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SilverCrest Discovers Bonanza Grades and New Zone at Santa Elena

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SilverCrest Discovers Bonanza Grades and New Zone at Santa Elena

15.6m @ 23.9 gpt Au and 307.9 gpt Ag including
2.3m @ 157.3 gpt Au and 1,610.5 gpt Ag

 

SilverCrest Mines Inc. announce results of further drilling at the Santa Elena Mine in Sonora, Mexico. Eighty seven holes of a planned 100 holes have been completed to re-categorize Indicated and Inferred Resources to Probable Reserves and expand current underground Resources (see attached Figures). This drill program continues to be extremely successful and several recent holes have identified multiple bonanza grade intercepts and a new high grade gold and silver zone that lies below and is sub-parallel to the Main Mineralized Zone currently being mined. All holes included in this program will assist with resource confirmation and reclassification which will be included in the upcoming Pre-Feasibility Study for the Santa Elena Expansion Project.

 

 

 

J. Scott Drever, President stated; “We have always been confident that the underground portion of the Santa Elena Main Mineralized Zone would prove to be larger and higher grade than was indicated by the initial drilling and our drilling to date has vindicated that confidence. In an epithermal deposit such as Santa Elena one can always expect narrow widths of high grades but to encounter 15.6 metres grading 23.9 gpt Au (0.69 opt) and 307.9 gpt Ag (9.0 opt) is truly remarkable and the discovery of the new ‘El Cholugo Zone” with similar high grades simply adds to the excitement of the increased potential. Our underground decline has progressed beyond 1,050 metres which will enable us to get access to the underground portion of the ore deposit in the next several months.”

 

 

Core holes SE-12-62, 54, 91, 92, 94, 103, and 106 have all intercepted Bonanza grades of gold, greater than 34 gpt Au and/or silver, greater than 1,000 gpt Ag, ranging from 1.1 metres @ 9.46 gpt Au and 1,700 gpt Ag to 2.3 metres @ 157.3 gpt Au and 1,610.5 gpt Ag (see tables below). Bonanza grade hole SE-12-54 was previously announced (Dec. 4, 2012) with an intercept of 1.0 metre @ 4.94 gpt Au and 1,230 gpt Ag within 30.7 metres @ 1.61 gpt Au and 169.6 gpt Ag.

 

 

 

Holes SE-12-90, 94, 104 and 106 intercepted two mineralized intervals of 10 to 40 metres apart. It is believed that the second interval represents the discovery of a new mineralized zone at Santa Elena with further potential for additional resources. The New Discovery named “El Cholugo Zone” is believed to be related to a sub-parallel cross cutting structure which intersects the Main Mineralized Zone. El Cholugo appears to have minimum dimensions of approximately 150 metres long, 100 metres high and 5 to 14 metres wide. Two other similar structurally-mineralized intersections are known to exist within the open pit and will be explored in due course. Further drilling is underway to help delineate El Cholugo.

 

 

 

Assay values in this series of holes range from 0.21 gpt to 157.3 gpt gold and 20.7 gpt to 1,700.4 gpt silver. Mineralized intervals range from 2 metres to 25.2 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 gpt

Au opt

Ag gpt

Ag opt

SE-12-49

152.2

166.1

13.9

44.5

2.02

0.059

153.5

4.5

SE-12-53

167.2

179.2

12.0

38.4

2.60

0.076

141.0

4.1

SE-12-62

394.8

400.0

5.2

17.1

15.34

0.447

Pending*

Pending

includes

395.4

397.1

1.7

5.6

42.59

1.242

>1,000.0*

>30.0*

SE-12-63

262.0

269.0

7.0

22.9

1.13

0.033

97.1

2.8

SE-12-64

285.5

292.6

7.1

23.3

1.72

0.050

101.7

3.0

SE-12-65

234.6

245.3

10.7

35.1

1.48

0.043

156.9

4.6

SE-12-66

324.9

326.9

2.0

6.5

0.32

0.009

53.7

1.6

SE-12-67

208.5

230.0

21.5

70.5

1.70

0.050

136.1

4.0

includes

213.8

224.1

10.3

33.8

2.70

0.079

232.5

6.8

SE-12-70

239.2

258.9

19.7

64.6

0.98

0.029

105.1

3.1

includes

254.2

258.9

4.7

15.4

1.47

0.043

265.3

7.7

SE-12-71

289.5

300.0

10.5

34.4

1.00

0.029

98.1

2.9

SE-12-77

343.3

347.8

4.5

14.7

1.75

0.051

111.7

3.3

SE-12-78

317.1

325.0

7.9

25.9

2.39

0.070

203.5

5.9

SE-12-79

307.0

309.1

2.1

6.9

3.39

0.099

237.9

6.9

316.2

319.5

3.3

10.8

1.34

0.039

543.3

15.8

includes

317.8

319.6

1.7

5.6

1.65

0.048

941.0

27.4

SE-12-80

248.7

265.3

16.7

54.7

0.94

0.027

95.5

2.8

includes

260.2

265.3

5.1

16.7

1.44

0.042

180.7

5.3

SE-12-81

359.2

364.5

5.3

17.3

0.53

0.015

48.1

1.4

SE-12-82

423.6

426.0

2.4

7.8

0.95

0.028

65.9

1.9

433.9

443.9

10.0

32.8

1.61

0.047

76.5

2.2

SE-12-83

379.6

387.9

8.3

27.2

2.76

0.081

167.2

4.9

SE-12-84

404.2

423.5

19.3

63.2

2.16

0.063

88.6

2.6

SE-12-85

413.2

416.0

2.8

9.2

3.80

0.111

64.2

1.9

SE-12-86

390.7

396.8

6.1

20.0

4.18

0.122

256.6

7.5

SE-12-87

326.2

330.5

4.3

14.1

0.21

0.006

20.7

0.6

SE-12-88

441.6

446.5

4.9

16.2

0.46

0.013

72.0

2.1

SE-12-89

418.7

421.3

2.6

8.5

2.37

0.069

82.0

2.4

429.1

444.6

15.5

50.9

1.59

0.046

86.4

2.5

SE-12-90

160.1

172.6

12.5

41.0

2.70

0.079

143.9

4.2

SE-12-91

405.9

421.4

15.6

51.0

23.97

0.699

307.9

9.0

includes

410.0

412.3

2.3

7.5

157.30

4.588

1,610.5

47.0

SE-12-92

258.3

261.5

3.2

10.4

4.04

0.118

500.5

14.6

includes

258.3

259.4

1.1

3.6

9.46

0.276

1,700.4

49.6

SE-12-93

290.0

940.0

4.0

13.1

0.96

0.028

82.0

2.4

SE-12-94

243.5

252.8

9.3

30.5

1.30

0.038

191.4

5.6

includes

245.4

249.5

4.1

13.4

2.45

0.071

368.8

10.8

SE-12-95

269.2

278.4

9.2

30.2

1.41

0.041

196.2

5.7

SE-12-96

263.2

267.4

4.2

13.7

0.71

0.021

48.9

1.4

SE-12-102

253.7

258.0

4.3

13.9

2.89

0.084

68.4

2.0

266.5

269.7

3.2

10.5

1.02

0.030

179.0

5.2

SE-12-103

172.0

197.1

25.2

82.6

1.22

0.036

155.9

4.5

includes

178.8

188.3

9.5

31.3

2.11

0.062

244.9

7.1

includes

187.0

188.3

1.3

4.3

2.48

0.072

1,080.0

31.5

SE-12-104

197.5

202.5

5.1

16.6

0.52

0.015

78.2

2.3

206.7

210.7

4.0

13.1

2.56

0.075

174.1

5.1

includes

218.2

223.4

5.2

17.0

2.29

0.067

193.1

5.6

SE-12-105

154.1

167.5

13.4

44.1

4.02

0.117

200.0

5.8

includes

154.1

158.2

4.1

13.4

7.61

0.222

334.2

9.7

SE-12-106

172.3

189.1

16.7

54.9

3.02

0.088

213.7

6.2

includes

181.4

189.1

7.7

25.3

5.74

0.167

419.7

12.2

*Hole SE-12-62 silver grades are pending due to overlimits of greater than 1,500 gpt Ag.
Note: All numbers are uncut and rounded.

 

 

 

El Cholugo Zone (New Discovery)

Hole ID

From (m)

To (m)

Interval (m)

Interval (ft)

Au gpt

Au opt

Ag gpt

Ag opt

SE-12-90

191.1

197.8

6.7

21.9

3.00

0.088

391.3

11.4

SE-12-94

297.0

310.4

13.4

43.9

1.84

0.054

206.5

6.0

includes

298.5

305.1

6.6

21.6

3.15

0.092

363.9

10.6

Includes

300.0

301.0

1.0

3.3

6.63

0.193

1,390.0

40.5

SE-12-104

217.2

231.5

14.3

46.9

1.12

0.033

104.1

3.0

SE-12-106

209.8

215.6

5.8

19.2

16.10

0.470

569.5

16.6

includes

211.8

214.8

3.0

9.8

29.40

0.858

1,006.4

29.4

Note: All numbers are uncut and rounded.

 

 

 

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

 

 
Assays for Holes SE-12-49 and SE-12-53 that were pending in the news release dated December 4, 2012 are presented above. Holes SE-12-60, 61, 68 and 69, in the above sequence are either currently being drilled or analyses are pending. Holes 97 to 101 were previously released (November 13, 2012) for Santa Elena NW target area. Hole 76 was lost due to caving.

 

 

 

The Santa Elena Deposit (Main Mineralized Zone) is open along strike and to depth. Core holes SE-12-72, 73, 74 and SE-12-111 have been completed as part of a 15 hole program to test for the possible expansion of resources along strike to the east and to depth beyond the current resource model (see attached Figure). Mineralized intercepts in these four holes are 5 to 10 metres wide with banded quartz and argentite mixed with breccia and disseminated argentite. These intercepts are up to 200 metres beyond the boundary of current resource estimates. An additional 5 to 10 core holes are planned in this area for increased confidence. The Company is compiling results for these holes to determine the extent of expansion potential and will release promptly.

 

 

 

Approximately 30,000 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 to complete the in-fill program in January, 2013. Further expansion drilling will be completed in Q1 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 underway to double metals production at the Santa Elena Mine (open pit and underground) and exploration programs are rapidly advancing the definition of a large polymetallic deposit at the La Joya property in Durango State.

Posted January 9, 2013

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