Vancouver - August 3, 2016 (Investorideas.com Newswire) SilverCrest Metals Inc. (TSXV: $SIL.V) is trading up in the market opening following news on drill hole results announced late yesterday afternoon. The stock is trading at $2.45, Up 0.28(12.90%) as of 9:43AM EDT, with a morning high of $3.13.
News: SilverCrest Metals Inc. (TSXV: $SIL.V) ("SilverCrest" or the "Company") reported thefirst drill hole results at its Las Chispas Project ("Las Chispas") located in Sonora State, Mexico . Las Chispas is in a historic silver-gold mining district which presently hosts two nearby precious metal producers. Historic information indicates that only three veins, the Las Chispas, William Tell and Babicanora, of the fourteen historically reported veins at Las Chispas had documented production, between 1880 and 1930. SilverCrest's initial focus is on these three veins. To the Company's knowledge, none of the known veins have been drilled prior to the Company's current campaign. For more information, please refer to our website at www.silvercrestmetals.com.
N. Eric Fier, CPG, P.Eng, President & CEO remarked, "The initial Las Chispas drill hole results received to date are impressive. Not only do they indicate bonanza grades of up to*** 18.55 gpt Au and 2,460 gpt Ag or 3,851.3 gpt AgEq*, but also show mineralized widths up to 7.2 metres in estimated true thickness. These first results have exceeded our expectations and appear to confirm that historic mining completed in the early 1900's has left behind substantial unexplored, unmined and easily accessible high grade mineralization. Until now, we have only been guided by what we could access from the estimated 11.5 kilometres of historic underground workings with approximate mined widths of 1 to 3 metres. Our drilling adjacent to historic workings now suggests that 1 to 3 metres may be the minimum widths of the Las Chispas vein. By combining our recent underground sampling and new drill results for the first of several veins to be explored, we have begun to discover the hidden potential of this district-wide play. This news release is the first of a series of releases on Phase I drill results and other activities to be announced over the next several weeks."
The most significant core drilling results for this release are 4.6 metres wide grading 4.56 grams per tonne ("gpt") gold ("Au") and 621.5 gpt silver ("Ag"), or 963.2 gpt silver equivalent ("AgEq"* uncut, undiluted, see attached Figure) including 0.8 metres grading 3,851.3 gpt AgEq (see attached Photo) in hole LC16-05. Also noteworthy is 7.2 metres wide grading 2.41 gpt Au and 311.5 gpt Ag, or 492.5 gpt AgEq* in hole LC16-08.
The following table summarizes the most significant drill assay results (uncut, undiluted) for the Las Chispas vein only;
All assays were completed by ALS Chemex in Hermosillo, Mexico , and North Vancouver, BC.
All drill holes have intercepted quartz stockwork veinlets, veining and/or breccia. No underground workings have been intercepted while drilling the Las Chispas vein.
Drill hole LC16-01 intersected the Las Chispas Vein (outside the potentially identified high grade corridor) with grades less than the initially established cutoff of greater than 150 gpt AgEq*. Holes 2, 3 and 4 were drilled exclusively into the adjacent parallel William Tell Vein and will be reported separately. Holes 9 and 10 intercepted quartz stockwork including anomalous but low gold and silver values. Holes LC16-12 to 19 are pending final results, some of which are William Tell intercepts only, and will be reported once all assays are received and compiled.
For comparison purposes, hole LC16-05 intercepted 4.6 metres wide at 4.56 gpt gold and 621.5 gpt silver, or 963.2 gpt AgEq of breccia near the previously announced underground channel sampling result (see new release dated July 19, 2016 ) of 8 metres in vein strike length, 1 metre wide, and grading 1163.0 gpt AgEq, also in breccia. By comparison, the mineralized drill intercept is 2.5 metres wider than the accessible historic workings and the Company's average underground sample widths.
Drill holes LC16-05, 08, and 11 intercepted a new continuous vein (unnamed) which appears to be parallel to the nearby Las Chispas Main Vein. This new discovery suggests additional potential for further exploration work with a three hole drill-intercept, weighted average of 1.3 metres grading 1.32 gpt Au, 152.6 gpt Ag or 251.8 gpt AgEq.
The Company is completing its expanded Phase I surface drill program having drilled 22 core holes totalling approximately 6,300 metres to date. Nineteen holes have been drilled in the Las Chispas and William Tell veins, and three holes in the adjacent Babicanora ( La Victoria ) area. Based on positive Phase I surface drilling results, the Company is planning a Phase II surface drill program for the fall of 2016.
With permitting near completion, the planned 2,000 metre underground drill program should commence in late Q3 or early Q4 2016. The underground drill program will focus on delineation of a potential bulk sample, infill and expansion drilling, and drilling to depth in preparation for the initial Las Chispas resource estimation.
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 President 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 is led by a proven management team in all aspects of the precious metal mining sector, including the pioneering of a responsible "phased approach" business model taking projects through discovery, finance, on time and on budget construction, and production with subsequent increased value to shareholders.
This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. These include, without limitation, statements with respect to: the strategic plans, timing and expectations for the Company's exploration, rehabilitation and drilling programs of the Las Chispas Project, including initial extraction program for bulk sample testing and preparation of an initial resource estimate; information with respect to high grade areas and size of veins projected from underground sampling results and drilling results; and the accessibility of future mining at the Las Chispas Project. Such forward‑looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: the conditions in general economic and financial markets; availability of skilled labour; timing and amount of expenditures related to rehabilitation and drilling programs; and effects of regulation by governmental agencies. The actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors including: the timing and content of work programs; results of exploration activities; the interpretation of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project cost overruns or unanticipated costs and expenses; and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
N. Eric Fier , CPG, P.Eng
President & CEO
SilverCrest Metals Inc.
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.
SOURCE SilverCrest Metals Inc.
SilverCrest Metals Inc.
Fred Cooper, Investor Relations
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