Vancouver, British Columbia--(Newsfile Corp. - June 23, 2017) - SilverCrest Metals (TSXV: SIL) has announced additional drill results for the Babicanora Vein, one of the company's many projects in Mexico.
The Babicanora Vein is located within the Las Chispas Property, in Sonora, Mexico.
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These results, combined with results announced on March 2nd, show an increased high grade footprint within the Babicanora Vein. The Babicanora Vein is one of 19 epithermal veins that have been identified on the property, which historically was one of the largest silver-gold producers in Sonora.
N. Eric Fier, CPG, P.Eng, President & CEO stated: "It is still early days for us at Babicanora, and high-grade mineralization is open in all directions along strike and to depth of the Babicanora Vein. We believe there is strong potential for further high grade mineralization, as we systematically expand drilling along strike, down dip and subsequently intersect other associated veins. Originally, we assumed the Babicanora Vein had been historically mined out above the Babicanora adit; therefore, our initial target was at depth. It now appears that only the soft sheared rock has been partially mined, leaving significant hard rock mineralization in place. Soft rock mining is mentioned in historic Babicanora reports dating back to the 1800's describing excavation by axe with no blasting required. Our exploration work at Babicanora includes surface and underground drilling, which is easily accessible via the four metre high by four metre wide adit that is approximately 230 metres long and was constructed in the 1860's. With continued success, we will be diligently drill testing along the projected strike length of the Babicanora trend which is now over 4 kilometres long."
The most significant result is an intercept in Hole UB17-09 of 7.6 metres grading 4 grams per tonne gold and 196 grams per tonne silver, or 502 grams per tonne silver equivalent. This included 2.2 metres grading 11 grams per tonne gold and 181 grams per tonne silver, or 991 grams per tonne silver equivalent.
As part of the company's ongoing Phase II exploration program, 4 drills are currently working at the Las Chispas, William Tell, Varela, Giovanni, and Babicanora veins.
To date, the company has drilled 62 holes, totalling about 14,000 metres at both the La Chispas and Babicanora areas. The company plans to drill an additional 3,500 metres at Babicanora in Phase II by the end of July. It will then switch to underground drilling at the Las Chispas Main Vein, to give the company time to compile all Phase II information, and plan work for the second half of the year.
The shares are trading at $1.85 and with 48.2 million shares outstanding, the company is capitalized at $89.2 million.
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