SilverCrest Mines Inc. (TSX VENTURE:SVL)(OTCQX:STVZF)(PINK
SHEETS:STVZF) (the "Company") is pleased to announce that it has
begun its Phase II drilling program at the La Joya property located
in Durango State, Mexico. This program will consist of
approximately 80 core and reverse circulation drill holes and will
utilize at least three drill rigs. The Company has also completed
surface channel sampling in the Phase II proposed drill hole area
along and adjacent to the Main Mineralized Trend with results
showing surface intervals with grades up to 594 gpt Ag, 5.49 % Cu,
and 0.25 gpt gold (1,079 gpt Ag equivalent(i)). Please see table
below and attached maps:
http://media3.marketwire.com/docs/LaJoyaPhaseIIsurface.pdf.
"We are excited with the success we have had so far at the La
Joya property and expect the Phase II program to test the extents
of mineralization identified to date. Our aggressive and systematic
approach to this drill program will focus on further testing of the
continuity and grade of mineralization, potentially expanding the
current target area and testing several additional targets. The
surface sampling results in the Phase II area are excellent and
show the potential to significantly expand the current Phase I
drill-defined area", said N. Eric Fier, CPG, P.Eng. and COO for
SilverCrest.
The Phase II program is budgeted at $3.0 million and will
include approximately 60 core holes (10,000 metres) and 20 RVC
holes (5,000 metres) for a planned total of an estimated 15,000
metres. This phase of drilling is expected to be completed by
mid-2012 with subsequent compilation and further resource reporting
in the second half of 2012. One of the objectives of the program is
to fully test the extent of the Main Mineralized Trend which is
estimated to be 2.5 kilometres long and approximately 300 - 500
metres wide. Also, three separate target areas, El Coloradito,
Esperanza and Santo Nino will be drilled to test additional
mineralization previously identified by historic work (see attached
maps and News release date Nov. 14, 2011 for historic drill results
in these areas:
http://media3.marketwire.com/docs/LaJoyaPhaseIImap.pdf).
Recently, the Company collected an additional 43 surface channel
samples (SA11- 138 to 180) from exposed outcrops within the
southern portion of the Main Mineralized Trend in preparation for
Phase II drilling. The most significant, selected results are as
follows;
------------------------------------------------------------------------
Sample # Width (m) Ag gpt Cu % Au gpt Ag equiv.gpt(i)
------------------------------------------------------------------------
SA11-140 1.0 385.0 1.54 0.07 521.2
------------------------------------------------------------------------
SA11-144 2.0 390.0 1.35 0.03 507.2
------------------------------------------------------------------------
SA11-150 2.0 652.0 2.77 0.51 918.1
------------------------------------------------------------------------
SA11-151 3.0 299.0 0.82 0.51 397.5
------------------------------------------------------------------------
SA11-153 2.0 163.0 1.84 0.05 323.3
------------------------------------------------------------------------
SA11-154 2.0 196.0 2.08 0.22 386.9
------------------------------------------------------------------------
SA11-155 3.0 250.0 1.42 0.22 384.4
------------------------------------------------------------------------
SA11-157 2.5 218.0 1.60 0.25 369.1
------------------------------------------------------------------------
SA11-161 2.0 368.0 2.75 0.31 621.7
------------------------------------------------------------------------
SA11-167 2.0 203.0 1.26 0.24 324.6
------------------------------------------------------------------------
SA11-168 2.0 594.0 5.49 0.25 1,079.9
------------------------------------------------------------------------
SA11-170 2.0 377.0 3.40 0.17 678.5
------------------------------------------------------------------------
SA11-172 2.0 173.0 1.02 0.22 272.7
------------------------------------------------------------------------
SA11-174 1.5 219.0 2.18 0.25 420.2
------------------------------------------------------------------------
------------------------------------------------------------------------
Wt. Ave. High Grade 2.0 315.1 2.05 0.25 505.0
------------------------------------------------------------------------
(i)Cutoff of 15 gpt Ag equivalent, Ag equivalent (Ag eq.) is
based on 100% metallurgical recovery, combination of Ag, Cu, Au
only and price ratios of 86:1- Cu:Ag and 55:1- Ag:Au. Metals prices
used to determine ratios were US$ 24/oz for Ag; US$ 3/lb for Cu and
US$ 1350/oz for Au. All numbers are rounded.
All sample analysis was completed by ALS Chemex in Zacatecas,
Mexico and North Vancouver, Canada.
Weighted average grade of all 43 channel samples including those
reported in the above table is 129.3 gpt Ag, 1.15 % Cu, 0.2 gpt Au,
or 239.2 gpt Ag eq(i). All 43 samples graded greater than 30 gpt Ag
eq.(i) with the weighted Ag eq. excluding values of 0.39 % Pb, 0.58
% Zn, 0.013% Mo and 0.037% W (tungsten). Results of select samples
graded up to 4.5% Pb over 1 metre, 5.5 % Zn over 1.5 metres, 0.16%
Mo over 2 metres, and 0.31% W over 2 metres. All 43 channel samples
collected are representative of surface exposures of disseminated
bornite-tetrahedrite sulfide horizons, mantos and stockwork zones
along approximate true thicknesses of mineralization. Some samples
are continuous channels representing longer mineralized lengths,
i.e., a road cut channel sample from SA11- 176 to 178 is 9 metres
grading 13.6 gpt Ag, 0.48% Cu, 0.32 gpt Au or 73.1 gpt Ag
eq.(i).
The Company is currently completing a NI 43-101 Technical Report
on La Joya that will include initial resource estimation for the
Phase I drilling area utilizing the validated historical and
Company database. This report is anticipated in December, 2011.
Work to date on the property includes 51 historical and 26
Company holes drill holes totaling 20,502 metres, 180 surface
samples, mapping, and airborne and ground geophysics which have
defined a large near-surface bulk tonnage target as well as several
adjacent targets. Phase I drilling has outlined a mineralized
corridor that is approximately 1,000m long and a minimum of 500
metres wide (see News Release dated Nov. 14, 2011).
The Company has the right to acquire 100% of the La Joya
Property which is located approximately 75 kilometres southeast of
the city of Durango, Mexico. The property is located in a
productive mineralized region which currently supports several
large scale mining operations including Grupo Mexico's San Martin
Mine, Industrias Penoles' Sabinas Mine, Pan American Silver's La
Colorada Mine and First Majestic Silver's La Parrilla Silver Mine.
Please reference our website at www.silvercrestmines.com for more
information, photos, a video and figures on La Joya.
The Qualified Person under National Instrument (NI 43-101)
Standards of Disclosure for Mineral Projects for this News Release
is N. Eric Fier, CPG, P.Eng, and Chief Operating Officer for
SilverCrest Mines Inc., who has reviewed and approved its
contents.
SilverCrest Mines Inc. (TSX VENTURE:SVL) is a Mexican precious
metals producer with headquarters based in Vancouver, BC.
SilverCrest's flagship property is the 100%-owned Santa Elena Mine,
which is located 150km 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 (55:1 Ag:Au). SilverCrest
anticipates that the 2,500 tonnes per day facility should recover
approximately 4,805,000 ounces of silver and 179,000 ounces of gold
over the 6.5 year life of the open pit phase of the Santa Elena
Mine. A three year Expansion Plan is underway to significantly
increase metals production at the Santa Elena Mine and exploration
programs are rapidly advancing the definition of a potentially
large polymetallic deposit at the La Joya property in Durango
State.
FORWARD-LOOKING STATEMENTS
This presentation contains "forward-looking statements" within
the meaning of Canadian securities legislation and the United
States Securites 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. These statements relate to analyses and other
information that are based on expectations of future performance,
including silver and gold production and planned work programs.
Statements concerning reserves and mineral resource estimates may
also constitute forward-looking statements to the extent that they
involve estimates of the mineralization that will be encountered if
the property is developed and, in the case of mineral reserves,
such statements reflect the conclusion based on certain assumptions
that the mineral deposit can be economically exploited.
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 to raise financing and 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; risks related to
governmental regulations and obtaining necessary licenses and
permits; risks related to the business being subject to
environmental laws and regulations which may increase costs of
doing business and restrict our operations; risks related to
mineral properties being subject to prior unregistered agreements,
transfers, or claims and other defects in title; risks relating to
inadequate insurance or inability to obtain insurance; risks
related to potential litigation; risks related to the global
economy; risks related to environmental laws risks related to the
Company's status as a foreign private issuer; risks related to all
of the Company's properties being located in Mexico and El
Salvador, including political, economic, social and regulatory
instability; and risks related to officers and directors becoming
associated with other natural resource companies which may give
rise to conflicts of interests. 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 information provided in this news release is not intended to
be a comprehensive review of all matters and developments
concerning the Company. It should be read in conjunction with all
other disclosure documents of the Company. The information
contained herein is not a substitute for detailed investigation or
analysis. No securities commission or regulatory authority has
reviewed the accuracy or adequacy of the information presented.
J. Scott Drever, President
SILVERCREST MINES INC.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
Contacts: SilverCrest Mines Inc. Fred Cooper (604) 694-1730 ext.
108 or 1-866-691-1730 (604) 694-1761
(FAX)info@silvercrestmines.comwww.silvercrestmines.com
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