Mr. Eric Fier reports
SILVERCREST DELINEATES 10TH HIGH-GRADE VEIN AT LAS CHISPAS; MULTIPLE HIGH-GRADES INTERCEPTED
Silvercrest Metals Inc. has released drill results from the Luigi vein on the Las Chispas property, located in Sonora, Mexico. Silvercrest discovered the Luigi vein in the footwall of the Las Chispas vein in mid-2017 but it remained unnamed until the company completed enough drilling to delineate an actual mineral vein. Several of the announced holes in this release were previously disclosed as an unnamed vein. There are 23 known epithermal veins on the property. The company has tested 10 of these 23 veins (the Babicanora, Babicanora footwall, Las Chispas, Giovanni, La Blanquita, William Tell, Varela, Granaditas, Luigi and Amethyst veins), all of which have drill-intersected high-grade mineralization. The Luigi vein was not included in the recently announced maiden resource (refer to the company's news release dated Feb. 26, 2018).
N. Eric Fier, CPG, PEng and chief executive officer, remarked: "With the addition of the Luigi vein, we continue to grow our portfolio of high-grade mineralized veins and are beginning to understand the 'nature of multiples' when it comes to projecting high-grade previous drill intercepts in adjacent veins on to new discoveries. This is the 10th high-grade vein we have delineated in the district, which is immediately adjacent to the Las Chispas vein and accessible by underground workings. The Luigi vein is named after Luigi Pedrazzini, son of Giovanni Pedrazzini the founder of Minas Pedrazzini Gold and Silver Mining Company, which operated at the property from the late 1800s to 1930. We plan to further drill test the Luigi vein during H1 2018 and include the results in the proposed updated resources in Q3 2018."
The most significant result for this release occurred in hole LC17-65, which intersected 1.4 metres (true width) grading 13.22 grams per tonne gold and 2,006.7 grams per tonne silver, or 2,999 g/t silver-equivalent (AgEq, based on 75 (Ag):1 (Au) and 100-per-cent metallurgical recovery). Also noteworthy is hole LC17-45, which intersected 4.1 metres grading 1.71 g/t gold and 231.8 g/t silver, or 360 g/t AgEq. The attached table summarizes the most significant drill intercepts (uncut, undiluted) for the Luigi vein.
Hole IDFrom (m) To (m) Drill intercept (m) EstimatedAu g/t Ag g/tAgEq g/t* true width (m)LC17-34 *dagger* 214.0214.9 0.90.81.03151.0 228LC17-45222.3227.2 4.94.11.71231.8 360Including224.5225.0 0.50.47.07938.0 1,468LC17-58 *dagger* 319.9321.9 2.01.80.28221.5 243LC17-65 *dagger* 243.0244.5 1.51.4 13.222,006.7 2,999Including243.5244.0 0.50.4 39.205,930.0 8,870LC17-69 *dagger* 180.4182.0 1.61.40.18172.5 186LC17-72 *dagger* 254.9256.7 1.81.63.41265.4 521Including254.9255.6 0.70.67.69590.0 1,167LCU18-25 paragraph43.8 44.9 1.11.02.75231.5 438W. Ave.1.72.84416.6 629Note: All numbers are rounded. All intercepts were previously announced as unnamed veins except wherenoted.* AgEq based on 75 (Ag):1 (Au) and 100-per-cent metallurgical recovery.True thickness reinterpreted on intercept from previous news release.
All assays were completed by ALS Chemex in Hermosillo, Mexico, and North Vancouver, B.C., Canada.
Drill hole numbering for the Luigi vein is out of sequence and dates back several months into 2017 as the Luigi vein was not identified as a vein until subsequent holes were drilled. None of the drill holes for the Luigi vein are included in the company's maiden resource previously announced on Feb. 26, 2018. Please refer to news releases dated May 11, 2017, Aug. 3, 2017, and Nov. 28, 2017, for intercepts marked as unnamed from previous announcement of drill results. Hole LCU18-25 is a new intercept for this release.
The Luigi vein high-grade footprint currently measures approximately 300 metres long by a minimum of 75 metres high by 1.7 metres in average true width, with a weighted average grade of 2.84 g/t gold and 416.6 g/t silver, or 629 g/t AgEq. The company plans to continue drilling on this vein for potential expansion as part of its phase 3 drill program.
The phase 3 drill program also includes drilling several new and partially drilled high-grade mineralized veins. An additional 15,000 to 20,000 metres of drilling are planned for the third quarter of 2018. Other continuing site work includes continued underground mapping and sampling on the Las Chispas vein, drilling test wells for site water, permitting for various additional work, and review of maiden resource model for optimization and update.
In addition to exploration work at Las Chispas, other recent activities in Mexico include the option of the Guadalupe concession located in the state of Durango to another companyand the purchase of the Cuestra Blanca Ranch (671.9 hectares) in the Las Chispas area. Through its Mexican subsidiary, Silvercrest now directly owns approximately two-thirds of the surface rights over its Las Chispas mining concession.
The qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects for this news release is Mr. Fier, CPG, PEng and chief executive officer for Silvercrest, 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 historical precious metal districts. The company's current focus is on the high-grade, historical Las Chispas mining district in Sonora, Mexico. Silvercrest is the first company to successfully drill test the historical Las Chispas project, resulting in numerous discoveries.
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