VANCOUVER, BRITISH COLUMBIA - November 27, 2012 (Investorideas.com Mining Stocks Newswire) SilverCrest Mines Inc. (
TSX.V:SVL ) (
NYSE MKT: SVLC)
is pleased to announce the results of an additional 15 holes (LJ
DD12-75 to LJ DD12-89) of the Phase II drill program nearing completion
at its La Joya Property in Durango, Mexico. Phase II drilling reported
to date has extended the Main Mineralized Trend ("Trend") beyond the
area containing the current Inferred Resource of 101.9 million ounces Ag
Eq.*(see News releases dated March 20 and May 7, 2012 and attached
Figure: http://media3.marketwire.com/docs/silvercrestmap1.pdf). Drilling
and surface sampling has extended the Trend to approximately 2.5
kilometres with an average width of approximately 700 metres. Please
reference our website at www.silvercrestmines.com for more information,
photos and figures on La Joya.
Five of the 15 holes reported in the tables and text below
continued to test the southern extension of the Trend with the remaining
10 holes focused on the delineation of the Contact Zone and Santo Nino
Target. Silver values in this series of core holes along the Trend and
Contact Zone range from 3.3 gpt to 189.0 gpt. Silver equivalent based
values range from 19.7 gpt to 324.1 gpt Ag Eq.* (0.57 oz/ton to 9.45
oz/ton). Mineralized intervals range from 15.2 metres to 288.7 metres.
True thicknesses of mineralized intercepts can be approximated from
cross sections of previously announced drill holes in the respective
areas. Intercepts in holes drilled at a 45ยบ angle are at vertical depths
considerably less than implied by the core length measurements so many
of the intercepts are near surface. Intercepts in holes 79, 84 and 86,
presented below, are examples of near surface higher grade
mineralization that may be considered in a potential starter pit. The
most significant assay results for this series of holes are shown in the
following tables:
Main Mineralized Trend (Ag, Au, Cu)
* Silver equivalency includes silver, gold and copper and excludes
lead, zinc, molybdenum, tin and tungsten values. Ag:Au is 50:1, Ag:Cu is
86:1, based on 5 year historic metal price trends of US$24/oz silver,
US$1200/oz gold, US$3/lb copper. 100% metallurgical recovery is assumed.
All numbers are rounded. Silver Equivalent grades may be converted to
ounces per ton by dividing the Ag Eq values by 34.285.
All sample analyses presented in this news release were completed
by ALS Chemex in Zacatecas, Mexico and North Vancouver, BC, Canada.
Contact Zone and Santo Nino Target (W, Cu, Au)
Four additional holes were drilled on the near-surface portion of
the Contact Zone which is located within the Trend boundaries but can be
identified separately from the manto and structure mineralization of
the Trend. The Contact Zone mineralization is located geologically and
spatially below the Trend mineralization. The Contact Zone
mineralization consists of skarning with stockwork veining and occurs
adjacent to intrusive stock and dykes which are exposed at surface in
the southern portion of the Trend. Holes intercepting the Contact Zone
also contain anomalous Pb (lead), Zn (zinc), Mo (molybdenum) and Sn
(tin).
Partial drilling of the Contact Zone shows consistent intercepts of
wide-spread tungsten (W03), gold (Au), copper (Cu) mineralization from
near surface to depths of up to approximately 300 metres vertically. All
drilling to date that has intercepted intrusive(s) has also intercepted
the Contact Zone over an area of approximately 2 kilometres by 1
kilometre with estimated thicknesses ranging from 10 to 200 metres and
appears to conform to the contours of the underlying intrusive. A detail
model of the intrusive surface has been developed from drill
data
to provide a guide for further definition of the Contact Zone which is
considered a "potential large bulk tonnage tungsten target" and will be
segregated as part of the next resource estimation due in Q4 2012.
Holes L J DD12-76, 77, 78 80, 82, and 83 were drilled to test the
Santo Nino Target approximately 1 kilometre east of the Trend''s eastern
boundary. Hole 82 intercepted 18.4 metres of semi-massive sulphides
grading 20.1 gpt Ag, 0.04 gpt Au and 0.43% Cu. This hole encountered an
extension of the massive sulphide mineralization (Santo Nino) reported
in the discovery Hole L J DD12-74 which intercepted 35.2 metres grading
52.2 gpt Ag, 0.05 gpt Au, 1.6% Cu and 0.037% WO3. The mineralization is
believed to be associated with a substantial east-west structure that
cross cuts the width of the Trend mineralization to the west. Holes L J
DD12-77, 78, and 80 were located near the Santo Nino target but were off
the target and intercepted no significant values.
Contact Zone and Santo Nino Target (W, Cu, Au)
* Silver equivalency includes silver, gold and copper and excludes
lead, zinc, molybdenum, tin and tungsten values. Ag:Au is 50:1, Ag:Cu is
86:1, based on 5 year historic metal price trends of US$24/oz silver,
US$1200/oz gold, US$3/lb copper. 100% metallurgical recovery is assumed.
All numbers are rounded.
All sample analyses were completed by ALS Chemex in Zacatecas, Mexico and North Vancouver, BC, Canada.
Near surface tungsten/molybdenum mineralization encountered in both
the Contact Zone and the adjacent Coloradito target (see previous press
releases) is similar in grade to current economic or potentially
economic near surface, bulk tonnage deposits such as Thompson Creek
Mine, ID (0.046 to 0.081 % Mo), Endako, BC (0.030 to 0.046 % Mo) Sisson,
NB (0.031% Mo, 0.094% WO3), and El Creston, Mexico (0.071% Mo, 0.06%
Cu). All references are from public company websites.
The Phase II drill program is essentially complete and was designed
to test approximately 2.5 kilometres of the Trend which includes at
least 8 near-vertical structures/stockwork zones, 14 near-horizontal,
stacked mantos plus the Contact Zone which is adjacent to the underlying
intrusive. Drilling on the southern extension of the Trend and Contact
Zone has been completed and two of the three core drill rigs have been
released. A reverse circulation drill is expected to commence drilling
on exploratory targets in the area prior to month end. Based on Company
surface mapping, sampling and historic drill hole results, the southern
area is still believed to be potentially the highest grade area along
the Trend. The Company is currently examining the potential for a
potential near-surface, higher grade, low strip open pit as a conceptual
"starter pit" that will be evaluated in a Preliminary Economic
Assessment in 2013.
Core samples for holes L J DD12-90 to L J DD12-105 are currently
being logged, sampled or are in the laboratory for analyzes. Assays for
the next series of holes will be reported upon receipt and compilation.
Several holes contain anomalous molybdenum, tungsten, tin, lead and zinc
values over significant widths in the skarn. Extensive metallurgical
test work is underway to examine the amenability and potential
metallurgical recoveries of Ag, Au, Cu, W, Mo, Sn, Zn and Pb.
Metallurgical test work results will be presented in the NI43-101
Technical Report in early 2013.
The La Joya Deposit (Main Mineralized Trend) currently has estimated Inferred Resources of:
* Silver equivalency includes silver, gold and copper and excludes
lead, zinc, molybdenum and tungsten values. Ag:Au is 50:1, Ag:Cu is
86:1, based on 5 year historic metal price trends of US$24/oz silver,
US$1200/oz gold, US$3/lb copper. 100% metallurgical recovery is assumed.
** Classified by EBA, A Tetra Tech Company and conforms to NI
43-101, 43-101CP, and CIM definitions for resources. All numbers are
rounded. Inferred Resources have been estimated from geological evidence
and limited sampling and must be treated with a lower level of
confidence than Measured and Indicated Resources.
*** Mineralization boundaries used in the interpretation of the
geological model and resource estimates are based on cutoff grades of 15
gpt Ag Eq and 30 gpt Ag Eq using the metal price ratios described
above.
Please refer to the January 4, 2012 news release and to the La Joya
NI 43-101 Technical Report dated February 20, 2012 for further details
of the Inferred Resource estimate.
The target size of the La Joya mineralization and the potential
subsequent estimated resources based on the current geologic model,
drilling and sampling from the Phase II 2012 program suggests the
possibility of target resources that may be 50 to 100% greater than the
current resources. This potential increase in quantity of resources is
conceptual in nature and insufficient exploration has been completed to
define with certainty a mineral resource of this size. It is uncertain
that further exploration will result in the target being delineated as a
mineral resource.
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, and Chief Operating Officer for SilverCrest
Mines Inc., who has reviewed and approved its contents.
SilverCrest Mines Inc. (TSX VENTURE:SVL)(CW5.F)(NYSE Amex:SVLC)(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, Mรฉxico. The mine is a high-grade, epithermal gold and silver
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 facility should recover approximately 4,805,000 ounces of
silver and 179,000 ounces of gold over the life of the current open pit
at the Santa Elena Mine. A three year expansion plan is underway to
double metals production at the Santa Elena Mine (open pit and
underground) and exploration programs are rapidly advancing the
definition of a large polymetallic deposit at the La Joya property in
Durango State.
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.
J. Scott Drever, President
SILVERCREST MINES INC.
Contact:
SilverCrest Mines Inc.
Fred Cooper
(604) 694-1730 ext. 108
Toll Free: 1-866-691-1730
(604) 694-1761 (FAX)
info@silvercrestmines.comwww.silvercrestmines.com570 Granville Street, Suite 501
Vancouver, British Columbia V6C 3P1
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.
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