SilverCrest (TSXV: $SIL.V)
Announces Remaining Phase I Drilling Results from Las Chispas Project; Further
Drilling Confirms Grade Continuity in Las Chispas Vein
Vancouver - September 14, 2016 (Investorideas.com
Newswire) SilverCrest Metals Inc. (TSXV: $SIL.V) is pleased to announce the results of the remaining drill holes from
Phase I drilling for the Las Chispas Project. The Las Chispas Project
("Las Chispas") is located in Sonora State, Mexico and is in a
historic silver-gold mining district which presently hosts two nearby precious
metal producers. Historic information indicates that of the fourteen
historically reported veins at Las Chispas, only three veins, the Las Chispas,
William Tell and Babicanora, had documented production, which occurred 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 Phase I drill campaign. For more information, please
refer to our website at http://www.silvercrestmetals.com.
Dunham Craig, P.Geo., Interim CEO remarked,
"The remaining drill hole results from the Phase I drill program
intercepted the Las Chispas vein which has further demonstrated continuity of
high grades and potential mineable thicknesses. Phase II exploration work will
continue to define the Las Chispas vein for resource estimation expected in H1
2017. As we continue to systematically explore this district-wide discovery
with multiple undrilled epithermal veins, we could potentially have several
more discoveries. The Babicanora area (no previous drilling), immediately
adjacent to Las Chispas and William Tell veins, is considered the largest
target in the district and will be tested in Phase II exploration."
The most substantial core drilling results from the
remainder of the Phase 1 holes are 1.0 metres wide grading 1.55 grams per tonne
("gpt") gold ("Au") and 706.0 gpt silver ("Ag"),
or 822.2 gpt silver equivalent ("AgEq"* uncut, undiluted, see
attached Figure). The following table summarizes the most significant drill
assay results (uncut, undiluted) for the Las Chispas vein only;
Note: all
numbers are rounded.
*AgEq based on 75 (Ag):1 (Au) and 100% metallurgical recovery.
** All holes were drilled at perpendicular angles to mineralization with no adjustments required. Minimum sample width is 1.0 m.
*** Intercept is for a new consistent vein in the footwall of Las Chispas Vein as previous drilled and defined.
*AgEq based on 75 (Ag):1 (Au) and 100% metallurgical recovery.
** All holes were drilled at perpendicular angles to mineralization with no adjustments required. Minimum sample width is 1.0 m.
*** Intercept is for a new consistent vein in the footwall of Las Chispas Vein as previous drilled and defined.
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.
Deeper vein intercepts into the Las Chispas vein,
including holes LC16-12, 13, 14 and 15, intercepted quartz veining and
stockwork. Grades for those intercepts were below 150 gpt AgEq. Further work is
required to depth to better understand the precious metal zone below 300 metres
from surface. Drill-intercepted mineralization at Las Chispas vein currently
suggests a precious metal zone of at least 300 metres in depth.
The first NI43-101 technical report (non-resource)
is currently being completed and should be available in Q4 2016. Based on the
recent success of the Las Chispas Phase I program and subsequent announced
discoveries, the Company is targeting a first resource estimation to be
announced in H1 2017 along with a 100,000 tonne bulk sampling plan to form the
basis for a preliminary economic assessment.
Underground rehabilitation work continues as
scheduled with approximately 5 kilometres of the estimated existing 11.5
kilometres reopened.
The Company is completing final permitting for the
Phase II exploration program. Work is anticipated to commence in Q4 2016.
The Qualified Person under National Instrument
43-101 Standards of Disclosure for Mineral Projects for this news release is
James Barr, P.Geo, who is independent of SilverCrest and has approved its
contents.
UPCOMING EVENTS
SilverCrest Metals will be attending and presenting
at the Precious Metals Summit in Beaver Creek, Colorado from September 14 to
16, 2016. The Precious Metals Summits are exclusive by-invitation events
designed to help institutional investors and corporate development executives
from senior mining companies identify some of the most prospective precious
metals producers, developers and explorers from around the globe.
Read this release
in full at http://www.investorideas.com/CO/SILV/news/2016/09141DrillingConfirms.asp
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.
FORWARD-LOOKING STATEMENTS
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; information with respect to high grade areas and size of veins
projected from underground sampling 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.
Dunham L. Craig, P.Geo., Director
Interim 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.
Contact:
SilverCrest Metals Inc.
Fred Cooper, Investor
Relations
Telephone: +1 (604)
694-1730
Fax: +1 (604) 694-1761
Toll Free: 1-866-691-1730 (Canada & USA)
Fax: +1 (604) 694-1761
Toll Free: 1-866-691-1730 (Canada & USA)
570 Granville Street, Suite
501, Vancouver, British Columbia V6C 3P1
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