TSX-V: SIL
VANCOUVER, Aug. 2, 2016 /CNW/ - SilverCrest Metals Inc.
("SilverCrest" or the "Company") is pleased to announce the first
drill hole results at its Las Chispas Project ("Las Chispas")
located in Sonora State, Mexico.
Las Chispas is in a historic silver-gold mining district which
presently hosts two nearby precious metal producers. Historic
information indicates that only three veins, the Las Chispas,
William Tell and Babicanora, of the
fourteen historically reported veins at Las Chispas had documented
production, between 1880 and 1930. SilverCrest's initial focus is
on these three veins. To the Company's knowledge, none of the known
veins have been drilled prior to the Company's current campaign.
For more information, please refer to our website at
www.silvercrestmetals.com.
N. Eric Fier, CPG, P.Eng,
President & CEO remarked, "The initial Las Chispas drill hole
results received to date are impressive. Not only do they indicate
bonanza grades of up to*** 18.55 gpt Au and 2,460 gpt Ag or
3,851.3 gpt AgEq*, but also show mineralized widths up to 7.2
metres in estimated true thickness. These first results have
exceeded our expectations and appear to confirm that historic
mining completed in the early 1900's has left behind substantial
unexplored, unmined and easily accessible high grade
mineralization. Until now, we have only been guided by what we
could access from the estimated 11.5 kilometres of historic
underground workings with approximate mined widths of 1 to 3
metres. Our drilling adjacent to historic workings now suggests
that 1 to 3 metres may be the minimum widths of the Las Chispas
vein. By combining our recent underground sampling and new drill
results for the first of several veins to be explored, we have
begun to discover the hidden potential of this district-wide play.
This news release is the first of a series of releases on Phase I
drill results and other activities to be announced over the next
several weeks."
The most significant core drilling results for this release are
4.6 metres wide grading 4.56 grams per tonne ("gpt") gold ("Au")
and 621.5 gpt silver ("Ag"), or 963.2 gpt silver equivalent
("AgEq"* uncut, undiluted, see attached Figure) including 0.8
metres grading 3,851.3 gpt AgEq (see attached Photo) in hole
LC16-05. Also noteworthy is 7.2 metres wide grading 2.41 gpt Au
and 311.5 gpt Ag, or 492.5 gpt AgEq* in hole LC16-08. The
following table summarizes the most significant drill assay results
(uncut, undiluted) for the Las Chispas vein only;
Hole
No.
|
From
(m)
|
To (m)
|
Drilled
Thickness
(m)
|
Est. True
Thickness
(m)**
|
Au gpt
|
Ag gpt
|
AgEq*
gpt
|
LC16-05
|
149.0
|
150.0
|
1.0
|
0.9
|
2.10
|
226.0
|
383.5
|
|
167.0
|
172.0
|
5.0
|
4.6
|
4.56
|
621.5
|
963.2
|
includes
|
171.0
|
172.0
|
1.0
|
0.8
|
18.55
|
2,460.0
|
3,851.3
|
LC16-06
|
66.0
|
67.0
|
1.0
|
0.7
|
14.90
|
1,815.0
|
2,932.5
|
LC16-07
|
144.0
|
145.0
|
1.0
|
0.7
|
1.73
|
164.0
|
293.8
|
LC16-08
|
143.0
|
145.0
|
2.0
|
1.4
|
1.58
|
163.5
|
282.5
|
|
171.0
|
182.0
|
11.0
|
7.2
|
2.41
|
311.5
|
492.5
|
includes
|
171.0
|
176.0
|
5.0
|
3.3
|
2.25
|
276.3
|
444.8
|
includes
|
181.0
|
182.0
|
1.0
|
0.7
|
14.40
|
1,900.0
|
2,980.0
|
LC16-11
|
95.0
|
96.0
|
1.0
|
0.9
|
1.32
|
198.0
|
297.0
|
|
108.0
|
110.0
|
2.0
|
1.6
|
1.30
|
152.6
|
251.8
|
Note: all numbers are rounded.
|
*AgEq based on 75 (Ag):1 (Au) and 100% metallurgical
recovery.
|
** All holes were driled at apparent angles to
mineralization and adjusted for true thickness. Las Chispas Main
Vein in bold.
|
*** Drill hole grade intercepts range from 1.3 gpt Au
and 152.6 gpt Ag to 18.55 gpt Au and 2,460 gpt Ag with a weighted
average grade of 3.52 gpt Au and 454.8 gpt Ag.
|
All assays were completed by ALS Chemex in Hermosillo, Mexico, and North Vancouver, BC.
All drill holes have intercepted quartz stockwork veinlets,
veining and/or breccia. No underground workings have been
intercepted while drilling the Las Chispas vein.
Drill hole LC16-01 intersected the Las Chispas Vein (outside the
potentially identified high grade corridor) with grades less than
the initially established cutoff of greater than 150 gpt AgEq*.
Holes 2, 3 and 4 were drilled exclusively into the adjacent
parallel William Tell Vein and will
be reported separately. Holes 9 and 10 intercepted quartz stockwork
including anomalous but low gold and silver values. Holes LC16-12
to 19 are pending final results, some of which are William Tell intercepts only, and will be
reported once all assays are received and compiled.
For comparison purposes, hole LC16-05 intercepted 4.6 metres
wide at 4.56 gpt gold and 621.5 gpt silver, or 963.2 gpt AgEq
of breccia near the previously announced underground channel
sampling result (see new release dated July
19, 2016) of 8 metres in vein strike length, 1 metre
wide, and grading 1163.0 gpt AgEq, also in breccia. By
comparison, the mineralized drill intercept is 2.5 metres wider
than the accessible historic workings and the Company's average
underground sample widths.
Drill holes LC16-05, 08, and 11 intercepted a new continuous
vein (unnamed) which appears to be parallel to the nearby Las
Chispas Main Vein. This new discovery suggests additional potential
for further exploration work with a three hole drill-intercept,
weighted average of 1.3 metres grading 1.32 gpt Au, 152.6 gpt Ag or
251.8 gpt AgEq.
The Company is completing its expanded Phase I surface drill
program having drilled 22 core holes totalling approximately 6,300
metres to date. Nineteen holes have been drilled in the Las Chispas
and William Tell veins, and three
holes in the adjacent Babicanora (La
Victoria) area. Based on positive Phase I surface drilling
results, the Company is planning a Phase II surface drill program
for the fall of 2016.
With permitting near completion, the planned 2,000 metre
underground drill program should commence in late Q3 or early Q4
2016. The underground drill program will focus on delineation of a
potential bulk sample, infill and expansion drilling, and drilling
to depth in preparation for the initial Las Chispas resource
estimation.
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 and preparation of an
initial resource estimate; information with respect to high grade
areas and size of veins projected from underground sampling results
and drilling 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.