Results from channel samples taken from a drift along strike show an average vein width in this area of 2.6m with a compilation of underground sample results within the vein showing an uncut undiluted weighted average grade of 13.70 grams per tonne of gold and 1,108g/t of silver, or 2,132g/t silver-equivalent. The estimated grade from the current resource block model for the mined area (undiluted but with capping applied) is 863g/t silver-equivalent.
Sampling highlights included 3.9m grading 62.66g/t gold and 4,610g/t silver.
"We are pleased with these initial positive underground high-grade results but caution that they are preliminary in nature and should not be considered representative of an increase in the overall Babicanora vein resource estimation.
"These results represent a significant first step toward understanding the grade variability and potential upside of the deposit as we continue to de-risk the project," said CEO Eric Fier in a statement.
In June, the company intersected the vein in the high-grade Area 51 zone with the newly constructed Santa Rosa decline and developed a 3.5m by 3.5m drift along the strike of the vein for about 35m. The company plans to continue in-vein drifting as part of a larger effort to complete 1,500 to 2,000m of underground development for the remainder of 2019.
SilverCrest has 14 drills operating with a focus on expanding mineralisation and improving the resource confidence through in-fill drilling to reclassify resources as reserves for a feasibility study expected in the first half of 2020. An additional 50,000m of infill and expansion drilling are planned for the remainder of 2019.
Shares in SilverCrest Metals (TSXV:SIL) are trading at C$5.09, valuing the company at $437 million. Its share price has increased 33.6% since the start of the year.