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SilverCrest Announces Babicanora Area Final In-fill Drill Results For Feasibility Study Resource Estimation

·14 min read

TSX: SIL | NYSE American: SILV

VANCOUVER, BC, Jan. 14, 2021 /PRNewswire/ - SilverCrest Metals Inc. ("SilverCrest" or the "Company") is pleased to announce the remaining in-fill drill results which will be included in the upcoming Feasibility Study for its Las Chispas Property ("Las Chispas" or the "Property") located in Sonora, Mexico. Today's results include in-fill drilling for the Babicanora ("Babi Main"), the Babicanora Footwall ("Babi FW"), the Babicanora Hangingwall ("Babi HW") and Babicanora Sur ("Babi Sur") veins (see attached Figures). Drilling for these veins was designed to expand the known mineralized footprints, and to in-fill previously reported drilling used for resource estimation in the Technical Report and Preliminary Economic Assessment for Las Chispas ("PEA") with an effective date of May 15, 2019, and amended on July 19, 2019. These results, along with all assay data received by the Company up to and including the cut-off date of October 16, 2020, will be incorporated into the Mineral Resource Estimate update and Maiden Reserve Estimate as part of the upcoming Feasibility Study.

Maps and Figures (CNW Group/SilverCrest Metals Inc.)
Maps and Figures (CNW Group/SilverCrest Metals Inc.)

Highlights include:

  • For this news release, a total of 235 holes, comprising 65,360 metres and 15,153 assays, have been completed at Babi Main, Babi FW, Babi HW, and Babi Sur veins since the previous drill results were announced (refer to the Company's News Releases dated June 27, 2019 and January 20, 2020);

  • Of the 235 holes being reported, 133, some with multiple vein intercepts, are shown in the following table with composite assays grading greater than 150 grams per tonne ("gpt") silver equivalent ("AgEq");

Vein

Drill Hole Vein Intercepts (composited) in This News Release

Drill Hole Vein Intercepts (composited) in Total

# Vein
Intercepts

Ave. True
Width (m)

Weighted Ave. Grade

# Vein
Intercepts

Ave. True
Width (m)

Weighted Ave. Grade

Au gpt

Ag gpt

AgEq* gpt

Au gpt

Ag gpt

AgEq* gpt

Babi Main

125

2.1

4.53

409.9

750

231

2.7

7.54

712.6

1,238

Babi FW

31

1.1

9.03

655.9

1,333

67

1.0

9.04

748.0

1,431

Babi HW

31

0.8

4.62

182.8

529

56

0.7

3.90

206.6

460

Babi Sur

6

1.5

15.48

488.5

1,650

38

1.5

9.38

435.6

1,139

Note: Intercept numbers reflect multiple vein intercepts for some drill holes. Values shown are uncut, undiluted.

*AgEq based on 75 (Ag):1 (Au) calculated using long-term silver and gold prices of US$17 per ounce silver and US$1,225 per ounce gold, with average metallurgical recoveries of 90% silver and 95% gold.

  • The best intercepts reported in this news release per vein (uncut, undiluted, est. true width) are:

  • In-fill drilling reduced the average vein intercept spacing from approximately 60 metres used for the PEA resource estimation to an estimated 35 metres for feasibility resource estimation;

  • Results confirm the general southeast plunging continuity of mineralization related to known geologic controls for each vein (see attached Figures);

  • Veins are now better defined, with drilling generally expanding footprints with some veins showing less continuous internal mineralization than the previous interpretation in the PEA;

  • The Babi Main Vein remains the largest vein on the Property, with expansion of high-grade mineralization for approximately 2.1 kilometres in strike length and over 200 metres in height; and

  • Five surface core drills are currently operating at Las Chispas focused on further expansion and in-filling for the Babi Vista Vein, Babi Vista Splay Vein, El Muerto Zone and Amethyst Vein.

Overall, in-fill drilling generally shows that veins are somewhat narrower but higher grade, with some veins having longer strike lengths. Denser drill spacing has better defined high-grade shoots and zones for future exploration work in the district.

N. Eric Fier, CPG, P.Eng, and CEO, remarked, "These Babicanora in-fill drill results show that we generally 'moved ounces around within a confined area' for these previously defined four veins, resulting in less continuous mineralized footprints but with higher grades, which is typical of late-stage exploration drilling. The reduced mineralized footprint in the Babi FW Vein will have minimal impact on total district mineralization. With the benefit of greater drilling density and understanding of lithologic and structural controls, we now have a higher confidence in our ability to identify additional high-grade mineralization for all veins in the Las Chispas district. The feasibility resource estimation will include 21 veins (5 veins containing a majority of the high-grade mineralization) of the known 45 veins. The best opportunities for resource expansion for the upcoming Feasibility Study are the Babi Vista Vein and Babi Vista Splay Vein, which were both discovered after the PEA release. We look forward to the announcement of the Las Chispas Feasibility Study later this month, which will include a Resource update and our maiden Reserve Estimate."

The following tables summarize the most significant drill intercepts (uncut, undiluted, greater than 500 AgEq) for this release:

Babicanora "Main" Vein

Hole ID

From (m)

To (m)

Drilled
Intercept (m)

Approx. True
Width (m)

Au gpt

Ag gpt

AgEq gpt*

BA19-197

271.7

272.7

1.0

0.8

3.10

402.1

635

BA19-209

411.0

415.9

4.9

3.9

8.08

959.1

1,565

BA19-219

175.5

176.8

1.3

1.0

26.80

815.0

2,825

BA19-220

235.1

238.8

3.7

3.0

19.11

1,692.3

3,125

BA19-235

160.6

163.0

2.4

2.0

21.41

1,632.4

3,238

BA19-246

216.7

218.1

1.4

1.1

10.43

99.1

881

BA19-253

169.1

171.3

2.2

1.8

7.61

1,059.5

1,630

BA19-257

189.5

190.9

1.4

1.1

10.14

586.3

1,347

BA19-271

69.8

70.6

0.8

0.7

6.77

8.0

516

BA19-277

88.5

91.7

3.2

2.6

6.09

109.8

566

BA19-282

140.3

146.3

6.0

4.8

3.54

276.8

542

BA19-293

118.7

119.4

0.7

0.6

0.05

543.7

547

BA19-296

129.6

130.8

1.2

1.0

6.81

503.2

1,014

BA19-302

138.7

141.6

2.9

2.3

4.83

395.9

758

BA19-304

305.0

308.0

3.0

2.4

38.06

4,213.8

7,068

BA19-310

150.5

152.5

2.0

1.6

6.54

124.2

615

BA19-311

331.5

335.0

3.5

2.8

1.94

459.4

605

BA19-313

195.3

199.5

4.2

3.4

4.80

226.8

587

BA19-314

313.2

315.9

2.7

2.1

3.43

503.9

761

BA19-317

218.7

221.5

2.8

2.2

3.60

573.8

844

BA19-320

399.9

402.2

2.3

1.8

3.04

287.5

516

BA19-329

401.9

414.3

12.4

9.9

2.93

476.6

696

BA19-334

266.8

267.5

0.7

0.6

4.00

346.6

647

BA19-341

186.5

192.9

6.4

5.1

6.05

190.3

644

BA19-344

362.7

365.3

2.6

2.1

8.96

840.9

1,513

BA19-347

348.1

349.6

1.5

1.2

4.71

662.4

1,015

BA19-353

176.3

178.2

1.9

1.5

5.81

71.1

507

BA20-361

237.4

243.6

6.2

4.9

3.77

531.7

814

BA20-362

254.4

256.2

1.8

1.5

8.60

504.8

1,150

BA20-364

248.0

249.4

1.4

1.1

9.62

1,435.1

2,156

BA20-367

68.7

71.7

3.0

2.4

8.22

425.0

1,041

BA20-368

211.0

212.3

1.3

1.0

9.98

1,293.1

2,042

BA20-373

200.3

202.6

2.3

1.8

5.63

644.2

1,067

BA20-376

269.2

271.8

2.6

2.1

1.98

406.0

555

BA20-377

225.9

226.5

0.6

0.5

3.80

357.3

642

UBR19-01

83.9

84.7

0.8

0.6

16.77

1,532.8

2,791

UBR19-06

29.4

35.0

5.6

4.4

23.36

2,194.2

3,946

Babicanora Footwall Vein

Hole ID

From (m)

To (m)

Drilled
Intercept (m)

Approx. True
Width (m)

Au gpt

Ag gpt

AgEq gpt*

BA19-201

256.1

257.9

1.8

1.4

6.96

624.9

1,147

BA19-214

493.6

494.6

1.0

0.8

3.04

331.1

559

BA19-215

180.9

183.4

2.5

2.0

96.53

2,898.9

10,139

BA19-218

168.1

168.7

0.6

0.4

30.17

1,728.1

3,991

BA19-257

221.8

222.6

0.8

0.6

4.62

445.5

792

BA19-264

119.6

120.6

1.0

0.8

24.45

2,063.8

3,897

BA19-279

251.5

252.0

0.5

0.4

2.84

453.1

666

BA19-285

306.2

306.7

0.5

0.4

3.94

359.4

655

BA19-306

263.7

267.6

3.9

3.1

3.15

266.5

503

BA19-310

168.3

169.0

0.7

0.6

15.57

240.4

1,408

BA19-314

340.2

341.2

1.0

0.8

2.40

354.7

535

BA19-317

254.6

255.6

1.0

0.8

10.92

1,232.6

2,052

BA19-332

80.9

86.8

5.9

4.7

3.79

565.2

849

BA19-341

222.5

223.2

0.7

0.6

6.82

437.2

949

UBV19-29

3.0

3.8

0.8

0.6

8.22

2,188.9

2,805

UBV19-30

1.8

4.4

2.6

2.0

6.55

795.1

1,286

UBV19-31

1.5

3.7

2.2

1.8

4.07

570.8

876

BV20-24

92.5

93.1

0.6

0.5

26.11

5,584.6

7,543

Babicanora Hangingwall Vein

Hole ID

From (m)

To (m)

Drilled
Intercept (m)

Approx. True
Width (m)

Au gpt

Ag gpt

AgEq gpt*

BA19-215

118.9

122.0

3.1

2.5

6.59

173.3

667

BA19-260

142.2

143.0

0.8

0.6

10.74

72.9

878

BA19-287

95.2

95.8

0.6

0.5

7.50

54.9

617

BA19-296

117.6

118.4

0.8

0.6

0.05

1,038.7

1,042

BA19-303

104.2

104.7

0.5

0.4

90.57

75.4

6,868

BA19-329

394.5

395.4

0.9

0.7

3.91

429.9

723

BA19-342

111.8

112.6

0.8

0.6

5.92

139.0

583

UBR19-05

6.9

7.6

0.7

0.5

8.80

685.8

1,346

Babicanora Sur Vein

Hole ID

From (m)

To (m)

Drilled
Intercept (m)

Approx. True
Width (m)

Au gpt

Ag gpt

AgEq gpt*

BAS20-148

219.5

220.9

1.4

1.1

5.92

392.9

837

BAS20-156

128.0

130.2

2.2

1.8

72.22

160.8

5,577

BAS20-158

165.6

166.2

0.6

0.5

6.70

22.0

524

BAS20-159

252.9

259.8

6.9

5.5

7.12

845.4

1,379

BAS20-161

305.6

306.2

0.6

0.4

5.40

499.0

904

*AgEq based on 75 (Ag):1 (Au) calculated using long-term silver and gold prices of US$17 per ounce silver and US$1,225 per ounce gold, with average metallurgical recoveries of 90% silver and 95% gold.

All assays were completed by ALS Chemex in Hermosillo, Sonora, Mexico, and North Vancouver, BC, Canada, and Bureau Veritas Inspectorate Ltd. in Hermosillo, Sonora, Mexico.

The drill results in the news release include holes BA19-194 to BA20-391, UBR19-01 to UBR19-06 and UBD19-01 to UBD19-06. Holes BA19-194, 196, 199, 200, 204B-208, 210-214, 217, 221-223, 225, 226, 229, 231-233, 237-240, 244, 248, 249, 252, 255, 256, 258, 260-262, 264, 267, 268, 270, 273, 275, 276, 278-281, 283, 285, 286, 289A-291, 294, 295, 298, 299, 301, 303, 305-307, 309, 312, 315, 318, 319, 321, 323, 326, 331, 335, 339, 340, 342, 345, 348, 350, 351, 355-357, 359, 360, BA20-366, 369-372A, 374, 378-385, 387, 390, 391; UBD19-01, UBD20-02 to 05, 07; UBR19-04 intersected veining but were below the Company's cutoff grade of 150 gpt AgEq.

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 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 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% ownership of where all the resources 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.

FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. These include, without limitation, statements with respect to: the strategic plans, timing and expectations for the Company's exploration, development and construction activities at the Las Chispas Property, including completion of the Feasibility Study. 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, completion of the Feasibility Study, 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.

Cision
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SOURCE SilverCrest Metals Inc.