Vancouver – Junior SilverCrest Mines (SVL-V), formerly known as Strathclair Ventures, has received encouraging results from historic underground channel sampling at the El Ocote silver property in western Honduras.
The samples, which were collected from four levels of underground exploration development during 1980 to 1995, yielded values of 2,042-to-4,910 grams silver per tonne. Of the 250 channel samples in the database, 83 assayed more than 500 grams silver and held a weighted average of 1,081 grams silver. Recent sampling by the company confirmed bonanza grade silver values with results of 505 grams silver over 4.5 metres, 1,003 grams silver over 3.1 metres and 186 grams silver over 2 metres.
The new results, along with 16 previously drilled reverse circulation holes, will be used to generate a new indicated and inferred resource calculation, which currently stands at 1.9 million tonnes grading 181 grams silver and 1.4 million tonnes grading 118 grams silver, respectively.
The mineralization lies near surface and is mostly oxidized with a high-grade supergene enrichment zone. The company plans on launching a drill program aimed at verifying the resource, as well as testing for expansions of the mineralization, and additional underground sampling,
SilverCrest shares were trading 9, or 29% higher, at 40 in late afternoon trade in Vancouver on June 5. The shares have traded in a 52-week range of 12-50.
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