Mr. Eric Fier reports
SILVERCREST CONTINUES TO EXPAND HIGH-GRADE FOOTPRINT FOR BABICANORA VEIN; 4.0 METRES AT 22.83 GPT AU AND 1,718.8 GPT AG, OR 3,431 GPT AGEQ
Silvercrest Metals Inc. has released its first set of phase III drill results for the Las Chispas property located in Sonora, Mexico. Stepout drilling of the Babicanora vein, including Area 51, continues to intersect high-grade mineralization. There are now 23 identified epithermal veins on the property (previously reported as 19 veins). Of the 23 veins, the company has only drill tested nine of these veins, which are the Babicanora, Babicanora footwall, Las Chispas, Giovanni, La Blanquita, William Tell, Varela, Granaditas and Amethyst veins. Only five of these nine drill-tested veins have been included in the recently announced maiden resources (refer to the company's news release dated Feb. 26, 2018).
Eric Fier, CPG, PEng, and chief executive officer of the company, remarked: "Our initial phase III drill holes in the Babicanora vein continue to intercept high-grade precious metal mineralization along a drill-tested strike length of 1.5 kilometres. The drill results from the southeast extension of the Babicanora vein, known as Area 51, show further bonanza grades (1), with increased size of the high-grade footprint. For the first half of 2018, we will continue expansion drilling of the Babicanora vein, initial holes into Babi Sur vein and additional holes into the Las Chispas, Amethyst, Granaditas and other veins. We are systematically drilling only stepout expansion holes and working toward an updated resource for Q3 2018."
The most significant result for this release was returned from Hole BA18-81, which intersected 4.0 metres (true width) grading 22.83 grams per tonne gold and 1,718.8 g/t silver or 3,341 gpt silver equivalent (AgEq, based on 75 (Ag):1 (Au) and 100-per-cent metallurgical recovery). Also noteworthy is Hole BA18-77 at 4.5 metres grading 7.96 g/t gold and 912.0 g/t silver, or 1,509 g/t AgEq. The associated table summarizes the most significant drill intercepts (uncut, undiluted) for this release:
EstimatedHole No. FromTo Intercept true widthAuAgAgEq * (m) (m) (m)(m) (g/t) (g/t) (g/t)BA18-68 481.7 483.4 1.71.31.00 201.6 276Incl. 482.9 483.4 0.50.43.20 654.0 894BA18-70 447.1 448.5 1.41.20.36 1,558.7 1,586Incl. 447.1 447.9 0.80.60.10 2,670.0 2,678BA18-72 461.8 462.6 0.50.51.46 141.0 250BA18-74 385.9 397.011.19.21.34 252.5 353Incl. 385.9 391.0 5.13.92.66 344.0 543BA18-77 356.0 362.0 6.04.57.96 912.0 1,509Incl. 356.5 359.0 2.51.8 20.62 2,167.6 3,714BA18-81 274.2 278.2 4.04.0 22.83 1,718.8 3,431Incl. 275.2 277.2 2.02.0 46.06 3,342.0 6,796BA18-82 270.2 275.1 4.94.90.35 179.4 205Incl. 274.2 275.1 0.90.90.25 402.3 421Note: All numbers are rounded.* AgEq based on 75 (Ag):1 (Au) and 100-per-cent metallurgical recovery.
All assays were completed by ALS Chemex in Hermosillo, Mexico, and North Vancouver, B.C., Canada.
Drill holes BA18-66, 67, 69, 71, 73, 76, 78, 79 and 80 intercepted anomalous mineralization, but were below the company's 150 g/t AgEq cut-off. Holes BA18-68, 70, 77 and 81 intercepted grades greater than 1,000 g/t AgEq, consisting of acanthite, argentite, electrum, native silver and visible gold. Holes BA18-66, 67 and 68 were included in the company's maiden resource estimate dated Feb. 26, 2018. Hole BA18-75 deviated and did not intercept intended target. Holes BA18-67, 71, 73 and 79 showed elevated lead, zinc and copper (including precious metals) with possible transition to increased base metals to depth and southeast along the strike of the Babicanora vein. Further core review, sampling and assaying is under way on holes southeast and to depth of Area 51 to determine boundaries for potential base metal transition. Results for this review are pending. Drill success rate for the Babicanora vein to date is approximately 70 per cent of intercepts in the high-grade footprint.
The Babicanora vein high-grade footprint measures approximately 1,500 metres long by 180 m high by 3.1 m in average true width. Further drilling is continuing with six surface drills and one underground drill. Area 51 now measures approximately 500 m long by 200 m high by 3.0 m in average true width. To date, a total of 20 holes have now intersected the high-grade footprint of Area 51 with an average estimated grade of 10.37 g/t gold and 943.7 g/t silver, or 1,721 g/t AgEq (uncut, undiluted).
The company commenced phase III exploration program for further stepout drilling at the Babicanora vein, including Area 51, and initial drilling on several other veins in the district. An additional 15,000 m to 20,000 m of drilling are planned by the third quarter of 2018. Other continuing work includes continued underground mapping and sampling on the Las Chispas vein, drilling test wells for site water, permitting work, and a review of the maiden resource model for optimization and update.
The company's maiden resource report for the estimate announced on Feb. 26, 2018, will be filed on SEDAR later this week.
The qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects for this news release is Mr. Fier, CPG, PEng, 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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