SilverCrest Announces First Drill Hole Results From Las Chispas
posted on Aug 04, 2016 01:21PM
Acquisition & Production of high grade, low cost Silver resources - Mexico & El Salvador
VANCOUVER, BC – August 02, 2016 - SilverCrest Metals Inc. (“SilverCrest” or the “Company”) is pleased to announce the first 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.