SilverCrest Mines Inc. (TSX VENTURE:SVL)(NYSE MKT:SVLC)(NYSE Amex:SVLC) announce results of further drilling at the Santa Elena Mine in Sonora, Mexico. Ninety four holes of a planned 100 holes have been completed to help re-categorize Indicated and Inferred Resources to Probable Reserves and expand current underground Resources (see attached Figure – http://media3.marketwire.com/docs/svl114-F1.jpg). This drill program continues to be extremely successful with several recent holes identifying multiple bonanza grade intercepts and the new El Cholugo high grade gold and silver zone. All holes included in this program will assist with Resource confirmation and reclassification to be included in the upcoming Pre-Feasibility Study for the Santa Elena Expansion Project.
J. Scott Drever, President stated; “We are extremely encouraged with the high grade silver intercepts that we are encountering and the fact that four of the high grade results are just on or well beyond our current resource boundary. Gold values and interval widths are also substantial which bodes well for the addition of resources in our upcoming Resource and Reserve revisions.”
In this reported series, core holes SE-12-73 and 110 have intercepted further Bonanza grades of gold, greater than 34 gpt Au and/or silver, greater than 1,000 gpt Ag, ranging from 1.0 metre @ 4.47 gpt Au and 1,465 gpt Ag to 1.0 metres @ 5.07 gpt Au and 2,840 gpt Ag (see tables below). Results from Bonanza grade hole SE-12-62 were partially announced on Jan. 7, 2013 with a final intercept of 1.7 metre @ 42.59 gpt Au and 1,460 gpt Ag within 5.2 metres @ 15.34 gpt Au and 546.2 gpt Ag.
Holes SE-12-72, 73, 74, and 111 have intercepted an extension of strong mineralization along the Main Mineralized Trend to the east and at depth (see attached Figure – http://media3.marketwire.com/docs/svl114-F1.jpg). These intercepts are up to 200 metres beyond the boundary of current Resource estimates. This Expansion Area is currently approximately 300 metres long by 150 metres high by 5 to 13 metres thick and open to the east and at depth. These new intercepts will be included in the upcoming revised underground Resources and Reserves. Further drilling is underway to help delineate this area of expansion.
Assay values in this series of holes range from 0.7 gpt to 42.6 gpt gold and 51.1 gpt to 2,840.0 gpt silver. Mineralized intervals range from 2.8 metres to 28.2 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;
---------------------------------------------------------------------------- To Interval Interval Au Au Ag Ag Hole ID From (m) (m) (ft) gpt opt gpt opt ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- SE-12-62 394.8 400.0 5.2 17.1 15.3 0.447 546.2 15.9 ---------------------------------------------------------------------------- includes 395.4 397.1 1.7 5.6 42.6 1.242 1,460.7 42.6 ---------------------------------------------------------------------------- SE-12-72 472.6 478.7 6.1 20.1 2.3 0.066 192.1 5.6 ---------------------------------------------------------------------------- SE-12-73 489.0 502.0 13.0 42.7 1.6 0.045 324.8 9.5 ---------------------------------------------------------------------------- includes 496.7 497.7 1.0 3.3 5.1 0.148 2,840.0 82.8 ---------------------------------------------------------------------------- SE-12-74 572.5 577.4 5.0 16.3 2.1 0.061 177.1 5.2 ---------------------------------------------------------------------------- SE-12-107 206.1 209.0 2.8 9.4 1.0 0.030 85.4 2.5 ---------------------------------------------------------------------------- SE-12-108 221.8 231.0 9.3 30.3 1.1 0.032 78.2 2.3 ---------------------------------------------------------------------------- SE-12-109 242.8 251.0 8.2 26.7 1.3 0.039 153.4 4.5 ---------------------------------------------------------------------------- includes 246.8 249.8 3.0 10.0 2.9 0.084 360.5 10.5 ---------------------------------------------------------------------------- SE-12-110 225.4 233.0 7.5 24.7 1.4 0.041 308.6 9.0 ---------------------------------------------------------------------------- includes 229.0 230.0 1.0 3.3 4.5 0.130 1,465.0 42.7 ---------------------------------------------------------------------------- SE-12-111 507.9 514.8 7.0 22.8 0.7 0.021 51.1 1.5 ---------------------------------------------------------------------------- SE-12-113 199.5 211.7 12.3 40.2 0.8 0.024 81.2 2.4 ---------------------------------------------------------------------------- SE-12-114 219.9 248.1 28.2 92.4 1.6 0.046 115.5 3.4 ---------------------------------------------------------------------------- includes 223.5 231.5 8.0 26.2 2.2 0.066 188.9 5.5 ---------------------------------------------------------------------------- includes 237.2 243.7 6.5 21.3 2.3 0.066 131.1 3.8 ---------------------------------------------------------------------------- Note: All numbers are weighted averages, uncut and rounded.
All sample analyses were completed by ALS Chemex in Hermosillo, Mexico and North Vancouver, BC.
Silver assays for Hole SE-12-62 pending in the news release dated January 7, 2012 are presented above. Hole SE-12-112 is absent in the above sequence as it is currently being drilled.
Approximately 33,000 metres of drilling have been completed to date in the program to assist with converting 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 early February, 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 VENTURE:SVL)(NYSE MKT:SVLC)(NYSE Amex: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 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.
Silver Mountain Resources Inc. (TSX-V: AGMR) (OTCQB: AGMRF) is ... READ MORE
Mandalay Resources Corporation (TSX: MND) (OTCQB: MNDJF) announce... READ MORE
Collective Mining Ltd. (TSX: CNL) (OTCQX: CNLMF) (FSE: GG1) is pl... READ MORE
Significant copper and molybdenum intersections include: HM19: 11... READ MORE
Red Pine Exploration Inc. (TSX-V: RPX) (OTCQB: RDEXF) is pleased ... READ MORE