TSX-V: SIL
VANCOUVER, April 28, 2016 /CNW/ - SilverCrest Metals Inc.
("SilverCrest" or the "Company") is pleased to announce additional
results from the underground channel sampling program and the
commencement of a surface drilling program at its Las Chispas
Project ("Las Chispas") located in Sonora, Mexico, as previously announced on
March 2, 2016. Las Chispas is in a
prolific mining area with nearby precious metal producers.
Historical reports indicate the presence of 14 veins in the
district of which only three (Las Chispas, William Tell and Babicanora) have been
previously mined extensively in the early 1900s, but none of which
appear to have been drilled.
(Photo: http://photos.prnewswire.com/prnh/20160428/361062 )
N. Eric Fier, CPG, P.Eng,
President & CEO stated, "We continue to systematically complete
our planned underground rehabilitation program at Las Chispas to
evaluate areas of known high grade silver-gold mineralization. To
date, we have accessed two kilometres of the estimated six
kilometres of underground workings. Our first detailed underground
channel sampling, as reported below, indicates continuous high
grade areas that are easily accessible for potential future mining.
In late March, we also commenced a surface drilling program to test
extensions of known mineralized veins for potential new
discoveries. For the next three months, we will be focusing on
continually accessing historical underground workings to assess
further high grade continuous mineralization."
Underground Rehabilitation Update
In an effort to start confirming continuity of underground high
grade potential at Las Chispas, 36 continuous channel samples were
collected at intervals about every 2.1 metres across the
width of the vein for approximately 75 metres. This location at the
William Tell Vein is easily accessible (see attached Figure). Based
on historic information, this vein has an estimated 1 kilometre
strike length, can be projected to a depth of 300 metres, and has
an average width of 1.5 metres. Sample results averaged
1.1 metres of 2.4 gpt gold and 174.9 gpt silver, or 358.1 gpt
silver equivalent* (uncut, undiluted) over a 75 metre strike
length. The following table summarizes the 17 most significant
results of the 36 samples collected;
William Tell Vein
Sample
Type
|
True Width
(m)
|
Au gpt
|
Ag gpt
|
AgEq
gpt*
|
Channel
|
0.9
|
24.5
|
780.0
|
2,617.5
|
Channel
|
0.5
|
2.0
|
193.0
|
341.9
|
Channel
|
0.9
|
2.4
|
126.0
|
304.5
|
Channel
|
1.1
|
7.5
|
116.0
|
678.5
|
Channel
|
0.6
|
0.1
|
356.0
|
361.3
|
Channel
|
0.7
|
6.0
|
419.0
|
869.8
|
Channel
|
0.7
|
2.2
|
188.0
|
350.0
|
Channel
|
1.1
|
7.4
|
284.0
|
842.0
|
Channel
|
0.8
|
3.7
|
160.0
|
433.8
|
Channel
|
1.2
|
1.8
|
225.0
|
359.3
|
Channel
|
0.5
|
2.5
|
453.9
|
640.5
|
Channel
|
1.2
|
0.7
|
267.0
|
316.6
|
Channel
|
1.2
|
1.3
|
327.0
|
421.9
|
Channel
|
0.6
|
8.5
|
345.0
|
984.8
|
Channel
|
1.6
|
1.5
|
441.0
|
553.1
|
Channel
|
1.2
|
5.8
|
84.0
|
517.5
|
Channel
|
0.8
|
7.9
|
560.0
|
1,150.3
|
*AgEq based on 75:1 Au:Ag
All assays were completed by ALS Chemex in Hermosillo, Mexico and North Vancouver, BC.
The initial geochemical signature at Las Chispas is
Ag-Au-Sb-Ba-Mn-Ca indicating a low to intermediate sulphidation
epithermal system. Initial geochemical test results suggest that
the veins at Las Chispas may be similar to both nearby producing
Santa Elena and Mercedes
deposits.
Surface Drilling Update
Concurrent with the underground rehabilitation, a surface
drilling program of approximately 3,000 metres commenced in late
March. To date, six holes have been completed for a total of 1,500
metres. This initial drill program is designed to test known
mineralization, extensions of mineralization and the potential for
new discoveries. All holes have intersected quartz stockwork
and veining that are currently being logged and sampled. Upon
receipt of assays, the results will be announced and integrated
with the underground information.
The Company has applied for a MIA (Environmental Impact
Statement) for an underground drilling program of 2,000 metres to
test potential near-surface resource areas and deeper extensional
targets of below the historical workings. Minimal underground work
is required to begin underground drilling. Depending on permitting,
this program is expected to start in the second half of 2016. This
permit also includes the extraction of a 100,000-tonne bulk sample
for testing and processing off site.
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 President 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 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.
FORWARD-LOOKING STATEMENTS
This
news release contains "forward-looking statements" within the
meaning of Canadian securities legislation. These include, without
limitation, statements with respect to: the strategic plans, timing
and expectations for the Company's exploration, rehabilitation and
drilling programs of the Las Chispas Project; information with
respect to high grade areas and size of veins projected from
underground sampling results; and the accessibility of future
mining at the Las Chispas Project. 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 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:
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,
P.Eng
President &
CEO
SilverCrest Metals Inc.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE SilverCrest Metals Inc.