SilverCrest Metals Inc. (“SilverCrest” or the “Company”) is pleased to announce additional in-fill and expansion drill results from the Babi Vista Vein Splay (“Splay”), Babi Vista Vein (“Babi Vista”), Granaditas 1 Vein, Granaditas 2 Vein, and adjacent hangingwall (“HW”) and footwall (“FW”) veins in the Babicanora Area of its Las Chispas Project (“Las Chispas” or the “Project”) located in Sonora, Mexico.
Highlights
The Company’s current focus at Las Chispas is to in-fill (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 in-fill drilling program at the Splay is estimated to be completed by the end of Q2 2021.
N. Eric Fier, CPG, P.Eng, and CEO, 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.”
Results being reported in this news release are up to and including holes BV21-289 and GR21-29 representing an additional 78 holes, totaling approximately 29,308 metres completed since the latest news release for the Babi Vista, Splay and Granaditas veins dated November 16, 2020. These results include 51 holes which have intersected mineralization above a cutoff grade of 150 gpt 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 (totaling 10,216 metres) up to and including hole BV20-217 and totals 211,363 tonnes grading 13.00 gpt Au and 909.4 gpt Ag, or 2,039 gpt AgEq (totaling 13.9 million AgEq ounces) with an average ETW of 1.27 metres. Results from 31 drillhole intercepts at the Splay included in this release have a weighted average of 0.91 metres ETW grading 16.12 gpt Au and 1,351.5 gpt Ag, or 2,752 AgEq. These results include 16 drillhole intercepts greater than 1,000 gpt AgEq that surround the previous high-grade holes BV20-201 and BV20-203 (see news release dated November 16, 2020) and have an average ETW of 1.18 metres grading 28.20 gpt Au and 2,310.7 gpt Ag, or 4,761 gpt AgEq.
In-fill drilling has confirmed the presence of additional high-grade mineralization in the Granaditas veins with hole GR21-28 intercepting 0.40 metres ETW of 114.00 gpt Au and 78,872.0 gpt Ag, or 88,779 gpt AgEq. Intercepts for seven (7) of seventeen (17) in-fill holes reported in this news release for Granaditas have intercepted mineralization with a weighted average intercept of 1.57 metres (ETW), grading 19.24 gpt Au and 5,095.1 gpt Ag, or 6,767 gpt AgEq. When hole GR21-28 is excluded, the weighted average is 1.76 metres (ETW), grading 15.65 gpt Au and 2,302.6 gpt Ag, or 3,663 gpt AgEq. The Granaditas veins currently hosts a combined Inferred Mineral Resource of 1.1 million AgEq ounces with 63,157 tonnes grading 3.20 gpt Au and 260.0 gpt Ag, or 538 gpt AgEq and an ETW of 0.61 metres, 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 in-fill 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 ongoing drilling program.
The Company currently has six (6) surface core drills operating at Las Chispas. These drill rigs are completing additional in-fill 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 (3) 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 N. Eric Fier, CPG, P.Eng, and CEO for SilverCrest, who has reviewed and approved its contents.
ABOUT SILVERCREST METALS INC.
SilverCrest is a Canadian-based precious metals exploration and development company headquartered in Vancouver, BC, that is focused on new discoveries, value-added acquisitions, and targeting production in Mexico’s historic precious metal districts. The Company’s ongoing initiative is to increase its asset base by expanding current Resources and Reserves, acquiring and developing high-margin precious metal projects, and ultimately operating multiple silver-gold mines in the Americas. SilverCrest’s principal focus is currently its Las Chispas Project or “Project”, which is located approximately 180 kilometres northeast of Hermosillo, Sonora, Mexico. The Company has recently filed a Feasibility Study on the Project and is proceeding with mine construction. Production startup is targeted for mid-2022. 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.
N. Eric Fier, CPG, P.Eng
Chief Executive Officer
SilverCrest Metals Inc.