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SilverCrest Continues to Expand Santa Elena Deposit; Another New Discovery and More High Grade Intercepts, 25.8m @ 1.24 gpt Au and 187.6 gpt Ag including 1.9m @ 2.34 gpt Au and 1,281.9 gpt Ag

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SilverCrest Continues to Expand Santa Elena Deposit; Another New Discovery and More High Grade Intercepts, 25.8m @ 1.24 gpt Au and 187.6 gpt Ag including 1.9m @ 2.34 gpt Au and 1,281.9 gpt Ag

 

 

 

 

SilverCrest Mines Inc. announce results of further delineation drilling at the Santa Elena Mine in Sonora, Mexico. One hundred and eleven holes of a revised planned 114 holes have been completed to re-categorize Indicated and Inferred Resources to Probable Reserves and expand current underground Resources (see attached Figure). This drill program continues to be extremely successful and several of the most recent holes have identified additional bonanza grade (as defined below) intercepts and two new zones (El Cholugo and El Cholugo Dos) that lie below and are sub-parallel to the Main Mineralized Zone currently being mined. All holes included in this program will assist with resource confirmation and reclassification, the results of which will be included in the upcoming Pre-Feasibility Study for the Santa Elena Expansion Project.

 

 

 

J. Scott Drever, President stated; “This delineation drill program has been immensely successful. We have drilled the known portion of the deposit at 35 to 40 metre centres, the Main Mineralized Zone has been extended by approximately 300 metres beyond our current resource boundary and we have identified two new sub-parallel zones, El Cholugo and El Cholugo Dos. We are eagerly awaiting the results of the revised underground resource and reserve estimations that are intended to extend the mine life well beyond the existing 6.5 year life of the current open pit heap leach. Our underground decline has progressed beyond 1,200 metres and a number of muck bays are within 25 metres of the underground portion of the ore deposit which will allow for early development of the deposit.”
In this reported series, core holes SE-13-117, SE-13-119 and GT-12-09 have intercepted further Bonanza grades of silver (greater than 1,000 gpt Ag) ranging from 1.0 metre @ 1.50 gpt Au and 1,320 gpt Ag to 1.9 metres @ 2.34 gpt Au and 1,281.9 gpt Ag (see tables below).

 

 

 

Assay values in this series of holes range from 0.3 gpt to 27.2 gpt gold and 54.7 gpt to 1,320.0 gpt silver. Mineralized intervals range from 1.7 metres to 25.8 metres. All mineralized drill intercepts are near true thicknesses. The most significant assay results in this series of holes are shown in the following tables;

 

 

 

Main Mineralized Zone

 

 

 

Hole ID

From
(m)

To
(m)

Interval
(m)

Interval
(ft)

 

Au
(opt)

Ag
(gpt)

Ag
(opt)

Au
(gpt)

SE-12-60

416.5

420.9

4.4

14.4

0.30

0.009

111.4

3.2

432.6

441.7

9.1

29.8

5.60

0.163

158.0

4.6

Includes

433.6

434.6

1.0

3.3

27.20

0.793

469.0

13.7

SE-13-61

453.8

466.3

12.5

41.0

1.11

0.032

62.4

1.8

SE-12-75

439.7

447.9

8.2

26.9

2.82

0.082

107.5

3.1

Includes

442.5

444.6

2.1

6.9

6.61

0.193

204.3

6.0

SE-13-115

227.4

233.4

6.0

19.7

0.41

0.012

54.7

1.6

247.5

256.3

8.8

28.9

0.69

0.020

56.6

1.7

SE-13-116

446.4

463.1

16.7

54.8

2.94

0.086

161.5

4.7

Includes

451.4

455.4

4.0

13.1

5.87

0.171

281.5

8.2

SE-13-117

176.0

190.0

14.0

45.9

0.98

0.029

198.6

5.8

Includes

189.0

190.0

1.0

3.3

1.50

0.044

1,320.0

38.5

SE-13-118

188.1

204.1

16.0

52.5

1.05

0.031

111.9

3.3

includes

191.8

193.5

1.7

5.2

2.49

0.073

480.2

14.0

SE-13-119

215.1

240.9

25.8

84.6

1.24

0.036

187.6

5.5

includes

230.6

232.5

1.9

6.2

2.34

0.068

1,281.9

37.4

 

 

Note: All numbers are weighted averages, uncut and rounded.

 

 

 

El Cholugo Zone

 

 

 

Hole ID

From
(m)

To
(m)

Interval
(m)

Interval
(ft)

 

Au
(opt)

Ag
(gpt)

Ag
(opt)

Au
(gpt)

GT-12-09

209.3

216.6

7.3

23.9

2.73

0.080

357.9

10.4

includes

214.6

215.8

1.2

3.9

3.90

0.114

1,239.5

36.2

SE-13-115

260.3

277.4

17.1

56.1

0.65

0.019

61.3

1.8

SE-13-117

234.1

237.8

3.7

12.1

1.19

0.035

123.7

3.6

SE-13-118

284.7

286.4

1.7

5.6

2.58

0.075

155.0

4.5

SE-13-119

243.8

246.6

2.8

9.2

1.46

0.043

99.7

2.9

 

 

 

Note: All numbers are weighted averages, uncut and rounded.

 

 

 

El Cholugo Dos Zone

 

 

 

Hole ID

From
(m)

To
(m)

Interval
(m)

Interval
(ft)

 

Au
(opt)

Ag
(gpt)

Ag
(opt)

Au
(gpt)

SE-13-117

266.3

276.8

10.5

34.4

0.78

0.023

76.7

2.2

SE-13-118

334.9

339.1

4.2

13.8

0.90

0.026

70.8

2.1

SE-13-119

291.4

292.9

1.5

14.8

4.83

0.141

72.3

2.1

 

 

 

Note: All numbers are weighted averages, uncut and rounded.

 

 

 

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

 

 

Assays for Hole SE-12-60, SE-12-61, and SE-12-75 were pending in a previous news release and are now presented above. Hole GT-12-09 previously reported only the Main Mineralized Zone with the El Cholugo Zone intercept now reported above.

 

 

 

The El Cholugo Zone continues to expand with 5 new drill hole intercepts. The dimensions of this newly discovery zone are now approximately 200 metres long by 100 metres high and open to the west and to depth. A new parallel mineralized zone (EL Cholugo Dos) was intercepted below the El Cholugo discovery in hole SE-13-117 with 10.4 metres @ 0.78 gpt Au and 76.7 gpt Ag; hole SE-13-118 with 4.2 metres @ 0.90 gpt Au and 70.8 gpt Ag, and hole SE-13-119 with 4.5 metres @ 4.83 gpt Au and 72.3 gpt Ag. Dimensions of this new discovery are currently unknown with further drilling anticipated to test this mineralization. Both of these new zones will be easily accessible from the underground development of the adjacent Main Mineralized Zone. A series of holes are being drilled to the west of SE-13-117 to test all three zones at depth.

 

 

 

Several Holes reported previously (Holes SE-12-72, SE-12-73, SE-12-74, and SE-12-111) extended the strong silver and gold mineralization along the Main Mineralized Trend to the east and to depth. These intercepts are up to 200 metres beyond the boundary of current resource estimates. This area beyond previous resource boundaries is now approximately 300 metres long by 200 metres high by 5 to 10 metres thick and open to the east and to depth and will be included in the upcoming revised resource estimates. Further drilling is underway to help delineate this area of potential expansion.

 

 

 

Approximately 39,000 metres of drilling have been completed to date in the program to convert underground resources to reserves and expand total resources. Results for the next series of holes will be released once compilation of results is complete. Three drills are currently on site completing the in-fill program. Further expansion drilling, beyond the in-fill program, will continue in 2013. Revised Santa Elena Resources and Reserves are expected in Q1 2013 with subsequent reporting of the results of Pre-Feasibility Study for the Expansion Plan.

 

 

 

The Qualified Person under National Instrument (NI 43-101) Standards of Disclosure for Mineral Projects 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. (TSX-V: SVL; NYSE MKT: SVLC) 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, México. The mine is a high-grade, epithermal gold and silver producer, with an estimated life of mine cash cost of US$8 per ounce of silver equivalent (55:1 Ag: Au). SilverCrest anticipates that the 2,500 tonnes per day facility should recover approximately 4,805,000 ounces of silver and 179,000 ounces of gold over the life of the current open pit at the Santa Elena Mine. A three year expansion plan is well underway to double metals production at the Santa Elena Mine (open pit and underground) and exploration programs have rapidly advanced the definition of a large polymetallic deposit at the La Joya property in Durango State.

 

Posted February 26, 2013

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