SilverCrest Metals Inc. is pleased to announce additional Phase II drill results for the Las Chispas Property (the “Property”) located in Sonora, Mexico. Step out drilling of the Babicanora Vein continues to intersect high-grade mineralization with an increase in the reported high-grade footprint from 1,000 to 1,300 metres along strike length (see attached Figures). There are 19 known epithermal veins on the Property, nine of which have been drilled, consisting of the Babicanora, Babicanora Footwall, Las Chispas, Giovanni, La Blanquita, William Tell, Varela, Granaditas and Amethyst veins. SilverCrest has intersected high-grade silver-gold mineralization in each of the nine veins drilled to date. Five to six of these veins will be included in the upcoming maiden resource estimate to be announced in Q1 2018.
The most significant result for this release was returned from Hole BA17-63, which intersected 3.5 metres (true width) grading 41.05 grams per tonne (“gpt”) gold and 1,074.5 gpt silver, or 4,153 gpt silver equivalent (“AgEq”, based on 75 (Ag):1 (Au) and 100% metallurgical recovery). Also noteworthy is Hole BA18-65 at 3.8 metres grading 12.13 gpt gold and 1,411.6 gpt silver, or 2,321 gpt AgEq and Hole BA17-52 at 2.7 metres grading 7.20 gpt gold and 593.9 gpt silver, or 1,134 gpt AgEq. The following table summarizes the most significant drill intercepts (uncut, undiluted) for this release:
Note: all numbers are rounded.
*AgEq based on 75 (Ag):1 (Au) and 100% metallurgical recovery.
All assays were completed by ALS Chemex in Hermosillo, Mexico, and North Vancouver, BC, Canada.
Drill holes BA17-55, 57, 60, and 62 intercepted anomalous mineralization, but are below the Company’s 150 gpt AgEq cutoff. Hole BA17-54 was drilled in the footwall of the Babicanora Vein and deviated, missing its intended target. Drill success rate for the Babicanora Vein to date is over 70% hits in the high-grade footprint.
Holes BA17-52, 53, 63, 64 and 65 intercepted bonanza grades consisting of argentite, electrum, native silver and visible gold.
Area 51’s high-grade footprint (Babicanora Vein southeast extension) now measures approximately 400 metres long by an average 200 metres high by 2.7 metres in average true width see attached Figures. Fourteen (14) drill holes have pierced the Area 51 high-grade footprint with an uncut, undiluted weighted average grade of 12.79 gpt Au and 1,084.4 gpt Ag, or 2,044 gpt AgEq. Eleven (11) of the fourteen (14) drill holes intercepted bonanza grades greater than 1,000 gpt AgEq. This target is open to the southeast and to depth.
The Babicanora Vein high-grade footprint, including Area 51, now measures approximately 1,300 metres long by an average 160 metres high by 3.0 metres in average true width. Forty eight (48) drill holes have pierced the high-grade footprint in the vein with an uncut, undiluted weighted average grade of 5.89 gpt gold and 480.9 gpt silver, or 923 gpt AgEq. Further drilling is ongoing with 6 to 8 more step out holes to be incorporated into the upcoming maiden resource.
The Company anticipates concluding its expanded Phase II program by early February 2018, with final results to be incorporated into the maiden resource estimate to be announced in Q1 2018. The program will transition into the Company’s Phase III exploration program for 2018, which will include continued step-out and infill drilling at the Babicanora Vein, underground drilling on the Las Chispas and Giovanni veins and initial drilling on several other veins in the district. Approximately 10,000 to 15,000 metres of drilling are planned for H1 2018 utilizing 6 to 7 surface and underground drills.
The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is N. Eric Fier, CPG, P.Eng, and CEO for SilverCrest, who has reviewed and approved its contents.
ABOUT SilverCrest Metals INC.
SilverCrest is a Canadian precious metals exploration company headquartered in Vancouver, BC, that is focused on new discoveries, value-added acquisitions and targeting production in Mexico’s historic precious metal districts. The Company’s current focus is on the high-grade, historic Las Chispas mining district in Sonora, Mexico. SilverCrest is the first company to successfully drill-test the historic Las Chispas Project resulting in numerous discoveries. The Company is led by a proven management team in all aspects of the precious metal mining sector, including taking projects through discovery, finance, on time and on budget construction, and production.
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