Mr. N. Eric Fier reports

SILVERCREST ANNOUNCES FIRST DRILL HOLE RESULTS FROM LAS CHISPAS; MULTIPLE DRILL INTERCEPTS OF GREATER THAN 2,000 GPT AGEQ*

Silvercrest Metals Inc. has released the first drill hole results at its Las Chispas project located in Sonora state, Mexico. Las Chispas is in a historic silver-gold mining district, which presently hosts two nearby precious metal producers. Historic information indicates that only three veins, the Las Chispas, William Tell and Babicanora, of the 14 historically reported veins at Las Chispas, had documented production, between 1880 and 1930. Silvercrest's initial focus is on these three veins. To the company's knowledge, none of the known veins have been drilled prior to the company's current campaign. For more information, please refer to the company's website.

N. Eric Fier, CPG, PEng, president and chief executive officer, remarked: "The initial Las Chispas drill hole results received to date are impressive. Not only do they indicate bonanza grades of up to (3) 18.55 grams per tonne gold and 2,460 grams per tonne silver, or 3,851.3 grams per tonne silver equivalent (1), but also show mineralized widths up to 7.2 metres in estimated true thickness. These first results have exceeded our expectations and appear to confirm that historic mining completed in the early 1900s has left behind substantial unexplored, unmined and easily accessible high-grade mineralization. Until now, we have only been guided by what we could access from the estimated 11.5 kilometres of historic underground workings with approximate mined widths of one to three metres. Our drilling adjacent to historic workings now suggests that one to three metres may be the minimum widths of the Las Chispas vein. By combining our recent underground sampling and new drill results for the first of several veins to be explored, we have begun to discover the hidden potential of this districtwide play. This news release is the first of a series of releases on phase I drill results and other activities to be announced over the next several weeks."

The most significant core drilling results for this release are 4.6 metres wide grading 4.56 grams per tonne gold and 621.5 grams per tonne silver, or 963.2 grams per tonne silver equivalent (1) (uncut and undiluted), including 0.8 metre grading 3,851.3 grams per tonne AgEq in hole LC16-05. Also noteworthy is 7.2 metres wide grading 2.41 grams per tonne Au and 311.5 grams per tonne Ag, or 492.5 grams per tonne AgEq (1) in hole LC16-08. The attached table summarizes the most significant drill assay results (uncut and undiluted) for the Las Chispas vein only.

                                         Drilled      Estimated true        Au         Ag           AgEq
Hole No.       From (m)    To (m)   thickness (m)   thickness (m) (2)     (gpt)      (gpt)      (gpt) (1)

LC16-05          149.0     150.0             1.0                 0.9      2.10      226.0          383.5
                 167.0     172.0             5.0                 4.6      4.56      621.5          963.2
Includes         171.0     172.0             1.0                 0.8     18.55    2,460.0        3,851.3
LC16-06           66.0      67.0             1.0                 0.7     14.90    1,815.0        2,932.5
LC16-07          144.0     145.0             1.0                 0.7      1.73      164.0          293.8
LC16-08          143.0     145.0             2.0                 1.4      1.58      163.5          282.5
                 171.0     182.0            11.0                 7.2      2.41      311.5          492.5
Includes         171.0     176.0             5.0                 3.3      2.25      276.3          444.8
Includes         181.0     182.0             1.0                 0.7     14.40    1,900.0        2,980.0
LC16-11           95.0      96.0             1.0                 0.9      1.32      198.0          297.0
                 108.0     110.0             2.0                 1.6      1.30      152.6          251.8 

All numbers are rounded.                                                                         
(1) AgEq based on 75:1 (Ag:Au) and 100-per-cent metallurgical recovery.                        
(2) All holes were drilled at apparent angles to mineralization and adjusted for true thickness.        
(3) Drill hole grade intercepts range from 1.3 grams per tonne Au and 152.6 grams per tonne Ag to 18.55
grams per tonne Au and 2,460 grams per tonne Ag, with a weighted average grade of 3.52 grams per tonne Au
and 454.8 grams per tonne Ag.

All assays were completed by ALS Chemex in Hermosillo, Mexico, and North Vancouver, B.C.

All drill holes have intercepted quartz stockwork veinlets, veining and/or breccia. No underground workings have been intercepted while drilling the Las Chispas vein.

Drill hole LC16-01 intersected the Las Chispas vein (outside the potentially identified high-grade corridor) with grades less than the initially established cut-off of greater than 150 grams per tonne AgEq (1). Holes 2, 3 and 4 were drilled exclusively into the adjacent parallel William Tell Vein and will be reported separately. Holes 9 and 10 intercepted quartz stockwork including anomalous but low gold and silver values. Holes LC16-12 to 19 are pending final results, some of which are William Tell intercepts only, and will be reported once all assays are received and compiled.

For comparison purposes, hole LC16-05 intercepted 4.6 metres wide at 4.56 grams per tonne gold and 621.5 grams per tonne silver, or 963.2 grams per tonne AgEq of breccia near the previously announced underground channel sampling result (see new release dated July 19, 2016) of eight metres in vein strike length, one metre wide, and grading 1,163 grams per tonne AgEq, also in breccia. By comparison, the mineralized drill intercept is 2.5 metres wider than the accessible historic workings and the company's average underground sample widths.

Drill holes LC16-05, 08, and 11 intercepted a new continuous vein (unnamed) which appears to be parallel to the nearby Las Chispas main vein. This new discovery suggests additional potential for further exploration work with a three-hole drill intercept, weighted average of 1.3 metres grading 1.32 grams per tonne Au and 152.6 grams per tonne Ag, or 251.8 grams per tonne AgEq.

The company is completing its expanded phase I surface drill program, having drilled 22 core holes totalling approximately 6,300 metres to date. Nineteen holes have been drilled in the Las Chispas and William Tell veins, and three holes in the adjacent Babicanora (La Victoria) area. Based on positive phase I surface drilling results, the company is planning a phase II surface drill program for the fall of 2016.

With permitting near completion, the planned 2,000-metre underground drill program should commence in the late third quarter or early fourth quarter of 2016. The underground drill program will focus on delineation of a potential bulk sample, infill and expansion drilling, and drilling to depth in preparation for the initial Las Chispas resource estimation.

The qualified person under National Instrument 43-101, standards of disclosure for mineral projects, for this news release is Mr. Fier, CPG, PEng, president and CEO for Silvercrest, who has reviewed and approved its contents.

We seek Safe Harbor.