VANCOUVER — Vancouver-based SilverCrest Metals (TSXV: SIL; US-OTC: SVCMF) continues to churn out solid drill results from the third-phase exploration program at its Las Chispas gold-silver project, located located 180 km northeast of Hermosillo in Sonora, Mexico.
The most recent round of drill results, reported on Aug. 23, is highlighted by 4.2 grams gold per tonne and 229 grams silver per tonne over 1.3 metres from 210 metres depth.
Drilling from the newly discovered Granaditas Dos vein is highlighted by the intersection of 0.4 metre grading 3.3 grams gold and 468 grams silver from 67 metres depth.
It is the latest in a series of positive drill results from the third-phase exploration program. In May, SilverCrest discovered the Babicanora Norte Vein, where it cut 1.5 metres at 24 grams gold and 2,081 grams silver from 100 metres depth.
There are 30 known epithermal veins on the property — all of low to intermediate sulphidation ranging from 0.5 to 11 metres wide, consisting of quartz with calcite veining, stockwork or breccia. The in-situ precious metal value found to date is roughly half silver and half gold, with minor base metals. Twelve of those veins have drill intersected high-grade mineralization. Only five have been included in the property’s maiden resource, which was amended on May 9.
That report estimated inferred resources of 3.4 million tonnes grading 3.6 grams gold per tonne and 296 grams silver per tonne for a contained 401,000 oz. gold and 32.7 million oz. silver.
Most of that resource is in the Babicanora vein, where SilverCrest has focused much of its drilling.
The company expects at least three more veins in an updated resource estimate, appearing sometime in the next months after another 3,000 to 5,000 metres of drilling. A preliminary economic assessment is planned for early 2019.
Las Chispas consists of a Late Cretaceous to early Tertiary low-sulphidation epithermal system, with volcanic tuff, rhyolite, agglomerate and rhyolite breccia host rocks.
An outcrop of the Las Chispas vein was discovered by a Spanish general in 1640. Small-scale mining occurred intermittently from then until the 1880s, with Apache resistance.
From the 1880s until the 1930s, a number of larger operations mined the general Las Chispas area. SilverCrest says the limited information available suggests 100 million oz. silver and 200,000 oz. gold were produced during the half-century. Since then, no significant work has occurred on the property.
Shares of SilverCrest are valued at $3.20 per share within a 52-week range of $1.14 to $3.55. The company has a $240-million market capitalization.
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