TSX: SVL NYSE MKT: SVLC
VANCOUVER, Feb. 19, 2015 /CNW/ - SilverCrest Mines Inc. (the
"Company" or "SilverCrest") is pleased to announce initial results
of exploration drilling at the El Durazno Target within the 100%
held Ermitaño I concession in Sonora, Mexico. Nine (9) shallow drill
holes, totalling an estimated 2,656 metres have been
completed. The objective was to initially drill test surface
mineralization for potential open pit targets. El Durazno is the
first of several targets identified by surface work to be drilled
in the Ermitaño I & II and Cumobabi concessions. Please refer
to news releases dated January 14,
2014 and November 18, 2014 on
the Company's website at www.silvercrestmines.com for more
information.
N. Eric Fier, CPG, P.Eng.,
President & COO stated; "This is the first known exploration
drilling within the Ermitaño concessions. This drilling has
resulted in the discovery of near surface gold and silver
mineralization at El Durazno which we believe confirms a potential
low grade oxide open pit target. Since it is adjacent to the
Company's Santa Elena facilities
which includes leach pad capacity, small lower grade discoveries
can potentially become economic deposits. We expect to carry
out additional exploratory work in 2015 at El Durazno and will
concurrently advance the exploration program in nearby target areas
within the Ermitaño and Cumobabi concessions. We are confident that
further attractive targets will be discovered within this
developing regional trend."
The Ermitaño I and II concessions (see Figure 1) are located
within an 8 kilometre radius of the Company's low cost high-grade
epithermal silver and gold producing Santa Elena Mine. These
concessions, comprising, an estimated 16,526 hectares, are located
along the same "developing regional" trend of mineralization that
hosts the Company's Santa Elena Mine. The defined trend is
approximately 10 kilometres wide and 20 kilometres long and strikes
Northwest-Southeast. The concessions host Late Cretaceous andesite
and rhyolite volcanic rocks with major structures controlling the
Santa Elena silver and gold low
sulphidation epithermal mineralization. An exploration program
completed in 2014 has tested outcropping widespread epithermal
mineralization in several defined main targets
including:
- El Durazno. Comprises of two parallel east-west trending
corridors of veining and stockwork mineralization with thickness
ranging from 4 metres to 50 metres with outcropping for a defined
cumulative strike length of approximately 900 metres. The
first corridor (see attached Figure 2) is defined by outcropping of
veining and stockwork in an area of 400 metres along strike
and 50 metres wide with a total of 86 surface channel samples
averaging 1.28g/t Au. The second corridor is defined by outcropping
of veining and stockwork in an area of 500 metres along strike
and 50 metres wide with 129 surface channel samples averaging
0.34g/t gold, trace silver. Evidence based on epithermal textures
and more detailed mineralogical studies suggest a shallower level
exposure in a low sulphidation epithermal environment compared to
Santa Elena.
- Ermitaño West. Contains a network of low sulphidation
east–west trending epithermal veins and stockwork within an area of
1,200 metres long 600 metres wide with 546 surface
channel samples averaging 0.17g/t Au with surface grades up to 4.8
gpt gold, trace silver over 2.5 metres. Vein textures suggest a
shallower level of exposure in the low sulphidation epithermal
environment compared to Santa
Elena.
- Ermitaño East. Is an east–west trending galena bearing
silver vein system with indications of two different levels of
epithermal exposure (deep and shallow) compared to Santa
Elena. Several select surface channel samples over 0.1 to 2.0
metres grade over 300 gpt silver.
- Veta Valentina. Hosts a
1.2 kilometres long and 10 metres wide east-west trending
structural corridor with low sulphidation epithermal veining.
Results to date show 37 individual surface channel samples from a
central zone (50 metres long – 10 metres wide) averaging 1.34g/t
gold and 33.2g/t silver.
The Cumobabi concession was recently acquired from Evrim
Resources Corp. and consists of 25,221 hectares adjacent to
Ermitano concessions (see Figure 1). The Company is currently
completing surface work to prioritize targets for future work.
Total concession hectares held by the Company at Santa Elena, Cumobabi and Ermitano I & II
is 51,172 hectares.
The most significant assay results from this initial exploration
drilling program at El Durazno target are shown in the following
table (see also Figures 2 & 3). Intervals are considered
near-true thickness.
Hole
ID
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
gpt
|
Ag
gpt
|
ED-14-001
|
131.0
|
132.6
|
1.6
|
0.27
|
3.9
|
ED-14-003
|
116.5
|
118.0
|
1.5
|
0.21
|
1.3
|
ED-14-005
|
40.5
|
60.0
|
19.5
|
0.61
|
4.1
|
including
|
46.1
|
60.0
|
13.9
|
0.72
|
4.3
|
including
|
54.0
|
57.0
|
3.0
|
1.17
|
7.1
|
|
76.5
|
78.0
|
1.5
|
0.21
|
1.7
|
|
85.5
|
93.5
|
8.0
|
0.21
|
1.1
|
|
163.5
|
169.0
|
5.5
|
0.36
|
1.3
|
including
|
165.0
|
169.0
|
4.0
|
0.42
|
0.75
|
|
185.0
|
198.0
|
13.0
|
0.86
|
14.1
|
including
|
193.4
|
198.0
|
4.6
|
2.10
|
35.5
|
|
263.1
|
265.3
|
2.2
|
0.25
|
7.6
|
ED-14-006
|
74.4
|
95.3
|
21.0
|
0.21
|
3.0
|
including
|
90.3
|
95.3
|
5.0
|
0.36
|
6.7
|
|
144.3
|
146.3
|
2.0
|
0.38
|
1.9
|
ED-14-007
|
69.0
|
72.0
|
3.0
|
0.24
|
1.6
|
ED-14-008
|
53.0
|
54.2
|
1.2
|
0.22
|
3.4
|
|
175.0
|
191.7
|
16.7
|
0.42
|
13.2
|
including
|
189.2
|
191.7
|
2.5
|
1.58
|
58.8
|
ED-14-009
|
65.0
|
90.0
|
25.0
|
0.59
|
2.5
|
including
|
65.0
|
70.0
|
5.0
|
1.00
|
1.9
|
including
|
82.3
|
90.0
|
7.7
|
1.11
|
4.2
|
Note: All numbers
rounded
|
|
All sample analyses were completed by Inspectorate Labs of
Reno, NV. Holes ED-14-002 and 004
had no significant values.
Of the board approved 2015 exploration budget totalling
US$2.8 million, in respect to the
Company's organic growth program for Sonora, Mexico, the exploration budget for the
Ermitaño I & II and Cumobabi concessions is US$2.3 million. Exploration work will
consist of approximately 6,000 metres of drilling and advance
surface regional exploration program to delineate additional
targets.
The Qualified Person under National Instrument 43-101 for this
news release is N. Eric Fier, CPG,
P.Eng, President and COO for SilverCrest, who has reviewed and
approved its contents.
SilverCrest Mines Inc. (NYSE MKT: SVLC; TSX: SVL) is a
Canadian precious metals producer headquartered in Vancouver, BC. SilverCrest flagship property
is the 100%-owned Santa Elena Mine, located 150 kilometres
northeast of Hermosillo, near
Banamichi in the State of Sonora, México. The mine is a
highgrade, epithermal silver and gold producer, with an estimated
life of mine of 7 years at an average operating cash costs of
$11 per ounce of silver equivalent
(55:1 Ag:Au). SilverCrest anticipates that the new 3,000 tonnes per
day conventional mill facility at the Santa Elena Mine should
recover an average of 1.5 million ounces of silver and 32,800
ounces of gold per annum over the current reserve life. Exploration
programs continue to result in new discoveries at Santa Elena and also have rapidly advanced the
definition of a large polymetallic deposit at the La Joya property in Durango State,
Mexico.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This news release contains "forward-looking
statements" within the meaning of Canadian securities legislation
and the United States Securities Litigation Reform Act of 1995.
Such forward-looking statements concern the Company's anticipated
results and developments in the Company's operations in future
periods, planned exploration and development of its properties,
plans related to its business and other matters that may occur in
the future and include, without limitation, statements with respect
to: the economic viability of a project; strategic plans and
expectations for the development of the Company's operations and
properties; the amount of mineral reserves and mineral resources;
the amount of future production of gold and silver over any period;
the amount of expected grades and ounces of metals and minerals;
cash operating costs; and life of mine.
These forward-looking statements relate to analyses and other
information that are based on, without limitation, the following
estimates and assumptions: the presence of and continuity of
metals at the Company's projects; cost of production and
productivity levels; plant and equipment function as anticipated;
the availability of skilled labour; contracted parties provide
goods and services on agreed time frame; ability to develop and
finance projects; accuracy of the interpretations and assumptions
used in calculating reserve and resource estimates; and operations
not being disrupted or delayed by unusual geological or technical
problems.
Forward-looking statements are subject to a variety of known
and unknown risks, uncertainties and other factors which could
cause actual events or results to differ from those expressed or
implied by the forward-looking statements, including, without
limitation: risks related to precious and base metal price
fluctuations; risks related to fluctuations in the currency markets
(particularly the Mexican peso, Canadian dollar and United States dollar); risks related to the
inherently dangerous activity of mining, including conditions or
events beyond our control, and operating or technical difficulties
in mineral exploration, development and mining activities;
uncertainty in the Company's ability fund the exploration and
development of its mineral properties; uncertainty as to actual
capital costs, operating costs, production and economic returns,
and uncertainty that development activities will result in
profitable mining operations; risks related to reserves and mineral
resource figures being estimates based on interpretations and
assumptions which may result in less mineral production under
actual conditions than is currently estimated and to diminishing
quantities or grades of mineral reserves as properties are mined;
and risks related to governmental regulations and obtaining
necessary licenses and permits.
Should one or more of these risks and uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those described in the
forward-looking statements. The Company's forward-looking
statements are based on beliefs, expectations and opinions of
management on the date the statements are made. For the reasons set
forth above, investors should not place undue reliance on
forward-looking statements. 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.
SOURCE SilverCrest Mines Inc.