A total of 39 infill holes have been completed with 28 holes in the Area 51 zone. SilverCrest aims to update its mineral resource estimate in the first quarter of 2019 including the results of in-fill drilling on 25m spacing to upgrade inferred resources to measured and indicated resources. An additional 5,000-to-10,000m of drilling is planned for inclusion in the next updated resource.
In September 2018, the company updated the inferred mineral resource at Las Chispas to 4.3 million tonnes grading 3.68g/t gold and 347g/t silver, or 623g/t silver-equivalent containing 511,800 ounces gold and 48.3 million ounces silver, or 86.7Moz Ag-eq.
"Further positive results from closely spaced in-fill drilling continue to confirm the continuity of high-grade mineralisation in the Babicanora Vein, including Area 51 and Babicanora Central zones, as well as the Babicanora FW and HW veins. Additional drill holes in Area 51 are indicating wider mineralized thicknesses in several areas than previously modelled and are identifying discrete multi-kilogram per tonne silver equivalent mineralised shoots," said CEO Eric Fier in a news release.
The company is also advancing work on a preliminary economic assessment for completion in the first quarter, breaking ground for an exploration decline into Area 51, a metallurgical test programme, and with a positive PEA, a pre-feasibility study by the end of 2019.
SilverCrest received a strategic investment of C$31.0 million (US$23.4 million) from SSR Mining (TSX:SSRM) for a 9.9% stake in the company in November 2018. This private placement funded SilverCrest for the 2019 work programme at Las Chispas mentioned above.
