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Silvercrest Metals Inc
Symbol SIL
Shares Issued 144,357,964
Close 2021-04-14 C$ 10.69
Recent Sedar Documents

Silvercrest drills 2.3 m of 14,034 g/t AgEq at Chispas

2021-04-15 07:42 ET - News Release

Mr. N. Eric Fier reports

SILVERCREST ANNOUNCES HIGH-GRADE DRILL RESULTS ON MULTIPLE VEINS IN THE BABICANORA AREA

Silvercrest Metals Inc. has released additional infill and expansion drill results from the Babi Vista vein splay, Babi Vista vein, Granaditas 1 vein, Granaditas 2 vein, and adjacent hangingwall (HW) and footwall (FW) veins in the Babicanora area of its Las Chispas project located in Sonora, Mexico.

Highlights:

  • Infill and expansion drill results being reported in this news release represent an additional 78 holes, totalling approximately 29,308 metres completed since the latest news release for Babi Vista, Splay and Granaditas veins.
  • Results are in areas with mineral resources (see feasibility study announced on Feb. 2, 2021) and in close proximity to planned underground development.
  • The company has confirmed southeastern vein continuity and convergence of the Babi Vista, Splay and Granaditas veins. Mineral resources, together with exploration high-grade footprints, can now be traced for an estimated 1.3 kilometres of vein strike length.
  • The latest 31 drill holes within the high-grade footprint of the Splay have an average estimated true width (ETW) of 0.91 metre grading 16.12 grams per tonne gold and 1,351.5 g/t silver, or 2,752 g/t silver equivalent (AgEq, 86.9:1 Au:Ag ratio). This compares with the Splay's inferred mineral resource that contains 13.9 million AgEq ounces within 211,363 tonnes grading 13.00 g/t gold and 909.4 g/t Ag, or 2,039 g/t AgEq, with an ETW of 1.27 metres.
  • The seven mineralized drill holes in the Granaditas 1 vein included in this release have an average ETW of 1.57 metres grading 19.24 g/t Au and 5,095.1 g/t Ag, or 6,767 g/t AgEq. This compares with the vein's inferred mineral resource that contains 1.1 million AgEq ounces within 63,157 tonnes grading 3.20 g/t Au and 260.0 g/t Ag, or 538 g/t AgEq with an ETW of 0.61 metre.
  • Significant drilling results:
    • Splay -- hole BV21-252 intercepted an ETW of 2.27 metres grading 87.05 g/t Au and 6,469.2 g/t Ag, or 14,034 g/t AgEq;
    • Granaditas 1 vein -- hole BV20-221 intercepted an ETW of 3.65 metres grading 40.42 g/t Au and 6,089.4 g/t Ag, or 9,602 g/t AgEq;
    • Granaditas 1 vein -- hole GR21-28 intercepted an ETW of 0.40 metre grading 114.00 g/t Au and 78,872.0 g/t Ag, or 88,779 g/t AgEq.
  • Approximately 90 per cent of the planned 2021 infill drilling has been completed for the Splay.
  • The company has discovered two additional blind veins in the hangingwall and footwall of Babi Vista and Splay.
  • Nine drill rigs (six surface core drills at Las Chispas and three at Picacho) are operating as part of the company's 2021 exploration and optimization program.

The company's current focus at Las Chispas is to infill (for resource conversion) and potentially expand the existing mineralized footprints in areas close to planned underground development. Currently, priority drilling is active at the Splay and Granaditas veins, which host inferred mineral resources that were not included in the feasibility study mine plan. The feasibility study outlines planned underground development, which terminates within approximately 180 metres of high-grade drilling intercepts in the Splay, making this a priority target area for resource conversion to reserves. The results from the 2021 drill program will provide valuable information when evaluating potential opportunities to optimize the initial years of the proposed Las Chispas production profile. The infill drilling program at the Splay is estimated to be completed by the end of Q2 2021.

N. Eric Fier, CPG, PEng, chief executive officer, remarked: "We are very encouraged by the results from the Babi Vista and Granaditas areas, including the Babi Vista vein Splay, which support our goal to target potential resource conversion proximal to planned and existing underground workings. Our systematic and aggressive approach to exploration continues to yield positive drill results in areas outside of the mine plan and further improves our knowledge of Las Chispas geology and mineralization. The primary aim of our 2021 program will be to grow the mineral resources and reserves and complete optimization work to support further enhancements to the already robust economics of the Las Chispas project. Additional reserves increase the potential for optimization of the mine plan and allow us to further study the project's production throughput and mine life expansion."

                                     BABI VISTA VEIN SPLAY

                                                       Approx.
                                          Drilled         true
Hole ID           From          To      intercept    thickness        Au           Ag         AgEq
                   (m)         (m)            (m)          (m)     (g/t)        (g/t)        (g/t)

BV20-227        307.05      308.20           1.15         0.92     24.75      2,003.7        4,155
incl.           307.60      308.20           0.60         0.48     35.80      3,010.0        6,121
BV20-229        294.00      294.50           0.50         0.40     33.70      3,320.0        6,249
BV20-231        317.00      318.00           1.00         0.80      2.78        357.0          599
BV20-234        352.55      355.55           3.00         2.40      8.94      1,011.0        1,788
incl.           355.05      355.55           0.50         0.40     47.90      5,520.0        9,683
BV20-235        338.85      342.60           3.75         3.00      2.36        219.6          424
incl.           342.10      342.60           0.50         0.40      7.26        702.0        1,247
BV20-237        320.50      321.15           0.65         0.52     19.45      1,465.0        3,155
BV20-238        354.50      356.60           2.10         1.68      5.30        591.2        1,052
BV20-240        309.93      311.40           1.47         1.18     18.10      1,330.0        2,903
BV20-241        334.15      335.27           1.12         0.90      1.51        152.0          283
BV20-242        282.37      282.94           0.57         0.46      3.58        496.0          807
BV20-243        314.22      315.23           1.01         0.81      3.92        350.0          691
BV20-244        323.55      327.25           3.70         2.96      1.40        214.6          336
BV20-248        289.80      290.30           0.50         0.40      5.58        484.0          969
BV21-250        280.69      281.41           0.72         0.58      1.23         97.0          204
BV21-251        364.50      365.40           0.90         0.72      5.26        348.0          805
BV21-252        335.26      338.10           2.84         2.27     87.05      6,469.2       14,034
incl.           335.80      337.10           1.30         1.04    185.65     13,958.6       30,092
BV21-257        368.64      369.70           1.06         0.85     61.40      6,040.0       11,376
BV21-258        329.42      330.00           0.58         0.46      0.84        103.0          176
BV21-259        393.75      394.25           0.50         0.40     17.95      1,500.0        3,060
BV21-261        376.46      376.96           0.50         0.40     34.50      2,140.0        5,138
BV21-262        289.28      291.05           1.77         1.42      6.10        659.2        1,189
BV21-264        395.50      396.00           0.50         0.40      2.57        125.0          348
BV21-266        271.10      271.80           0.70         0.56      4.15        530.0          891
BV21-267        276.40      276.90           0.50         0.40      5.01        581.0        1,016
BV21-268        345.85      346.71           0.86         0.69      3.41        236.0          532
BV21-269        392.44      392.94           0.50         0.40     15.90      1,145.0        2,527
BV21-270        280.85      281.40           0.55         0.44      2.94        374.0          629
BV21-274        405.75      406.25           0.50         0.40     56.90      3,850.0        8,795
BV21-276        264.90      265.45           0.55         0.44      5.24        668.0        1,123
BV21-284        381.14      381.75           0.61         0.49     19.85      1,970.0        3,695
BV21-287        279.70      280.30           0.60         0.48      0.94        134.0          216
weighted average                             1.16         0.91     16.12      1,351.5        2,752

                         BABI VISTA FOOTWALL AND GRANADITAS 

                                                Approx.
                                    Drilled        true
Hole ID            From      To   intercept   thickness        Au         Ag     AgEq
                    (m)     (m)         (m)         (m)     (g/t)      (g/t)    (g/t)

BV20-221         170.50  175.06        4.56        3.65     40.42    6,089.4    9,602
incl.            171.00  171.83        0.83        0.66     80.00    6,970.0   13,922
incl.            172.43  174.05        1.62        1.30     66.20   11,685.0   17,438
BV20-222         106.12  108.10        1.98        1.58      2.08      216.4      398
BV20-231         237.61  238.20        0.59        0.47      0.92       85.2      165
BV20-232         261.55  262.05        0.50        0.40      7.17    1,155.0    1,778
BV20-241         256.70  257.30        0.60        0.48      1.57      185.0      321
BV20-244         252.30  252.80        0.50        0.40      5.68      838.0    1,332
BV21-264         349.00  349.50        0.50        0.40      3.02      245.0      507
BV21-273         397.00  397.50        0.50        0.40      1.38       92.7      213
BV21-281         360.80  361.30        0.50        0.40      1.92      177.0      344
GR21-24           119.7  121.50        1.80        1.44      4.60      530.9      931
incl.            121.00  121.50        0.50        0.40     13.65    1,460.0    2,646
GR21-25          138.00  140.15        2.15        1.72      2.61      386.0      613
GR21-26          152.47  153.19        0.72        0.58      1.13      134.0      232
GR21-27          258.80  260.80        2.00        1.60      1.82      169.3      327
GR21-28          141.72  142.22        0.50        0.40    114.00   78,872.0   88,779
weighted average                       1.24        0.99     15.80    4,095.9    5,469
weighted average without GR21-28       1.30        1.04     12.89    1,883.6    3,004

                        BABI VISTA AND GRANADITAS 2 VEIN

                                              Approx.
                                  Drilled        true
Hole ID       From        To    intercept   thickness        Au         Ag     AgEq
               (m)       (m)          (m)         (m)     (g/t)      (g/t)    (g/t)

BV20-238    305.60    306.10         0.50        0.40      6.95      868.0    1,472
BV20-242    234.36    234.93         0.57        0.46      3.20      381.0      659
BV21-256    204.92    205.48         0.56        0.45      1.28      113.0      224
BV21-283    223.50    226.14         2.64        2.11      4.87      325.1      748
BV21-287    331.39    331.90         0.51        0.41      2.85      282.0      530
GR21-26     120.50    121.04         0.54        0.43      7.15      764.0    1,385
GR21-29     141.26    141.78         0.52        0.42      4.70      559.0      967
weighted average                     0.83        0.67      4.56      414.3      810

                              BABI VISTA HANGINGWALL

                                             Approx.
                                Drilled         true
Hole ID      From       To    intercept    thickness        Au            Ag         AgEq
              (m)      (m)          (m)          (m)     (g/t)         (g/t)        (g/t)

BV20-234   376.00   376.50         0.50         0.40      5.29         570.0        1,030
BV21-256   305.50   306.03         0.53         0.42      1.36         117.0          235
BV21-257   424.47   425.10         0.63         0.50      2.48         170.0          386
BV21-279   484.54   485.05         0.51         0.41      1.20         170.0          274
weighted average                   0.54         0.43      2.55         249.2          471
 
                                     UNNAMED VEINS 
                                                    Approx.
                                      Drilled          true
Hole ID         From        To      intercept     thickness        Au            Ag       AgEq
                 (m)       (m)            (m)           (m)     (g/t)         (g/t)      (g/t)

BV20-244      415.00    415.50           0.50          0.40      8.21       1,340.0      2,053
BV20-245      434.50    435.00           0.50          0.40      1.23         134.0        241
BV20-231      211.80    212.30           0.50          0.40      2.68         258.0        491
BV21-261      270.53    271.05           0.52          0.42      2.54         239.0        460
BV21-277      316.25    316.77           0.52          0.42      1.23         121.0        228
BV21-284      179.06    179.70           0.64          0.51      1.94         484.0        653
BV21-289      189.90    190.76           0.86          0.69      0.78         101.0        163

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

The drill results in the news release include holes: BV20-223 to BV-20-226, BV20-228, BV-20-230, BV20-233, BV20-236, BV20-239, BV20-246, BV20-247, BV20-249, BV21-253 to BV21-255, BV21-260, BV21-263, BV21-265, BV21-271, BV21-272, BV21-275, BV21-278, BV21-280, BV21-282, BV21-285, BV21-286A and BV21-288 intersected veining in the Babicanora area but were below the company's cut-off grade of 150 g/t AgEq over a minimum width of 0.50 metre (ETW).

Results being reported in this news release are up to and including holes BV21-289 and GR21-29 representing an additional 78 holes, totalling approximately 29,308 metres completed since the latest news release for the Babi Vista, Splay and Granaditas veins dated Nov. 16, 2020. These results include 51 holes, which have intersected mineralization above a cut-off grade of 150 g/t AgEq over a minimum width of 0.50 metres. This cut-off grade is consistent with what was used in the feasibility study mineral resource estimation. A variable cut-off grade strategy was used to determine mineral reserves in the feasibility study.

The inferred mineral resource estimate for the Splay is based on drilling results of 28 holes (totalling 10,216 metres) up to and including hole BV20-217 and totals 211,363 tonnes grading 13.00 g/t Au and 909.4 g/t Ag, or 2,039 g/t AgEq (totalling 13.9 million AgEq ounces) with an average ETW of 1.27 metres. Results from 31 drill hole intercepts at the Splay included in this release have a weighted average of 0.91 metre ETW grading 16.12 g/t Au and 1,351.5 g/t Ag, or 2,752 AgEq. These results include 16 drill hole intercepts greater than 1,000 g/t AgEq that surround the previous high-grade holes BV20-201 and BV20-203 (see news release dated Nov. 16, 2020) and have an average ETW of 1.18 metres grading 28.20 g/t Au and 2,310.7 g/t Ag, or 4,761 g/t AgEq.

Infill drilling has confirmed the presence of additional high-grade mineralization in the Granaditas veins with hole GR21-28 intercepting 0.40 m ETW of 114.00 g/t Au and 78,872.0 g/t Ag, or 88,779 g/t AgEq. Intercepts for seven of 17 infill holes reported in this news release for Granaditas have intercepted mineralization with a weighted average intercept of 1.57 metres (ETW), grading 19.24 g/t Au and 5,095.1 g/t Ag, or 6,767 g/t AgEq. When hole GR21-28 is excluded, the weighted average is 1.76 metres (ETW), grading 15.65 g/t Au and 2,302.6 g/t Ag, or 3,663 g/t AgEq. The Granaditas veins currently hosts a combined inferred mineral resource of 1.1 million AgEq ounces with 63,157 tonnes grading 3.20 g/t Au and 260.0 g/t Ag, or 538 g/t AgEq, and an ETW of 0.61 metre, based on drilling results up to and including hole GR18-23. While drilling has not substantially expanded the Granaditas resource footprint, the intersection of exceptionally high-grade in GR21-28 is important geologically for understanding the Babicanora area as it suggests that mineralization is not cut-off by the Granaditas fault, a concept which can be further tested in adjacent veins. As drilling continues in the area, the infill drilling program intends to reduce the drill spacing to approximately 30 metres at Granaditas 1 vein, from approximately 45 metres previously.

Results have confirmed southeastern convergence of the Babi Vista, Babi Vista Splay and Granaditas veins. High-grade precious metal mineralization including indicated and inferred mineral resources can now be traced along a continuous 1.3-kilometre vein strike length from Babi Vista to Granaditas.

Two new veins are reported in this release in the footwall and hangingwall to the Babi Vista and Splay veins. The Unnamed 1 vein is located less than 50 metres to the west of the Splay, beyond the extent of previous drilling. The Unnamed 2 vein is located approximately 15 metres to the east of Babi Vista. These veins remain exploration targets and will continue to be tested as part of the continuing drilling program.

The company currently has six surface core drills operating at Las Chispas. These drill rigs are completing additional infill and expansion holes for the Babi Vista vein Splay, Granaditas veins, Babi Vista HW and FW veins, unnamed veins and El Muerto zone. The company also has three drill rigs currently active at its El Picacho property near Las Chispas.

The qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is Mr. Fier, who has reviewed and approved its contents.

About Silvercrest Metals Inc.

Silvercrest is a Canadian precious metals exploration and development 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 top priority is on the high-grade, historic Las Chispas mining district in Sonora, Mexico, where it has completed a feasibility study on the Las Chispas project and is proceeding with mine construction. Start-up of production at the Las Chispas mine is targeted for mid-2022. Silvercrest is the first company to successfully drill test the historic Las Chispas property, resulting in numerous high-grade precious metal 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.

We seek Safe Harbor.

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