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SilverCrest Reports More High Grade Underground Sampling Results at Las Chispas; Update on Phase II Drill Program

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SilverCrest Reports More High Grade Underground Sampling Results at Las Chispas; Update on Phase II Drill Program

 

 

 

 

 

SilverCrest Metals Inc (TSX-V: SIL). is pleased to provide an update on the underground rehabilitation and drill programs at its Las Chispas Property located in Sonora, Mexico, and report on additional high grade underground sampling results on the 550 level of the Las Chispas Vein.

 

N. Eric Fier, CPG, P.Eng, President & CEO, commented, “During Q4 2016, SilverCrest gained access to a majority of the historic workings on the Las Chispas Vein. This work was critical to further understand the continuity, widths and opportunities for intact high grade silver-gold mineralization. Initial sampling of a historic high grade area on the 550 level shows grades of up to 13.35 grams per tonne (“gpt”) gold and 1,720 gpt silver or 2,721 gpt silver equivalent (“AgEq”; ratio 75 Ag : 1 Au and 100% metallurgical recovery) over 0.6 metres. Concurrently with the underground rehabilitation program, Phase II surface and underground drilling programs are underway with 12 core holes completed to date totalling approximately 2,400 metres. All 12 holes have intersected stockwork, veining and/or breccia. Drill results should be available for release in late-February.”

 

 

Underground Rehabilitation Update

 

 

To date, the Company has accessed approximately 9 kilometres of underground workings, with an additional 2.5 kilometres to be explored over the next several months. As SilverCrest rehabilitates the underground workings, the Company continues to systemically collect samples at intervals of two to three metres along strike lengths of veins. The Company collected a total of 72 samples on the Las Chispas 550 level from 120 metres of underground access as reported below (see attached Figure and Photo). Of the 72 samples tested, 43 were mineralized samples with 19 used for true thickness assay composites stated below. The remaining samples were of hangingwall and footwall material. Sampling locations and widths are restricted to historic workings which may only represent part of the mineralized vein, stockwork, or breccia. The Company has previously drilled three holes in this area, intercepting high grade mineralization with true thicknesses from 1.0 to 7.2 metres. Further surface and underground drilling is planned as part of the Phase II program.

 

 

Weighted average composites from 19 samples showing true mineralized thicknesses on the 550 level are as follows:

 

  • 2.6 metres grading 1.17 gpt Au and 242 gpt Ag or 330 gpt AgEq.
  • 6.5 metres grading 4.36 gpt Au and 604 gpt Ag or 931 gpt AgEq (see attached photo).
  • 3.0 metres grading 3.78 gpt Au and 507 gpt Ag or 790 gpt AgEq.

 

 

A weighted average composite for all 43 mineralized samples shows an approximate strike length of 32 metres averaging 3 metres in width and grading 2.73 gpt Au and 384 gpt Ag or 589 gpt AgEq (see Figure). Select high grade samples range from 0.76 gpt Au and 310 gpt Ag or 367 gpt AgEq to 13.35 gpt Au and 1,720 gpt Ag or 2,721 gpt AgEq (see below table).

 

 

The following table summarizes the 14 most significant un-composited assay results (uncut, undiluted) from the Las Chispas Vein 550 level:

 

Las Chispas

550 Level**

Sample Type

Sample

Width

(m)***

Au

(gpt)

Ag

(gpt)

AgEq*

(gpt)

Chip/Channel

1.0

4.48

698

1,034

Chip/Channel

1.5

1.83

264

401

Chip/Channel

0.8

3.77

543

826

Chip/Channel

0.9

0.76

310

367

Chip/Channel

0.9

1.69

269

396

Chip/Channel

0.7

1.82

278

415

Chip/Channel

0.6

1.72

334

463

Chip/Channel

0.6

13.35

1,720

2,721

Chip/Channel

0.9

8.73

1,255

1,910

Chip/Channel

0.8

11.45

1,435

2,294

Chip/Channel

1.1

7.75

1,215

1,796

Chip/Channel

1.0

4.39

582

911

Chip/Channel

0.8

5.60

776

1,196

Chip/Channel

0.5

3.62

503

775

Note: all numbers are rounded.
*AgEq based on 75 Ag : 1 Au and 100% metallurgical recovery.
** Level number is based on historical mine level in feet (not metres) from surface collar of historic shaft.
*** The underground sample 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.

 

 

 

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

 

 

Phase II Drill Program Update

 

 

SilverCrest’s current underground and surface drill programs are focused on four of the 19 veins identified at Las Chispas; the Las Chispas, William Tell, Babicanora and Varela veins. To date, the Company has drilled 12 holes for a total of 2,400 metres in the Phase II program. Surface drilling at the northern extension of the Las Chispas and William Tell veins is ongoing to further expand and grid drill for resource estimation. Underground drilling of three holes at the Babicanora Vein has been completed. All holes have intercepted quartz stockwork, quartz veining and shear zone. Assays are pending and will be released after compilation and consideration.

 

 

For more information on Las Chispas, including recent underground sampling and drill results, please refer to our website at www.silvercrestmetals.com.

 

Posted January 21, 2017

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