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SilverCrest Discovers New Mineralized “Contact Zone” at La Joya
Hole 19 Intercepts 51.4 M of 102.9 gpt Silver Equivalent
TSX-V SVL OTCQX: STVZF
For Immediate Release
Dear Subscriber,
VANCOUVER, BC October 17, 2011 SilverCrest Mines Inc.
(the “Company”)
is pleased to announce that the finalPhase I drilling at the La Joya
property in Durango Mexico has identified a new “Contact Zone” style of
mineralization.
Hole LJ11-19 is considered the discovery hole of the Contact
Zone and intersected 51.4 metres of 102.9 gpt silver equivalent.
The new
zone has been confirmed with results from the final 6 drill holes of the 26
hole Phase 1 drill program (see attached figures and tables below).
The
Contact Zone mineralization is similar to that of the nearby world class San
Martin and Sabinas mines.
These two mines have combined historic production
and current resources of more than 200 million ounces of silver plus copper,
lead and zinc.
J.
Scott Drever, President stated;“Our success to date in the exploration
of such a small portion of the La Joya property is truly astounding.
Twenty
six holes have identified four styles of silver, copper and gold
mineralization over thicknesses ranging up to 50 metres.
We continue to be
impressed with the continuity and length of the mineralized intercepts as
well as the overall grades associated with those intervals.
For reference,
100 gpt silver equivalent has an approximate gross value of $96 per tonne at
a silver price of US$30 per ounce and a 50 metre interval is approximately
equivalent to a 15 story building.
To date, we have focussed on the
continuity of the higher grade intercepts and we are also examining the
strong case beginning to emerge for a potential bulk tonnage, open pit
deposit that may change the perception of the property and its ultimate
value to the Company.”
Contact Zone
Drill holes 19, 20, 22, 24, 25 and 26 have identified an additional style of
mineralization at La Joya, which is referred to as the “Contact Zone”.
This
zone appears to be similar to the contact alteration and mineralization
observed at nearby San Martin and Sabinas Mines, where ore grade
mineralization concentrates near the contact with the underlying intrusives
and constitute a major portion of the reserves at the mines.
Summary of
significant drill hole intercepts in the _Contact Zone only _are shown
below.
Please see subsequent tables for significant other mineralized
intercepts in these holes.
Hole (Azimuth, Dip) * From (m) To (m) Length (m) Ag (gpt) Cu (%) Au (gpt) Ag (gpt)
equiv.
**
LJ11-19 (160, -50) 102.0 153.4 51.4 66.1 0.33 0.18 102.9
Includes 110.0 135.7 25.7 110.2 0.61 0.13 166.7
Includes 122.0 132.7 10.7 205.5 1.11 0.23 308.0
LJ11-20 (-180, -50) 178.0 221.6 43.6 34.5 0.20 0.31 66.4
includes 215.8 219.6 3.8 149.0 1.98 0.21 321.9
LJ11-22 (180, -50) 165.1 209.0 43.9 23.9 0.15 0.25 48.7
Includes 165.1 181.3 16.2 47.1 0.21 0.09 68.8
LJ11-24 (0,-50) 157.2 161.0 3.8 28.0 0.22 0.10 51.0
LJ 11-25 (320, -50) 184.5 212.0 27.4 22.1 0.23 0.21 52.0
Includes 184.5 194.2 9.7 20.3 0.51 0.33 78.6
Includes 207.1 212.0 4.9 72.5 0.14 0.10 89.0
LJ 11-26 (160 -50) 150.3 173.0 22.7 78.4 0.27 0.25 113.0
Includes 155.1 158.2 3.1 227.4 0.76 0.30 304.7
224.6 263.0 38.4 5.2 0.09 0.75 51.1
327.0 329.7 2.7 166.8 0.04 0.22 181.1
* Shows only intercepts of the Contact Zone.
See following tables for all
intercepts in the holes.
**Ag equivalent is based on 100% metallurgical recovery and price ratios of
82:1- Cu:Ag and :50:1- Ag:Au.
Metals prices used to determine ratios were
US$ 24/oz for Ag; US$ 3/lb for Cu and US$ 1200/oz for Au.
Minimum 2 metre
width for mineralized intercept.
All numbers are rounded.
There are also combined lead and zinc values in selected intervals ranging
up to 1.34%
Phase 1 Final Six Holes
The Company announced the results for the first 20 holes of Phase 1 in
previous news releases dated March 7, 2011and June 6, 2011.
The results for
the final 6 holes in Phase I are summarized in the table below.
All of the
holes of Phase 1 were drilled along strike of the Main Mineralized Trend and
were designed to test the extent of shallow dipping, manto style
mineralization, near-vertical mineralized structures and the newly
discovered Contact Zone.
Weighted average analytical results and calculated
silver equivalents for Cu and Au are presented for the most significant
intervals but do not include significant lead, zinc, tungsten or molybdenum
values seen in drill hole assay results.
Lengths are down hole measurements
and are believed to be near true thickness based on drill core inspection.
Many of the intersections are near-surface.
Hole (Azimuth, Dip) From (m) To (m) Length (m) Ag (gpt) Cu (%) Au (gpt) Ag (gpt)
equiv.
*
LJ 11-21 (45, - 50) 27.0 40.5 13.5 45.3 0.36 0.39 94.3
includes 30.0 32.6 2.6 152.0 1.07 0.58 268.2
76.0 91.9 15.9 95.7 1.00 0.15 185.1
Includes 78.0 83.5 5.5 217.2 2.28 0.37 422.7
LJ11-22 (180, -50) 2.0 5.6 3.6 28.8 0.26 0.03 51.6
28.4 30.8 2.4 130.7 0.40 0.10 168.5
42.6 53.0 10.4 30.6 0.15 0.13 48.5
74.6 78.4 3.8 104.7 0.62 0.04 156.6
99.9 104.2 4.3 61.9 0.06 0.03 68.3
165.1 209.0 43.9 23.9 0.16 0.25 48.7
Includes 165.1 181.2 16.1 47.1 0.21 0.09 68.8
LJ 11-23 (0, -90) 100.1 127.2 27.1 28.1 0.25 0.13 55.1
Includes 126.3 130.2 3.9 57.6 0.52 0.08 104.2
147.8 168.0 20.2 20.1 0.14 1.10 86.6
LJ 11-24 (0, -50) 6.0 9.0 3.0 60.8 0.42 0.13 101.7
66.0 69.5 3.5 55.7 0.27 0.38 96.8
82.9 86.7 3.8 45.2 0.06 0.14 57.1
88.9 100.2 11.3 107.9 0.17 0.09 126.3
Includes 96.9 100.2 3.3 277.0 0.50 0.14 325.0
157.2 161.0 3.8 28.0 0.22 0.10 51.0
LJ 11-25 (320, -50) 184.5 212.0 27.4 22.1 0.23 0..21 52.0
Includes 184.5 194.2 9.7 20.3 0.51 0.33 78.6
Includes 207.1 212.0 4.9 72.5 0.14 0.10 89.0
LJ 11-26 (160 -50) 0.0 14.0 14.0 109.3 0.92 0.08 188.2
includes 8.0 12.0 4.0 236.0 1.98 0.10 403.4
112.4 116.0 3.6 34.7 0.12 0.16 52.5
150.3 173.0 22.7 78.4 0.27 0.25 113.0
includes 155.2 158.2 3.1 227.4 0.76 0.30 304.7
224.6 263.0 38.4 6.2 0.09 0.75 51.1
327.0 329.7 2.7 166.8 0.04 0.22 181.1
*Ag equivalent is based on 100% metallurgical recovery and price ratios of
82:1- Cu:Ag and 50:1- Ag:Au.
Metals prices to determine ratios were
US$ 24/oz for Ag; US$ 3/lb for Cu and US$ 1200/oz for Au.
Minimum 2 metre
width was used for mineralized intercepts.
All numbers are rounded.
Phase I Drill Program Highlights
Twenty three of the twenty six Phase 1 drill holes encountered significant
intervals of Ag, Cu and Au values with associated Pb, Zn, tungsten (W) and
molybdenum (Mo) in selective zones.
The most significant to date are shown
below.
Details of numerous other intercepts are shown in the subsequent
table and in press releases dated June 6, 2011 and March 7, 2011.
Hole Number Length (m) Ag (gpt) Cu (%) Au (gpt) Ag (gpt) equiv.*
LJ10-01 12.1 126.7 1.07 0.26 275.1
LJ10-04 19.2 156.7 0.82 0.18 255.5
LJ10-09 19.2 90.5 0.27 0.19 129.6
LJ10-10 27.0 47.5 0.48 0.15 107.7
LJ11-17 35.0 112.1 1.11 0.22 211.2
LJ11-19 51.4 66.1 0.33 0.18 102.9
LJ11-20 9.0 186.4 1.69 0.28 334.7
LJ11-21 15.9 95.7 1.00 0.15 185.1
LJ11-24 11.3 107.9 0.17 0.09 126.3
LJ11-26 14.0 109.3 0.92 0..08 188.2
*Ag equivalent is based on 100% metallurgical recovery and price ratios of
82:1- Cu:Ag and :50:1- Ag:Au.
Metals prices used to determine ratios were US$ 24/oz for Ag; US$ 3/lb for
Cu and US$ 1200/oz for Au.
Minimum 2 metre width for mineralized intercept.
All numbers are rounded
· Phase 1 drill results, in conjunction with surface mapping and
sampling have demonstrated continuity of the Ag-Cu-Au mineralization within
an area of at least 700 metres long by 300 metres wide by 200 metres deep.
· Historic drilling and recent surface mapping indicate the
favourable mineralized trend may exceed 2 kilometres in length, of which the
Phase 1 drilling has tested approximately 700 metres.
· Four styles of mineralization have been identified in drill core;
o Multiple (at least 6) shallow-dipping near-surface mineralized manto
zones from 3 - 30 metres in true thickness,
o Multiple (at least 6) near-vertical mineralized structures from 3 - 50
metres wide,
o A newly discovered “Contact Zone” proximal to the underlying intrusive
with mineralized thicknesses up to 50 metres and geology similar to the
nearby San Martin and Sabinas mines
o A large, pervasively mineralized gold and tungsten halo, which appears
to be associated with the Contact Zone, is being evaluated.
Selective assay
results in this halo are up to 5 gpt gold and 1% tungsten (WO[3]).
Molybdenum is also present with grades up to 0.7% Mo.
· The Company is reviewing and validating extensive historic
exploration data collected on the property from 1979 to 2006 including drill
logs, certified lab analysis and archived core (est.
6,600m).
The initial
review of the historical data dramatically advances the geologic knowledge
of the property and identifies several new exploration targets outside the
area of Company’s Phase I drill program.
· In addition to the main area of interest defined by the Phase I
exploration work, there are at least three other significant target areas on
the Company’s concessions which have been identified by airborne geophysical
anomalies and historical data, including drilling, and correspond to the
general mineralized characteristics seen in the main area of interest.
· All identified target areas are open, with excellent potential for
additional discoveries.
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All sample preparation was completed by ALS Chemex in Zacatecas and analyzed
by ALS Chemex in North Vancouver.
Selected samples were analyzed at the
Company’s lab at its Santa Elena Mine and were re-run at ALS Chemex for
verification and QA/QC purposes.
The Company is compiling and validating historical and current data through
an Independent Qualified Person for use in developing estimated resources
and a NI 43-101 Technical Report anticipated in Q4 2011.
A Phase II program
is in the planning stage, and contemplates approximately 50 additional drill
holes (in excess of 10,000m) to begin in Q4 2011.
The Company has the right to acquire 100% of the La Joya Property which is
located approximately 75 kilometres southeast of the city of Durango,
Mexico.
The property is located in a productive mineralized region which
currently supports several large scale mining operations including Grupo
Mexico’s San Martin Mine, Industrias Peñoles’ Sabinas Mine, Pan American
Silver’s La Colorada Mine and First Majestic Silver’s La Parrilla Silver
Mine.
Please reference our website at [2]www.silvercrestmnes.comfor more
information, photos, a video and figures on La Joya.
Links:
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http://www.silvercrestmnes.com
The Qualified Person under _National Instrument (NI 43-101) Standards of
Disclosure for Mineral Projects_ for this News Release is N.
Eric Fier, CPG,
P.Eng, and Chief Operating Officer for SilverCrest Mines Inc., who has
reviewed and approved its contents.
SilverCrest Mines Inc.
(TSX-V: SVL) _is a Mexican precious metals producer
with headquarters based in Vancouver, BC.
SilverCrest’s flagship property is
the 100%-owned Santa Elena Mine, which is located 150km northeast of
Hermosillo, near Banamichi in the State of Sonora, México.
The mine is a
high-grade, epithermal gold and silver producer, with an estimated life of
mine cash cost of US$8 per ounce of silver equivalent (55:1 Ag:Au).
SilverCrest anticipates that the 2,500 tonnes per day facility should
recover approximately 4,805,000 ounces of silver and 179,000 ounces of gold
over the 6.5 year life of the open pit phase of the Santa Elena Mine.
This news release contains forward-looking statements, which address future
events and conditions, which are subject to various risks and uncertainties.
The Company’s actual results, programs and financial position could differ
materially from those anticipated in such forward-looking statements as a
result of numerous factors, some of which may be beyond the Company’s
control.
These factors include: the availability of funds; the timing and
content of work programs; results of exploration activities and development
of mineral properties, the interpretation of drilling results and other
geological data, the uncertainties of resource and reserve estimations,
receipt and security of mineral property titles; project cost overruns or
unanticipated costs and expenses, fluctuations in metal prices; currency
fluctuations; and general market and industry conditions.
Forward-looking
statements are based on the expectations and opinions of the Company’s
management on the date the statements are made.
The assumptions used in the
preparation of such statements, although considered reasonable at the time
of preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements.
“J.
Scott Drever”
J.
Scott Drever, President
For further information, please contact:
Fred Cooper
570 Granville Street, Suite 501
Vancouver, BC V6C 3P1
Telephone: (604) 694-1730
Fax: (604) 694-1761
Email: [3]
Website: [4]www.silvercrestmines.com
Toll Free: 1-866-691-1730 (Canada & USA)
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Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SilverCrest Mines Inc.
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SilverCrest Mines Inc.
- 570 Granville St., Suite 501 V6C 3P1, Vancouver BC
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