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SilverCrest Confirms U/G High Grades at Santa Elena 11.6m @ 5.83 gpt Au and 232.5 gpt Ag Including 1.15m @ 21.7 gpt Au and 572 gpt Ag

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SilverCrest Confirms U/G High Grades at Santa Elena 11.6m @ 5.83 gpt Au and 232.5 gpt Ag Including 1.15m @ 21.7 gpt Au and 572 gpt Ag

 

 

 

 

 

 

SilverCrest Mines Inc. (TSX-V:SVL) (NYSE MKT:SVLC) is pleased to announce results of further delineation underground drilling completed in Q4, 2013 at the Santa Elena Mine in Sonora, Mexico. Twenty two closely-spaced (est. 25 metres) underground drill holes, totaling 1,590 metres have been completed to better define underground resources and verify widths and grades for the first planned production stopes to be mined in 2014 (see table below and attached Figure: http://media3.marketwire.com/docs/svlfig0217.jpg). The results of all holes included in this news release will be part of a resource update scheduled to be completed in H2 2014.

 

N. Eric Fier, CPG, P.Eng., President & COO stated; “This underground drill program was successful in confirming good continuity of the Main Mineralized Zone (MMZ) and high grades for the initial planned production stopes to be mined in 2014. Valuable information was also provided from this program to better define overall reserves and subsequent stope designs. We look forward to successfully transitioning from our current open pit heap leach operation to underground mining with a 3000 tonnes per day conventional mill by H2 2014.”

 

The drill program, with estimated 25 metre centres, confirmed the consistent continuity and geometry of the MMZ. Drill result reconciliation with previous wider-spaced (est. 50 metres) drilling in this area showed comparable widths and grades.

 

The most significant assay results from this underground drilling program are shown in the following table and interval widths are considered near-true thickness.

 



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Hole ID                From (m)    To (m)   Interval (m)    Au gpt    Ag gpt
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SEUG-13-01                 49.1      52.4            3.3      4.76     100.9
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includes                   49.1      50.4            1.3      8.67     107.0
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SEUG-13-02                 56.0      63.9            7.9      2.21     165.5
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includes                   56.9      60.0            3.1      2.83     341.5
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SEUG-13-03                 76.9      90.3           13.4      2.23     138.8
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includes                   78.4      84.9            6.5      3.60     212.9
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SEUG-13-04                 93.7     108.9           15.2      2.91     131.7
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includes                  103.5     106.1            2.5     10.83     306.6
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SEUG-13-05                 63.5      70.5            7.0      2.86     148.1
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includes                   66.5      67.5            1.0      4.99     195.0
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SEUG-13-06                 62.0      67.9            5.9      1.92     110.9
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SEUG-13-07                 78.4      90.0           11.6      5.83     232.5
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includes                   81.0      85.5            4.5     12.20     407.4
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includes                   83.2      84.3            1.2     21.70     572.0
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SEUG-13-08                 39.2      47.5            8.3      2.37      95.0
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includes                   40.3      41.4            1.0      1.84     326.0
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includes                   45.0      46.4            1.4      6.70     140.0
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SEUG-13-09                 42.3      53.6           11.3      1.45     102.0
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includes                   45.7      47.2            1.5      0.91     337.0
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SEUG-13-10                 51.3      53.0            1.7      0.12      33.5
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SEUG-13-11                 49.2      66.5           17.3      1.51     125.3
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includes                   54.1      55.6            1.5      0.52     560.0
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SEUG-13-13                 38.0      43.1            5.1      0.97      70.9
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SEUG-13-14                 51.0      60.0            9.0      1.61     165.7
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includes                   52.8      56.0            3.3      1.97     334.2
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SEUG-13-15                 42.8      53.1           10.3      1.84     136.5
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includes                   48.0      49.7            1.7      1.61     447.0
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SEUG-13-16                 36.2      41.6            5.4      1.23      60.9
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SEUG-13-17                 56.9      62.4            5.5      0.35      26.4
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SEUG-13-18                 58.7      64.9            6.2      2.20     434.8
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includes                   62.6      63.7            1.2      6.44    1450.0
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SEUG-13-19                 59.7      63.0            3.3      0.34      24.4
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SEUG-13-20                 36.6      42.9            6.3      0.66      48.6
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SEUG-13-21                 40.9      51.0           10.1      1.20      89.1
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includes                   42.9      44.0            1.1      3.56      98.0
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SEUG-13-22                 34.5      39.2            4.7      0.88      53.7
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Weighted Ave.                                        8.0      2.08     130.5
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Note: All numbers are weighted averages, uncut, undiluted and rounded.
 

 

 

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

 

Core hole SEUG-13-12 was abandoned before intersecting mineralization.

 

As Santa Elena progresses into an underground operation further delineation drilling will be completed in 2014 to continue to verify production stope reserves. As of January 31, 2014, approximately 2,730 meters of underground lateral development including ramp access, 675 metres of ore development, and 430 metres of raise development had been completed by an independent contractor. Approximately 35,000 tonnes of ore from underground development has been delivered to the leach pad for partial metal recoveries by leaching and will be reprocessed through the nearly completed CCD/Merrill Crowe mill. With the arrival of the Company’s underground production equipment in May 2014, test stoping is scheduled for late Q2 and early Q3 2014.

 

The Qualified Person under NI 43-101 for this News Release is N. Eric Fier, CPG, P.Eng, and Chief Operating Officer for SilverCrest Mines Inc., who has reviewed and approved its contents.

 

SilverCrest Mines Inc. is a Canadian precious metals producer headquartered in Vancouver, BC. SilverCrest’s flagship property is the 100%-owned Santa Elena Mine, located 150 km northeast of Hermosillo, near Banamichi in the State of Sonora, Mexico. The mine is a high-grade, epithermal silver and gold producer, with an estimated life of mine of 8 years and cash costs of $11 per ounce of silver equivalent (55:1 Ag:Au) for the open pit heap leach and underground mine. SilverCrest anticipates that the new 3,000 tonnes per day conventional mill facility at the Santa Elena Mine should recover an average annual rate of 1.5 million ounces of silver and 32,800 ounces of gold over the current reserve. Major expansion and construction of the 3,000 tonnes per day conventional mill facility is nearing completion and is expected to significantly increase metals production at the Santa Elena Mine (open pit and underground) in 2014 and beyond. Exploration programs continue to make new discoveries at Santa Elena and also have rapidly advanced the definition of a large polymetallic deposit at the La Joya property in Durango State with stated resources nearing 200 million ounces of Ag equivalent.

Posted February 17, 2014

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