Silvercrest Mines up 8.4 pct after drilling 5.83 GPT gold and 232.5 GPT silver

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Mexico-focused Silvercrest Mines (CVE:SVL )was up 8.40% to $2.84 after announcing underground drill results showing 11.6M at 5.83 GPT gold and 232.5 GPT silver at its Santa Elena Mine in Sonora.

The company said that 22 closely-spaced (est. 25 metres) underground drill holes totaling 1,590 metres were completed. The first planned production stopes will be mined in this year.

Year-to-date the company is up 56.91%.

The Santa Elena Mine is an epithermal silver and gold producer with an estimated life of mine of eight years. Estimated cash costs are $11 per ounce of silver equivalent (55:1 Ag:Au) for the open pit heap leach and underground mine.

The company is headquartered in Vancouver.