Silvercrest nears new resource at Las Chispas

Silvercrest Metals (TSXV: SIL; NYSE: SILV) continues cutting high grade mineralization at its Las Chispas silver property in Sonora, Mexico.

The latest results from a phase three infill drill program at the property included 9.3 metres grading 39.66 grams gold and 3,361 grams silver, or 6,336 grams silver equivalent, from 194 metres downhole and 2.4 metres at 4.3 grams gold and 1,571.5 grams silver, or 1,894 grams silver equivalent, from 319 metres downhole.

The results come from two of 13 new infill holes at the Area 51 zone of the project’s Babicanora vein. The company also reported seven other infill holes from the project’s Babicanora Central zone and Babicanora Footwall and Hangingwall veins.

The company has so far drilled 39 phase three infill holes at Las Chispas; 28 of them in Area 51. It currently has nine drills turning at the project, focussed both on upgrading inferred resources to the measured and indicated categories and expanding mineralization. The company hopes to update the Las Chispas resource estimate in 2019’s first quarter.

As of a September 2018 update, the project contains 4.3 million inferred tonnes grading 3.68 grams gold and 347 grams silver, or 623 grams silver equivalent, for 511,500 oz. gold and 48.29 million oz. silver, or 86.7 million oz. silver equivalent.

The company is also working on a preliminary economic assessment at Las Chispas. It’s breaking ground for the Area 51 decline, testing metallurgy, drilling wells for water and permitting.

Shares of Silvercrest are currently trading at $3.94 with a 52-week range of $1.75 to $4.05. The company has a $336 million market capitalization.

This article originally appeared in The Northern Miner.

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