TSX-V: SIL
VANCOUVER, June 9,
2016 /CNW/ - SilverCrest Metals Inc. ("SilverCrest" or
the "Company") 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 ("Las Chispas")
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 (Las Chispas,
William Tell and Babicanora) 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.
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, including initial extraction program for bulk
sample testing; 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.