TSX V: SIL
VANCOUVER, Aug. 18, 2016 /CNW/ - SilverCrest Metals Inc.
("SilverCrest" or the "Company") is pleased to announce an update
on the underground rehabilitation program with additional assay
results from underground channel sampling at its Las Chispas
Project ("Las Chispas") located in Sonora, 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 of the fourteen historically reported veins at Las
Chispas have had documented production, which occurred between 1880
and 1930. SilverCrest's initial focus is on these three veins; the
Las Chispas, William Tell and Babicanora. This news release reports
on the sampling assay results of the William Tell vein. For more
information on Las Chispas and recent channel sampling and drill
results, please refer to our website at
www.silvercrestmetals.com.
N. Eric Fier, CPG, P.Eng,
President & CEO commented, "We continue to expand our high
grade footprint at Las Chispas with the latest results from the
ongoing underground rehabilitation and channel sampling program as
we continue to gain further access to historic workings. Our onsite
team has safely descended to the historic 650 level** of the
William Tell vein with subsequent ongoing mapping and sampling. Our
channel sample results on the 650 level are showing sub interval
bonanza grades in excess of 2,500 grams per tonne silver equivalent
(AgEq)*over 0.20 metre to 1.12 metre widths.
The William Tell vein is located approximately 120 metres west
of the Las Chispas vein and is easily accessible by shared access
to both veins. The William Tell vein has had less historical
production than the Las Chispas vein, for reasons which we believe
are due to a fault displacement which resulted in the previous
operator mining out only a fraction of the in situ mineralization.
Our Phase I drilling program appears to have intercepted the
unmined faulted extension of the William Tell vein. Additional
drilling will be required to confirm this and determine the extent,
if any, of the intercepted mineralization."
Underground Rehabilitation Update
The Company continues to systemically collect channel samples at
intervals of two to three metres along strike length as new areas
and levels are being explored. In its news releases dated
April 28th and
June 09, 2016, the Company disclosed
that it had gained access to the historic 600 level at William Tell
and reported results from 79 channel samples. Since then, the
Company has collected a total of 39 additional channel samples on
the 650 and 450 levels (see attached Figure and Photo). Sampling
locations and widths are restricted to historic workings which may
only represent part of the mineralized vein, stockwork, or breccia.
The location, true thickness and extent of mineralization is
indeterminate until adequate drilling is completed at the William
Tell vein.
The most significant composited sample results for the William
Tell South 650 level average 1.12 metres wide at 3.23
grams per tonne ("gpt") gold and 518 gpt silver, or 760 gpt silver
equivalent (AgEq*, uncut, undiluted) over a continuous 21
metre strike length in a developed but unmined area on the 650
level. The most significant un-composited sampling for the William
Tell North 450 level averages 2.13m wide at 5.7 gpt gold and
257.7 gpt silver, or 685 gpt silver equivalent (AgEq*, uncut,
undiluted) over a continuous 30 metre strike length. Further
drilling will help test the true thickness and grade of
mineralization in both these areas.
The following table summarizes the 20 most significant
composited and un-composited assay results (uncut, undiluted) from
the 450 and 650 levels of the William Tell vein that are above a
500 gpt AgEq cutoff;
William Tell 450
& 650 Level Channel Sampling >500gpt AgEq
|
|
Mineralized
Area
|
Sample
Type
|
Width***
(m)
|
Au (gpt)
|
Ag (gpt)
|
AgEq*
(gpt)
|
|
|
William Tell South
650 level
|
Channel
|
0.94
|
1.78
|
477
|
610
|
|
|
Channel
|
0.68
|
7.41
|
1,109
|
1,664
|
|
|
Includes
|
0.37
|
13.40
|
1,560
|
2,565
|
|
|
Includes
|
0.31
|
0.26
|
571
|
590
|
|
|
Channel
|
0.98
|
1.20
|
969
|
1,059
|
|
|
Channel
|
0.93
|
10.85
|
1,895
|
2,708
|
|
|
Channel
|
1.12
|
9.47
|
1,910
|
2,620
|
|
|
Channel
|
0.55
|
4.27
|
686
|
1,006
|
|
|
Channel
|
0.55
|
32.50
|
1,665
|
4,102
|
|
|
Channel
|
0.33
|
23.60
|
2,730
|
4,500
|
|
|
Channel
|
2.25
|
1.93
|
672
|
816
|
|
|
Includes
|
0.20
|
16.65
|
1,570
|
2,818
|
|
|
Includes
|
1.10
|
0.75
|
1,000
|
1,056
|
|
|
Channel
|
0.40
|
8.64
|
576
|
1,224
|
|
|
Channel
|
1.30
|
5.13
|
307
|
692
|
|
|
Includes
|
0.30
|
17.45
|
1,100
|
2,409
|
|
William Tell North
450 Level
|
Channel
|
1.50
|
0.16
|
2,170
|
2,182
|
|
|
Channel
|
4.20
|
14.15
|
225
|
1,286
|
|
|
Channel
|
3.00
|
6.62
|
88
|
584
|
|
|
Channel
|
2.00
|
14.25
|
293
|
1,362
|
|
|
|
|
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.
The Company is reviewing the possibility of a controlling,
cross-cutting, high grade structural corridor that extends from the
Las Chispas vein through the William Tell vein which is potentially
500 metres in length and a minimum of 300 metres in depth (see
attached Figure).
To date, approximately 4 kilometres of underground workings have
been accessed with an additional 7.5 kilometres to be opened and
explored over the next several months. The Company intends to
continue with the underground rehabilitation program and reporting
results for the remainder of 2016.
Drilling Update
The Company has completed its Phase I surface drill program
having drilled 22 core holes for a total of approximately 6,400
metres. A combined 19 holes have been drilled in Las Chispas and
William Tell veins, and three holes have been drilled in the
La Victoria area located near the
Babicanora vein. Upon receipt of further core assays, the Company
will compile and integrate the drill results with the underground
information, which the Company expects to announce over the next
several weeks. Based on positive Phase I surface drilling results,
the Company will propose a Phase II surface drill
program.
Dependent on permitting 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 and infill drilling 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; 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.
Dunham L. Craig,
P.Geo.
Interim 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.