Mr. N. Eric Fier reports
SILVERCREST DISCOVERS NEW HIGH-GRADE VEIN AT LAS CHISPAS; 1.5 METRES @ 23.96 GPT AU AND 2,081 GPT AG, OR 3,879 GPT AGEQ
Silvercrest Metals Inc. has released drill results and has made a discovery of the Babicanora Norte vein on the Las Chispas property located in Sonora, Mexico. The high-grade Babicanora Norte vein was discovered while drill testing beneath recently located shallow historic workings. This vein is approximately 300 metres northeast of the parallel Babicanora vein. There are 23 known epithermal veins on the property, including 11 which have drill intersected high-grade mineralization and consist of the Babicanora, Babicanora footwall, Babicanora Norte, Las Chispas, Giovanni including La Blanquita, William Tell, Varela, Granaditas, Luigi and Amethyst veins. Five of the 23 veins have been included in the maiden resource (refer to "Technical Report and Mineral Resource Estimate for the Las Chispas Property, Sonora, Mexico," effective Feb. 12, 2018, and amended May 9, 2018).
N. Eric Fier, CPG, PEng, chief executive officer, remarked: "With this discovery of the Babicanora Norte vein, we continue to show the increased potential for more near-surface high-grade mineralized veins. This is now the 11th high-grade vein we have discovered in the district. This vein is located adjacent and parallel to the Babicanora vein which contains a majority of the maiden resource estimate. We recently identified this untested vein and strategically drilled it for high grades which were discovered in our second drill hole (BAN18-02, intercepting 1.5 metres grading 9.11 grams per tonne gold and 1,033.3 g/t silver, or 1,716 g/t AgEq*). This successful strategy required projecting the known high-grade footprint of the adjacent Babicanora vein along with geologic constraints to the untested Babicanora Norte vein. With six drills currently operating, we continue to aggressively drill test the Babicanora Norte vein and several other untested veins using the model of nature of multiples; that is, find one high-grade footprint in a vein and apply the same controls to the next nearby vein."
The most significant result for this release was returned from hole BAN18-06, which intersected 1.5 metres (true width) grading 23.96 grams per tonne (g/t) gold and 2,081.0 g/t silver, or 3,879 g/t silver equivalent (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), including 0.5 metre grading 11,615 g/t AgEq. The associated table summarizes the most significant drill intercepts (uncut, undiluted) for this release.
Hole ID FromToDrill interceptTrue width Au AgAgEq* (m) (m)(m) (m)(g/t)(g/t)(g/t)BAN18-0270.872.31.5 1.4 9.111,033.31,716incl. 71.872.30.5 0.525.002,760.04,635BAN18-0395.897.31.5 1.3 5.19726.01,115BAN18-0489.591.01.5 1.2 4.71592.9946incl. 89.590.00.5 0.414.051,775.02,829BAN18-06 101.6 103.11.5 1.523.962,081.03,879incl.102.1 102.60.5 0.571.806,230.0 11,615BAN18-07 132.7 134.01.4 1.4 1.33140.9240weighted average1.4 8.47878.91,514NotesAll numbers are rounded.* 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.
All assays were completed by ALS Chemex in Hermosillo, Mexico, and North Vancouver, B.C., Canada.
Results for drill hole BAN18-05 is below the company's cut-off of 150 g/t AgEq. Hole BAN18-01 intercepted 0.5 metre grading 1.23 g/t gold and 194.0 g/t silver, or 286 g/t AgEq and hole BAN18-08 intercepted 0.50 metre grading 3.06 g/t gold and 169 g/t silver, or 398 AgEq.
The Babicanora Norte vein consists of southeastward-plunging high-grade mineralization similar to the adjacent Babicanora vein. Mineralization consists of a 0.5-to-1.5-metre-wide banded quartz-argentite-pyrargyrite vein, dipping at an estimated 55 degrees southeast proximal to a rhyolite dike. Conceptually, since the Babicanora and Babicanora Norte veins are proximal to each other, shared future underground infrastructure is conceivable and convenient.
The Babicanora Norte high-grade footprint in the vein currently measures approximately 200 metres long by 100 metres high by 1.4 metres in average true width, grading an estimated 8.47 g/t gold and 878.9 g/t silver, or 1,514 g/t AgEq and is open in most directions. Further drilling for potential expansion is continuing and additional assays will be reported once compilation is complete.
The company continues with its phase 3 drill program of expansion drilling on several new and partially drilled high-grade mineralized veins. A remaining 6,000 to 8,000 metres of drilling are planned up to the end of July cut-off for updated resource inclusion. 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 the maiden resource model for optimization and update.
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 metal 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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