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SilverCrest Continues to Expand Santa Elena Deposit More High Grade Intercepts; 21.6m @ 1.46 gpt Au and 169.1 gpt Ag Including 0.60m @ 5.2 gpt Au and 1,840 gpt Ag

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SilverCrest Continues to Expand Santa Elena Deposit More High Grade Intercepts; 21.6m @ 1.46 gpt Au and 169.1 gpt Ag Including 0.60m @ 5.2 gpt Au and 1,840 gpt Ag

 

 

 

 

SilverCrest Mines Inc. (TSX VENTURE:SVL)(NYSE MKT:SVLC) announce results of further delineation drilling at the Santa Elena Mine in Sonora, Mexico. Since mid 2012, 132 drill holes have been completed to further expand underground resources and reserves (see attached Figure – http://media3.marketwire.com/docs/svl408-LS.pdf). This drill program continues to be extremely successful with the most recent holes identifying additional bonanza grades (as defined below) and providing further intercepts in the El Cholugo Zone. To date, resources at Santa Elena have been delineated along a strike length of over 1,200 metres and to a depth of 600 metres. The results of all holes included in this news release will be part of the ongoing resource expansion and reclassification to be included in the Pre-Feasibility Study for the Santa Elena Expansion Project which is nearing completion.

 

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. The results of the revised underground resource and reserve estimations is expected to demonstrate an extended mine life with a conventional mill facility well beyond the original 5.5 years estimated for the open pit heap leach operation.”

 

In this reported series, core hole SE-13-126 intercepted further Bonanza grades (greater than 34 gpt Au or greater than 1,000 gpt Ag) with 0.60 metres grading 5.2 gpt Au and 1,840 gpt Ag. These high grades are included in a broader interval of 21.6 metres grading 1.46 gpt Au and 169.1 gpt Ag (see tables below).

 

Assay values in this series of holes range from 0.1 gpt to 22.0 gpt gold and 34.8 gpt to 1,840.0 gpt silver. Mineralized intervals range from 0.6 metres to 22.7 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.

 

Santa Elena Main Mineralized Zone

 

 

 

—————————————————————————-

From      To  Interval  Interval     Au      Au      Ag     Ag

Hole ID        (m)     (m)       (m)      (ft)    gpt     opt     gpt    opt

—————————————————————————-

—————————————————————————-

SE-13-121    449.3   458.9       9.7      31.8   2.81   0.082   127.2    3.7

—————————————————————————-

incl.      452.9   456.2       3.3      10.9   5.71   0.167   261.4    7.6

—————————————————————————-

SE-13-122    249.5   262.5      13.0      42.6   1.06   0.031   144.8    4.2

—————————————————————————-

incl.      253.2   258.3       5.1      16.8   1.52   0.044   267.2    7.8

—————————————————————————-

SE-13-123    433.5   438.3       4.8      15.7   3.87   0.113    89.2    2.6

—————————————————————————-

incl.      433.5   435.4       1.9       6.2   7.37   0.215   159.3    4.6

—————————————————————————-

SE-13-124    271.6   276.2       4.6      15.1   0.62   0.018    75.7    2.2

—————————————————————————-

283.8   287.1       3.2      10.6   0.73   0.021    69.4    2.0

—————————————————————————-

SE-13-125    474.8   487.1      12.3      40.2   0.96   0.028   117.0    3.4

—————————————————————————-

incl.      481.3   485.4       4.1      13.5   1.52   0.044   183.9    5.4

—————————————————————————-

SE-13-126    446.3   467.9      21.6      70.7   1.46   0.043   169.1    4.9

—————————————————————————-

incl.      463.2   463.7       0.6       1.8   5.20   0.152 1,840.0   53.7

—————————————————————————-

incl.      463.2   467.0       3.8      12.5   2.72   0.079   632.1   18.4

—————————————————————————-

SE-13-127    169.8   192.6      22.7      74.6   1.76   0.051    93.6    2.7

—————————————————————————-

incl.      177.1   179.9       2.8       9.3   8.65   0.252   200.1    5.8

—————————————————————————-

SE-13-128    469.7   478.0       8.3      27.2   0.10   0.002   138.9    4.1

—————————————————————————-

516.2   529.3      13.1      43.0   1.38   0.040   165.8    4.8

—————————————————————————-

incl.      519.8   528.5       8.7      28.6   1.89   0.055   221.3    6.5

—————————————————————————-

SE-13-129    215.3   223.7       8.4      27.7   0.62   0.018    53.8    1.6

—————————————————————————-

SE-13-130    403.1   409.1       6.0      19.7   7.21   0.210   143.7    4.2

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incl.      403.1   406.0       3.0       9.7  12.92   0.377   240.8    7.0

—————————————————————————-

SE-13-131    162.7   180.0      17.3      56.8   0.58   0.017    61.2    1.8

—————————————————————————-

SE-13-132    224.2   229.2       5.0      16.5   0.84   0.025    71.9    2.1

—————————————————————————-

SE-13-133    437.2   445.9       8.7      28.4  10.36   0.302   160.4    4.7

—————————————————————————-

incl.      441.3   444.3       3.0       9.8  22.00   0.642   303.0    8.8

—————————————————————————-

SE-13-134    481.1   485.9       4.8      15.6   0.55   0.016    57.6    1.7

—————————————————————————-

490.6   494.8       4.2      13.7   1.03   0.030   141.3    4.1

—————————————————————————-

SE-13-135    265.1   266.7       1.6       5.2   0.34   0.010    53.6    1.6

—————————————————————————-

SE-13-136    458.5   478.1      19.6      64.2   1.08   0.032    84.4    2.5

—————————————————————————-

SE-13-137    235.6   240.1       4.5      14.7   0.55   0.016    90.1    2.6

—————————————————————————-

SE-13-138    464.4   473.2       8.8      28.8   0.49   0.014    76.0    2.2

—————————————————————————-

SE-13-139    253.1   263.9      10.8      35.3   0.69   0.020    34.8    1.0

—————————————————————————-

SE-13-140    215.3   234.1      18.8      61.7   0.77   0.022   125.5    3.7

—————————————————————————-

incl.      230.6   234.1       3.5      11.6   1.27   0.037   342.2   10.0

—————————————————————————-

SE-13-141    448.4   457.4       9.1      29.8   4.16   0.121   189.1    5.5

—————————————————————————-

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

 

 

El Cholugo Zone

 

 

 

—————————————————————————-

From      To  Interval  Interval      Au      Au      Ag     Ag

Hole ID       (m)     (m)       (m)      (ft)     gpt     opt     gpt    opt

—————————————————————————-

—————————————————————————-

SE-13-122   270.7   276.4       5.7      18.8    1.06   0.031    63.6    1.9

—————————————————————————-

SE-13-123   293.4   295.1       1.7       5.4    0.97   0.028    68.3    2.0

—————————————————————————-

SE-13-129   236.0   239.5       3.5      11.4    0.96   0.028    78.2    2.3

—————————————————————————-

SE-13-131   269.7   274.9       5.1      16.9    4.29   0.125   157.4    4.6

—————————————————————————-

SE-13-139   287.3   292.9       5.7      18.6    0.83   0.024    44.1    1.3

—————————————————————————-

SE-13-140   286.5   288.9       2.4       7.9    1.90   0.055   117.0    3.4

—————————————————————————-

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

 

 

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

 

The El Cholugo Zone continues to expand to the west and to depth with 6 new drill hole intercepts (above table). The dimensions of this newly discovered zone is now approximately 400 metres long by 150 metres high with widths ranging from 1.7 to 17.1 metres.

 

Several Holes reported above (Holes SE-13-121, 123, 128, and 141) extend the strong silver and gold mineralization along the Main Mineralized Zone to the east and to depth. These intercepts are up to 300 metres beyond the boundary of current resource estimates. Core holes SE-13-132, 135, 137, 139, 140 reported above further expand mineralization 300 metres to the west under the current operating pit. Further drilling is underway to help delineate theses area of continued expansion.

 

Approximately 48,000 metres of drilling have been completed to date in the 2012-2103 program to convert underground resources to reserves and expand total resources. Three drills are currently on site completing the extended program. Summary results for revised Santa Elena Resources and Reserves are expected in late April or early May, 2013 with a NI 43-101 Technical Report for the Pre-Feasibility Study of the Expansion Plan to be filed within 45 days following announcement.

 

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. (TSX VENTURE: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, Mexico. 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 open pit heap leach facility at the Santa Elena mine should recover approximately 625,000 ounces of silver and 33,000 ounces of gold in 2013. An expansion plan is well underway to double the annual metals production at the Santa Elena Mine (open pit and underground). Exploration programs 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 April 9, 2013

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