SilverCrest updates drilling at Las Chispas

Las Chipas project in Mexico (Credit: SilverCrest)

SilverCrest Metals (TSX: SIL, NYSE: SILV) announced on Wednesday that it has completed 97,700 metres of in-fill and expansion drilling at Las Chispas gold-silver project in Sonora, Mexico.

The company re-started exploration and development activities at Las Chispas after a temporary suspension from March 30 to May 23 in response to covid-19.

During H1, SilverCrest completed approximately 2.1 kilometres of underground decline and lateral development, and stockpiled an additional estimated 12,000 tonnes of mineralized material for a total stockpile of an estimated 41,000 tonnes at estimated diluted grade of 1,000 gpt silver equivalent (“AgEq” at 75:1, Ag:Au).

PEA completed in 2019 indicates an average annual production 55,700 oz

According to the company, Las Chispas construction activities continued with the building of the administration and warehouse facilities, the temporary quarantined covid-19 camp, and the production water pumping stations.

A Preliminary Economic Assessment (PEA) completed in 2019 indicates an average annual production of 5,384,000 oz Ag and 55,700 oz Au, or 9.6 million oz AgEq.

At June 30, 2020, the company held C$219.4 million as cash and cash equivalents, compared to C$110.4 million in December 2019.

Midday Wednesday, SilverCrest’s stock was up 3% on the TSX. The company has a C$1.28 billion market capitalization.