Vancouver, British Columbia–(Newsfile Corp. – August 4, 2017) – SilverCrest Metals (TSXV: SIL) (OTCQX: SVCMF) has announced additional Phase II drill results for the Las Chispas Property, which is located in Sonora, Mexico. These results, combined with results announced in previous news releases, show continued expansion of unmined high-grade mineralization in the Giovanni and William Tell veins.
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This drilling also encountered initial high-grade intercepts in the Varela Vein and newly discovered La Blanquita Vein. The mineralized intercepts summarized in the company’s news release represent only a portion of the 19 epithermal veins that have been identified to date on the Property. Additional drill results are anticipated over the next several months.
N. Eric Fier, CPG, P.Eng., President & CEO stated: “We continue to successfully explore and expand our high-grade footprint at the Las Chispas Property through systematic drilling on multiple veins. Our ongoing underground rehabilitation, sampling and drill-testing of the various veins continues to discover unmined areas with grades similar to reported historic production grades estimated at 15 gpt gold and 1,700 gpt silver or 2,875 gpt AgEq. Although our primary drilling focus has shifted to the larger nearby Babicanora Vein, the Giovanni and William Tell veins continue to show further potential for high-grade mineralization. Given recent new discoveries and the expansion of the high-grade footprint of the district, we are again expanding our Phase II program until the end of 2017.”
The most significant result reported is an intercept in Hole LC-17-45 of 1.9 metres grading 50.6 grams per tonne gold and 5,018.8 grams per tonne silver, or 8,803 grams per tonne silver equivalent, including 0.7 metres grading 137.5 grams per tonne gold and 13,560 grams per tonne silver, or 23,873 grams per tonne silver equivalent. This hole intercepted the Giovanni Vein near the accessible 400 level of the Las Chispas Historic Mine in an area not previously mined.
The company is currently completing detailed underground mapping and sampling in this area with planned underground drilling for further delineation in Q3 2017.
Also noteworthy is 1.9 metres grading 0.39 grams per tonne gold and 427.8 grams per tonne silver, or 457 grams per tonne silver equivalent in Hole LC-17-30 which intercepted the William Tell Vein.
Given the success to date, the company plans to drill another 7,000 to 9,000 metres, for a total of 23,000 to 25,000 metres in Phase II by the end of 2017. SilverCrest anticipates completing its Phase II work in Q4 2017 with its maiden resource estimation by Q1 2018.
The shares are trading at $1.87 and with 48.2 million shares outstanding, the company is capitalized at $90 million.
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