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SilverCrest expands Babicanora footprint

Step-out drilling at SilverCrest Metals’ (CN:SIL) Babicanora Vein at its Las Chispas project in Mexico is continuing to intersect high-grade mineralisation as the company works to rapidly update its recently-announced maiden resource.
SilverCrest expands Babicanora footprint SilverCrest expands Babicanora footprint SilverCrest expands Babicanora footprint SilverCrest expands Babicanora footprint SilverCrest expands Babicanora footprint

Hits 4m at 3,431g/t AgEq

Staff reporter

A highlight from Phase III drilling included 4m at 22.83g/t gold and 1,717.8g/t silver - or 3,431g/t silver-equivalent - from 274.2m, and was among half a dozen bonanza results measuring well above 1,000g/t AgEq.

"We are systematically drilling only step-out expansion holes and working towards an updated resource for Q3 2018," CEO N. Eric Fier said.

SilverCrest had announced a maiden inferred resource for Las Chispas in February of 3.4 million tonnes grading 572g/t AgEq for 62.8 million ounces.

The company said it had now identified 23 epithermal veins on the historically-mined property and intended to complete a preliminary economic assessment in the second half.

The company had working capital of C$9.4 million at the start of the year, due mainly to a C$10 million (US$7.8 million) raising in December.

SilverCrest shares lost C6c yesterday to $2.10 but remain up 17.32% year-to-date, giving it a market capitalisation of $134.6 million.