TSX: SIL | NYSE American: SILV
VANCOUVER, BC, July 5, 2022
/PRNewswire/ - SilverCrest Metals Inc. ("SilverCrest" or the
"Company") is pleased to report the first pour of silver and gold
at the Company's Las Chispas Mine ("Las Chispas" or the "Mine")
located in Sonora, Mexico. The
first precious metal pour was completed on June 30, 2022 and consisted of 312 kilograms of
dore with approximately 9,200 ounces of silver and 100 ounces of
gold.
N. Eric Fier, CEO commented,
"This marks another significant milestone in progressing towards
commercial production in Q4, 2022. It is with great pride that I
acknowledge the hard work of our team and thank everyone who has
contributed to the completion of construction of Las Chispas, ahead
of schedule and under budget, and all of those dedicated to
commissioning the Mine".
Pierre Beaudoin, COO comments,
"We are pleased with the initial trajectory of the plant
commissioning. While it is still early days in the plant ramp-up,
we are encouraged by some of the operating indicators. Underground
mining rates and our knowledge of the deposit continue to increase,
which will be key data, along with plant performance, to
incorporate in our updated technical report (including resources,
reserves, mine plan, revised costs and economics), expected to be
released in H1, 2023".
Underground mining rates have increased during the quarter with
production from stoping and in-vein development in a number of
veins. Mining is active using two mining methods. As outlined in
the Company's Feasibility Study*, the processing plant is expected
to utilize low-grade historic stockpiles through the ramp-up,
reducing the reliance on underground mine production at the start
of the operation.
Overall, the plant commissioning is tracking in-line with our
objective to reach nameplate capacity of 1,250 tonnes per day. The
plant started in late May 2022 and
milled an estimated 12,700 tonnes of low-grade ore during
June 2022. Metallurgical recoveries
are expected to reach Feasibility Study* parameters in 2023 and
results observed to date are tracking toward these objectives.
The Company expects to provide further updates on the
commissioning and ramp-up of operations later in Q3, 2022.
Photos of the first pour at Las Chispas Mine are attached.
* NI 43-101 Technical Report & Feasibility Study on The
Las Chispas Project dated January 4,
2021 ("Feasibility Study")
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 and development company
headquartered in Vancouver, BC,
that is focused on new discoveries, value-added acquisitions and
near-term production in Mexico's
historic precious metal districts. The Company's top priority is on
the high-grade, historic Las Chispas mining district in
Sonora, Mexico, where it has
completed construction of its Las Chispas Project and is proceeding
with commissioning. 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" and "forward-looking
information" (collectively "forward-looking statements") within the
meaning of applicable Canadian and United
States securities legislation. These include, without
limitation, statements with respect to: the timing and expectations
of the Company completing commissioning and ramp up and achieving
commercial production in Q4, 2022, reaching nameplate capacity of
the plant of 1,250 tonnes per day, reaching Feasibility Study
metallurgical recoveries parameters in 2023 and completing a
technical report update by the end of H1, 2023. 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, mining and
development costs, 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.
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SOURCE SilverCrest Metals Inc.