Canadian Mining Journal

News

SILVER-GOLD: Silvercrest nears new resource at Las Chispas



MEXICO – Silvercrest Metals continues cutting high grade mineralization at its Las Chispas silver property in Sonora.

The latest results from a phase three infill drill program at the property included 9.3 metres grading 39.66 g/t gold and 3,361 g/t silver, or 6,336 g/t silver equivalent, from 194 metres downhole and 2.4 metres at 4.3 g/t gold and 1,571.5 g/t silver, or 1,894 g/t silver equivalent, from 319 metres downhole.

The results come from two of 13 new infill holes at the Area 51 zone of the project’s Babicanora vein. The company also reported seven other infill holes from the project’s Babicanora Central zone and Babicanora footwall and hanging wall veins.

The company has so far drilled 39 phase three infill holes at Las Chispas – 28 of them in Area 51. It currently has nine drills turning at the project, focused both on upgrading inferred resources to the measured and indicated categories and expanding mineralization. The company hopes to update the Las Chispas resource estimate in 2019’s first quarter.

As of a September 2018 update, the project contains 4.3 million inferred tonnes grading 3.68 g/t gold and 347 g/t silver, or 623 g/t silver equivalent, for 511,500 oz. of gold and 48.29 million oz. of silver, or 86.7 million oz. of silver equivalent.

The company is also working on a preliminary economic assessment at Las Chispas. It’s breaking ground for the Area 51 decline, testing metallurgy, drilling wells for water and permitting.

Shares of Silvercrest are currently trading at $3.94 with a 52-week range of $1.75 to $4.05. The company has a $336 million market capitalization.

This story first appeared on www.NorthernMiner.com.