Highlights for El Picacho property and veins
The best intercepts from initial drilling include Hole PI-20-006 at 7.25 metres of estimated true width (ETW) grading 40.49 g/t gold and 260.4 g/t silver, or 3,297 g/t silver equivalent (75:1 Au:Ag ratio). Hole PI-20-001 returned 16.4 metres of ETW grading 8.50 g/t gold and 51.3 g/t silver, or 689 g/t AgEq.
Forty-two initial drill holes had 21 holes intercepting an average of 4.1 metres ETW grading 8.14 g/t gold and 49.7 g/t silver, or 660 g/t AgEq for the El Picacho vein. Excluding the best intercept hole PI20-006, the average is 3.9 metres ETW grading 5.12 g/t gold and 30.1 g/t silver, or 414 g/t AgEq;
Drilling has discovered a near-parallel vein to El Picacho vein, El Picacho HW vein with seven drill hole intercepts, and expanded the mineralized footprint from the previous historic unverified resource area.
Three core drill rigs are active at El Picacho, as well as six core drill rigs at the Las Chispas Project as part of a US$42-million company-wide 2021 exploration program. A majority of this program will be focused atLas Chispas.
- Eric Fier, CPG, PEng, CEO, remarked: â€œWe acquired El Picacho only six months ago, and in this short time period, Silvercrest’s exploration team has negotiated surface rights, completed preliminary geological surface and underground exploration work, received a five-year drilling permit, set up a COVID-19 isolation camp with strict protocols, and have already made some significant discoveries. Drilling will continue throughout the year, with an approved total 2021 exploration budget of US$42-million for mostly the Las Chispas Project with some allocated to El Picacho based on success.â€
The most significant high-grade intercept to date is in hole PI-20-006 with 7.25 metres ETW grading 40.49 g/t gold and 260.4 g/t silver, or 3,297 g/t AgEq. Refer to company press release for complete drill results.
El Picacho property is located approximately 85 road km (mostly paved) northeast of the company’s Las Chispas Project and comprises 11 mining concessions totalling approximately 7,060 hectares.