Mr. N. Eric Fier reports
SILVERCREST INTERCEPTS 1.8 METRES @ 2,350 GPT AGEQ IN GRANADITAS VEIN; DELINEATES HIGH-GRADE FOOTPRINT AVERAGING 1.5 METRES @ 1,022 GPT AGEQ
Silvercrest Metals Inc. has released new drill results for the Granaditas vein and initial delineation of its high-grade footprint on the Las Chispas property located in Sonora, Mexico. The company first drilled two holes in the Granaditas vein in 2017 (see news release dated Oct. 19, 2017) and recommenced drilling of this vein in early 2018. The compilation of these new drill holes outlines the high-grade footprint. This vein is parallel to the Babicanora and Babicanora Norte veins and is approximately 400 metres southeast of Area 51, which is the highest-grade mineralized area of the Babicanora vein having average resource grades greater than 1,000 grams per tonne (g/t) silver equivalent (AgEq). 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 confirmed discovery of continuous high-grade mineralization in the Granaditas vein, we continue to increase our near-surface high-grade footprint in the district. In early 2017, the company received from a local rancher a historic map showing the location of the Granaditas mine that was operated by the Spanish in the early 1800s. Up until receipt of the map, the location of the mine was unknown and documented as a lost Spanish mine. Historic reports show that approximately three million ounces of silver were mined from the Granaditas vein to a depth of 90 feet where water was encountered. Silvercrest drilled below this depth and intercepted high-grade mineralization using the same geologic controls as other high-grade veins in the district. It is our intention to further drill test the Granaditas, Babicanora Norte, Babicanora, Babi Sur, Luigi and other veins during the next couple of months and include the results in the proposed updated resource planned for the third quarter of 2018."
The most significant result for this release was returned from hole GR18-04, which intersected 1.8 metres (true width) grading 12.14 grams per tonne (g/t) gold and 1,440.3 g/t silver, or 2,350 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 0.4 metre grading 9,183 g/t AgEq. The associated table summarizes the most significant drill intercepts (uncut, undiluted) for the Granaditas vein.
Hole IDFrom To Drill intercept True Width Au Ag AgEq*(m)(m) (m)(m)(g/t)(g/t) (g/t)GR17-02 (1) 138.9140.6 1.71.5 3.63190.1 462incl. 139.9140.6 0.70.6 8.16387.0 999GR18-04 133.3135.3 2.01.812.141,440.3 2,350incl. 133.8134.3 0.50.447.505,620.0 9,183GR18-09 165.9167.3 1.41.3 3.24338.9 582incl. 166.4167.3 0.90.8 4.86498.0 863GR18-11 179.4180.6 1.21.2 1.23114.0 206Weighted average1.5 5.69595.7 1,022NoteAll 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.(1) Previously announced intercept (refer to news release dated Oct. 19, 2017).
All assays were completed by ALS Chemex in Hermosillo, Mexico, and North Vancouver, B.C., Canada.
Results for drill holes GR18-05, 07, 08 and 10 are below the company's cut-off of 150 g/t AgEq and outside the Granaditas vein high-grade footprint. Hole GR17-01 intercepted 0.5 metre (true width) grading 0.95 g/t gold and 103.0 g/t silver, or 174 g/t AgEq. Hole GR18-03 intercepted 0.5 metre grading 0.92 g/t gold and 56.6 g/t silver, or 126 g/t AgEq. Hole GR18-06 intercepted 1.5 metres grading 0.48 g/t gold and 86.7 g/t silver, or 145 g/t AgEq.
The Granaditas vein consists of southeastward-plunging high-grade mineralization similar to the adjacent Babicanora and Babicanora Norte veins. Mineralization consists of a 0.5- to 1.8-metre-wide banded quartz-argentite-pyrite vein, dipping at an estimated 75 degrees southeast. Conceptually, since the vein is near the southeast extension of the highest-grade footprint of the Babicanora vein (Area 51), shared future underground infrastructure is conceivable and convenient.
A hangingwall vein (unnamed), approximately 40 to 80 metres southeast of the Granaditas vein, was also drill intercepted with the following initial results:
GR18-03 intersecting 0.5 metre grading 0.5 g/t Au and 97 g/t Ag, or 134 g/t AgEq;GR18-04 intersecting 0.5 metre grading 1.81 g/t Au and 149 g/t Ag, or 284 g/t AgEq;GR18-07 intersecting 0.5 metre grading 2.39 g/t Au and 421 g/t Ag, or 600 g/t AgEq; andGR18-09 intersecting 0.5 metre grading 2.94 g/t Au and 294 g/t Ag, or 514 AgEq.
The company plans to further drill test this hangingwall vein in the third quarter 2018.
The high-grade footprint in the Granaditas vein currently measures approximately 150 metres long by 100 metres high by 1.5 metres in average true width, grading an estimated 5.69 g/t gold and 595.7 g/t silver, or 1,022 g/t AgEq and is open in most directions. Further drilling for potential expansion of the high-grade footprint at the Granaditas vein 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 4,000 to 5,000 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.
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