VANCOUVER, BRITISH COLUMBIA - March 28, 2013 (Investorideas.com Mining Stocks Newswire) SilverCrest Mines Inc. (
TSX.V:SVL) (
NYSE MKT: SVLC) (
CW5.F)
("SilverCrest" or the "Company") is pleased to announce the filing of a
National Instrument 43-101 compliant updated La Joya resources
Technical Report ("Technical Report") including preliminary
metallurgical test results for the La Joya Property in Durango, Mexico.
The Technical Report - titled "Updated Resource Estimate for the La Joya
Property, Durango, Mexico" dated March 27, 2013 - has been filed on
SEDAR and is available at www.sedar.com. This Technical Report supports
the Company's January 29, 2013 news release which announced the updated
resource estimation.
The updated Inferred Resources** and sensitivities are summarized as (refer to tables below for details);
- Cutoff grade of 15 gpt silver equivalent (Ag Eq*,Global Case): 198.6 million ounces Ag Eq
- Cutoff grade of 30 gpt Ag Eq (Base Case); 159.8 million ounces Ag Eq
- Cut-off grade of 60 gpt Ag Eq (High Grade Case); 100.8 million ounces of Ag Eq
- Cut-off grade of 0.05% WO3; 75.1 million pounds (35,700 tonnes) of WO3
* 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
incorporated until further information is available.
** Classified by EBA, A Tetra Tech Company and conforms to NI
43-101 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. The reported Mineral Resource is
based on the 30 gpt AgEQ and 0.050% WO3 cut-off.
The Company believes that the 60 gpt Ag Eq portion of the deposit,
with an estimated tonnage of 27.9 million tonnes grading 112 grams per
tonne Ag Eq*, constitutes a priority area to be examined as a potential
"Starter Pit" for initial conceptual operations. A Preliminary Economic
Assessment (PEA) that commenced in January 2013 will examine the Starter
Pit concept in detail. The La Joya Property has excellent potential for
additional resources with the deposits (Main Mineralized Trend - "MMT",
Santo Nino and Coloradito) being open in most directions. Further
infill and expansion drilling has been recommended to increase and
convert resources from Inferred to Indicated.
After the initial metallurgical test work was completed in 2011 at
the Laboratories of Instituto Tecnologico de Saltillo, Mexico,
subsequent metallurgical test work was completed in 2012 and is being
continued in 2013 at ALS Metallurgy ("ALS") in Kamloops, BC, Canada.
Current results from batch cleaner flotation tests indicate that the MMT
mineralization at La Joya is amenable to conventional flotation
processes for production of high grade copper concentrates with high
silver and gold credits. The near-surface (priority) Manto composite
produced a bulk concentrate (the 3rd cleaner concentrate Cu-Ag-Au)
grading up to 40% Cu, 4,780 gpt Ag and 13.1 g/t Au. Structure composite
produced a bulk concentrate containing up to 38% Cu, 4,760 gpt Ag, and
9.4 gpt Au. The bulk concentrate produced from Contact Zone composite
grades up to 29% Cu, 818 gpt Ag, and 18.8 gpt Au. Concentrates in excess
of 25% copper are considered to be a premium product for smelter feed.
The high copper grades in La Joya bulk concentrates are mostly
attributable to the varied amounts of bornite, covellite and chalcocite
in the tested materials.
J. Scott Drever, President stated: "The significant increase of
Inferred Resources at La Joya and the identification of a potential high
grade starter pit have increased the attractiveness of the project.
Confirmation by preliminary metallurgical test work that a high grade,
copper-silver-gold concentrate, with high recoveries of copper, silver
and gold can be produced is extremely important and encourages us to
push forward with our Preliminary Economic Assessment to define
preliminary operating and capital parameters for the project."
Updated Resource Estimates
The resource update for La Joya has been independently estimated by
EBA Engineering Consultants Ltd., a Tetra Tech Company utilizing
Company Phase I and Phase II drill results and surface sampling programs
along with independently-validated historic data. Drilling to date has
been relatively widespread in the Main Mineralized Trend (MMT) as well
as the independent deposits of Coloradito and Santo Nino. The MMT which
includes the Phase I and II drilling areas, has a length of 2.5
kilometres and an average minimum width of over 700 metres.
The La Joya resource models separate the deposits into two broad
categories based on the predominant mineralogy. The first category is
comprised of silver, gold and copper mineralization (Manto and Structure
Zones), with lesser amounts of tungsten (WO3), molybdenum (Mo), lead
(Pb), and Zinc (Zn). The second category is predominantly tungsten and
molybdenum mineralization (Contact Zone) with lesser amounts of Ag, Cu,
Au, Pb, and Zn. The mineralogy of these categories is often gradational
and overprinted in some areas. The Manto and Structure Zones generally
lies spatially above the Contact Zone and generally follows the contours
of the underlying intrusive, which outcrops in several areas. The
summaries of the resource estimates below show the resources attributed
to each of these mineralization categories for each of the current
deposits, specifically, the MMT, Santo Nino, and Coloradito.
Manto and Structure Zones Resource Summary
* 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
incorporated until further information is available.
** 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 is based
on a cutoff grade of 15 gpt Ag Eq using the metal price ratios described
above. The reported Mineral Resource is based on the 30 gpt AgEQ
cut-off.
*** Manto and Structure Resource blocks and associated volumes are exclusive of Contact Zone blocks.
Contact Zone Resource Summary
* WO3 is based on a standard calculation of tungsten (W) times
1.26. 100% metallurgical recovery is assumed until further information
is available.
** 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 is based
on a cutoff grade of 200 ppm W. The reported Mineral Resource is based
on the 0.050% WO3 cut-off.
*** Contact Zone Resource blocks and associated volumes are exclusive of Manto and Structure blocks.
Much of the Contact Zone resource is considered to be near-surface
and potentially amenable to conventional open pit mining. This zone also
contains gold, silver, copper and tin (as defined by geochemistry)
which may add secondary value as a result of increased metal content.
These resource estimates are based on recent and historical
information collected by SilverCrest Mines and previous operators
(Luismin/Goldcorp) from 1979 to present. Phase II Company drilling
comprising 78 holes (25,812.65 metres), the 26 holes Phase I Company
drilling (5,753.70 metres) and 18 validated historic drillholes
(5,907.26 metres) were included in the geological database used as
source data for the estimation. Drill hole spacing for the 122 holes
(37,473.61 metres) used in the resource estimation is approximately 75
metres.
The La Joya deposits are currently interpreted to host three
related styles of mineralization. Silver-Copper-Gold (Ag-Cu-Au)
mineralization is concentrated within stratiform manto-style skarn
controlled along sub-horizontal bedding. Silver-Copper-Gold, Lead-Zinc
and Tungsten (Ag-Cu-Au, Pb-Zn, and W) mineralization is concentrated
within structurally controlled stockwork and veining related skarn.
Finally, tungsten W mineralization is found within late stage retrograde
skarn development along the intrusive contact. These mineralized zones
are considered to be semi-continuous along strike with true widths
ranging from 15 to 50 metres using a cutoff grade of 15 gpt Ag Eq. Eight
near-horizontal manto style skarn (semi-continuous disseminated
stratabound sulphides) have been modeled within the resource area, which
are cross-cut by the stockwork zones and considered the second dominant
mineralization. Please refer to News Release dated October 17, 2011 for
defined types of mineralization at La Joya.
Preliminary Metallurgy
Depending on mineralization style and conditioning applied on the
ALS batch cleaner flotation tests, preliminary metal recoveries to the
third cleaner concentrates range from 81.4 to 87.7% Cu, 74.9 to 84.3%
Ag, and 18.2 to 56.6% Au for Manto and Structure composites. For the
Contact Zone composite recoveries are from 81.4 to 83.6% Cu, 45.9 to
63.7 % Ag, and 57.0 to 66.4 % Au. In general, the obtained metal
recoveries and grades indicate that the La Joya (MMT) samples are
amenable for the conventional flotation process with the production of a
high grade copper concentrate with high silver and gold credits. Gold
appears to be amenable to gravity recovery as found in the Contact Zone
composite with 24% recovered. Further test work is underway to optimise
gold recovery.
The Contact Zone composite was specifically designed for assessment
of tungsten recoveries by gravity methods which produced marginal
recoveries of 7% W03. Further test work to determine recoveries and
concentration grade of W03 is recommended.
Recoveries of molybdenum from Contact Zone composite were
considered in the ALS test work. The molybdenum level in the 3rd cleaner
concentrate ranges from 2 to 3% at a recovery from 51.4 to 65.4%. That
suggests a separate molybdenum concentrate may be produced. Further test
work on molybdenum is recommended.
Comminution, grinding and abrasive test work shows the mineralized
rock to be of medium hardness and mildly abrasive. Overall, preliminary
results show the rock to be amenable to conventional milling. Further
test work will be completed for the next phase of work.
The head grades of the composite samples are shown in the following
tables. The preliminary results shown for the Baseline concentration
results as well as the results of using a cyanide suppressant both
indicate excellent concentration ratios for copper, silver, gold and
molybdenum.
Batch Cleaner Flotation Test Results - Baseline
Note: all the metal grades are based on weighted average values.
* 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
until test work is finalized.
** Contact composite was collected and analyzed to target tungsten and molybdenum recoveries.
Batch Cleaner Flotation Test Results - with Cyanide
Note: all the metal grades are based on weighted average values.
* 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
until test work is finalized.
** Contact composite was collected and analyzed to target tungsten and molybdenum recoveries.
The bulk copper concentrates for Baseline results produced from
Manto and Structure composites show certain potentially deleterious
elements for smelting such as arsenic, antimony and bismuth. An
alternative to control the concentration of arsenic in the final high
grade copper-silver-gold concentrate has been identified. Adding cyanide
at cleaner flotation stages reduces the arsenic content (less than 1%)
to acceptable market limits without sacrificing copper, silver and gold
recoveries. Additional test work is in progress to assess distribution
and concentration of antimony and bismuth. The Contact Zone bulk
flotation concentrate has much lower concentrations of arsenic,
antimony, and bismuth that are within the limits of market
acceptability.
The independent Qualified Persons for the Technical Report who have
reviewed and approved the contents of this news release are James
Barr., P.Geo. from the consulting firm of EBA Engineering Consultants
Ltd., a Tetra Tech Company and Ting Lu, P.Eng. (for Metallurgy) from
Wardrop Engineering, a Tetra Tech Company.
SilverCrest Mines Inc. (TSX-V: 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, Mexico. 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 6.5 year life of the open
pit phase of the Santa Elena Mine. A three year expansion plan is
underway to double metals production at the Santa Elena Mine 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
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About MDHI
About HII Technologies, Inc. (
As reported in the Company's 2012 Annual Report on Form 10-K
audited results, Current Assets increased by approximately $1.06 million
to approximately $1.74 million from the previous quarter ended
September 30, 2012. The Company's Stockholder's Equity (Total Assets
minus Total Liabilities) increased by approximately $258,000 to
approximately $871,000, sequentially from the previous quarter ended
September 30, 2012. These increases were directly attributable to the
Company's acquisition of AES on September 26, 2012 and its operational
performance in the fourth quarter 2012.
The Company believes the fourth quarter Statement of Operations is
more meaningful than the full fiscal year 2012 results as AES was
purchased on September 26, 2012. The fiscal year 2012 audited financial
statements and pro forma income statement, illustrating the Company's
Statement of Operations as if it owned AES for the entire fiscal year
2012, is available within the Company's 2012 Annual Report on Form 10-K.
The Company anticipates releasing further corporate updates and
information including initial 2013 revenue guidance by April 2013.