SilverCrest loses appeal in Honduras

Vancouver — SilverCrest Mines (SVL-V) has lost an appeal to reverse the cancellation of the El Ingenio exploration concession in Honduras, though the company still hopes to recoup the value of the El Ocote property, which includes the concession.

Another blow: in neighbouring Guatemala, an area that covers Silvercrest’s application for an exploration concession has been made a “bio-reserve” by the government.

On a positive note, definition drilling has enabled the company to expand the Aldea El Zapote deposit in El Salvador,

The resource now totals 2.3 million tonnes averaging 163.4 grams silver and 0.13 gram gold per tonne, plus 1.35% zinc, which is equivalent to 12 million oz. silver and 68 million lbs. zinc. There’s also an inferred resource of 743,200 tonnes grading 95.8 grams silver and 1.44% zinc, or 2.2 million oz. silver and 23.5 million lbs. zinc.

Since last June, the company has drilled an additional 4,300 metres in 41 holes at Aldea El Zapote, though these are not reflected in the current resource estimate.