SilverCrest Mines Inc. (TSX VENTURE:SVL)(OTCQX:STVQF)(PINK
SHEETS:STVQF)(FRANKFURT:CW5) (the "Company") is pleased to announce
that data compilation for the Phase I drilling program and a newly
received historic database has identified a large, near-surface
bulk tonnage target at its La Joya property in Durango, Mexico. The
compilation by SilverCrest has involved data and/or drill core
review of 51 historic holes (14,786 metres) and 26 Company drill
holes (5,716 metres) totaling 20,502 metres of drilling in 77 holes
on the property. Verification or validation work completed by an
Independent Qualified Person included review of 22 historic holes,
Company drill information, geologic mapping, sampling,
geochemistry, and historic airborne and ground geophysics. The
compilation of these data will be incorporated into the upcoming
NI43-101 Technical Report and resource estimate.
All 26 SilverCrest drill holes and 27 historic drill holes
(verified with assays) intersected polymetallic mineralization that
includes silver (Ag), copper (Cu), gold (Au), lead (Pb), zinc (Zn),
tungsten (W) and molybdenum (Mo). Thirty three widely-spaced holes
approximately 100 metres apart have identified a large,
near-surface bulk tonnage target in the Phase I drilling area along
the Main Mineralized Trend ("MMT") at La Joya. The MMT is defined,
by using results from the Company's Phase I program and validated
historic drill hole information, as a semi-continuous
Ag-Cu-Au-Pb-Zn mineralized corridor with current "drilled-defined"
dimensions of approximately 1,000 metres by 500 metres. The MMT
includes a combination of wide vertical stockwork zones and
multiple-stacked, polymetallic, stratabound horizons up to 230
metres in vertical thickness with grades ranging from 15.9 gpt to
202.4 gpt Ag equivalent(i).
The remaining 44 holes that lie outside the Phase I drilling
area have identified extensions to current mineralization along the
MMT (see news release dated October 17, 2011) and have discovered a
number of additional separate targets. Information from the
historic database has extended the "overall" dimensions of the Main
Mineralized Trend to greater than 2.5 kilometres in strike length
by approximately one kilometre in width (see table on next page,
attached maps and sections:
http://media3.marketwire.com/docs/fourMaps.pdf).
N. Eric Fier, CPG, P.Eng. and Chief Operating Officer stated;
"In our first review of the Phase I results we focussed on the
higher grade intercepts, but with the receipt of significant
historical data we recognized the potential for a much larger,
lower grade deposit. The key to identifying the presence of a
potential large, near-surface bulk tonnage deposit is establishing
continuity of the mineralization and grades of the drill hole
intercepts. Our initial geological computer-generated model is
increasing our confidence in the continuity and our ability to
apply it to the anticipated La Joya resource estimates. The
upcoming Phase II drill program will further systematically test
the continuity and grade of mineralization in the Phase I area, as
well as along the extensions of the Main Mineralized Trend."
The several styles of mineralization have been identified at La
Joya as follows;
at least 6 multi-stacked, polymetallic, disseminated sulfide,
1) stratabound horizons and mantos up to 50 metres in true thickness with
Ag-Cu-Au-Pb-Zn mineralization,
at least 6 structurally-controlled vertical stockwork zones up to 50
2) metres in true width with Ag-Cu-Au mineralization,
a Contact Zone with the underlying intrusive up to 100 metres in true
3) thickness with Ag-Cu-Au-Pb-Zn-W mineralization, and
pervasive gold and tungsten mineralized halos proximal to the underlying
4) intrusive.
The attached sections, AA' and BB', show the overall inferred
continuity of the polymetallic, stratabound horizons, mantos and
the Contact Zone, cross-cut by wide mineralized stockwork zones.
Longitudinal Section AA' is along the main axis of a
northwest-southeast trending anticline and is looking northeast.
Section BB' is a cross section of the MMT looking north and
intercepts Section AA' at hole SAC98-04. The stratabound horizons,
mantos and Contact Zone are more continuous proximal to the centre
of the sections where they are influenced by the axis of an
anticlinorium. Late stage stockwork zone placement along the axis
positively impacts mineralization where the highest grades tend to
be located. True thicknesses of mineralization in drill holes can
be approximated from the attached sections (To view sections, visit
the following link:
http://media3.marketwire.com/docs/AAandBB.pdf).
The following table presents the weighted, uncut average assay
results (excluding Pb, Zn, Mo and W) of the 33 drill holes located
within the Phase 1 area which identify the potential bulk tonnage
deposit at La Joya. Twenty five of the 26 holes drilled by the
Company in Phase I are stated in the table below with most
significant hole intercepts. Selective higher grade intervals for
these holes were previously announced and can be reviewed in news
releases dated March 7, 2011, June 6, 2011 and October 17,
2011.
---------------------------------------------------------------------------
Hole From (m) To (m)Interval (m) Ag gpt Cu % Au gpt Ag (gpt)
----------
equiv. (i)
---------------------------------------------------------------------------
L J DD11-1 28.2 182.6 154.4 30.7 0.28 0.18 64.4
---------------------------------------------------------------------------
L J DD11-2 165.8 200.0 34.2 44.3 0.06 0.27 64.4
---------------------------------------------------------------------------
L J DD11-3 137.5 160.6 23.1 25.5 0.29 0.37 71.2
---------------------------------------------------------------------------
L J DD11-4 23.5 90.7 67.2 63.4 0.33 0.10 97.3
---------------------------------------------------------------------------
L J DD11-5a 151.9 176.2 24.3 10.3 0.03 0.14 20.5
---------------------------------------------------------------------------
L J DD11-6 180.6 196.9 16.3 14.8 0.03 0.04 19.3
---------------------------------------------------------------------------
L J DD11-7 29.3 94.2 64.9 17.8 0.18 0.10 38.6
---------------------------------------------------------------------------
L JDD11-8 19.3 89.0 69.7 15.5 0.18 0.20 41.9
---------------------------------------------------------------------------
L J DD11-9 21.0 111.8 90.8 19.4 0.12 0.17 39.3
---------------------------------------------------------------------------
L J DD11-10 0.0 107.0 107.0 24.1 0.25 0.19 55.9
---------------------------------------------------------------------------
L J DD11-11 0.0 57.0 57.0 31.8 0.15 0.05 46.8
---------------------------------------------------------------------------
L J DD11-12 0.0 30.0 30.0 7.4 0.08 0.02 15.9
---------------------------------------------------------------------------
L J DD11-13 9.0 26.0 17.0 15.2 0.10 0.03 25.5
---------------------------------------------------------------------------
L J DD11-14 27.0 60.0 33.0 19.1 0.15 0.09 37.0
---------------------------------------------------------------------------
L J DD11-16 75.0 106.0 31.0 29.9 0.09 0.22 49.8
---------------------------------------------------------------------------
L J DD11-17 27.0 232.2 205.2 44.9 0.44 0.18 92.7
---------------------------------------------------------------------------
L J DD11-18 30.0 93.8 63.8 28.7 0.23 0.13 55.4
---------------------------------------------------------------------------
L J DD 11-19 69.0 153.4 84.4 55.7 0.29 0.16 89.6
---------------------------------------------------------------------------
L J DD 11-20 15.0 221.6 206.6 23.0 0.16 0.17 46.4
---------------------------------------------------------------------------
L J DD 11-21 30.0 91.9 61.9 36.2 0.35 0.18 75.9
---------------------------------------------------------------------------
L J DD11-22 2.0 209.0 207.0 17.2 0.08 0.07 28.5
---------------------------------------------------------------------------
L J DD11-23 100.1 168.0 67.9 17.7 0.15 0.41 53.1
---------------------------------------------------------------------------
L J DD11-24 48.0 100.2 52.2 35.6 0.08 0.11 48.9
---------------------------------------------------------------------------
L J DD11-25 184.5 226.2 41.7 17.4 0.19 0.26 47.8
---------------------------------------------------------------------------
L J DD11-26 0.0 265.0 265.0 17.1 0.10 0.23 38.2
---------------------------------------------------------------------------
SAC98-01 39.0 105.0 66.0 52.6 0.29 0.04 80.1
---------------------------------------------------------------------------
SAC98-02 115.0 209.0 94.0 24.7 0.12 0.15 43.5
---------------------------------------------------------------------------
SAC98-03 13.8 234.0 220.2 33.7 0.18 0.12 55.9
---------------------------------------------------------------------------
SAC98-04 9.0 104.0 95.0 43.6 0.21 0.34 79.8
---------------------------------------------------------------------------
SAC98-05 202.0 216.0 14.0 26.8 0.29 0.29 67.8
---------------------------------------------------------------------------
SAC98-06 45.0 276.0 231.0 11.0 0.10 0.11 25.6
---------------------------------------------------------------------------
S-9 51.4 290.0 238.6 16.7 0.16 0.15 38.7
---------------------------------------------------------------------------
LB98-04 401.7 437.8 36.1 86.0 1.22 0.21 202.4
---------------------------------------------------------------------------
(i)Cutoff of 15 gpt Ag equivalent, Ag equivalent is based on 100%
metallurgical recovery, combination of Ag, Cu, Au only and price ratios of
86:1- Cu:Ag and 55:1- Ag:Au. Metals prices used to determine ratios were
US$24/oz for Ag; US$3/lb for Cu and US$1200/oz for Au. Minimum 2 metre width
for mineralized intercept. All numbers are rounded.
Company hole LJ DD11-15 not presented in the table intercepted
the "gold-tungsten halo" from surface to 64.0 meters grading 7.8
gpt Ag, 0.1 % Cu, 0.13 gpt Au and 0.074 % W. This hole is currently
considered to be outside of the Main Mineralized Trend. Holes
SAC98-01 to 06, S-9 and LB98-04 are historic holes that have been
validated by an Independent Qualified Person for the purpose of
NI43-101 reporting. Currently, only these 8 historic holes and all
26 Company holes have been independently validated for resource
estimation purposes. Work is ongoing to further validate additional
historic information.
There are numerous lead and zinc values in selected drill hole
intervals grading up to 2.5 % combined Pb and Zn over 16.6 metres,
which are not included in the silver equivalent calculations. High
grade selective molybdenum intervals have been intersected in drill
holes grading up to 0.7 % Mo over 1.5 metres. In addition to the
silver, copper, gold, lead, zinc and molybdenum mineralization, the
La Joya property potentially hosts a large, near-surface bulk
tonnage tungsten deposit. This target partially overlaps
polymetallic mineralization within the Main Mineralized Trend.
Grades for near-surface tungsten range from 0.02 to 0.50% W.
Further results on tungsten will be provided once compilations have
been completed.
All sample preparation for Company-drilled holes and validation
of historic results was completed by ALS Chemex in Zacatecas, and
analyzed by ALS Chemex in North Vancouver. Selected samples were
analyzed at the Company's lab at its Santa Elena Mine, and were
re-run at ALS Chemex for verification and QA/QC purposes.
Additional Targets Outside the MMT
Surface work, recent geophysics and historic drilling have
outlined additional targets at La Joya with excellent potential for
continued discoveries (see attached map). Further drilling in these
areas is planned for the Phase II program.
Cerro Coloradito: This target lies approximately 1 kilometre
west of the MMT. It has been drilled with 7 widely spaced drill
holes, all of which contain significant values of Ag, Cu, Au, and
Mo. Historic hole S-4 intercepted 76.2 metres from surface grading
24 gpt Ag, 0.15 gpt Au and 0.076 % molybdenum (Mo). Eight holes are
proposed to further test this target by Q2 2012.
Santo Nino: This target is approximately 1 kilometre east of the
MMT and has been tested with 3 widely spaced drill holes. Historic
hole S-1, intercepted 24.3 metres grading 11.8 gpt Ag, 0.45% Cu,
and 0.12 gpt Au. Six holes are proposed to further test this target
by Q2 2012.
La Esperanza: This target is approximately 500 metres northeast
of the MMT and contains an underground historic mine with geology
and mineralization similar to the MMT. Five holes are proposed to
further test this target by Q2 2012.
The Company is completing a resource estimate for La Joya and a
NI 43-101 Technical Report which is anticipated in Q4 2011. A Phase
II program is currently in the planning stage, and contemplates a
program of approximately 60 drill holes, in excess of 10,000
metres, to begin in Q4 2011 at an estimated cost of US$3
million.
The Company has the right to acquire 100% of the La Joya
Property which is located approximately 75 kilometres southeast of
the city of Durango, Mexico. The property is located in a
productive mineralized region which currently supports several
large scale mining operations including Grupo Mexico's San Martin
Mine, Industrias Penoles' Sabinas Mine, Pan American Silver's La
Colorada Mine and First Majestic Silver's La Parrilla Silver Mine.
Please reference our website at www.silvercrestmines.com for more
information, photos, a video and figures on La Joya.
The Qualified Person under National Instrument (NI 43-101)
Standards of Disclosure for Mineral Projects for this News Release
is N. Eric Fier, CPG, P.Eng, and Chief Operating Officer for
SilverCrest Mines Inc., who has reviewed and approved its
contents.
SilverCrest Mines Inc. (TSX VENTURE:SVL) is a Mexican precious
metals producer with headquarters based in Vancouver, BC.
SilverCrest's flagship property is the 100%-owned Santa Elena Mine,
which is located 150km northeast of Hermosillo, near Banamichi in
the State of Sonora, Mexico. The mine is a high-grade, epithermal
gold and silver producer, with an estimated life of mine cash cost
of US$8 per ounce of silver equivalent (55:1 Ag:Au). SilverCrest
anticipates that the 2,500 tonnes per day facility should recover
approximately 4,805,000 ounces of silver and 179,000 ounces of gold
over the 6.5 year life of the open pit phase of the Santa Elena
Mine. A three year expansion plan is underway to double metals
production at the Santa Elena Mine and exploration programs are
rapidly advancing the definition of a potential large polymetallic
deposit at the La Joya property in Durango State.
FORWARD-LOOKING STATEMENTS
This presentation contains "forward-looking statements" within
the meaning of Canadian securities legislation and the United
States Securites Litigation Reform Act of 1995. Such
forward-looking statements concern the Company's anticipated
results and developments in the Company's operations in future
periods, planned exploration and development of its properties,
plans related to its business and other matters that may occur in
the future. These statements relate to analyses and other
information that are based on expectations of future performance,
including silver and gold production and planned work programs.
Statements concerning reserves and mineral resource estimates may
also constitute forward-looking statements to the extent that they
involve estimates of the mineralization that will be encountered if
the property is developed and, in the case of mineral reserves,
such statements reflect the conclusion based on certain assumptions
that the mineral deposit can be economically exploited.
Forward-looking statements are subject to a variety of known and
unknown risks, uncertainties and other factors which could cause
actual events or results to differ from those expressed or implied
by the forward-looking statements, including, without limitation:
risks related to precious and base metal price fluctuations; risks
related to fluctuations in the currency markets (particularly the
Mexican peso, Canadian dollar and United
States dollar); risks related to the inherently dangerous
activity of mining, including conditions or events beyond our
control, and operating or technical difficulties in mineral
exploration, development and mining activities; uncertainty in the
Company's ability to raise financing and fund the exploration and
development of its mineral properties; uncertainty as to actual
capital costs, operating costs, production and economic returns,
and uncertainty that development activities will result in
profitable mining operations; risks related to reserves and mineral
resource figures being estimates based on interpretations and
assumptions which may result in less mineral production under
actual conditions than is currently estimated and to diminishing
quantities or grades of mineral reserves as properties are mined;
risks related to governmental regulations and obtaining necessary
licenses and permits; risks related to the business being subject
to environmental laws and regulations which may increase costs of
doing business and restrict our operations; risks related to
mineral properties being subject to prior unregistered agreements,
transfers, or claims and other defects in title; risks relating to
inadequate insurance or inability to obtain insurance; risks
related to potential litigation; risks related to the global
economy; risks related to environmental laws risks related to the
Company's status as a foreign private issuer; risks related to all
of the Company's properties being located in Mexico and El
Salvador, including political, economic, social and regulatory
instability; and risks related to officers and directors becoming
associated with other natural resource companies which may give
rise to conflicts of interests. Should one or more of these risks
and uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those
described in the forward-looking statements. The Company's
forward-looking statements are based on beliefs, expectations and
opinions of management on the date the statements are made. For the
reasons set forth above, investors should not place undue reliance
on forward-looking statements.
The information provided in this news release is not intended to
be a comprehensive review of all matters and developments
concerning the Company. It should be read in conjunction with all
other disclosure documents of the Company. The information
contained herein is not a substitute for detailed investigation or
analysis. No securities commission or regulatory authority has
reviewed the accuracy or adequacy of the information presented.
J. Scott Drever, President
SILVERCREST MINES INC.
To view accompanying maps, visit the following link:
http://media3.marketwire.com/docs/fourMaps.pdf
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.
Contacts: SilverCrest Mines Inc. Fred Cooper (604) 694-1730 ext.
108 or Toll Free: 1-866-691-1730 (604) 694-1761
(FAX)info@silvercrestmines.comwww.silvercrestmines.com
SilverCrest Mines (TSXV:SVL)
Historical Stock Chart
From Nov 2024 to Dec 2024
SilverCrest Mines (TSXV:SVL)
Historical Stock Chart
From Dec 2023 to Dec 2024
