Mr. N. Eric Fier reports
SILVERCREST ANNOUNCES LAS CHISPAS VEIN EXTENSIONS TO DEPTH AND NEW VEIN DISCOVERY:
Silvercrest Metals Inc. has released expansion drill results for three veins (Giovanni, La Blanquita and Las Chispas) and has discovered a new vein, La Blanquita Dos, in the Las Chispas area of the Las Chispas project located in the state of Sonora, Mexico. The drilling announced today has expanded the high-grade footprints of several veins in the Las Chispas area. These multivein results show deeper mineralization which could expand the current resource estimate. The 31 expansion drill holes released today are in addition to the 105 drill holes in the Las Chispas area previously announced and used in the technical report titled "Technical Report and Preliminary Economic Assessment for the Las Chispas Property, Sonora, Mexico," dated effective May 15, 2019, as amended July 19, 2019. The PEA is available on SEDAR and on the company's website.
N. Eric Fier, CPG, PEng, chief executive officer, remarked: "While the veins in the Las Chispas area are usually overshadowed by the exceptional high-grades of the Babicanora area veins, these results have established the potential to expand and improve the average grade of the resources for the Las Chispas area veins. New drill results from deeper intercepts in the Giovanni vein are particularly impressive with an average grade of 1,084 grams per tonne silver equivalent or over three times the average grade of 349 g/t AgEq used in the current Giovanni resource estimate. Drilling completed since the February, 2019, resource estimate suggests that these high-grade veins extend to depth, down plunge and are open for further expansion. With the Babicanora area infill drilling nearing completion, and based on success of expansion drilling in the Las Chispas area, we will be reallocating three drills for an additional 8,000 metres of drilling in the fourth quarter of 2019. With further success, the deeper multivein mineralization in the Las Chispas area may develop into a new higher-grade source of potential production later in the mine life.
"With continued exploration success and over 100 drill holes in the lab being assayed, the company looks forward to providing further updates in the coming months."
Since the Giovanni, La Blanquita and Las Chispas veins are near parallel and closely spaced at approximately 20 to 100 metres apart, drilling of the veins can be intercepted in the same drill hole allowing for greater efficiency with repeated hole numbers in the associated table.
The most significant result for this release is hole LC19-111 (Giovanni vein), which intersected 1.6 metres (estimated true width) grading 8.99 grams per tonne (g/t) gold and 1,424.0 g/t silver, or 2,098 g/t silver equivalent. Also noteworthy are holes LC19-107 (Las Chispas vein) at 1.2 metres grading 7.72 g/t Au and 1,005.0 g/t Ag, or 1,584 g/t AgEq, and LC19-101 (Giovanni vein) at 2.5 metres grading 4.17 g/t Au and 642.0 g/t Ag, or 955 g/t AgEq. The associated tables summarize the most significant drill intercepts (uncut, undiluted) for this release.
GIOVANNI VEIN
Hole ID From To Interval Est. true width Au Ag AgEq
(m) (m) (m) (m) (g/t) (g/t) (g/t)
LC19-89 272.3 272.9 0.6 0.5 1.89 309.0 451
LC19-100 294.3 295.9 1.6 1.4 6.11 795.3 1,253
includes 295.4 295.9 0.5 0.4 18.80 2,440.0 3,850
LC19-101 236.0 239.0 3.0 2.5 4.17 642.0 955
includes 236.0 238.0 2.0 1.6 4.49 708.0 1,045
LC19-106 326.6 327.2 0.6 0.5 2.35 402.0 578
LC19-107 276.8 277.3 0.5 0.4 1.03 204.0 281
LC19-108 293.2 294.4 1.2 0.9 2.30 366.0 539
LC19-111 305.5 307.4 1.9 1.6 8.99 1,424.0 2,098
includes 305.0 306.7 0.7 0.6 15.85 2,530.0 3,719
weighted average 1.4 1.2 4.78 726.3 1,084
LAS CHISPAS VEIN
Hole ID From To Interval Est. true width Au Ag AgEq
(m) (m) (m) (m) (g/t) (g/t) (g/t)
LC19-89 287.9 288.4 0.5 0.4 0.96 124.0 196
LC19-100 309.7 310.2 0.5 0.4 1.93 298.0 443
LC19-105 327.0 328.5 1.5 1.3 3.25 398.0 642
LC19-107 299.6 301.0 1.4 1.2 7.72 1,005.0 1,584
LC19-108 315.0 315.7 0.7 0.5 1.05 144.0 223
weighted average 1.0 0.8 3.90 505.8 798
LA BLANQUITA VEIN
Hole ID From To Interval Est. true width Au Ag AgEq
(m) (m) (m) (m) (g/t) (g/t) (g/t)
LC19-87 62.6 63.2 0.6 0.4 1.82 222.0 359
LC19-89 99.8 101.0 1.2 1.1 5.06 289.0 669
LC19-91 95.8 96.4 0.6 0.4 4.40 7.7 338
LC19-96 191.1 191.6 0.5 0.4 2.44 2.8 186
LC19-99 117.7 118.3 0.6 0.4 7.43 563.0 1,120
LC19-101 84.0 85.8 1.8 1.4 2.46 265.5 450
includes 84.0 84.5 0.5 0.4 7.93 853.0 1,448
weighted average 0.9 0.8 3.75 245.5 527
LA BLANQUITA DOS VEIN
Hole ID From To Interval Est. true width Au Ag AgEq
(m) (m) (m) (m) (g/t) (g/t) (g/t)
LC19-91 46.4 47.0 0.6 0.4 1.08 136.0 217
LC19-94 52.1 52.6 0.5 0.4 1.70 216.0 344
LC19-98 49.9 50.9 1.0 0.8 6.58 274.0 767
includes 50.4 50.9 0.5 0.4 13.10 392.0 1,375
weighted average 0.7 0.6 3.91 222.8 516
Note
All numbers are rounded. Based on a cut-off grade of 150 g/t AgEq.
*AgEq based on 75 (Ag):1 (Au) calculated using long-term silver and gold prices of
$17 (U.S.) per ounce silver and $1,225 (U.S.) per ounce gold, with average
metallurgical recoveries of 90 per cent silver and 95 per cent gold.
All assays were completed by ALS Chemex in Hermosillo, Mexico, and North Vancouver, B.C., Canada.
Holes LC19-78 to 84, 86, 88, 90, 92, 93, 95, 97 and 102 to 104 intersected veining but were below the company's cut-off grade of 150 g/t AgEq. Holes LC19-109 and 110 have pending assays which will be reported when compiled.
The Giovanni vein inclusive of the La Blanquita vein, as defined in the PEA, includes an estimated 71 drill holes with a modeled average vein true width of 2.0 metres and cut grade of 1.47 g/t Au and 239 g/t Ag, or 349 g/t AgEq, over a semi-continuous mineralized length of 700 metres by 200 metres high for Giovanni and 200 metres by 100 metres for La Blanquita. The seven additional drill holes announced in this release for the Giovanni vein have a weighted average true width of 1.2 metres grading 4.78 g/t Au and 726.3 g/t Ag, or 1,084 g/t AgEq (uncut). These holes have increased the mineralized footprint of the Giovanni vein by approximately 200 metres in length.
Previously, the La Blanquita vein was considered to be an extension of the Giovanni vein, but further drilling shows that these veins are independent of each other. The six additional drill holes announced in this release for the La Blanquita vein have a weighted average true width of 0.8 metre grading 3.75 g/t Au and 245.5 g/t Ag, or 527 g/t AgEq (uncut), which is similar to the PEA resource estimate. These holes have increased the mineralized footprint of the La Blanquita vein by approximately 100 metres in length.
The Las Chispas vein, as defined in the PEA, has estimated 61 drill holes with a modelled average vein width (true) of 2.1 metres and cut grade of 2.39 g/t Au and 340.0 g/t Ag, or 520 g/t AgEq. The five additional drill holes announced in this release for the Las Chispas vein have a weighted average true width of 0.8 metre grading 3.90 g/t Au and 505.8 g/t Ag, or 798 g/t AgEq (uncut). These holes show high-grade mineralization down plunge from historic workings with an increased mineralized footprint of approximately 150 metres in length.
While these new drill results for the Las Chispas area veins suggest narrower overall widths, they also indicate higher-grade mineralization when compared with the current resource estimate for these veins. Epithermal veins typically show variable vein widths both horizontally and vertically.
Drilling of Giovanni, Las Chispas and La Blanquita veins in the Las Chispas area has established vein continuity to depth, with down-plunge interception of high-grade mineralization open to further expansion. Multivein infill drilling may connect current isolated mineralized zones which could potentially decrease conceptual development costs associated with infrastructure and result in previously stranded resources being included in the continuing feasibility work.
The La Blanquita Dos vein is a new near-surface discovery located in the hangingwall of the La Blanquita vein. This vein is approximately 50 metres from La Blanquita and was discovered while drilling to depth for the Giovanni vein and the Las Chispas vein.
Several unnamed veins were intersected while drilling other Las Chispas area veins with the following intercepts:
- Hole LC19-85 -- 0.6 m grading 1.07 g/t Au and 97.0 g/t Ag, or 177 g/t AgEq;
- Hole LC19-94 -- 0.9 m grading 1.82 g/t Au and 370.0 g/t Ag, or 370 g/t AgEq;
- Hole LC19-96 -- 0.5 m grading 5.11 g/t Au and 0.7 g/t Ag, or 384 g/t AgEq;
- Hole LC19-105 -- 0.8 m grading 1.00 g/t Au and 166.0 g/t Ag, or 241 g/t AgEq, and from the same drill hole;
- Hole LC19-105 -- 1.9 m grading 0.87 g/t Au and 141.2 g/t Ag, or 206 g/t AgEq.
These unnamed vein intercepts add to the potential for further discoveries, and drills will be assigned to this area after completion of infill drilling of Babicanora veins for resource conversion.
There are currently 18 core drills operating at Las Chispas: 16 surface and two underground. This includes one rig completing process plant site condemnation, 16 rigs completing infill and known vein expansion holes in the Babicanora area veins, and one rig working on new vein targets in the Las Chispas area with two more to be reallocated after infill drilling completion. Approximately 80 holes for 30,000 metres remain to be completed in 2019 of which 25 to 35 holes (8,000 metres) are for the Las Chispas area veins. An updated resource estimate, including the Las Chispas area veins, is expected in the first half of 2020, along with the continuing feasibility study.
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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