SilverCrest Delineates 10th High-Grade Vein at Las Chispas

SilverCrest Metals Inc. (TSXV:SIL) announced drill results from the Luigi vein on the Las Chispas property located in Sonora, Mexico. There are 23 known epithermal veins on the property.

As quoted in the press release:

The company has tested 10 of these 23 veins (the Babicanora, Babicanora Footwall, Las Chispas, Giovanni, La Blanquita, William Tell, Varela, Granaditas, Luigi and Amethyst veins), all of which have drill-intersected high-grade mineralization.

The most significant result for this release occurred in Hole LC17-65, which intersected 1.4 metres (true width) grading 13.22 grams per tonne (“gpt”) gold and 2,006.7 gpt silver, or 2,999 gpt silver equivalent (“AgEq”, based on 75 (Ag):1 (Au) and 100% metallurgical recovery). Also noteworthy is Hole LC17-45 which intersected 4.1 metres grading 1.71 gpt gold and 231.8 gpt silver, or 360 gpt AgEq.

Drill hole numbering for the Luigi Vein is out of sequence and dates back several months into 2017 as the Luigi Vein was not identified as a vein until subsequent holes were drilled. None of the drill holes for the Luigi Vein are included in the Company’s maiden resource previously announced on February 26, 2018.

The Luigi Vein high-grade footprint currently measures approximately 300 metres long by a minimum of 75 metres high by 1.7 metres in average true width, with a weighted average grade of 2.84 gpt gold and 416.6 gpt silver, or 629 gpt AgEq. The Company plans to continue drilling on this vein for potential expansion as part of its Phase III drill program.

The Phase III drill program also includes drilling several new and partially-drilled high-grade mineralized veins. An additional 15,000 to 20,000 metres of drilling are planned for Q3 2018. Other ongoing site work includes continued underground mapping and sampling on the Las Chispas Vein, drilling test wells for site water, permitting for various additional work, and review of maiden resource model for optimization and update.

In addition to exploration work at Las Chispas, other recent activities in Mexico include the option of the Guadalupe concession located in the state of Durango to another company  and the purchase of the Cuestra Blanca Ranch (671.9 ha) in the Las Chispas Area. Through its Mexican subsidiary, SilverCrest now directly owns approximately two thirds of the surface rights over its Las Chispas mining concession.

N. Eric Fier, CPG, P.Eng and CEO, commented:

With the addition of the Luigi Vein, we continue to grow our portfolio of high-grade mineralized veins and are beginning to understand the “nature of multiples” when it comes to projecting high-grade previous drill-intercepts in adjacent veins on to new discoveries. This is the tenth high-grade vein we have delineated in the district, which is immediately adjacent to the Las Chispas Vein and accessible by underground workings. The Luigi Vein is named after Luigi Pedrazzini, son of Giovanni Pedrazzini the founder of Minas Pedrazzini Gold and Silver Mining Company which operated at the Property from the late 1800s to 1930. We plan to further drill test the Luigi Vein during H1 2018 and include the results in the proposed updated resources in Q3 2018.

Click here to read the full SilverCrest Metals Inc. (TSXV:SIL) press release.