SilverCrest Mines Reports Another Discovery and More High Grade Gold/Silver Intercepts at Santa Elena Mine in Mexico - Video News Alert on InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - September 6, 2013) - SilverCrest Mines (TSXV: SVL) (NYSE-MKT: SVLC) announced additional results of delineation drilling at the Santa Elena Mine, reporting another discovery and more high grade gold/silver intercepts. The 100% owned Santa Elena Mine, located in the State of Sonora, Mexico, is a high-grade, epithermal silver and gold producer.
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This program totalled 181 core and reverse circulation holes of which results from 134 holes were included in the recent "Santa Elena Pre-Feasibility Study and Update Reserve Technical Report" available on Sedar.com. Results from the remaining 47 holes, released today, show further expansion of the Santa Elena Deposit, which is still open laterally and to depth.
Several of these holes identified additional high grade intercepts, expanding the recently discovered El Cholugo and El Cholugo Dos Zones, as well as discovering a new zone called "Tortuga". The El Cholugo Zone continues to expand with 7 new drill hole intercepts.
Drill intercepts continue to expand the mineralization along the Main Mineralized Zone. Intercepts are up to 100 metres beyond the boundary of current stope designs and reserve estimates.
The company's news release highlighted 5 holes with multiple high grade intercepts to the east and depth including:
SE-13-144; 9.2 metres grading 4.83 gpt gold and 171.4 gpt silver, including 0.8 metres grading 30.20 gpt gold and 638.0 gpt silver
SE-13-152; 15.0 metres grading 4.03 gpt gold and 243.2 gpt silver, including 2.0 metres grading 17.5 gpt gold and 664.0 gpt silver
SE-13-160; 13.3 metres grading 3.52 gpt gold and 136.2 gpt silver, including 4.1 metres grading 6.46 gpt gold and 133.6 gpt silver
SE-13-166; 11.7 metres grading 3.97 gpt gold and 189.5 gpt silver, including 5.0 metres grading 8.10 gpt gold and 334.4 gpt silver
SE-13-175; 8.8 metres grading 1.91 gpt gold and 70.6 gpt silver, including 2.0 metres grading 6.70 gpt gold and 226.1 gpt silver
The new Tortuga Zone is a northwest trending vein, breccia and stockwork zone, outcropping on the surface and in the pit, and is exposed in the north wall of the pit making this discovery easily accessible.
N. Eric Fier, President and COO stated, "This delineation drill program at Santa Elena was immensely successful. With this program, we drilled the known portion of the deposit at approximately 35 metre centres, announced revised reserves and resources, extended mineralization beyond our current reserve boundary and identified three new zones, El Cholugo, El Cholugo Dos and the newly discovered Tortuga. The recently announced results of the revised underground reserve and resource estimations have extended the current mine life to a minimum of 8 years. Our underground ramp has progressed beyond 1,500 metres in development length. We have intercepted the Main Mineralized Zone underground and extracted approximately 8,000 tonnes of ore from the 625 metre level. The conventional mill construction and underground development currently underway are setting the stage for the successful expansion of the mine with an anticipated significant increase in metals production starting in 2014."
The company is also rapidly advancing the definition of a large polymetallic deposit at its La Joya property in Durango State, which has stated resources nearing 200 million ounces of silver equivalent.
SilverCrest currently trades at $2.13, and with 108.7 million shares outstanding, the company is capitalized at $232 million.
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Barry Morgan, CFO