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Silvercrest Metals Inc
Symbol SIL
Shares Issued 129,114,631
Close 2020-11-16 C$ 13.41
Recent Sedar Documents

Silvercrest drills 3 m of 61,105 g/t AgEq at Chispas

2020-11-16 07:18 ET - News Release

Mr. N. Eric Fier reports

SILVERCREST ANNOUNCES NEW HIGH-GRADE DISCOVERY AT LAS CHISPAS AND RECORD INTERCEPT

Silvercrest Metals Inc. has released drill results for its newest high-grade discovery, the Babi Vista splay vein, and infill drilling for the northwest extension of the Babi Vista vein at its Las Chispas property located in Sonora, Mexico. The current drill program for Babi Vista is designed to expand high-grade precious metal mineralization along strike and to depth of the vein. Included in this release are results for 129 holes, which include 24 expansion holes for the Babi Vista splay and 105 infill holes for Babi Vista.

The Babi Vista splay is located in the southeast extension of the Babi Vista vein and appears to be a splayed quartz argentite-rich vein in the hangingwall of Babi Vista.

Highlights for discovery of Babi Vista splay vein:

  • The company has drilled 24 core holes to date.
  • The high-grade footprint is approximately 300 metres along strike and has an average height of 175 metres.
  • Weighted average results (true width, uncut and undiluted) are 1.6 metres grading 74.27 grams per tonne gold and 3,437.1 g/t silver, or 9,007 g/t silver equivalent (based on 75 Ag:1 Au) within the high-grade footprint.
  • Average is dominated by hole BV20-201 with 2.4 metres (TW) grading 555.36 g/t gold and 19,452.8 g/t Ag, or 61,105 g/t AgEq. When excluding this hole, the weighted average results are 1.5 metres grading 10.35 g/t Au and 1,309.1 g/t Ag, or 2,085 g/t AgEq.
  • Hole BV20-201 establishes a new grade-thickness record for the property of 189,426 gram-metres, which compares with the previous record of 125,111 gram-metres (1.7 metres grading 73,595 g/t AgEq in hole BV20-60).
  • The discovery is near the company's continuing underground work and is readily accessible for potential early mining.
  • The discovery will be included as inferred resources for the upcoming resource estimation in the continuing feasibility study.

Babi Vista vein infill drill results confirmed high-grade mineralization in the vein to the northwest. These results will be used for reclassification of mineral resources for consideration in the upcoming maiden reserves in the continuing feasibility study. Drill results for the updated resources to be included in the feasibility study were cut off on Oct. 16, 2020. While drilling for the Babi Vista splay and Babi Vista vein, the Babi Vista footwall (FW), Granaditas, and several previously unknown and unnamed veins were also intersected with results presented in associated tables.

N. Eric Fier, CPG, PEng and chief executive officer, remarked: "We continue to find new high-grade opportunities at Las Chispas, with yet another record-breaking intercept and vein discovery. Results from the Babi Vista splay highlight continued potential for high-grade resource growth in the vicinity of our current underground work. With five drills active at Las Chispas, we expect to see further results in the coming months from both expansion and infill drilling beyond the completion of the feasibility study."

The most significant result for this release is hole BV20-201, which intersected 2.4 metres (estimated true width) grading 555.36 g/t Au and 19,452.8 g/t Ag, or 61,105 g/t AgEq. Also noteworthy are holes BV20-203 at 3.3 metres grading 38.18 g/t Au and 5,060.7 g/t Ag, or 7,924 g/t AgEq, in the Babi Vista splay and BV20-106 at 0.7 metre grading 52.2 g/t Au and 3,710.0 g/t Ag, or 7,625 g/t AgEq, in the Babi Vista vein. The associated tables summarize the most significant drill intercepts (uncut, undiluted) for this release.

                                        BABI VISTA SPLAY VEIN
  
Hole ID       From     To   Drilled intercept    Approx. true thickness          Au         Ag       AgEq*
               (m)    (m)                 (m)                       (m)       (g/t)      (g/t)       (g/t)

BV20-125     362.1  362.6                 0.5                       0.4        5.20      489.0         879
BV20-167     210.9  211.4                 0.6                       0.4        2.45      162.0         346
BV20-182     307.1  311.4                 4.3                       3.4        7.99      866.7       1,466
includes     310.6  311.4                 0.8                       0.6       36.90    4,132.0       6,900
BV20-193     424.4  426.1                 1.7                       1.4        1.03      119.1         197
BV20-195     311.0  312.5                 1.5                       1.2        2.03      205.0         357
BV20-197     384.0  384.5                 0.5                       0.4        1.59      170.0         289
BV20-201     356.2  359.2                 3.0                       2.4      555.36   19,452.8      61,105
includes     357.1  357.6                 0.5                       0.4    3,366.00  114,814.0     367,264
BV20-203     302.0  306.1                 4.1                       3.3       38.18    5,060.7       7,924
includes     305.5  306.1                 0.6                       0.5      240.10   32,741.0      50,749
BV20-206     379.5  380.5                 1.0                       0.8        1.05      138.0         217
BV20-207     228.5  233.6                 5.1                       4.1        5.23      624.3       1,016
includes     232.9  233.6                 0.7                       0.6       18.35    2,520.0       3,896
BV20-208     293.0  294.6                 1.6                       1.3        1.97      236.5         384
BV20-209A    317.2  318.1                 0.9                       0.7        1.07      326.0         406
BV20-210     336.8  337.9                 1.1                       0.9        5.29      650.4       1,047
Weighted average                          2.0                       1.6       74.27    3,437.1       9,007
  
                                     BABI VISTA VEIN 
  
Hole ID      From     To  Drilled intercept    Approx. true thickness       Au         Ag      AgEq*
              (m)    (m)                (m)                       (m)    (g/t)      (g/t)      (g/t)

BV20-80     344.5  345.0                0.6                       0.5     3.74      395.0        676
BV20-100    183.3  183.9                0.6                       0.5    18.30    1,002.0      2,375
BV20-101    369.4  370.0                0.6                       0.4     5.58      475.0        894
BV20-106    248.3  249.2                0.9                       0.7    52.20    3,710.0      7,625
BV20-114    261.1  262.2                1.1                       0.8    16.74    1,278.0      2,534
BV20-120    206.8  207.4                0.6                       0.4    35.40    2,890.0      5,545
BV20-123    350.3  350.8                0.5                       0.4    10.90      782.0      1,600
BV20-125    343.5  344.0                0.5                       0.4     5.01      547.0        923
BV20-126    224.8  226.8                2.0                       1.6     1.79      126.6        261
BV20-130    186.7  187.5                0.8                       0.6    34.50    3,410.0      5,998
BV20-135    195.9  198.8                2.9                       2.4    12.14      774.7      1,685
BV20-136    262.1  262.9                0.8                       0.7     1.24      119.0        212
BV20-137    173.8  174.5                0.7                       0.6     1.65      185.0        309
BV20-139    179.1  179.6                0.5                       0.4     1.54      111.0        227
BV20-140    278.9  279.5                0.6                       0.4     3.42      254.0        511
BV20-143    293.9  294.4                0.5                       0.4     5.10      613.0        996
BV20-146    284.1  285.0                0.9                       0.8     1.24       96.4        189
BV20-147    210.0  210.6                0.6                       0.5     1.25      120.0        214
BV20-152    196.2  197.3                1.1                       0.9    20.32    1,293.9      2,818
BV20-154    292.5  293.0                0.5                       0.4     2.56      325.0        517
BV20-165    265.0  266.5                1.5                       1.2     6.95      906.0      1,427
BV20-175    262.5  263.0                0.5                       0.4     2.72      336.0        540
BV20-178    343.1  344.0                0.9                       0.7    44.60    2,990.0      6,335
BV20-179    229.5  230.0                0.5                       0.4     2.66      338.0        538
BV20-182    302.1  303.5                1.4                       1.1     1.33      126.1        226
BV20-191    215.7  216.2                0.5                       0.4    10.55    1,180.0      1,971
BV20-197    292.8  294.1                1.3                       1.0     1.92      196.2        340

                                  BABI VISTA FW AND GRANADITAS VEINS
    
Hole ID      From     To   Drilled intercept    Approx. true thickness        Au         Ag     AgEq*
              (m)    (m)                 (m)                       (m)     (g/t)      (g/t)     (g/t)

BV20-211    204.6  205.4                 0.8                       0.6      3.12      353.0       587
BV20-213    132.9  134.1                 1.2                       1.0     26.29    3,768.6     5,740
BV20-216    172.9  174.5                 1.6                       1.2      5.18      647.5     1,036

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

BV20-80     215.9   216.5                   0.6                        0.5       1.50  154.0         266
            339.1   339.9                   0.8                        0.6       1.84  129.0         267
BV20-102     93.2    93.9                   0.7                        0.5       0.74  109.0         165
BV20-112    249.0   249.6                   0.6                        0.5       2.75  219.0         425
BV20-158    219.9   220.4                   0.5                        0.4       1.08   84.8         166
BV20-163    141.8   142.3                   0.5                        0.4       1.57  196.0         314
BV20-174    287.6   288.3                   0.7                        0.5       1.89  217.0         359
BV20-182    224.1   224.7                   0.6                        0.4       0.83  147.0         209
BV20-181    195.0   195.6                   0.6                        0.4       3.70    5.0         283
BV20-207    213.7   214.5                   0.8                        0.6       1.69  213.0         340

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, and Bureau Veritas Inspectorate Ltd. in Hermosillo, Mexico.

Holes BA18-91, BV20-86 to 87, 90 to 91, 93, 95 to 99, 103 to 105, 107 to 111, 113, 115 to 119, 112 to 122, 124, 128 to 129, 131 to 134, 138, 141 to 142, 144 to 145, 148 to 151, 153, 155 to 157, 160 to 162, 164, 166, 168 to 173, 176 to 177, 180, 183 to 190, 192, 194, 196, 198 to 200, 202, 204 to 205, 212, 214 to 215 and 217 intersected veining but were below the company's cut-off grade of 150 g/t AgEq.

There are currently five surface core drills operating at Las Chispas. These drill rigs are completing further known vein expansion holes for the Babi Vista vein, El Muerto zone and Amethyst vein. Approximately 30 holes for 12,000 metres remain to be completed for 2020. An updated resource estimate is being completed as part of the continuing feasibility study with an expected completion in Q4 2020 or early January, 2021.

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 and where all the known mineral resources of the company are located. 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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