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SilverCrest announces high-grade Las Chispas discovery

SilverCrest Metals (TSX:SVM) has announced the discovery of the Babi Sur vein at its Las Chispas property in Sonora, Mexico, where drilling has intersected high-grade silver-gold mineralisation along a strike length of about 1.5km.
SilverCrest announces high-grade Las Chispas discovery SilverCrest announces high-grade Las Chispas discovery SilverCrest announces high-grade Las Chispas discovery SilverCrest announces high-grade Las Chispas discovery SilverCrest announces high-grade Las Chispas discovery

SilverCrest's Las Chispas project in Sonora, Mexico

Staff reporter

The Babi Sur vein is parallel to and about 300m from the Babicanora vein and will be part of an upcoming updated resource.

This will include at least nine of the 30 veins identified to date in the district. Drilling highlights include 2.2m grading 18.78 grams per tonne gold and 2,147g/t silver.

"This discovery provides further understanding of our evolving geological model, which we are using to successfully discover additional high-grade mineralisation in the district," said CEO Eric Lier in a statement.

SilverCrest has 12 drill rigs working onsite with five at Babi Sur for resource expansion and seven at Babicanora for infill drilling with 30,000 to 40,000m budgeted for the first six months of 2019.

The company plans to update its mineral resource estimate during the March quarter and complete a preliminary economic assessment using the new resource within 30 to 60 days of the updated resource announcement.

SilverCrest's share price has increased 20.3% so far in 2019 to C$4.80 (US$3.60), valuing the company at $409 million.