SilverCrest Metals Inc. [TSX-V: SIL, NYSE American: SILV] is pleased to announce further Phase III drill results for the Las Chispas Property located in Sonora, Mexico. As planned, the first seven (7) in-fill drilling results are from the Babicanora Vein including Area 51 and Babicanora Central zones. Results for the first five (5) holes from Area 51 show higher grades and greater vein widths overall than previously reported for nearby drill results (see details below and attached Figures). The planned in-fill program is designed to upgrade the current inferred resource at Las Chispas by improving the drill density to approximately 25 metre centres for confirmation of continuity, grade and thickness of the vein. Although these in-fill holes are within the high-grade footprint of the updated resource announced on September 19, 2018 titled “SilverCrest Expands Las Chispas Inferred Resource 4.3 Million Tonnes at 3.68 gpt Au and 347 gpt Ag, or 623 gpt AgEq for 87 Million Oz AgEq; Includes 1.6 Million Tonnes at 1,091 gpt AgEq for 56 Million Oz AgEq”, they were not yet part of the resource.
Eric Fier, CPG, P.Eng, and CEO, remarked, “We continue to de-risk Las Chispas with the startup of closely-spaced in-fill drilling for the Babicanora Vein, including the high-grade Area 51 zone. By announcing our best drill hole intercept to date suggests that significant additional potential could be discovered at Las Chispas. Furthermore, we are intercepting high-grade vein mineralization within 5 to 10 metres of our projected target, which helps to increase our confidence in vein location and continuity. With the addition of these first in-fill holes in the Babicanora Vein, we now have an impressive 119 drill intercepts (variable sample widths from 0.5 to 3.2 metres) grading greater than 1,000 gpt AgEq, 30 intercepts greater than 5,000 gpt AgEq and 15 intercepts greater than 10,000 gpt AgEq with our highest single grade being 36,764 gpt AgEq over 0.5 metres from a total of 351 core holes (94,735 metres) drilled to date at Las Chispas. SilverCrest will continue with both its in-fill drilling focused on de-risking our current resources and expansion drilling focused on new discoveries as we systematically work on completing the next updated resource and our Preliminary Economic Assessment (“PEA”) in Q1, 2019.”
The most significant result for this release is our best intercept (grade x thickness) since commencement of the exploration program in February 2016. Hole BA18-96 intersected 9.9 metres (true width) grading 14.4 gpt Au and 2,132.4 gpt Ag, or 3,212 gpt AgEq. Also noteworthy are holes BA18-94 at 3.5 metres grading 33.06 gpt Au and 2,092.1 gpt Ag, or 4,570 gpt AgEq and BA18-95 at 11.1 metres grading 3.99 gpt Au and 580.2 gpt Ag, or 879 gpt AgEq. The following table summarizes the most significant drill intercepts for this news release (uncut, undiluted).
Babicanora Vein In-Fill Drill Intercepts:
All assays were completed by ALS Chemex in Hermosillo, Mexico, and North Vancouver, BC, Canada.
Holes BA18-93 to 97 contain variable amounts of coarse argentite, native silver, electrum and free gold. (see Figures)
A comparison of the weighted average grade (uncut, undiluted) and true widths of the previous drill hole results in the “Area of Influence” (see attached Figures) versus the combined previous and new drill hole results shows an increase of 35% in width and 13% in AgEq grade based on the following:
• Weighted average for previous drill results (10 holes): 2.9 metres grading 9.06 gpt Au and 980.5 gpt Ag, or 1,661 gpt AgEq.
• Weighted average for new drill results (5 holes, table): 6.0 metres grading 11.41 gpt Au and 1,368.9 gpt Ag, or 2,224 gpt AgEq.
• Weighted average for previous and new drill results (15 holes): 3.9 metres grading 10.33 gpt Au and 1,189.8 gpt Ag, or 1,964 gpt AgEq.
This general comparison is based on the first five in-fill holes to be reported in the Area 51 zone. Further in-fill drilling is underway, and initial results may not be indicative of additional future results.
The Company continues its Phase III exploration program with eight (8) drills operating on site, seven on surface and one underground. Drills are focused on expanding mineralization for inclusion in the next updated resource anticipated in Q1, 2019, and in-fill drilling (estimated 25 metre spacing) to reclassify Inferred Resources to Measured and Indicated. An additional 15,000 to 20,000 metres of drilling are planned for inclusion in the next updated resource. Other ongoing site work includes PEA work, final design work for the Area 51 decline, an extensive metallurgical test program, drilling large diameter wells for site water, and permitting for various additional work.
Figure 1: Long Section (Inclined) of Babicanora Vein Las Chispas Property, Looking Southwest
To view an enhanced version of Figure 1, please visit:
Figure 2: Long Section (Inclined) of Babicanora Vein Area 51, Looking Southwest
To view an enhanced version of Figure 2, please visit:
Figure 3: Las Chispas District with Babicanora Plan Map, October 2018
To view an enhanced version of Figure 3, please visit:
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 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’s current focus is on the high-grade, historic Las Chispas mining district in Sonora, Mexico. SilverCrest is the first company to successfully drill-test the historic Las Chispas Project resulting in numerous discoveries. The Company is led by a proven management team in all aspects of the precious metal mining sector, including taking projects through discovery, finance, on time and on budget construction, and production.
|N. Eric Fier, CPG, P.Eng
Chief Executive Officer
SilverCrest Metals Inc.
|For Further Information:
SilverCrest Metals Inc.
Contact: Fred Cooper, Investor Relations
Telephone: +1 (604) 694-1730
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