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Record intercept marks another Las Chispas discovery

SilverCrest Metals has reported the highest-grade intercept to date from ongoing drilling at Las Chispas, in Sonora, Mexico, with the latest assays returning 61,105 grams per tonne silver-equivalent marking discovery of a new vein in the Babi Vista Splay.
Record intercept marks another Las Chispas discovery Record intercept marks another Las Chispas discovery Record intercept marks another Las Chispas discovery Record intercept marks another Las Chispas discovery Record intercept marks another Las Chispas discovery

SilverCrest Metals has announced another discovery at Las Chispas, Mexico

Staff Reporter

The Canada-based company obtained the result from a 2.4m true-width intersect grading 555.36g/t gold and 19,452.8g/t silver.

For the 24 drill holes completed to date, SilverCrest reported weighted average results of 1.6m grading 74.27g/t gold and 3,437.1g/t silver within the vein's high-grade footprint, while the overall grade-thickness relationship is said to be improving.

Notably, the company said Monday the discovery was near the ongoing underground development and was "readily accessible" for potential early mining.

SilverCrest says it will include the discovery in inferred resources in the forthcoming resource update (including maiden reserves) in support of a feasibility study in the works for release by year-end.

"We continue to find new high-grade opportunities at Las Chispas, with yet another record-breaking intercept and vein discovery," said CEO Eric Fier. "Results from the Babi Vista Splay highlight continued potential for high-grade resource growth in the vicinity of our current underground work."

SilverCrest currently has five drills active at Las Chispas, and management expects to see more results in the coming months as expansion and in-fill drilling continue beyond the feasibility-study work. The company has budgeted about US$60 million to continue drilling through 2022 while it builds a starter mine. 

SilverCrest shares (TSX:SIL) have more than quadrupled in the past 24 months and achieved a 12-month high at C$14.88 in July. It last traded in Toronto at $13.41, capitalising it at $1.7 billion (US$1.3 billion).