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SilverCrest Reports Further Continuous High Grade Underground Results At Las Chispas; Extends Surface Drilling Program

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SilverCrest Reports Further Continuous High Grade Underground Results At Las Chispas; Extends Surface Drilling Program

 

 

 

 

 

SilverCrest Metals Inc. (TSX-V:SIL) is pleased to report on additional results from the ongoing underground channel sampling program and extension of its surface drilling program at its Las Chispas Project located in Sonora, Mexico. Las Chispas is a historic silver-gold district with over six kilometres of existing underground workings, which apparently were not previously drilled before their acquisition by the Company. The project is in a prolific mining area which currently hosts two nearby precious metal operations. Only three veins of the fourteen historically reported veins on the Las Chispas Property have been previously mined extensively during the early 1900’s. SilverCrest’s initial focus is on these three veins. For more information, please refer to our website at www.silvercrestmetals.com.

 

 

N. Eric Fier, CPG, P.Eng, President & CEO commented, “We are pleased with the results received to date from the underground rehabilitation program and early indications of mineralization in core from the surface drilling program at Las Chispas. On April 27, 2016, the SilverCrest team safely ascended to the 400 level of the Las Chispas vein and started the first systematic channel sampling in over 90 years. We are sampling underground areas that are easily accessible in our efforts to confirm high grade continuity at Las Chispas, while targeting areas for potential resource estimation and future bulk sampling. Based on our initial success, we have elected to expand the surface drill program to further test extensions of mineralization. The Company is well financed with $5.6 million in the cash to cover all intended exploration expenditures in 2016.”

 

 

Underground Rehabilitation Update

 

 

Since the Company’s news release dated April 28, 2016, the Company has systemically collected an additional 87 continuous channel samples at 2 to 3 metre intervals from the William Tell and Las Chispas veins. The most significant sample results averaged 0.8 metres of 2.61 grams per tonne (“gpt”) gold and 203.7 gpt silver, or 399.5 gpt silver equivalent (“AgEq”, based on 75:1 Au:Ag) (uncut, undiluted) over a 70 metre strike length on the northern extension of the William Tell vein (see attached Figure). The Company also expanded the William Tell vein from a strike length of 75 metres, as previously reported on April 28, 2016, to 85 metres. The additional 10 metre length averaged 1.1 metres of 1.68 gpt gold and 197.7 gpt silver, or 324.1 gpt AgEq (uncut, undiluted). Further results are pending, and additional sampling is being completed in this area.

 

 

The Company also successfully gained access to the Las Chispas historic 400 level and collected its first continuous channel samples in this area. It appears that this area has not been systematically sampled for over 90 years. Results from 9 initial samples at this level averaged 1.2 metres of 1.1 gpt gold and 171.6 gpt silver, or 250.4 gpt AgEq (uncut, undiluted) over a 15 metre strike length. Further sampling is ongoing on this level for potential strike length additions.

 

 

The following table summarizes the most significant assays of the 87 sample results;

 

Mineralized Zone

Sample Type

True Width (m)

Au gpt

Ag gpt

AgEq gpt*

William Tell North – 220 Level**

Channel

0.7

7.8

1,160.0

1,742.0

Channel

1.4

3.1

207.0

436.5

Channel

0.9

5.2

385.0

776.5

Channel

0.7

11.1

222.0

1,058.2

Channel

1.2

8.4

94.9

722.6

Channel

0.5

10.5

114.0

901.5

Channel

0.2

6.7

117.0

622.5

Channel

0.5

1.9

421.0

562.7

Channel

0.6

4.4

423.0

753.7

William Tell South – 600 Level

Channel

0.6

1.4

262.0

368.5

Channel

1.8

3.4

245.0

501.5

Channel

0.8

2.2

372.0

539.2

Las Chispas – 400 Level

Channel

0.7

2.4

304.0

484.7

Channel

1.7

0.8

117.0

177.7

Channel

0.5

2.2

333.0

498.7

Channel

2.0

2.1

462.0

616.5

Channel

1.1

0.9

119.0

185.0

U/G backfill sampling

Grab

n/a

1.3

252.3

349.8

*AgEq based on 75:1 Au:Ag; all numbers are rounded
** Level number is based on historical mine level in feet (not metres) from collar of historic shaft

 

 

 

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

 

 

To date, approximately three kilometres of underground workings have been accessed with an additional three kilometres to be explored over the next several months.

 

 

The underground sampled width of mineralization may not be indicative of the true width of mineralization. Sampling widths are constrained by access to open faces. Ongoing and planned drilling may suggest wider mineralized zones.

 

 

Drilling Update

 

 

The 3,000-metre surface drill program, previously announced on April 28, 2016, has now been extended to 5,000 metres. To date, 15 holes have been completed for a total of approximately 3,700 metres. All holes have intersected quartz stockwork and veining which are strong indications that the core is mineralized. Upon receipt of core assays, the results will be compiled, integrated with all of the underground information and announced in a timely manner.

 

 

The Company is also awaiting a MIA (Environmental Impact Statement) for an underground drilling program of 2,000 metres as stated in an earlier news release. Subject to permitting, the underground drill program is expected to commence in the second half of 2016. The permit will include permission to mine a 100,000-tonne bulk sample for testing and processing off site.

 

 

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 is led by a proven management team in all aspects of the precious metal mining sector, including the pioneering of a responsible “phased approach” business model taking projects through discovery, finance, on time and on budget construction, and production with subsequent increased value to shareholders.

 

Posted June 9, 2016

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