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Silvercrest Metals Inc
Symbol C : SIL
Shares Issued 84,922,633
Close 2019-01-09 C$ 4.29
Recent Sedar Documents

Silvercrest drills 9.3 m of 6,336 g/t AgEq in Mexico

2019-01-09 07:11 ET - News Release

Mr. N. Eric Fier reports

SILVERCREST ANNOUNCES ADDITIONAL HIGH-GRADE RESULTS AT LAS CHISPAS, INCLUDING RECORD DRILL HOLE INTERCEPT; 9.3 METRES (TRUE WIDTH) AT 6,336 GPT AGEQ

Silvercrest Metals Inc. has provided further phase III infill drill results for the Las Chispas property located in Sonora, Mexico. The current drill program is designed to increase resources through expansion drilling and improve confidence in the resource with closely spaced infill drilling in the Babicanora vein. The 20 reported infill holes in this release were targeting mineralization in the high-grade Area 51 zone (13 holes), Babicanora Central zone (seven holes), and Babicanora footwall (FW) and hangingwall (HW) veins which were drilled while targeting other zones. Combined with the 19 infill drill results previously reported on Nov. 1, 2018, and Dec. 13, 2018, the infill drilling program has returned very positive results. A total of 39 infill holes have been completed with 28 holes in the Area 51 zone. The weighted average (true width, uncut, undiluted) of the 28 infill holes from Area 51 is 3.9 metres grading 11.36 grams per tonne gold and 1,064.1 g/t silver, or 1,915 g/t silver equivalent (AgEq, based on assumptions defined in attached table). For comparison, in the Sept. 13, 2018, resource estimate, Area 51 had an estimated weighted average true width of 2.7 metres, grading 7.13 g/t gold and 614 g/t silver or 1,148 g/t AgEq. Hole BA18-122 intersected and expanded high-grade mineralization in Area 51's Shoot 43 returning an impressive 9.3-metre-wide intercept grading 6,336 g/t AgEq compared with previously modelled narrower mineralization in this area, which had averaged three metres in true width.

N. Eric Fier, CPG, PEng, and chief executive officer, remarked: "Drill hole BA18-122 is for the record books with 9.3 metres (true width) grading 6,336 g/t AgEq (84.5 g/t AuEq). Further positive results from closely spaced infill drilling continue to confirm the continuity of high-grade mineralization in the Babicanora vein, including Area 51 and Babicanora Central zones, as well as the Babicanora FW and HW veins. Additional drill holes in Area 51 are indicating wider mineralized thicknesses in several areas than previously modelled and are identifying discrete multikilogram-per-tonne silver equivalent mineralized shoots (shoots 43 and 51). These additional core holes are critical to both infill confirmation and potential expansion of resources in the Babicanora veins. This is a great way to start the new year as we continue to improve our confidence and add ounces in Area 51, hunt for new discoveries on the additional 22 known veins not in the September, 2018, resource estimate, compile the new drill results for the next updated resource, and advance the Las Chispas preliminary economic assessment."

The most significant result for this release is hole BA18-122 which intersected 9.3 metres (estimated true width) grading 39.66 g/t Au and 3,361.0 g/t Ag, or 6,336 g/t AgEq (84.5 g/t AuEq). Also noteworthy are holes BA18-116, at 2.4 metres grading 4.30 g/t Au and 1,571.5 g/t Ag, or 1,894 g/t AgEq, and BA18-114 at 3.0 metres grading 5.37 g/t Au and 998.0 g/t Ag, or 1,401 g/t AgEq. The attached table summarizes the most significant drill intercepts (uncut, undiluted) for this release.

            BABICANORA VEIN (AREA 51 ZONE) INFILL DRILL INTERCEPTS

                From      To        Drilled    Est. true      Au       Ag      AgEq*
Hole No.*         (m)     (m)  intercept (m)    width (m)   (g/t)    (g/t)     (g/t)

BA18-110       370.0   373.6            3.7          3.3    3.72    450.5       730
incl.          373.1   373.6            0.6          0.5   14.55  1,640.0     2,731
BA18-112       205.9   206.6            0.7          0.6    0.65    174.0       223
BA18-113       137.2   140.4            3.3          2.9    1.08    365.0       445
BA18-114       289.0   293.2            4.2          3.0    5.37    998.0     1,401
incl.          291.1   292.2            1.1          0.8   11.95  1,860.0     2,756
               309.1   311.2            2.1          1.5    2.49    225.7       413
BA18-115       172.7   177.4            4.7          4.3    0.73    149.0       204
BA18-116       318.9   321.6            2.8          2.4    4.30  1,571.5     1,894
incl.          320.0   320.8            0.8          0.7    6.38  4,160.0     4,639
BA18-118       219.6   226.1            6.5          4.0    0.50    211.0       249
BA18-119       351.8   352.3            0.5          0.4    0.78    106.0       164
               362.6   364.1            1.5          1.2    5.44    774.3     1,182
BA18-120       185.8   195.0            9.2          8.6    0.98    409.1       483
BA18-122       194.3   207.5           13.2          9.3   39.66  3,361.0     6,336
incl.          194.3   194.8            0.5          0.4  252.00  9,740.0    28,640
incl.          198.9   200.2            1.3          0.9   92.70  7,570.0    14,522
incl.          205.4   206.0            0.6          0.4   47.30  7,760.0    11,307
               224.8   226.8            1.9          1.4    6.01    722.4     1,173


        BABICANORA VEIN (BABICANORA CENTRAL ZONE) INFILL DRILL INTERCEPTS

               From      To        Drilled   Est. true      Au       Ag        AgEq*
Hole No.*        (m)     (m)  intercept (m)   width (m)   (g/t)    (g/t)       (g/t)

UB18-16        21.1    21.6            0.5         0.4    2.05      5.0         159
UB18-17        66.6    75.5            8.9         6.3    0.21    330.3         346
UB18-18        70.8    73.7            2.9         2.6    9.84    235.7         974
UB18-20        91.5    93.0            1.5         1.0    2.73     40.3         245
UB18-21        39.8    48.0            8.3         7.8    0.95    407.8         479
incl.          46.5    48.0            1.5         1.4    0.14  1,917.0       1,928
UB18-22        48.0    57.0            9.0         9.0    2.09    352.5         509
incl.          49.5    51.0            1.5         1.5    1.90    933.0       1,076
UB18-23        37.1    51.0           13.9        13.9    1.42    207.6         314
incl.          50.0    51.0            1.0         1.0   16.40    349.0       1,579


             BABICANORA FW VEIN INFILL DRILL INTERCEPTS

                From       To         Drilled    Est. true     Au       Ag   AgEq*
Hole No.*         (m)      (m)   intercept (m)    width (m)  (g/t)    (g/t)  (g/t)

BA18-115       208.7    209.2             0.5          0.5   9.81    935.0  1,671
BA18-120       225.5    226.0             0.5          0.5   0.98    409.1    483
UB18-14 (2)     34.0     36.0             2.0          1.0   1.21    143.1    234
UB18-18          5.1      6.2             1.1          1.0   1.59    127.7    247
UB18-19          3.5      6.0             2.5          2.3   1.26     52.2    146
UB18-20         10.3     11.4             1.1          0.7   0.79     89.6    149
UB18-21          9.5     10.0             0.5          0.5  25.90  2,010.0  3,952
UB18-22         13.3     16.1             2.8          2.8   1.61     35.1    156
    


           BABICANORA HW VEIN INFILL DRILL INTERCEPTS

             From    To         Drilled    Est. true       Au     Ag     AgEq (1)
Hole No.*      (m)   (m)   intercept (m)    width (m)    (g/t)  (g/t)    (g/t)

BA18-110    342.4 342.9             0.5          0.4     2.88  270.0      486
BA18-116    300.8 301.4             0.6          0.5     1.72  152.0      281
UB-18-23     79.3  80.6             1.3          1.3     0.05  167.0      171

Note: All numbers are rounded.

* UB signifies an underground core hole. BA is a surface core hole.

(1) AgEq based on 75 (Ag):1 (Au) calculated using long-term silver and gold 
    prices of $18.50 (U.S.) per ounce silver and $1,225 (U.S.) per ounce gold, 
    with average metallurgical recoveries of 86.6 per cent silver and 98.9 per 
    cent gold.

(2) Drill intercept related to Babicanora Central zone was previously reported on 
    Nov. 1, 2018.

All assays were completed by ALS Chemex in Hermosillo, Mexico, and North Vancouver, B.C., Canada. Holes BA18-111, BA18-117 and BA18-121 were below the company's cut-off grade of 150 g/t AgEq within the Babicanora veins. Holes BA18-117 and 121 are located at the top of the high-grade footprint with minimal impact on estimated resources. Hole BA18-111 is located in a previously define lower grade resource area.

Mineralization in hole BA18-122 shows epithermal silica and sulphide textures, including colloform-banding, jigsaw, cockade and crustiform that are commonly found in an epithermal precious metal zone. The highest-grade intervals in this hole are related to both primary (argentite) and secondary (acanthite and polybasite) silver sulphides, electrum and native gold.

Infill drill results for the northwest projection of the Babicanora vein (Babicanora Central zone), Babicanora FW vein and Babicanora HW vein confirm estimated grade and width continuity as previously presented in the September, 2018, resource estimate.

The company continues its phase III exploration program with nine drills operating on site. Drills are focused on expanding mineralization for inclusion in the next updated resource estimate anticipated in Q1 2019 and infill drilling (estimated 25-metre spacing) to reclassify inferred resources to measured and indicated. An additional 5,000 to 10,000 metres of drilling are planned for inclusion in the next updated resource. Other continuing site work includes PEA study, groundbreaking for the Area 51 decline, an extensive metallurgical test program, drilling large diameter wells for site water and permitting for various additional work.

The qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is N. Eric Fier, CPG, PEng, and chief executive officer for Silvercrest, who has reviewed and approved its contents.

About Silvercrest Metals Inc.

Silvercrest is a Canadian precious metals exploration company headquartered in Vancouver, B.C., that is focused on new discoveries, value-added acquisitions and targeting production in Mexico's historic precious metal districts. The company's current focus is on the high-grade, historic Las Chispas mining district in Sonora, Mexico. Silvercrest is the first company to successfully drill test the historic Las Chispas project resulting in numerous discoveries. The company is led by a proven management team in all aspects of the precious metal mining sector, including taking projects through discovery, finance, on time and on budget construction, and production.

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