of silver, gold and copper mineralization (AgCu Rich Zone), with lesser amounts of tungsten (WO3), molybdenum (Mo), lead (Pb), and Zinc (Zn). The second category is predominantly tungsten and molybdenum mineralization (Contact Zone) with lesser amounts of Ag, Cu, Au, Pb, and Zn. The mineralogy of these categories is often gradational and overprinted in some areas. The AgCu Rich Zone generally lies spacially above the Contact Zone and generally follows the contours of the underlying intrusive, which outcrops in several areas. The summaries of the resource estimates below show the resources attributed to each of these mineralization categories for each of the current deposits, specifically, the MMT, Santo Nino, and Coloradito.

Posted February 1, 2013

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