VANCOUVER, BC – March 30, 2015 – SilverCrest Mines Inc. (the “Company” or “SilverCrest”) is pleased to announce results of the exploration and resource expansion drilling program completed in late 2014 at the 100% owned Santa Elena Mine in Sonora, Mexico. Twenty-one (21) drill holes, totalling 9,393 metres were completed to explore the western and eastern extensions of the Santa Elena Main Mineralized Zone (“MMZ”) along strike and down dip as well as the adjacent Tortuga and El Cholugo Zones (See attached Figures). The results of all holes will be included in the Santa Elena Resource and Reserve update, scheduled to be released on March 31, 2015. Please refer to the Company’s website at www.silvercrestmines.com for more information.
N. Eric Fier, CPG, P.Eng, Chief Operating Officer stated; “This drill program was successful in confirming continuity of the Santa Elena MMZ beyond current resource model limits and better defining geological boundaries where future infill underground drilling might be required. Moving forward, our focus for expanding Santa Elena resources with subsequent conversion to reserves will be on the El Cholugo (I & II), Tortuga and Santa Elena East. We also look to our 30/60 kilometre regional exploration program to provide new discoveries that might be treated at the Santa Elena facility.”
The most significant assay results from this drilling program are shown in the following table. Intervals are considered near-true thickness. A location map for the drill holes is attached.
|Hole #||From (m)||To (m)||Intercept (m)||Au gpt||Ag gpt|
|Santa Elena West (includes Tortuga deep intercepts)|
|El Cholugo (I & II)|
|Santa Elena East|
All samples were independently prepared and assayed at Inspectorate Labs of Reno, NV.
The purpose of this surface drill program was to further explore the western extension (“Santa Elena West”) of the MMZ, better define and expand the current resources at both Tortuga and El Cholugo, and to explore the eastern extension (“Santa Elena East”) of the high grade plunging MMZ that is currently being mined.
Hole SE-14-01 was a geotechnical hole and was not meant to intercept mineralization. Holes SE-14-05, 8, 13, 19, and 20 did not intercept significant mineralization or were lost before intercepting the target area. Hole SE-14-18A is a wedge hole off of hole 18 that was lost while drilling.
The drill hole SE-14-21 represents a step out of 250 metres down plunge along the Santa Elena Vein from the closest existing drill hole results (see attached Figures), supporting continuity of the MMZ with similar mineralogy and hydrothermal textures of a low sulphidation Ag-Au system.
The Santa Elena West drilling showed that the MMZ becomes discontinuous and lower grade beyond the current ultimate pit west wall. Further drilling in this area is not warranted except for follow up of deep intercepts associated with Tortuga.
Tortuga and El Cholugo zones were better defined with higher grade near the intersection with MMZ with decreasing grades in more distal intercepts. Further interpretation work is ongoing with the anticipation of follow up underground drilling in the future.
Santa Elena East drilling showed lower grade intercepts within the MMZ outside the projected high grade plunge (see attached long section. Follow up drilling to intercept the projected high grade plunge will be completed in H1 2015. Further drilling from underground is anticipated only when the underground ramp bottom (est. 325 metre elevation) is reached in late 2015 or early 2016. The Company is planning on driving an exploration drift to the east once the current underground ramp reaches the target depth. This drift will be utilized to explore for potential deeper resources as the MMZ continues to the east.
Note that the depths of drill hole intercepts are within vertical elevations currently planned for underground mining except for hole SE-14-21.
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., Chief Operating Officer of SilverCrest Mines Inc., 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’s flagship property is the 100%‐owned Santa Elena Mine, located 150 kilometres northeast of Hermosillo, near Banamichi in the State of Sonora, Mexico. The mine is a high‐grade, epithermal silver and gold producer, with a current reserve estimated life of mine of eight years. Exploration programs continue to result in discoveries at Santa Elena and have advanced the definition of a large polymetallic deposit at the La Joya Project 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. These 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; estimates 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; expected cash operating costs and outflows; life of mine and prices of metals and minerals.
These forward-looking statements relate to analyses and other information that are based on, without limitation, the following estimates and assumptions: presence of and continuity of metals at the Company’s projects; cost of production and productivity levels at the Santa Elena Mine; availability and costs of mining equipment and skilled labour; accuracy of the interpretations and assumptions used in calculating reserve and resource estimates; operations not being disrupted or delayed by unusual geological or technical problems; and ability to develop and finance projects.
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 the fluctuations in the price of consumed commodities; 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, except as otherwise required by applicable law.
Contact: Fred Cooper
Telephone: (604) 694-1730 ext. 108
Fax: (604) 694-1761
Toll Free: 1-866-691-1730
Suite 501 - 570 Granville Street, Vancouver, BC Canada V6C 3P1