SilverCrest steps up to TSX, releases drilling news
SilverCrest Metals Inc. [SIL-TSX; SVCMF-OTCQX] said its shares are scheduled to begin trading on the Toronto Stock Exchange on August, 29, 2019 under the symbol SIL.
News that SilverCrest is stepping up to the TSX came as the company also released initial infill and expansion drill results Wednesday August 28 from the Babi Sur vein at its Las Chispas Project in Sonora, Mexico.
In a press release, the company announced results from 33 drill holes. That is in addition to 39 that were release in February 2019 and used in a Preliminary Economic Assessment for the project.
The company says infill drilling has increased confidence in the resources and the high-grade continuity of the Babi Sur Vein. Expansion drilling has also increased the high-grade footprint for possible additional resources.
SilverCrest shares eased 0.7% or $0.06 to $8.50. The shares are currently trading in a 52-week range of $2.85 and $8.61.
The Las Chispas property is located approximately 180 km northeast of Hermosillo. It consists of 28 concessions (all of which are 100%-owned by SilverCrest) totalling 1,400 hectares.
Between 1880 and 1930, several mines on the property are thought to have yielded approximately 100 million ounces of silver and 200,000 ounces of gold.
Mineralization occurs in 0.5 to 5-metre wide veins with adjacent stockwork and breccias trending northwest-southeast for one to 1.5 km. The company says 14 epithermal veins have previously been defined on the property, of which three have had notable production. The producing veins include Las Chispas, William Tell and Babicanora.
SilverCrest is the first company to successfully drill-test the historic Las Chispas Project, a move that resulted in numerous discoveries that are being evaluated for economic viability and potential production in the future.
In a March 2019 news release, SilverCrest said infill drilling at Las Chispas delineated an initial inferred resource of 1.0 million tonnes grading 6.98 g/t gold and 710.6 g/t silver, or 1,234 g/t silver equivalent, containing 39.8 million ounces of silver equivalent.
Inferred resources are estimated at 3.6 million tonnes, grading 3.32 g/t gold and 332.5 g/t silver, or 581 g/t silver equivalent, containing 68.1 million ounces of silver equivalent. Of the known 30 veins in the district, 10 veins were included in the updated resource estimate.
More recently, the company received key permits that will allow it to further advance underground exploration at the Babicanora Vein in both the Santa Rosa decline and Babicanora historic adit.
The Babi Sur Vein, as defined in the PEA, includes 39 drill holes and has a modelled average vein width of 0.95 metres and cut diluted grade of 4.10 g/t gold and 268 g/t silver or 575 g/t silver equivalent over a discontinuous (four discrete zones) mineralized length of 1,200 metres.
The Babi Sur drill holes announced on Wednesday have a weighted average true width of 2.3 metres, grading 3.36 g/t gold and 2.82 g/t silver, or 534 g/t silver equivalent with hole intercepts distributed along the same estimated mineralized length as presented in the PEA.
SilverCrest said the new results suggest an increase in the true width of between one and two metres, from 0.95 metres, and confirm the estimated overall grade of 534 to 575 g/t silver equivalent.
In-fill drilling is also suggesting better continuity between the discrete zones delineated in the most recent resource estimate, with potential to reduce the required underground development to access these areas of the vein.
Approximately 25 to 35 additional in-fill and expansion holes, for a minimum of 7,000 metres, are planned for the Babi Sur veins in the second half of 2019.