Vancouver, British Columbia--(Newsfile Corp. - October 20, 2017) - SilverCrest Metals (TSXV: SIL) (OTCQX: SVCMF) has announced additional Phase II drill results for the Las Chispas Property, which is located in Sonora, Mexico. Step-out drilling targeting extensions of the Babicanora Vein continues to intersect high-grade mineralization.
With the latest results, SilverCrest has drill-tested the Babicanora Vein over a 600 metre strike length, previously 500 metres, with a near-surface mineralized height of 150 to 175 metres. In addition, drilling has intersected high-grades in two veins named Granaditas and Amatista (Amethyst) at the Babicanora area.
With these two new discoveries, SilverCrest has now intersected high-grade silver-gold mineralization on nine of the 19 known epithermal veins on the Property including Babicanora, Babicanora Footwall (FW), Las Chispas, Giovanni (includes La Blanquita extension), William Tell, Varela, Granaditas and Amatista (Amethyst) veins.
N. Eric Fier, CPG, P.Eng., President & CEO stated: "Our continued step-out drilling along the strike of the Babicanora Vein has added another 100 metres to the previously announced high-grade footprint. Our first holes in the Granaditas and Amatista veins, which intersected high-grade mineralization, continue to show further untested potential in the district. Drilling in all nine veins drilled to date has intercepted areas of high-grade mineralization that warrant further drilling to better define continuity and volume. Our Phase II exploration program at Las Chispas continues with six drills actively working from the surface and underground. The objective of this program is to drill-test the Babicanora Vein over 1.5 kilometres of its known 3.2 kilometres strike length. With our continued success, we are aiming to further expand high-grade mineralization along multiple veins in both the Las Chispas and Babicanora areas in preparation for a maiden resource in early 2018."
The most significant result for this release was returned from Hole BA17-27, which intersected 4.1 metres grading 3.56 grams per tonne gold and 137.0 grams per tonne silver or 404 grams per tonne silver equivalent.
Also noteworthy is 2.9 metres grading 5.62 grams per tonne gold and 172.7 grams per tonne silver, or 594 grams per tonne silver equivalent in Hole BA17-17. Both are step-out holes which intercepted the Babicanora Vein approximately 100 metres southeast from a previously announced step-out hole, BA17-07.
This table summarizes the most significant drill intercepts within the Babicanora area.
|Estimated True Thickness (metres)||Gold |
|Silver Equivalent |
75 Ag:1 Au
Drill holes BA17-16, 19, and 24 intercepted anomalous mineralization, but are below the company's 150 grams per tonne silver equivalent cutoff. All holes that have been drilled but not yet assayed have intercepted quartz veining stockwork and/or breccia.
The Granaditas Vein also intercepted wide base metal zones of 20 to 40 metres of anomalous grades to up 0.5% lead and 0.3% zinc. The high-grade intercept in hole GR17-02 also contained 0.5% copper.
The Company plans to continue with step out drilling on the Babicanora Vein, subsequent drilling on other potential mineralized veins on the Property, and underground rehabilitation at the Las Chispas area.
Approximately 5,000 metres of the Phase II drill program is planned for the remaining part of 2017.
The shares are trading at $1.40 and with 49.8 million shares outstanding, the company is capitalized at $69.7 million.
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