Silvercrest Metals (TSXV: SIL; NYSE: SILV) has upgraded the resource at its Las Chispas silver-gold property in Sonora, Mexico, to the indicated category for the first time.
The project now contains 1 million indicated tonnes grading 6.98 grams per tonne gold and 710.6 grams silver, or 1,234 grams silver equivalent, for 224,900 oz. gold and 22.89 million oz. silver, or 39.8 million oz. silver equivalent.
The project also contains 3.6 million inferred tonnes at 3.32 grams gold and 332.5 grams silver, or 581 grams silver equivalent, for 388,300 oz. gold and 38.9 million oz. silver, or 68.1 million oz. silver equivalent.
Silvercrest based its updated resource on 10 of 30 known veins at the project. It included 118 additional holes it drilled at the property: 39 holes which discovered the Babi Sur vein; 61 more holes at the Babicanora vein; and 18 more holes expanding the Babicanora Norte vein.
The company plans to include this resource in a preliminary economic assignment in 2019's second quarter. It will continue infill drilling inferred resources with seven core drills and test up to five new vein prospects with five core drills in the first half of 2019.
Shares of Silvercrest are currently trading at $4.75 with a 52-week range of $2.03 to $5.02. The company has a $403 million market capitalization.