Precious metals producer SilverCrest Mines (CVE:SVL)(OTCQX:STVZF) unveiled Tuesday the results of the first six, phase two drill holes from 18 completed to date at its La Joya property in Durango, Mexico, extending the main mineralized trend 500 metres northwest.
The 18 core holes totalled roughly 8,000 metres of drilling, with the
entire phase two program consisting of a planned total of 80 holes, or
around 15,000 metres.
The company said that drilling so far has indeed extended the main
trend an additional 500 metres northwest of the current resource area.
The width of the trend averages around 500 metres, narrowing to the
northwest and widening to the southeast, and has been traced along
strike for roughly 2,500 metres.
In January, the company announced an initial inferred resource on a
portion of the trend of 57.9 million tonnes grading 28 grams per tonne
(g/t) silver, 0.18 g/t gold and 0.21% copper, containing 101.9 million
ounces of silver equivalent.
"A portion of the Phase II drilling is intended to explore the
possible expansion of this resource estimate to the northwest as well as
the southeast along the Trend and infill some of the wider spaced drill
holes within the resource area," said president J. Scott Drever.
"The remainder of the program will test three targets adjacent to the
Trend which have been shown by historical drilling and sampling to host
significant Ag, Cu, Au, W, and Mo mineralization."
The first six holes in the phase two program reported today partially
tested the northwestern extension of the main mineralized trend. Silver
values ranged from 6.5 to 153.5 g/t, while silver equivalent values
ranged from 16.9 to 354.0 g/t.
Notables holes included 32.3 metres of 95.8 g/t silver equivalent in
hole L J DD11-27, and 51.3 metres of 90.4 g/t silver equivalent in hole L
J DD11-29, including 21.8 metres of 158.3 g/t silver equivalent.
In addition, the full re-sampling of one historic hole LB96-04R
yielded an interval of 58.0 metres of 164.7 g/t silver equivalent,
including 22.8 metres of 354 g/t silver equivalent. SilverCrest said it
has been given access to more than 8,000 metres of historic core for
validation, including hole LB96-04R.
All the holes reported Tuesday had a weighted average grade of 75.9
g/t silver equivalent and an average thickness of 22.7 metres.
The company said the underlying intrusive is exposed at the surface
on the southern end of the trend and from the recent drilling, appears
to be increasing in depth at the northern end of the trend.
Several holes contain anomalous molybdenum and tungsten values over significant widths in skarn, SilverCrest added.
The phase two program is expected to test approximately 2.5
kilometres of the main trend. Based on the results so far, additional
drills are being mobilized to accelerate the drilling campaign, the
The southern extension of the trend is thought to be potentially the highest grade area along the trend.
SilverCrest Mines is a Mexican precious metals producer, with its
flagship property being the Santa Elena mine, located 150 kilometres
northeast of Hermosillo, near Banamichi in the State of Sonora, Mexico.
The mine is a high-grade, epithermal gold and silver producer, with
an estimated life of mine cash cost of US$8 per ounce of silver
equivalent. SilverCrest anticipates that the 2,500 tonnes per day
facility should recover approximately 4.8 million ounces of silver and
179,000 ounces of gold over the 6.5 year life of the open pit phase at
the Santa Elena mine.
The company has plans to double metals production at Santa Elena.