Mr. N. Eric Fier reports
SILVERCREST EXPANDS HIGH-GRADE BABICANORA NORTE VEIN & ADDS MORE VEINS
Silvercrest Metals Inc. has released further phase 3 drill results for the Las Chispas property located in Sonora, Mexico. Stepout drilling of the Babicanora Norte vein, since the company's news release on May 29, 2018, announcing the discovery of this vein, has intersected additional high-grade silver-gold mineralization. The Babicanora Norte vein is parallel to the Babicanora vein and approximately 300 metres northeast. The vein appears to connect with the Granaditas area, which has multiple drill-tested veins to the southeast. The company is increasing the number of identified epithermal veins on the property to 30 from 23. Eleven of these veins have been partially drilled and intersected high-grade silver-gold mineralization, including the Babicanora, Babicanora FW, Babicanora Norte, Las Chispas, Giovanni, which includes La Blanquita, William Tell, Varela, Granaditas, Luigi and Amethyst veins. Five of the 30 veins were included in the maiden resource (see "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: "We continue with our successful phase 3 expansion drill program with further high-grade silver-gold intercepts in multiple veins at Las Chispas. This most recent drilling of the Babicanora Norte vein intercepted native silver, silver oxides and fine-grained free gold in several holes along an estimated strike length of 900 metres, expanded from the previous 200 metres. We now have identified 30 epithermal veins on the property with a total cumulative strike length of approximately 20 kilometres, of which five kilometres have been partially drilled and only 3.5 kilometres were included in the maiden resource. We are currently stepout drilling with nine core rigs at the Babicanora Norte, Granaditas, Luigi and Babicanora veins, including the Area 51 southeast extension. We are systematically working towards an updated resource in the third quarter of 2018."
The most significant result for this release was returned from Hole BAN18-10, which intersected 2.2 metres (true width) grading 61.36 grams per tonne (g/t) gold and 2,833.5 g/t silver, or 7,436 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). Also noteworthy are hole BAN18-26 at 1.4 metres grading 51.43 g/t gold and 2,838.0 g/t silver, or 6,695 g/t AgEq, and hole BAN18-27 at 2.1 metres grading 6.54 g/t gold and 795.3 g/t silver, or 1,286 g/t AgEq. The associated table summarizes the most significant drill intercepts for this news release (uncut, undiluted).
BABICANORA NORTE VEIN DRILL INTERCEPTSHole FromToDrilled intercept Est. true width Au Ag AgEq*No. (m) (m)(m) (m)(g/t)(g/t) (g/t)BAN18-09 80.681.61.0 0.9 1.26146.5 241BAN18-10 93.095.52.5 2.261.362,833.5 7,436incl.95.095.50.5 0.4305.0 13,889.536,764BAN18-11357.4358.951.6 1.4 1.88206.0 347BAN18-12 101.85103.351.5 1.4 1.18136.9 225incl.101.85102.350.5 0.4 3.44405.0 663BAN18-13 134.85 136.31.5 1.2 2.890.2 216BAN18-14 329.35330.851.5 1.2 1.33102.1 201Incl.329.35329.850.5 0.4 3.89305.0 596BAN18-16156.0 157.51.5 1.3 1.50176.0 288BAN18-26328.9 330.51.6 1.451.432,838.0 6,695incl.329.45329.950.5 0.4 153.507,430.018,942BAN18-27244.6 246.82.2 2.1 6.54795.3 1,286incl. 246.1 246.80.7 0.618.352,240.0 3,616Note: All 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.
Drill holes BAN18-15 and 17 to 25 intercepted quartz veining/stockwork and anomalous mineralization, but are below the company's 150 g/t AgEq cut-off. Holes BAN18-10, 26 and 27 contain argentite, native silver, silver oxides (chalky white) and free gold. BAN18-26 also contains secondary mineralization with acanthite and polybasite crystals (silver sulfides) in quartz and amethyst cavities.
The Babicanora Norte vein has drill intercepted high grades (201 g/t AgEq to 7,436 g/t AgEq in 14 core holes) over approximately 900 metres along strike and 75 to 125 metres high. More drilling is required to fully understand the high-grade constraints, which may change the size and shape currently suggested. High-grade intercepts in drill holes BAN18-11, 14, 26 and 27 are in the same projected high-grade structural corridor as Area 51 (Babicanora vein), which has an inferred resource of an estimated 32.2 million ounces AgEq grading 1,026 g/t AgEq.
Not included in the tables are the following additional drill intercepts of a new unnamed vein located between the Babicanora and Babicanora Norte veins:
BAN18-11: 0.5 metre grading 2.43 g/t gold and 182 g/t silver, or 364 g/t AgEq;BAN18-14: 0.5 metre grading 2.80 g/t gold and 198 g/t silver, or 408 g/t AgEq.
This new vein may be the northwest extension of the Granaditas vein. The number of veins appear to be increasing as new discoveries are being made east and southeast of the Babicanora area. Drilling on the Babicanora Norte vein continues to intercept the new vein. Further drilling is under way for both Babicanora Norte and the new adjacent vein.
Several deeper Babicanora Norte drill holes to date have intercepted a wide (up to six metres) fluorite-enriched vein and breccia with anomalous gold approximately 100 metres below the Babicanora Norte vein. These fluorite intercepts may be the downward extension of another unknown vein. Surface alteration above these projected intercepts suggests a shallower target for future drilling.
The company continues its phase 3 exploration program with nine drills on site, seven on surface and two underground. Drills are focused on expanding mineralization for inclusion in the updated resource anticipated in the third quarter of 2018. An additional 3,000 to 5,000 metres of future drilling are planned for inclusion in the updated resource. Other continuing site work includes continued underground mapping and sampling on the Las Chispas vein, testing drilled wells for site water, permitting for various additional work, and reviewing 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.
We seek Safe Harbor.
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