Mr. N. Eric Fier reports
SILVERCREST ANNOUNCES MORE HIGH-GRADE IN-FILL + EXPANSION DRILL RESULTS
Silvercrest Metals Inc. has provided further phase III drill results for the Las Chispas property located in Sonora, Mexico. The 19 reported infill and expansion drill holes in this news release were targeting mineralization in the Babicanora vein, Babicanora Norte (Babi Norte) vein, the Babicanora footwall (Babi FW) vein and the Babicanora hangingwall (Babi HW) vein. While targeting mineralization in the Babi Norte vein, the company has discovered a new vein named Babi Vista, the ninth vein out of 30 veins in the district.
N. Eric Fier, CPG, PEng and chief executive officer, remarked: "The company's infill drill program at Babicanora continues to deliver drill intercepts with better than expected widths and grade. These results demonstrate that the two previously announced multikilogram-per-tonne shoots (shoots 43 and 51) now appear to be one continuous shoot (Shoot 51). Holes BA19-132 and 133 have also expanded the footprint of the high-grade shoot towards the surface. Shoot 51 now has an estimated dimension of 300 metres long by 125 metres high. Infill drilling targeting the Babicanora vein also confirmed and expanded high-grade mineralization within the Babi FW and Babi HW veins, while expansion drilling targeting the Babi Norte vein resulted in the Babi Vista discovery. The company has now identified five veins averaging 150 metres apart in the Babicanora area, all of which have the potential to be accessible from the ongoing exploration decline. The company is scheduled to intersect Shoot 51 in H2 2019 and plans initial development of 800 metres along the strike of the high-grade mineralization in Area 51. This planned decline helps to further derisk Area 51 with bulk sampling and provides meaningful information for the engineering studies. These new results will be part of the next resource update, which we expect to announce in March, 2019."
The most significant result for this release in is hole BA18-133 which intersected 1.4 metres (estimated drilled width) grading 64.25 grams per tonne gold and 11,020 g/t silver, or 15,839 g/t silver equivalent (AgEq, based on assumptions defined in the attached table). Also noteworthy are holes BA18-132, at 5.1 metres grading 11.47 g/t Au and 1,313.8 g/t Ag, or 2,174 g/t AgEq, and BA18-131 at 6.5 metres grading 9.99 g/t Au and 836.7 g/t Ag, or 1,586 g/t AgEq. The attached table summarizes the most significant drill intercepts (uncut, undiluted) for this release.
Hole No. From m To m Drilled intercept m** Au g/t Ag g/tAgEq* g/tBA18-123260.8264.6 3.912.58325.71,269incl. 262.5263.1 0.681.80540.06,675BA18-124240.6241.4 0.8 1.38151.0254BA18-125207.2208.7 1.5 1.81 33.7170BA18-126428.0429.5 1.511.291,037.31,885incl. 428.0428.5 0.530.702,760.05,062BA18-128334.2337.4 3.2 3.33356.9607incl. 334.2335.8 1.7 5.10950.9959BA18-131277.5284.0 6.5 9.99836.71,586incl. 280.3281.7 1.435.702,670.05,347BA18-132205.7210.8 5.111.471,313.82,174incl. 207.2208.9 1.714.961,665.82,788incl. 210.3210.8 0.536.904,100.06,867BA18-133227.8229.2 1.464.25 11,020.0 15,839incl. 228.3229.2 0.996.30 16,720.5 23,943BA18-134179.8181.4 1.6 0.06174.9179BA19-139262.5264.2 1.7 0.05296.0300BA19-142431.4432.9 1.515.571,526.32,694incl. 431.9432.4 0.531.303,100.05,448
BABI FW VEIN INFILL DRILL INTERCEPTSHole No. From mTo m Drilled intercept m** Au g/t Ag g/t AgEq* g/t BA18-122224.8 225.4 0.717.602,110.0 3,430BA18-128342.7 343.7 1.0 5.13542.7 927 incl. 343.2 343.7 0.5 9.57997.0 1,714BA18-134192.5 194.5 2.0 1.18149.4 238 BA19-142435.6 436.1 0.5 2.55268.0 459
BABI HW VEIN INFILL DRILL INTERCEPTSHole No.From m To m Drilled intercept m** Au g/t Ag g/t AgEq* g/t BA18-123 240.4244.0 3.6 0.05328.3332 BA18-124 237.8238.4 0.6 0.66113.0163 BA18-130 146.9147.4 0.5 5.73195.0625 BA18-134 156.0156.5 0.5 1.47199.0309 BA19-142 423.3424.6 1.3 2.18268.4432
BABI NORTE VEIN EXPANSION DRILL INTERCEPTS Drilled Hole No. From m To m intercept m** Au g/t Ag g/t AgEq* g/tBAN18-43119.4120.4 1.0 2.79295.0 504 BAN18-50366.0367.8 1.8 2.101.7 159 BAN18-51 58.5 59.0 0.5 0.81 93.3 154 BAN18-53269.9271.0 1.1 2.72176.0 380 BAN18-54161.4161.9 0.5 5.57 31.8 450 BAN18-56150.3151.0 0.7 4.66409.0 759
BABI VISTA VEIN DRILL INTERCEPTSDrilled Hole No.From m To m intercept m** Au g/tAg g/t AgEq* g/t BAN18-14 279.6280.1 0.5 3.96 295.0 592 BAN18-30 246.7247.2 0.5 1.01 246.0 322 BAN18-33 109.3110.0 0.7 1.06 1,245.0 1,325BAN18-53 269.9271.0 1.1 2.72 176.0 380 UBN18-03***163.1163.7 0.6 3.26 530.0 775 Note: All numbers are rounded. Based on a cut-off grade of 150 g/t AgEq with 0.5-metre minimum width. Babi FW vein intercept in hole BA18-122 was noted as part of Babicanora vein. Babi Vista vein intercepts BAN18-14, 30, 33 and UBN18-03 were previously reported in various news releases as unknown veins.* AgEq based on 75 (Ag):1 (Au) calculated using long-term silver and gold prices of $18.50 (U.S.) per ounce silver and $1,225 (U.S.) per ounce gold, with average metallurgical recoveries of 86.6 per cent silver and 98.9 per cent gold.** True width is 80 to 100 per cent of drilled width.*** UB signifies an underground drill hole.All assays were completed by ALS Chemex in Hermosillo, Mexico, and North Vancouver, B.C., Canada.
For the Babicanora vein, hole BA18-127 was lost down hole and BA18-129, 130, 136 to 138, 140 and 141 are below the company's cut-off grade of 150 g/t AgEq for Las Chispas. Assay result cut-off date for this release was Feb. 8, 2019. The same cut-off date was used for the upcoming resource estimate. Assay results for hole BA18-135 will be reported in due course as they were not received before cut-off date. For the Babi Norte vein, holes BAN18-41, 42, 44 to 49, 52 and 55 are below the company's cut-off grade of 150 g/t AgEq.
Infill and expansion drill results for Babi FW vein and Babi HW vein show confirmation and expansion of previously announced high-grade footprints (see news release dated Jan. 9, 2019). Drill results for the Babi FW vein have increased the high-grade mineralized footprint (discrete zones) from 900 to 1,200 metres. Both Babi FW and Babi HW veins are subparallel to the adjacent Babicanora vein at a distance of three to 30 metres. These veins are related to several discrete high-grade zones (shoots) representing intersections of crosscutting structures similar to all other drill-tested veins in the district.
Expansion drilling on the Babi Norte vein has increased the high-grade mineralized footprint (discrete zones) from 900 metres to 1.2 kilometres. The Babi Vista vein was previously considered part of Babi Norte; however, with further drilling, Babi Vista has been identified as a separate new vein which may be the extension of the Granaditas vein or a splay of Babi Norte vein. Babi Vista is considered the ninth discovered vein of the known 30 veins in the district.
A total of 58 infill and expansion holes have been completed in the Babicanora veins since the Sept. 13, 2018, resource estimate. Since that date, 39 infill holes in Area 51 high-grade footprint show an estimated weighted average (true width, uncut, undiluted) of 3.5 metres grading 11.30 g/t Au and 1,093.3 g/t Ag, or 1,941 g/t AgEq. For comparison, in the Sept. 13, 2018, resource estimate, Area 51 had an estimated weighted average true width of 2.7 metres, grading 7.13 g/t Au and 614 g/t Ag, or 1,148 g/t AgEq.
The company continues its phase III exploration program with 12 drills operating on site. Drills are focused on expanding mineralization and improving the resource confidence through infill drilling (25-to-35-metre spacing) to reclassify inferred resources to measured and indicated. The assay cut-off date for the imminent resource update was Feb. 8, 2019. The upcoming resource update for the Las Chispas project is being prepared by Tetra Tech Canada Inc. For the upcoming resource, Tetra Tech intends to apply a minimum vein width of 0.5 metre to the veins in the Babicanora area for modelling, a decrease from a minimum width of 1.5 metres used in the September, 2018, resource estimate. An additional 40,000 to 50,000 metres of infill and expansion drilling are planned for the first half of 2019. Other continuing site work includes the PEA study expected in early Q2, ground breaking for the Area 51 decline, an extensive metallurgical test program, testing large diameter wells for site water and permitting for various additional work.
The qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is Mr. Fier who has reviewed and approved its contents.
About Silvercrest Metals Inc.
Silvercrest is a Canadian precious metals exploration company headquartered in Vancouver, B.C., that is focused on new discoveries, value-added acquisitions and targeting production in Mexico's historic precious metal districts. The company's current focus is on the high-grade, historic Las Chispas mining district in Sonora, Mexico. Silvercrest is the first company to successfully drill test the historic Las Chispas project resulting in numerous discoveries. The company is led by a proven management team in all aspects of the precious metal mining sector, including taking projects through discovery, finance, on time and on budget construction, and production.
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