TSX: SIL | NYSE American: SILV
VANCOUVER, BC, Feb. 24, 2021 /CNW/ - SilverCrest Metals Inc.
("SilverCrest" or the "Company") is pleased to announce the
commencement of drilling, and initial results, at El Picacho
Property ("El Picacho" or the "Property") located near its Las
Chispas Project in Sonora, Mexico
(see attached Figures).
Highlights for El Picacho Property and Veins:
- The best intercepts from initial drilling include;
-
- Hole PI-20-006 at 7.25 metres of estimated true width ("ETW")
grading 40.49 grams per tonne ("gpt") gold ("Au") and 260.4 gpt
silver ("Ag"), or 3,297 gpt silver equivalent ("AgEq", 75:1 Au:Ag
ratio), and
- Hole PI-20-001 at 16.4 metres of ETW grading 8.50 gpt Au and
51.3 gpt Ag, or 689 gpt AgEq.
- 42 initial drill holes with 21 holes intercepting an average of
4.1 metres ETW grading 8.14 gpt Au and 49.7 gpt Ag, or 660 gpt AgEq
for the El Picacho Vein;
-
- Excluding best intercept Hole PI20-006, the average is 3.9
metres ETW grading 5.12 gpt Au and 30.1 gpt Ag, or 414 gpt
AgEq.
- Drilling has discovered a near parallel vein to El Picacho
Vein, El Picacho HW Vein with 7 drill hole intercepts, and expanded
the mineralized footprint from the previous historic unverified
resource area.
- Three core drill rigs are active at El Picacho, as well as six core drill rigs at
the Las Chispas Project as part of a US$42
million company-wide 2021 exploration program. A majority of
this program will be focused on the Las Chispas Project.
El Picacho results being
reported in this news release represent 42 drill holes totalling an
estimated 11,420 metres. Drilling focused on El Picacho Vein and
the near parallel discovery, El Picacho HW Vein (see Table below).
Twenty-one (21) of these 42 holes intercepted El Picacho Vein with
a cutoff grade of 150 gpt AgEq and minimum ETW of 0.50 metres. The
program has successfully intercepted precious metal mineralization
within El Picacho Vein across an area of approximately 500 metres
along vein strike and 300 metres down vein dip from surface. This
mineralized footprint is an expansion of the previous historic
unverified resource area (see attached Figures and historic notes
below). All access rights and necessary drill permits (5-year
license) are in place for continued drilling.
The Company's initial drill hole on the Property, PI-20-001,
intercepted 16.37 metres ETW grading 8.50 gpt Au and 51.3 gpt Ag,
or 689 gpt AgEq (mostly gold in value), including 11.41 metres
grading 11.56 gpt Au and 70.3 gpt Ag, or 937 gpt AgEq. This hole
twinned a 2007 historic hole which previously intercepted 15.58
metres ETW grading 11.21 gpt Au and 26 gpt Ag, or 867 gpt AgEq.
N. Eric Fier, CPG, P.Eng, and
CEO, remarked, "We acquired El
Picacho only six months ago, and in this short time period,
SilverCrest's exploration team has negotiated surface rights,
completed preliminary geological surface and underground
exploration work, received a five-year drilling permit, set up a
COVID-19 isolation camp with strict protocols, and have already
made some significant discoveries. Drilling will continue
throughout the year, with an approved total 2021 exploration budget
of US$42 million for mostly the Las
Chispas Project with some allocated to El
Picacho based on success."
The most significant high-grade intercept to date is in hole
PI-20-006 with 7.25 metres ETW grading 40.49 gpt Au and 260.4 gpt
Ag, or 3,297 gpt AgEq. The following tables summarize the most
significant drill intercepts (uncapped, undiluted) above a cut-off
of 150 gpt AgEq and with a minimum ETW of 0.50
metres:
El Picacho Vein
Hole
|
From
(m)
|
To
(m)
|
Length
(m)
|
Est.
True
Width
(m)
|
Au
(gpt)
|
Ag
(gpt)
|
AgEq*
(gpt)
|
PI-20-001
|
120.9
|
142.5
|
21.6
|
16.4
|
8.50
|
51.3
|
689
|
incl.
|
127.5
|
142.5
|
15.0
|
11.4
|
11.56
|
70.3
|
937
|
incl.
|
139.6
|
142.0
|
2.4
|
1.8
|
21.34
|
341.5
|
1,942
|
PI-20-002
|
161.1
|
172.3
|
11.2
|
9.0
|
3.76
|
20.8
|
303
|
incl.
|
165.3
|
166.5
|
1.2
|
1.0
|
15.95
|
85.4
|
1,282
|
PI-20-005
|
116.9
|
119.1
|
2.2
|
1.8
|
5.78
|
7.6
|
441
|
PI-20-006
|
161.6
|
170.6
|
9.0
|
7.3
|
40.49
|
260.4
|
3,297
|
incl.
|
161.6
|
162.2
|
0.6
|
0.5
|
449.01
|
1975.0
|
35,651
|
PI-20-007
|
144.9
|
146.1
|
1.2
|
0.7
|
2.07
|
3.1
|
158
|
PI-20-012
|
68.9
|
73.6
|
4.7
|
4.0
|
3.54
|
11.9
|
278
|
PI-20-013
|
181.4
|
193.2
|
11.8
|
6.7
|
2.98
|
10.8
|
234
|
incl.
|
190.0
|
191.3
|
1.3
|
0.7
|
9.45
|
10.0
|
719
|
PI-20-014
|
241.1
|
242.7
|
1.6
|
1.1
|
2.40
|
27.1
|
207
|
PI-20-016
|
133.4
|
134.7
|
1.3
|
1.0
|
1.97
|
3.9
|
152
|
PI-20-017
|
114.6
|
120.2
|
5.6
|
3.5
|
2.02
|
11.5
|
163
|
PI-20-018
|
210.0
|
212.0
|
2.0
|
1.5
|
1.69
|
29.2
|
156
|
PI-20-019
|
80.6
|
88.1
|
7.5
|
5.9
|
4.01
|
12.1
|
361
|
incl.
|
81.3
|
82.0
|
0.7
|
0.6
|
15.85
|
28.6
|
1,217
|
PI-20-020
|
246.3
|
248.7
|
2.4
|
1.5
|
3.25
|
51.7
|
296
|
PI-20-021
|
119.3
|
121.1
|
1.9
|
1.6
|
3.46
|
10.3
|
270
|
PI-20-024
|
104.1
|
116.7
|
12.6
|
6.9
|
2.31
|
12.6
|
186
|
incl.
|
113.6
|
116.7
|
3.1
|
1.7
|
5.66
|
17.8
|
442
|
PI-21-026
|
82.9
|
88.3
|
5.4
|
4.3
|
2.13
|
22.9
|
183
|
PI-21-027
|
263.9
|
265.2
|
1.3
|
0.8
|
3.07
|
13.4
|
244
|
PI-21-029
|
288.8
|
293.8
|
5.0
|
2.7
|
10.78
|
193.3
|
1,002
|
incl.
|
292.6
|
293.8
|
1.2
|
0.7
|
39.80
|
752.0
|
3,737
|
PI-21-035
|
7.0
|
12.5
|
5.5
|
5.0
|
8.06
|
10.5
|
615
|
incl.
|
7.0
|
7.8
|
0.8
|
0.7
|
48.10
|
36.3
|
3,644
|
PI-21-036
|
54.4
|
56.6
|
2.2
|
1.4
|
1.94
|
10.2
|
156
|
PI-21-041
|
41.0
|
43.6
|
2.6
|
2.0
|
15.81
|
52.3
|
1,238
|
incl.
|
41.6
|
42.9
|
1.3
|
1.0
|
29.77
|
94.7
|
2,328
|
Weighted
Average
|
5.6
|
4.1
|
8.14
|
49.7
|
660
|
El Picacho HW Vein
Hole
|
From
(m)
|
To
(m)
|
Length
(m)
|
Est.
True
Width
(m)
|
Au
(gpt)
|
Ag
(gpt)
|
AgEq*
(gpt)
|
PI-20-006
|
153.8
|
154.6
|
0.8
|
0.7
|
2.59
|
19.9
|
214
|
PI-20-011
|
160.8
|
162.4
|
1.6
|
0.6
|
2.40
|
4.0
|
184
|
PI-20-017
|
106.5
|
109.2
|
2.7
|
1.7
|
2.87
|
8.6
|
224
|
PI-20-021
|
109.7
|
111.3
|
1.6
|
1.4
|
1.88
|
27.5
|
169
|
PI-20-024
|
94.9
|
96.4
|
1.5
|
0.8
|
1.80
|
21.0
|
156
|
PI-21-027
|
243.9
|
245.4
|
1.5
|
0.9
|
3.56
|
82.5
|
349
|
PI-21-030
|
256.7
|
258.9
|
2.2
|
1.2
|
4.37
|
72.3
|
400
|
Weighted
Average
|
1.7
|
1.0
|
2.83
|
34.1
|
246
|
Note: all numbers are
rounded. Cutoff grade of 150 gpt AgEq with a minimum true width of
0.5 metres.
|
Duplicate hole numbers
reflect holes that intersected both El Picacho and El Picacho HW
veins.
|
*AgEq based on 75
(Ag):1 (Au) calculated using long-term silver and gold prices of
US$20 per ounce
|
silver and US$1,500
per ounce gold. Insufficient metallurgical test work has been
completed at
|
Picacho to formulate
accurate recoveries.
|
All assays were completed by ALS Chemex in Hermosillo, Mexico, and North Vancouver, BC, Canada.
The drill results also include holes; PI-20-003 and 004,
PI-20-008 to 010, PI-20-015, PI-20-022 and023, PI-21-025,
PI-21-028, PI-21-031 to PI-21-034, PI-21-037 to PI-21-039,
PI-21-040, and PI-21-042 which intersected veining in
El Picacho and EL Picacho HW veins
but were below the Company's cutoff grade of 150 gpt
AgEq.
El Picacho Property is located approximately 85 road kilometres
(mostly paved) northeast of the Company's Las Chispas Project and
is comprised of 11 mining concessions totalling approximately 7,060
hectares. Mineralization is hosted within multiple low-sulphidation
epithermal veins (currently seven main veins) which include banded
quartz, quartz-calcite breccia, quartz and calcite stockwork, and
structures with pyrite, argentite and sphalerite being the
predominant sulphide minerals. Approximately 13.6 kilometres of
vein strike length is currently known.
The Property was a historic gold and silver producer, with the
first noted production in late 1800s with grades greater than 15
gpt gold (Bird, 1904). Several companies have explored the Property
over the past 30 years; most notably Yamana Gold Inc. ("Yamana") in
2012 which completed a total of 67 drill holes for 10,789 metres
(37% reverse circulation and 63% core), including 24 holes for a
total of an estimated 4,871 metres in El Picacho Vein. Over 1.7
kilometres of near surface historic underground workings are
present in El Picacho Vein that are partially accessible by a 4
metre by 4 metre decline that exposes the mineralized vein.
Summary of Historical Drilling Results for EL Picacho Vein
(Yamana, 2012)
Hole
|
From
(m)
|
To
(m)
|
Length
(m)
|
Est. True
Width
(m)
|
Au
(gpt)
|
Ag
(gpt)
|
AgEq*
(gpt)
|
P12-002D
|
165.3
|
179.9
|
14.6
|
14.0
|
4.19
|
6.4
|
321
|
incl.
|
165.3
|
166.0
|
0.7
|
0.7
|
4.30
|
3.5
|
326
|
incl.
|
168.9
|
169.8
|
0.8
|
0.8
|
13.30
|
18.0
|
1,016
|
incl.
|
171.8
|
175.4
|
3.6
|
3.5
|
7.36
|
8.3
|
560
|
incl.
|
176.3
|
179.9
|
3.6
|
3.5
|
4.23
|
7.9
|
325
|
P12-003D
|
189.3
|
193.1
|
3.8
|
3.5
|
2.16
|
13.3
|
175
|
incl.
|
191.1
|
193.1
|
2.0
|
1.8
|
3.30
|
18.1
|
266
|
P12-004D
|
217.8
|
219.5
|
1.7
|
1.4
|
2.64
|
8.8
|
207
|
P12-005D
|
123.2
|
126.1
|
2.9
|
2.4
|
1.83
|
3.2
|
140
|
incl.
|
124.3
|
126.1
|
1.8
|
1.5
|
2.43
|
4.0
|
186
|
P12-010D
|
195.7
|
197.2
|
1.5
|
1.5
|
1.52
|
2.0
|
116
|
P12-011D
|
244.7
|
245.6
|
0.9
|
0.7
|
1.51
|
22.0
|
135
|
P12-012D
|
111.2
|
112.7
|
1.5
|
1.4
|
7.49
|
8.5
|
570
|
P12-017D
|
148.7
|
150.3
|
1.5
|
1.3
|
1.71
|
0.5
|
129
|
P12-022D
|
210.9
|
212.5
|
1.5
|
1.2
|
3.29
|
32.0
|
279
|
P12-024R
|
13.2
|
20.3
|
7.1
|
6.8
|
3.00
|
6.8
|
232
|
incl.
|
14.2
|
15.2
|
1.0
|
1.0
|
5.41
|
21.0
|
427
|
incl.
|
18.3
|
19.3
|
1.0
|
1.0
|
11.30
|
10.0
|
858
|
Weighted
Average
|
3.7
|
3.4
|
3.35
|
8.0
|
260
|
Note: all numbers are
rounded. Cutoff grade of 150 gpt AgEq with a minimum true width of
0.5 metres.
|
All holes are core
except for hole P12-024R which is reverse circulation.
|
*AgEq based on 75
(Ag):1 (Au) calculated using long-term silver and gold prices of
US$20 per ounce
|
silver and US$1,500
per ounce gold. Insufficient metallurgical test work has been
completed at
|
Picacho to formulate
accurate recoveries.
|
El Picacho Vein has a historic unverified mineral resource
estimate reported in 2010 (Wheatley, 2010) using 14 drill holes,
underground channel sampling results and a polygonal estimation
method. The reported estimate had 364,381 tonnes grading 8.54 gpt
Au and 40.38 gpt Ag, or 100,060 ounces of gold and 473,052 ounces
of silver using a 1 gpt gold cutoff. A qualified person has not
done sufficient work to classify the historical estimates as
current mineral resources or mineral reserves. The Company is not
treating this information as current mineral resources or reserves,
has not verified this information and is not relying on it.
The Company plans on using the historical drilling and
estimates to help guide its exploratory drilling work.
Work by SilverCrest to date has included surface and underground
mapping, sampling, surveys, drilling (described above) and
underground rehabilitation of approximately 1.7 kilometre of
historic lateral and vertical workings (see attached
Figures).
The Company currently has three (3) core drills operating and is
planning further expansion drilling in 2021 for the Picacho,
Picacho HW veins, and other veins on the Property.
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 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 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.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" and
"forward-looking information" (collectively "forward-looking
statements") within the meaning of applicable Canadian and
United States securities
legislation. These include, without limitation, statements with
respect to: the strategic plans, timing and expectations for the
Company's exploration programs at the Las Chispas Project and El
Picacho Property and the start up of production at the Las Chispas
Mine by mid-2022. Such forward looking statements or information
are based on a number of assumptions, which may prove to be
incorrect. Assumptions have been made regarding, among other
things: impact of the COVID-19 pandemic; the reliability of
mineralization estimates, the conditions in general economic and
financial markets; availability of skilled labour; timing and
amount of expenditures related to rehabilitation and drilling
programs; and effects of regulation by governmental agencies. The
actual results could differ materially from those anticipated in
these forward-looking statements as a result of risk factors
including: uncertainty as to the impact and duration of the
COVID-19 pandemic; the timing and content of work programs; results
of exploration activities; the interpretation of drilling results
and other geological data; receipt, maintenance and security of
permits and mineral property titles; environmental and other
regulatory risks; project cost overruns or unanticipated costs and
expenses; and general market and industry conditions.
Forward-looking statements are based on the expectations and
opinions of the Company's management on the date the statements are
made. The assumptions used in the preparation of such statements,
although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, readers are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date the statements were made. The Company
undertakes no obligation to update or revise any forward-looking
statements included in this news release if these beliefs,
estimates and opinions or other circumstances should change, except
as otherwise required by applicable law.
N. Eric Fier, CPG, P.Eng
Chief Executive Officer
SilverCrest Metals Inc.
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SOURCE SilverCrest Metals Inc.