Vancouver, British Columbia--(Newsfile Corp. - January 23, 2018) - SilverCrest Metals (TSXV: SIL) (OTCQX: SVCMF) has updated shareholders with a summary of its 2017 results, and presented an outlook for 2018 on its Las Chispas Property.
The Las Chispas Property is located in Sonora, Mexico.
N. Eric Fier, CPG, P.Eng, President and CEO, stated: "2017 was a very successful year for SilverCrest with multiple high-grade discoveries at Las Chispas. We have now drilled over 40,000 metres in the district with our current focus on increasing the high-grade footprints of the Babicanora, Las Chispas, and Giovanni veins in preparation for the upcoming maiden resource in Q1. The Babicanora Vein will be the largest contributor to the resource with an impressive high-grade precious metal footprint of over 1.0 kilometre in strike length. Even with our aggressive exploration program in 2017, we have only partially drill-tested 3.5 kilometres of the known 12 cumulative kilometres (19 epithermal veins) in known vein strike length. After the announcement of the maiden resource in Q1 2018, we hope to continue to add value through further in-fill and expansion drilling, complete an updated resource in H2 of this year, and complete a Preliminary Economic Assessment (PEA) in H2 as well. Lastly, I would like to thank all of our shareholders and communities for their continuing support and we are looking forward to another exciting year for the Company."
The Las Chispas database now consists of 293 drill hole intercepts, above a 150 gram per tonne silver equivalent cutoff, based on a 75 to 1 silver/gold ratio and 100% metallurgical recovery. Drilling has resulted in multiple discoveries and demonstrated strong vein continuity of high-grade mineralization along strike and to depth.
At the Babicanora Vein, drilling suggests an estimated true width of 3.0 to 3.5 metres, a high-grade footprint length of more than 1.0 kilometre and a precious metals zone of 125 to 175 metres high.
This table summarizes 15 of the most significant drill intercepts.
Hole BA17-51 intercepted 3.1 metres grading 40 grams per tonne gold and 5,375 grams per tonne silver, or 8,409 grams per tonne silver equivalent. This hole, along with others in the area, have discovered a bonanza grade zone which is called Area 51. Area 51 is currently 250 metres along vein strike, approximately 100 metres high with an average true width of 2.8 metres and open.
|Hole||From (m)||To(m)||Length (m)||Goldgpt||Silvergpt||Silver Eq gpt||Silver Eqoz/t||Area/Vein|
Underground workings at the Las Chispas Vein are extensive, with over 10 of the known 11.5 kilometres rehabilitated by the company.
The company is targeting the release of a maiden resource estimate in the 1st quarter of 2018, consisting of at least 5 of the 19 known veins at Las Chispas, with the historic dumps also included in the estimate.
The Babicanora Vein and Area will be the main focus in 2018, with the company planning to fully test the strike length and depth. During the first half of 2018, the company plans to drill an additional 10,000 to 15,000 metres and complete a preliminary economic assessment in the second half of 2018. The company is permitted for a 100,000 tonne bulk sample to be processed off-site.
With all this activity planned, investors are assured a steady flow of news.
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