Mr. Eric Fier reports
SILVERCREST ANNOUNCES SURFACE DRILLING RESULTS AT SANTA ELENA MINE
Silvercrest Mines Inc. has released results of the exploration and resource expansion drilling program completed in late 2014 at the 100-per-cent-owned Santa Elena mine in Sonora, Mexico. Twenty-one drill holes totalling 9,393 metres were completed to explore the western and eastern extensions of the Santa Elena main mineralized zone along strike and downdip, as well as the adjacent Tortuga and El Cholugo zones. The results of all holes will be included in the Santa Elena resource and reserve update, scheduled to be released on March 31, 2015. Please refer to the company's website for more information.
N. Eric Fier, CPG, PEng, chief operating officer, stated: "This drill program was successful in confirming continuity of the Santa Elena main mineralized zone beyond current resource model limits, and better defining geological boundaries where future infill underground drilling might be required. Moving forward, our focus for expanding Santa Elena resources with subsequent conversion to reserves will be on the El Cholugo (I and II), Tortuga and Santa Elena East. We also look to our 30/60 kilometre regional exploration program to provide new discoveries that might be treated at the Santa Elena facility."
The most significant assay results from this drilling program are shown in the attached table. Intervals are considered near true thickness.
Hole No. From (m) To (m) Intercept (m) Au (g/t) Ag (g/t)
Santa Elena West (includes Tortuga deep intercepts)
SE-14-02 172.8 183.8 11.0 0.72 28.7
includes 174.4 175.6 1.2 2.00 60.8
SE-14-02 241.1 242.1 1.0 1.17 176.2
SE-14-02 299.7 302.9 3.2 1.33 103.6
includes 302.0 302.9 1.0 3.94 201.6
SE-14-03 79.8 82.8 3.0 2.15 98.0
SE-14-06 283.8 285.0 1.3 0.77 34.9
SE-14-06 289.3 293.8 4.5 0.64 43.5
SE-14-06 308.0 323.6 15.6 1.60 104.4
includes 308.0 312.0 4.0 2.87 161.5
includes 314.0 315.9 1.9 3.35 150.0
SE-14-06 326.2 328.7 2.5 0.69 56.3
SE-14-06 333.0 335.1 2.1 0.13 12.9
SE-14-06 216.8 217.7 0.9 0.27 96.0
SE-14-06 252.0 270.0 18.0 0.20 43.2
SE-14-10 283.8 285.9 2.1 0.55 59.7
SE-14-10 295.1 301.0 5.9 0.60 53.6
SE-14-12 304.1 308.3 4.2 0.68 17.0
SE-14-12 313.9 315.5 1.6 0.34 59.8
SE-14-14 396.6 398.6 1.8 0.33 48.9
Tortuga
SE-14-04 76.6 77.5 0.9 5.46 108.0
SE-14-04 90.0 91.1 1.1 2.99 38.3
SE-14-04 261.6 262.6 1.0 2.96 1,110.0
SE-14-07 73.3 78.2 4.9 0.27 35.8
SE-14-07 273.5 276.0 2.5 0.36 38.3
SE-14-07 311.4 315.3 3.9 0.53 46.1
SE-14-07 382.5 383.5 1.0 0.17 82.1
SE-14-09 15.9 18.0 2.1 6.68 27.2
El Cholugo (I and II)
SE-14-11 158.7 159.6 0.9 0.97 29.8
SE-14-11 209.1 211.1 2.0 0.38 27.6
SE-14-11 299.4 300.5 1.1 0.56 43.2
SE-14-11 340.7 342.0 1.3 1.53 83.2
SE-14-11 345.6 355.2 9.6 0.77 69.0
SE-14-15 59.4 79.8 20.4 3.15 41.2
includes 59.4 62.5 3.1 8.66 102.6
includes 67.1 70.1 3.0 8.52 112.7
includes 74.6 78.0 3.4 2.91 18.2
SE-14-15 95.0 96.0 1.0 1.24 35.2
SE-14-15 194.2 195.5 1.3 2.50 158.0
SE-14-15 236.3 241.4 5.1 0.47 37.1
includes 236.3 237.9 1.6 1.19 84.1
Santa Elena East
SE-14-16 256.5 259.8 1.2 0.14 28.4
SE-14-17 513.1 522.0 8.9 0.76 46.4
includes 514.5 518.9 4.4 1.26 75.2
SE-14-18A 623.8 629.5 5.7 0.21 33.2
SE-14-21 1,060.2 1,061.2 1.0 0.17 44.4
SE-14-21 1,070.1 1,074.7 4.6 0.52 89.3
includes 1,072.2 1,072.6 0.5 4.60 773.0
SE-14-21 1,092.2 1,094.6 2.4 1.94 5.5
SE-14-21 1,143.0 1,147.2 4.2 0.02 78.9
includes 1,144.4 1,145.3 0.8 0.07 376.0
All samples were independently prepared and assayed at Inspectorate Labs of Reno, Nev.
The purpose of this surface drill program was to further explore the western extension (Santa Elena West) of the main mineralized zone, better define and expand the current resources at both Tortuga and El Cholugo, and to explore the eastern extension (Santa Elena East) of the high-grade plunging main mineralized zone that is currently being mined.
Hole SE-14-01 was a geotechnical hole and was not meant to intercept mineralization. Holes SE-14-05, 8, 13, 19 and 20 did not intercept significant mineralization, or were lost before intercepting the target area. Hole SE-14-18A is a wedge hole off of hole 18 that was lost while drilling.
The drill hole SE-14-21 represents a step-out of 250 metres downplunge along the Santa Elena vein from the closest-existing drill hole results, supporting continuity of the main mineralized zone with similar mineralogy and hydrothermal textures of a low-sulphidation silver-gold system.
The Santa Elena West drilling showed that the main mineralized zone becomes discontinuous and lower grade beyond the current ultimate pit west wall. Further drilling in this area is not warranted except for follow-up of deep intercepts associated with Tortuga.
The Tortuga and El Cholugo zones were better defined with higher grades near the intersection with the main mineralized zone, and decreasing grades in more distal intercepts. Further interpretation work is continuing with the anticipation of follow-up underground drilling in the future.
Santa Elena East drilling showed lower-grade intercepts within the main mineralized zone outside the projected high-grade plunge. Follow-up drilling to intercept the projected high-grade plunge will be completed in the first half of 2015. Further drilling from underground is anticipated only when the underground ramp bottom (estimated 325-metre elevation) is reached in late 2015 or early 2016. The company is planning on driving an exploration drift to the east once the current underground ramp reaches the target depth. This drift will be utilized to explore for potential deeper resources as the main mineralized zone continues to the east.
Note that the depths of drill hole intercepts are within vertical elevations currently planned for underground mining except for hole SE-14-21.
The qualified person under National Instrument 43-101 standards of disclosure for mineral projects for this news release is Mr. Fier, CPG, PEng, COO of Silvercrest Mines, who has reviewed and approved its contents.
We seek Safe Harbor.
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