Mr. N. Eric Fier reports
SILVERCREST ANNOUNCES BABI VISTA VEIN HIGH-GRADE EXPANSION;
Silvercrest Metals Inc. has released expansion drill results for the Babi Vista vein in the Babicanora area of the Las Chispas project located in the state of Sonora, Mexico. The drilling announced today has defined the initial high-grade footprint of the recently discovered Babi Vista vein. These drill results show wider and higher-grade vein mineralization to depth, including hole BV19-03 with 8.8 metres (true width) grading 1,136 grams per tonne silver equivalent. The 17 expansion drill holes released today are in addition to the five drill holes in the Babi Vista vein previously announced on Feb. 25, 2019. The initial high-grade footprint is approximately 200 metres high by 150 metres along vein strike, and open in most directions. Based on total drilling to date within the Babi Vista high-grade footprint, the initial estimated average true width and grade of the vein is 2.2 metres grading 4.70 grams per tonne gold and 401.1 g/t silver, or 753 g/t silver equivalent.
N. Eric Fier, CPG, PEng, chief executive officer, remarked: "With the recent discovery and expansion of the Babi Vista vein, we continue to add value through the drill bit at Las Chispas as we systematically discover and expand high-grade silver-gold mineralization in the district. These new drill results for Babi Vista are impressive, with the wider higher-grade intersections to depth being some of the widest mineralized vein intercepts on the property. The Babi Vista high-grade footprint appears to extend along vein strike, and is open to depth for further expansion. With the Babicanora area infill drilling nearing completion for resource-to-reserve conversion, we are shifting our focus back to discoveries and expansion by reallocating the drills to add to the high-grade resources, including Babi Vista. Given we have already intersected the Babi Vista vein underground, and its close proximity to the Babicanora and Babicanora Norte veins, there is potential to incorporate Babi Vista into a conceptual mine plan which would require limited underground development. In addition to today's results, we are waiting to announce further results from over 300 drill holes (est. 70 per cent infill, 30 per cent stepout) that are currently either being compiled or in the assay lab."
The most significant result for this release is hole BV19-03, which intersected 8.8 metres (estimated true width) grading 7.36 g/t Au and 584.3 g/t Ag, or 1,136 g/t AgEq. Also noteworthy is hole BV19-04 at 6.6 metres grading 3.37 g/t Au and 249.8 g/t Ag, or 502 g/t AgEq. The associated table summarizes the most significant drill intercepts (uncut, undiluted) for this release.
Hole From To Drilled width Est. true width*** Au Ag AgEq*
No.** (m) (m) (m) (m) (g/t) (g/t) (g/t)
UBV19-02 24.1 27.0 2.9 2.3 2.27 215.1 386
includes 26.5 27.0 0.5 0.4 9.99 878.0 1,627
UBV19-03 21.7 22.2 0.5 0.4 3.55 385.0 651
UBV19-05 12.4 13.5 1.1 0.9 4.86 600.0 965
UBV19-06 21.5 22.0 0.5 0.4 1.10 187.0 270
UBV19-07 24.0 24.7 0.7 0.6 1.09 92.0 174
UBV19-08 42.0 44.4 2.4 2.0 1.84 433.0 571
UBV19-12 18.2 19.7 1.5 1.2 2.56 296.3 488
includes 19.2 19.7 0.5 0.4 5.32 632.0 1,031
BV19-03 270.7 285.4 14.7 8.8 7.36 584.3 1,136
includes 273.4 273.9 0.5 0.3 120.50 9,510.0 18,548
includes 282.4 282.9 0.5 0.3 18.85 1,775.0 3,189
includes 282.8 284.0 1.2 0.7 18.15 1,495.0 2,856
BV19-04 304.9 315.9 11.0 6.6 3.37 249.8 502
includes 315.2 315.9 0.7 0.4 32.70 2,940.0 5,393
Notes
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.
** UBV defines underground drill hole.
*** Variations in vein widths are typical for epithermal vein systems.
All assays were completed by ALS Chemex in Hermosillo, Mexico, and North Vancouver, B.C., Canada. Holes UBV19-01, UBV19-04, UBV19-09 to 11, BV19-01, BV19-02 and BV19-05 intercepted veining, but were below the company's cut-off grade of 150 g/t AgEq.
Several unnamed veins were intersected while drilling the Babi Vista vein with the following intercepts:
- Hole BV19-03 -- 0.5 m grading 0.97 g/t Au and 94.0 g/t Ag, or 167 g/t AgEq;
- Hole BV19-04 -- 1.2 m grading 1.03 g/t Au and 114.4 g/t Ag, or 192 g/t AgEq;
- Hole BV19-04 -- 1.0 m grading 1.88 g/t Au and 178.0 g/t Ag, or 319 g/t AgEq.
These unnamed vein intercepts add to the potential for further discoveries.
There are currently 17 core drills operating at Las Chispas, 16 surface and one underground. This includes, 13 rigs completing infill and vein expansion holes in the Babicanora area known veins, and four rigs working on new vein targets and infill for the Las Chispas area. Approximately 80 holes for 20,000 to 25,000 metres remain to be completed in 2019, of which 20 to 30 holes (3,000 metres) are for the Babi Vista vein. Updated resource and maiden reserve estimates, potentially including Babi Vista, are anticipated in Q2 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 Mr. Fier, 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. The Las Chispas project consists of 28 mineral concessions, of which the company has 100-per-cent ownership of where all the resources are located. Silvercrest is the first company to successfully drill test the historic Las Chispas project resulting in numerous discoveries.
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