TSX: SIL | NYSE American: SILV
VANCOUVER, BC, Nov. 7, 2022
/CNW/ - SilverCrest Metals Inc. ("SilverCrest" or the "Company") is
pleased to announce the declaration of commercial production at the
Company's Las Chispas Mine ("Las Chispas") located in Sonora, Mexico, effective November 1, 2022.
Declaration of commercial production is based on achieving a
continuous two month period operating the processing plant at a
minimum of 80% capacity for its name plate design of 1,250 tonnes
per day ("tpd") or 1,000 tpd and showing a combined gold ("Au") and
silver ("Ag") recovery or silver equivalent ("AgEq"**) recovery of
greater than 85%. The commissioning period was from September 1, 2022, through October 31, 2022, where the plant processed
62,146 tonnes of ore for an average of 1,019 tpd. For the same
period, the metallurgical recovery averaged 96.7% gold and 96.8%
silver, or 96.7% AgEq.
Pierre Beaudoin, COO stated, "We
would like to congratulate our Las Chispas site team and
contractors who have played an instrumental role in achieving this
milestone on the planned schedule. We have been impressed by the
early performance of the Las Chispas processing plant and continue
to work to fine tune and complete the ramp up. Our
underground mining team also continues to ramp up the operation
with a focus on refinement of mining methods and implementation of
grade control procedures."
N. Eric Fier, CEO commented,
"Moving Las Chispas from discovery to production in less than seven
years is a monumental achievement. We are extremely proud of the
dedication and execution from all involved. We now look forward to
finishing our ramp-up to designed levels, generating revenue with
subsequent free cash flow, and releasing an updated Technical
Report in H1, 2023".
Construction of the processing plant at Las Chispas was
initiated in February 2021 and was
completed on time and on budget in May, 2022 with a target of
declaring commercial production in Q4, 2022. Throughout
commissioning, the processing plant performed in line or ahead of
all Feasibility Study* metrics while processing ore primarily
sourced from stockpiles including recently mined underground ore.
The underground mine is also progressing its ramp-up with a target
to exit 2022 at a rate of 600 to 700 tpd, as previously disclosed.
In the month of October, 2022 the Company exceeded the lower
end of this mining tonnage target.
The Company will provide further details on plant commissioning,
underground mining, ramp-up production for Q3, 2022 and year to
date in its Q3, 2022 Financials and MD&A and financials.
* NI 43-101 Technical Report & Feasibility Study on The
Las Chispas Project dated January 4,
2021 ("Feasibility Study")
** AgEq is based on the 2021 Feasibility Study Mineral Resource
and Reserve gold to silver ratio of 86.9:1 calculated using
US$1,410/oz Au and US$16.60/oz Ag
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
SilverCrest is a Canadian precious metals exploration and
production company headquartered in Vancouver, BC, that is focused on new
discoveries, value-added acquisitions and production assets in
Mexico's historic precious metal
districts. The Company's principal focus is operating its Las
Chispas Mine, in Sonora, Mexico.
SilverCrest's ongoing initiative is to increase its asset base by
expanding current resources and reserves, acquiring and developing
high value precious metals projects and ultimately operating
multiple silver-gold mines in the Americas. 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.
This news release contains "forward-looking statements" and
"forward-looking information" (collectively "forward-looking
statements") within the meaning of applicable Canadian and
United States securities
legislation. These include, without limitation, statements with
respect to: the timing and expectations of the Company's production
ramp up of the Las Chispas processing plant, productivity and ramp
up of the Las Chispas underground mine and generating free cash
flow in 2023 and the timing and completion of an updated technical
report in H1, 2023. Such forward-looking statements or information
are based on a number of assumptions, which may prove to be
incorrect. Assumptions have been made regarding, among other
things: the reliability of mineralization estimates, mining and
development costs, the conditions in general economic and financial
markets; availability of skilled labour; timing and amount of
expenditures related to rehabilitation and drilling programs; and
effects of regulation by governmental agencies. The actual results
could differ materially from those anticipated in these
forward-looking statements as a result of risk factors including:
uncertainty as to the impact and the timing and content of work
programs; results of exploration activities; the interpretation of
drilling results and other geological data; receipt, maintenance
and security of permits and mineral property titles; environmental
and other regulatory risks; project cost overruns or unanticipated
costs and expenses; and general market and industry conditions.
Forward-looking statements are based on the expectations and
opinions of the Company's management on the date the statements are
made. The assumptions used in the preparation of such statements,
although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, readers are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date the statements were made. The Company
undertakes no obligation to update or revise any forward-looking
statements included in this news release if these beliefs,
estimates and opinions or other circumstances should change, except
as otherwise required by applicable law.
N. Eric Fier, CPG,
Chief Executive Officer
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SOURCE SilverCrest Metals Inc.