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SilverCrest Confirms Underground High Grades at Santa Elena; 13m @ 2.54 gpt Au and 307.0 gpt Ag; Including 0.7m @ 18.25 gpt Au and 2,900 gpt Ag

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SilverCrest Confirms Underground High Grades at Santa Elena; 13m @ 2.54 gpt Au and 307.0 gpt Ag; Including 0.7m @ 18.25 gpt Au and 2,900 gpt Ag

 

 

 

 

 

SilverCrest Mines Inc. (TSX:SVL) (NYSE MKT:SVLC) is pleased to announce results of underground infill drilling completed in July, 2014 at its 100% owned Santa Elena Mine in Sonora, Mexico. Twenty five closely-spaced underground drill holes, totaling 2,856 metres were completed to better define reserves and verify widths and grades for planned production stopes. The results of all holes included in this news release will be part of the resource update scheduled to be completed by early 2015.
 

N. Eric Fier, CPG, P.Eng., President & COO stated; “This underground drill program was successful in confirming previous resource model expectations with delineation of high grade zones in the initial stopes scheduled for production in 2014 and 2015. Valuable information was also provided from the program to better define reserves and first stope mine designs. This detailed in-fill information continues to improve our model and enhances tonnage and grade projections for production planning and budgeting.”
 

The drill program, with estimated 20 metre centres, assisted in stope design and reserve estimation. The results showed comparable widths and grades when reconciled with previous wider-spaced drilling in this area. The most significant assay results from this underground infill drilling program are shown in the following table. Intervals are considered to be near true thickness.

 

 
 
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    Hole ID        From (m)      To (m) Interval (m)      Au gpt      Ag gpt
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   SEUG-14-02          99.0       108.5          9.5        1.00        50.0
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   SEUG-14-03          83.0        96.0         13.0        1.18        75.5
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   including           89.8        91.3          1.5        4.58       175.1
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   SEUG-14-04          77.0        85.5          8.5        4.68       347.8
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   including           78.3        80.0          1.7        5.86       764.2
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   including           81.3        83.0          1.7        9.73       280.0
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   SEUG-14-05          82.7        89.1          6.4        3.71        93.8
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   including           84.2        85.7          1.5       11.47       304.7
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   SEUG-14-06          90.3       105.6         15.4        0.34        34.2
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   SEUG-14-07          65.8        75.2          9.4        1.28        90.9
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   SEUG-14-08         107.0       118.4         11.4        1.36       113.3
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   including          107.0       109.0          2.0        2.72       210.8
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   SEUG-14-09          80.0        88.4          8.5        0.74        36.4
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   including           82.1        83.6          1.5        2.02       113.4
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   SEUG-14-10          69.7        76.8          7.1        2.86       251.0
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   including           70.9        72.1          1.2        6.89      1084.5
----------------------------------------------------------------------------
   SEUG-14-11          76.9        78.9          2.1        1.38        85.5
----------------------------------------------------------------------------
   SEUG-14-12          89.5       103.0         13.6        2.23       316.5
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   including           91.8        93.6          1.8        4.32      1431.8
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   SEUG-14-13          85.5        96.8         11.3        1.85       107.7
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   SEUG-14-14          84.7        93.1          8.4        6.54       114.0
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   including           86.2        90.0          3.8       13.79       207.8
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   SEUG-14-15          71.9        77.4          5.5        1.42        84.4
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   SEUG-14-16          99.2       138.1         39.0        1.37       227.5
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   including          108.3       111.5          3.2        1.54      1438.6
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   including          126.1       130.7          4.6        6.51       365.1
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   SEUG-14-17         104.5       124.3         19.8        1.39       113.5
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   SEUG-14-19          86.4        99.0         12.7        1.21       162.2
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   including           90.5        92.0          1.5        1.79      1068.1
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   SEUG-14-20         104.7       116.5         11.8        5.95       105.7
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   including          111.8       113.2          1.4       39.72       355.1
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   SEUG-14-21         116.1       128.4         12.3        2.36        92.6
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   including          121.7       123.4          1.8       11.29       345.2
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   SEUG-14-22         101.8       114.8         13.0        2.54       307.0
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   including          103.5       105.2          1.7        1.97       654.1
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   including          108.2       108.9          0.7       18.25      2899.6
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   SEUG-14-23          94.6       105.9         11.3        3.09       111.2
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   including           99.6       104.2          4.6        6.42       217.6
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   SEUG-14-24         112.9       126.4         13.5        2.12       217.3
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   including          118.9       124.9          6.0        3.76       372.3
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   SEUG-14-25         105.8       116.3         10.5        4.43       387.3
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   including          105.8       107.1          1.3       16.27       640.0
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   including          108.4       109.7          1.3        2.27       946.8
----------------------------------------------------------------------------
  WT. Average                                   11.9        2.20      163.16
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Note: All composite grade numbers are weighted averages, uncut, undiluted   
and rounded.
 

 

 

All sample analyses were completed by Inspectorate Labs of Reno, Nevada. Core holes SEUG-14-01 and SEUG-14-18 were abandoned before intersecting mineralization due to deviations or caving.
 

Underground Development
 

As of August 31, 2014, approximately 3,835 meters of underground lateral development including ramp access, 1,550 metres of ore development on 6 levels, and 260 metres of raise development had been completed by an independent contractor. Underground exposure of the Santa Elena Main Mineralized Zone has provided opportunities for detailed mapping and sampling to assist with modeling and detailed planned mine production.
 

The initial production stope is currently being drilled with delivery of ore to the mill expected to commence once the cycle of drilling and blasting is completed and sufficient broken ore is available for extraction. Further details on the commencement of production stoping will be provided as the operations progress. Approximately 17,100 tonnes of higher grade development ore (grading 1.14 gpt Au and 87.46 gpt Ag) were processed in August along with ore from the leach pad.

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 average operating cash costs of $11 per ounce of silver equivalent (55:1 Ag:Au). SilverCrest anticipates that the new 3,000 tonnes per day conventional mill facility at the Santa Elena Mine should recover an average of 1.5 million ounces of silver and 32,800 ounces of gold per annum over the current reserve life. Major expansion and commissioning of the 3,000 tonnes per day conventional mill facility is complete and is expected to significantly increase metals production at the Santa Elena Mine in the second half of 2014 and beyond. Exploration programs continue to result in 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, Mexico.

Posted September 4, 2014

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