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SilverCrest Files NI43-101 Resource Report for La Joya Property
TSX-V: SVL OTCQX: STVZF
For Immediate Release
Dear Subscriber,
VANCOUVER, B.C.
February 21, 2012 – SilverCrest Mines Inc.
(the
“Company”) is pleased to announce it has filed the NI43-101 Technical Report
and initial resource estimation for its La Joya Property in Durango, Mexico.
Inferred Resources previously announced in a news release dated January 5,
2012 are estimated at 57.9 million tonnes grading 28 gpt silver, 0.18 gpt
gold, and 0.21% copper.
These initial resources contain approximately _51.3
million ounces of silver, 333,400 ounces of gold (16.7 million ounce of Ag
Eq) and 270.3 million pounds of copper (33.9 million ounces Ag Eq) for a
total of 101.9 million ounces silver equivalent* (Ag Eq) using a cutoff
grade of 15 gpt Ag Eq.
Resource estimates using higher grade cutoffs are
also shown in the table below.
The Report can be reviewed in its entirety in
the Company’s file at [2]www.sedar.com.
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These resources have been independently estimated utilizing Company Phase I
drilling and sampling programs along with independently-validated historic
data.
Drilling to date has been relatively widespread in the Phase I area
which is approximately 1 kilometre by 500 metres.
As a result, the initial
resource estimates are considered by the Company to cover only a portion of
the overall potential within the Phase I area.
The Main Mineralized Trend,
which includes the Phase I and Phase II drilling areas, has an overall
length of 2.5 kilometres and an average minimum width of 500 metres (see
News Release dated November 14, 2011 for description of target areas).
Phase
II drilling is currently underway and contemplates at least 80 drill holes
to further test the Main Mineralized Trend as well as three adjacent
targets.
La Joya Silver, Gold, Copper Resource Summary (Phase I Area)
-----------------------------------------------------------------
AgEQ
Cut-off
Grade Rounded
Category(ii) (GPT) Tonnes AG (GPT) AU (GPT) CU (%)
-----------------------------------------------------------------
Inferred(iii) 15 57,940,000 28 0.18 0.21
-----------------------------------------------------------------
Inferred 30 35,546,000 39 0.22 0.30
-----------------------------------------------------------------
Inferred 50 19,622,000 55 0.24 0.45
-----------------------------------------------------------------
----------------------------------------------------------------------------
Contained Contained Contained Contained
Category(ii) AG Ounces AU Ounces CU Pounds AgEQ Ounces(i)
----------------------------------------------------------------------------
Inferred(iii) 51,348,000 333,400 270,296,000 101,918,000
----------------------------------------------------------------------------
Inferred 44,277,000 245,900 237,539,000 86,365,000
----------------------------------------------------------------------------
Inferred 34,636,000 153,800 194,187,000 66,679,000
----------------------------------------------------------------------------
* Silver equivalency includes silver, gold and copper and excludes lead,
zinc, molybdenum and tungsten values.
Ag:Au is 50:1, Ag:Cu is 86:1, based on
5 year historic metal price trends of US$24/oz silver, US$1200/oz gold,
US$3/lb copper.
100% metallurgical recovery is assumed.
**Classified by EBA, A Tetra Tech Company and conforms to NI 43-101,
43-101CP, and CIM definitions for resources.
All numbers are rounded.
Inferred Resources have been estimated from geological evidence and limited
sampling and must be treated with a lower level of confidence than Measured
and Indicated Resources.
*** Mineralization boundaries used in the interpretation of the geological
model and resource estimate are based on a cutoff grade of 15 gpt Ag Eq
using the metal price ratios described above.
Based on available data and computer modeling, the current most continuous
mineralization at La Joya is hosted within at least 9 sub-vertical, near
east-west striking structurally-controlled stockwork zones.
These zones are
considered to be semi-continuous along strike with true widths ranging from
15 to 50 metres using a cutoff grade of 15 gpt Ag Eq.
At least 14
near-horizontal mantos (semi-continuous disseminated stratabound sulphides)
have been defined within the resource area, which are cross-cut by the
stockwork zones and are currently considered secondary to stockwork
mineralization.
The La Joya deposit is currently interpreted to host four
related styles of mineralization, (See News Release dated October 17, 2011
for defined types of mineralization at La Joya.)
Preliminary Inferred Resources for lead (Pb), zinc (Zn) and tungsten (WO3)
have also been estimated in the report for which summaries are presented
below.
These resources are relatively restricted in area until further
drilling and delineation have been completed.
Historic drilling has shown
widespread, pervasive tungsten at La Joya.
Some of the historic drill data
cannot be validated and therefore, cannot be relied upon for resource
estimation.
Ongoing Phase II drilling will test non-validated historically
drilled areas.
Lead and zinc mineralization is recognized to be concentrated within the
structural corridors and is currently thought to be mineralogically
independent of the Ag-Cu-Au concentrations.
A Mineral Resource Estimate for
lead and zinc has been calculated as basis for future resource estimation on
the property and is reported using a 0.75% Zn+Pb cut-off.
The value per
tonne method was not used to calculate an equivalent for these metals as the
long term metal price trends indicates near 1:1 relationship.
Inferred Zn+Pb Resource Estimation (Phase I Area)
------------------------------------------------------------------------
Category Zn+Pb Cut-off Grade (%) Rounded Tonnage Zn (%) Pb (%) Pb+Zn (%)
------------------------------------------------------------------------
Inferred 0.75 914,000 1.01 0.40 1.42
------------------------------------------------------------------------
Tungsten mineralization is recognized to be locally concentrated on the
property in certain non-validated historic drilling as well as being
verified by recent SilverCrest drilling.
Future exploration efforts by
SilverCrest are expected to quantify tungsten concentrations on the
property.
An Inferred Mineral Resource for tungsten has been estimated
based on recent verified SilverCrest and validated historic drilling only as
a basis for future resource estimation and is reported using a 0.05%
tungsten trioxide (WO[3]) cut off.
Inferred WO[3] Resource Estimation (Phase I Area)
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--------------------------------------
Category WO3 Cut-off Rounded WO3 (%)
(%) Tonnage
--------------------------------------
Inferred 0.05 5,308,000 0.064
--------------------------------------
The independent Qualified Persons for the La Joya resource estimation who
have reviewed and approved the contents of this news release are James
Barr., P.Geo.
and Lara Reggin, P.Geo.
both from the consulting firm of EBA
Engineering Consultants Ltd., a Tetra Tech Company and Ting Lu, P.Eng.
from
Wardrop Engineering, a Tetra Tech Company.
The Technical Report was prepared
by the Qualified Persons and adheres to the disclosure requirements of NI
43-101.
There have been no previous qualified resources reported for La
Joya.
SilverCrest Mines Inc.
(TSX-V: SVL; OTCQX: STVZF_)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 150
km 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.
A three year expansion plan is underway to double metals production at
the Santa Elena Mine and exploration programs are rapidly advancing the
definition of a large polymetallic deposit at the La Joya property in
Durango State.
FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking statements” within the meaning
of Canadian securities legislation and the United States Securities
Litigation Reform Act of 1995.
Such forward-looking statements concern the
Company’s anticipated results and developments in the Company’s operations
in future periods, planned exploration and development of its properties,
plans related to its business and other matters that may occur in the
future.
These statements relate to analyses and other information that are
based on expectations of future performance, including silver and gold
production and planned work programs.
Statements concerning reserves and
mineral resource estimates may also constitute forward-looking statements to
the extent that they involve estimates of the mineralization that will be
encountered if the property is developed and, in the case of mineral
reserves, such statements reflect the conclusion based on certain
assumptions that the mineral deposit can be economically exploited.
Forward-looking statements are subject to a variety of known and unknown
risks, uncertainties and other factors which could cause actual events or
results to differ from those expressed or implied by the forward-looking
statements, including, without limitation: risks related to precious and
base metal price fluctuations; risks related to fluctuations in the currency
markets (particularly the Mexican peso, Canadian dollar and United States
dollar); risks related to the inherently dangerous activity of mining,
including conditions or events beyond our control, and operating or
technical difficulties in mineral exploration, development and mining
activities; uncertainty in the Company’s ability to raise financing and fund
the exploration and development of its mineral properties; uncertainty as to
actual capital costs, operating costs, production and economic returns, and
uncertainty that development activities will result in profitable mining
operations; risks related to reserves and mineral resource figures being
estimates based on interpretations and assumptions which may result in less
mineral production under actual conditions than is currently estimated and
to diminishing quantities or grades of mineral reserves as properties are
mined; risks related to governmental regulations and obtaining necessary
licenses and permits; risks related to the business being subject to
environmental laws and regulations which may increase costs of doing
business and restrict our operations; risks related to mineral properties
being subject to prior unregistered agreements, transfers, or claims and
other defects in title; risks relating to inadequate insurance or inability
to obtain insurance; risks related to potential litigation; risks related to
the global economy; risks related to the Company’s status as a foreign
private issuer in the United States; risks related to all of the Company’s
properties being located in Mexico and El Salvador, including political,
economic, social and regulatory instability; and risks related to officers
and directors becoming associated with other natural resource companies
which may give rise to conflicts of interests.
Should one or more of these
risks and uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described in the
forward-looking statements.
The Company’s forward-looking statements are
based on beliefs, expectations and opinions of management on the date the
statements are made.
For the reasons set forth above, investors should not
place undue reliance on forward-looking statements.
The information provided in this news release is not intended to be a
comprehensive review of all matters and developments concerning the Company.
It should be read in conjunction with all other disclosure documents of the
Company.
The information contained herein is not a substitute for detailed
investigation or analysis.
No securities commission or regulatory authority
has reviewed the accuracy or adequacy of the information presented.
“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.
Copyright ©2008 | [5]
SilverCrest Mines Inc.
- 570 Granville St., Suite 501 V6C 3P1, Vancouver BC
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