Vancouver, British Columbia - September 5, 2013 (Investorideas.com Mining Stocks Newswire) SilverCrest Mines Inc. (
TSX.V:SVL) (
NYSE MKT: SVLC)
is pleased to announce further results of delineation drilling at the
Santa Elena Mine in Sonora, Mexico. A total of 181 core and RVC holes
were completed in this program of which 134 holes were utilized in the
recently announced “Santa Elena Pre-Feasibility Study and Update Reserve
Technical Report” (Technical Report). Results for the remaining 47
holes reported in this news release were not available for inclusion in
the revised Reserves and Resources for the Technical Report. The results
show further expansion of the Santa Elena Deposit which is still open
latterly and to depth (see attached Figures). Several of these reported
holes identified additional high grade intercepts, expanded the recently
discovered El Cholugo and El Cholugo Dos Zones, and also discovered a
new zone called ”Tortuga”. Please refer to the Company website at
www.silvercrestmines.com for further information.
N. Eric Fier, President and COO stated; “This delineation drill
program at Santa Elena was immensely successful. With this program, we
drilled the known portion of the deposit at approximately 35 metre
centres, announced revised reserves and resources, extended
mineralization beyond our current reserve boundary and identified three
new zones, El Cholugo, El Cholugo Dos and the newly discovered Tortuga.
The recently announced results of the revised underground reserve and
resource estimations have extended the current mine life to a minimum of
8 years . Our underground ramp has progressed beyond 1,500 metres in
development length. We have intercepted the Main Mineralized Zone
underground and extracted approximately 8,000 tonnes of ore from the 625
metre level. The conventional mill construction and underground
development currently underway are setting the stage for the successful
expansion of the mine with an anticipated significant increase in metals
production starting in 2014.”
Drill intercepts continue to expand the mineralization along the
Main Mineralized Zone (MMZ) which remains open laterally and to depth.
Intercepts are up to 100 metres beyond the boundary of current stope
designs and reserves estimates. Most notable are the multiple high grade
intercepts to the east and depth including;
- SE-13-144; 9.2 metres grading 4.83 gpt Au and 171.4 gpt Ag including 0.8 metres grading 30.20 gpt Au and 638.0 gpt Ag
- SE-13-152; 15.0 metres grading 4.03 gpt Au and 243.2 gpt Ag including 2.0 metres grading 17.5 gpt Au and 664.0 gpt Ag
- SE-13-160; 13.3 metres grading 3.52 gpt Au and 136.2 gpt Ag including 4.1 metres grading 6.46 gpt Au and 133.6 gpt Ag
- SE-13-166; 11.7 metres grading 3.97 gpt Au and 189.5 gpt Ag including 5.0 metres grading 8.10 gpt Au and 334.4 gpt Ag
- SE-13-175; 8.8 metres grading 1.91 gpt Au and 70.6 gpt Ag including 2.0 metres grading 6.70 gpt Au and 226.1 gpt Ag
The El Cholugo Zone continues to expand with 7 new drill hole
intercepts. The dimensions of this newly discovered zone are now
approximately 400 metres long by 200 metres high and the mineralization
remains open to the west and to depth. A parallel mineralized zone (EL
Cholugo Dos) was also intercepted with 3 new drill hole intercepts.
Dimensions of this discovery are currently undetermined with further
drilling anticipated to test this mineralization. Both of these zones
will be easily accessible from planned underground development of the
adjacent MMZ.
The new Tortuga Zone is a northwest trending vein, breccia and
stockwork zone outcropping on the surface and in the pit (see attached
Figure). This zone is similar in mineralogy to the Main Mineralized Zone
which is currently being successfully mined. This discovery has been
drilled within an estimated area of 200 metres long by 300 metres high
with an average thickness of approximately 3 metres. Numerous
mineralized veins parallel or sub-parallel to the discovery were also
intersected in drilling and are under review as potential additional
targets. Tortuga is exposed in the north wall of the pit making this
discovery easily accessible from the open pit and planned underground
development of the adjacent MMZ. Further work is planned at Tortuga for
resources estimation and subsequent potential conversion to reserves.
Mineralized intervals reported range from 0.5 metres to 16.0 metres
further supporting the proposed underground bulk mining approach at
Santa Elena. All mineralized drill intercepts reported are near true
thicknesses. The most significant assay results in this series of drill
holes are shown in the following tables (all numbers are rounded);
TORTUGA (NEW DISCOVERY)
MAIN MINERALIZED ZONE (MMZ)
EL CHOLUGO
EL CHOLUGO DOS
All sample analyses were completed by ALS Chemex in Hermosillo,
Mexico and North Vancouver, BC or the Santa Elena internal lab with
checks at ALS Chemex.
Of the 47 holes being reported above only three holes, SE-12-100,
101 and 183, intercepted no significant assay results. Holes SE-12-97,
98 and 99 were previously announced only as general mineralized
intercepts with results stated above. Holes SE-12-100 and 101 were not
previous announced with their locations off trend and north of the
deposit.
Approximately 58,493 metres of drilling were completed in the
delineation program to convert underground resources to reserves, expand
total resources and test further potential outside the results of the
Pre-Feasibiity Study. One drill is currently on site completing an
underground program (planned 1,500 metres) for detailed design of first
production stopes anticipated to be mined in late 2014.
The Qualified Person under
National Instrument (NI 43-101) Standards of Disclosure for Mineral Projects
for this News Release is N. Eric Fier, CPG, P.Eng, President and Chief
Operating Officer for SilverCrest Mines Inc., who has reviewed and
approved its contents.
SilverCrest Mines Inc. (TSX VENTURE:SVL)(NYSE MKT:SVLC)
is a Canadian precious metals producer headquartered in Vancouver, BC.
SilverCrest's flagship property is the 100%-owned Santa Elena Mine,
located 150 km northeast of Hermosillo, near Banamichi in the State of
Sonora, México. The mine is a high-grade, epithermal silver and gold
producer, with an estimated life of mine cash cost of US$8 per ounce of
silver equivalent (55:1 Ag: Au). SilverCrest anticipates that the 2,500
tonnes per day open pit heap leach facility at the Santa Elena mine
should recover approximately 625,000 ounces of silver and 33,000 ounces
of gold in 2013. Major expansion and construction of a 3000 tonnes per
day conventional mill facility is underway to significantly increase
metals production at the Santa Elena Mine (open pit and underground) by
2014. Exploration programs continue to make new discoveries at Santa
Elena and also have rapidly advanced the definition of a large
polymetallic deposit at the La Joya property in Durango State with
stated resources nearing 200 million ounces of Ag equivalent.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" within the
meaning of Canadian securities legislation and the United States
Securities Litigation Reform Act of 1995. Such forward-looking
statements concern the Company's anticipated results and developments in
the Company's operations in future periods, planned exploration and
development of its properties, plans related to its business and other
matters that may occur in the future. These statements relate to
analyses and other information that are based on expectations of future
performance, including silver and gold production and planned work
programs. Statements concerning reserves and mineral resource estimates
may also constitute forward-looking statements to the extent that they
involve estimates of the mineralization that will be encountered if the
property is developed and, in the case of mineral reserves, such
statements reflect the conclusion based on certain assumptions that the
mineral deposit can be economically exploited.
Forward-looking statements are subject to a variety of known and
unknown risks, uncertainties and other factors which could cause actual
events or results to differ from those expressed or implied by the
forward-looking statements, including, without limitation: risks related
to precious and base metal price fluctuations; risks related to
fluctuations in the currency markets (particularly the Mexican peso,
Canadian dollar and United States dollar); risks related to the
inherently dangerous activity of mining, including conditions or events
beyond our control, and operating or technical difficulties in mineral
exploration, development and mining activities; uncertainty in the
Company's ability to raise financing and fund the exploration and
development of its mineral properties; uncertainty as to actual capital
costs, operating costs, production and economic returns, and uncertainty
that development activities will result in profitable mining
operations; risks related to reserves and mineral resource figures being
estimates based on interpretations and assumptions which may result in
less mineral production under actual conditions than is currently
estimated and to diminishing quantities or grades of mineral reserves as
properties are mined; risks related to governmental regulations and
obtaining necessary licenses and permits; risks related to the business
being subject to environmental laws and regulations which may increase
costs of doing business and restrict our operations; risks related to
mineral properties being subject to prior unregistered agreements,
transfers, or claims and other defects in title; risks relating to
inadequate insurance or inability to obtain insurance; risks related to
potential litigation; risks related to the global economy; risks related
to the Company's status as a foreign private issuer in the United
States; risks related to all of the Company's properties being located
in Mexico and El Salvador, including political, economic, social and
regulatory instability; and risks related to officers and directors
becoming associated with other natural resource companies which may give
rise to conflicts of interests. Should one or more of these risks and
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described in
the forward-looking statements. The Company's forward-looking statements
are based on beliefs, expectations and opinions of management on the
date the statements are made. For the reasons set forth above, investors
should not place undue reliance on forward-looking statements.
The information provided in this news release is not intended to be
a comprehensive review of all matters and developments concerning the
Company. It should be read in conjunction with all other disclosure
documents of the Company. The information contained herein is not a
substitute for detailed investigation or analysis. No securities
commission or regulatory authority has reviewed the accuracy or adequacy
of the information presented.
N. Eric Fier
N. Eric Fier, President and COO
SILVERCREST MINES INC.
Contact:
SilverCrest Mines Inc.
Fred Cooper
(604) 694-1730 ext. 108
Toll Free: 1-866-691-1730
(604) 694-1761
info@silvercrestmines.comwww.silvercrestmines.com
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