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SilverCrest Reports 50m @ 151.8 gpt Ag Eq* at La Joya
Main Mineralized Trend Continues to Expand
TSX-V: SVL OTCQX: STVZF
For Immediate Release
Dear Subscriber,
VANCOUVER, BC – July 17, 2012 – SilverCrest Mines Inc.
(the “Company”)
is pleased to announce the results of an additional 11 holes of the
Phase II drill program currently underway at its La Joya Property in
Durango, Mexico.
The Phase II program is comprised of 80 holes
totaling approximately 15,000 metres.
Phase II drilling reported to
date has extended the Main Mineralized Trend (“Trend”) beyond the area
containing the current Inferred Resource of 101.9 million ounces Ag
Eq.*(see News releases dated March 20 and May 7, 2012 and attached
figures,[2] La Joya and [3]La Joya Coloraditio).
The drill defined
Trend now extends for approximately 2 kilometres with an average width
of approximately 700 metres.
Please reference our website at
[4]www.silvercrestmines.com for more information, photos and figures on
La Joya.
Links:
2.
http://gallery.mailchimp.com/0943dabffc157ea0628e628d7/files/July_17_La_Joya.pdf
3.
http://gallery.mailchimp.com/0943dabffc157ea0628e628d7/files/July_17_2012_Coloradito_La_Joya.pdf
4.
http://www.silvercrestmines.com
J.
Scott Drever, President stated: ”Since announcement of our initial
resource in January of this year, we have drilled an additional 45
holes as a part of the second phase of drilling at La Joya and have now
reported positive results for 33 holes.
We have successfully expanded
mineralization in all lateral directions along the Trend with the
possible expansion of the declared resource.
The most recent holes
confirm our interpretation that the area to the south of the declared
resource appears to host the most attractive mineralized portion of the
Trend which in many instances begins at or near to surface”.
The Company has completed 45 core holes to date of the planned 60 core
and 20 RVC holes in the Phase II program.
Three of the 11 holes
reported in the tables and text below partially tested the southern
extension of the Trend, one hole is an in-fill of the Phase I resource
area and the remaining seven holes focused on the Coloradito target.
Silver values in the holes along the Trend range from 8.5 gpt to 124.1
gpt and on a silver equivalent* basis values range from 25.8 gpt to
246.2 gpt Ag Eq.
Mineralized intervals range from 6.8 metres to 182.0
metres.
True thicknesses of mineralized intercepts can be approximated
from cross sections of previously announced drill holes in associated
areas.
The most significant assay results are shown in the following 2
tables;
Main Mineralized Trend (Ag, Cu, Au)
----------------------------------------------------------------------------
HOLE-ID From To Length Ag Eq(i)
(Az, Dip) (m) (m) (m) Ag gpt Au gpt Cu % gpt Comments
----------------------------------------------------------------------------
L J DD12-50
(50, 50) 12.0 42.5 30.5 42.7 0.13 0.43 86.5 N extension
----------------------------------------------------------------------------
297.0 356.9 59.9 8.5 0.19 0.09 25.8
----------------------------------------------------------------------------
L J DD12-53
(180, 45) 32.0 214.0 182.0 36.3 0.10 0.21 59.3 S extension
----------------------------------------------------------------------------
Includes 89.3 139.3 50.0 96.4 0.16 0.55 151.8
----------------------------------------------------------------------------
L J DD12-56
(135, 45) 25.3 45.0 19.7 24.5 0.17 0.14 45.8 S extension
----------------------------------------------------------------------------
63.0 69.8 6.8 49.5 0.03 0.23 71.6
----------------------------------------------------------------------------
90.0 178.6 88.6 17.1 0.23 0.13 40.1
----------------------------------------------------------------------------
L J DD12-58
(45, 45) 20.0 118.0 98.0 28.5 0.13 0.23 55.1 In-fill
----------------------------------------------------------------------------
Includes 84.5 94.1 9.6 124.1 0.20 1.30 246.2
----------------------------------------------------------------------------
159.0 206.3 47.3 19.6 0.50 0.11 53.8
----------------------------------------------------------------------------
(i) 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.
All numbers are
rounded.
All sample analyses were completed by ALS Chemex in Zacatecas,
Mexico and North Vancouver, BC, Canada.
The Phase II drill program is expected to test approximately 2.5 kilometres
of the Trend which includes at least 8 near-vertical structures/stockwork zones,
14 near-horizontal, stacked mantos plus the Contact Zone that is adjacent to
the underlying intrusive.
Drilling on the southern extension of the Trend
continues with two drill rigs and a third starting in July.
A reverse circulation
drill is expected to be added in due course.
Based on Company surface
mapping, sampling and historic drill hole results, the southern area is
thought to be potentially the highest grade area along the Trend.
Drill results presented in above table partially reflect this higher grade area.
Core samples for holes L J DD12-60 to L J DD12-66 are currently in the
laboratory being analyzed.
The Company is currently drilling at hole
L JDD12-71 located on the southern part of the Trend.
Assays for
the next series of holes will be reported upon receipt and compilation.
Several holes contain anomalous molybdenum, tungsten, tin, lead and
zinc values over significant widths in the skarn.
The significance of these
associated mineral zones is being examined.
Seven additional holes were drilled on the Coloradito target which is a
separate target one kilometre to the west of the Trend.
Coloradito
mineralization consists of skarning with stockwork veining.
This
mineralization is similar to that identified in adjacent Main Mineralized
Trend with multiple intrusives doming Cretaceous sediments and
subsequent skarn development.
Molybdenum values appear to be
higher (up to 0.6% Mo) at Coloradito compared to La Joya where
copper values are higher (up to 15% Cu) which implies a different
intrusive or a subsequent intrusive event with different mineralizing
solutions.
Coloradito holes also contain anomalous Cu, Pb, and Zn.
Additional drilling will be necessary to determine the nature and extent
of this potential deposit.
Previous historic drilling results for Coloradito were stated in a news
release dated February 16, 2012.
New drill hole assay results confirm
the previously identified molybdenum and tungsten mineralization which
show up to 116 metres thick grade 0.048% Mo and 0.098% WO3.
Reported near surface mineralization is similar to current economic
or potentially economic near surface bulk tonnage deposits such as
Thompson Creek Mine, ID (0.046 to 0.081 % Mo), Endako, BC
(0.030 to 0.046 % Mo) Sisson, NB (0.031% Mo, 0.094% WO3),
and El Creston, Mexico (0.071% Mo, 0.06% Cu).
All references are
from public company websites.
Coloradito (Mo, W, Au, Ag)
----------------------------------------------------------------------------
HOLE-ID From To Length
(Az, Dip) (m) (m) (m) Ag gpt Au gpt Cu % Mo % WO3 %
----------------------------------------------------------------------------
L J DD12-49
(45, 45) 62.4 64.8 2.4 22.3 0.06 0.25 nil nil
----------------------------------------------------------------------------
L J DD12-52
(50, 45) 4.0 68.2 64.2 3.3 0.02 0.03 0.014 0.025
----------------------------------------------------------------------------
242.1 253.1 11.0 23.5 0.07 0.10 0.010 0.103
----------------------------------------------------------------------------
L J DD12-54
(0, 45) 309.0 403.5 94.5 2.3 0.09 0.01 0.044 0.030
----------------------------------------------------------------------------
L J DD12-55
(45, 50) 88.0 204.0 116.0 8.8 0.11 0.02 0.048 0.098
----------------------------------------------------------------------------
L J DD12-57
(315, 50) 93.4 205.0 111.6 4.7 0.02 0.01 0.010 0.034
----------------------------------------------------------------------------
L J DD12-59
(45, 45) 0.0 130.0 130.0 9.3 0.16 0.03 0.024 0.060
----------------------------------------------------------------------------
All numbers are rounded.
All sample analyses were completed by ALS Chemex in Zacatecas,
Mexico and North Vancouver, BC, Canada.
Hole L J DD12-51 (Az, Dip; 45, 45) located south of the Coloradito target
showed no significant results with most of the hole drilled in mostly
marble with minor skarning which was targeting deeper skarn mineralization.
The deeper target was not intercepted.
The La Joya Deposit (Mineral Mineralized Trend) currently has estimated
Inferred Resources of:
----------------------------------------------------------------------------
CUT OFF CON-
GRADE CON- CON- CON- TAINED
(AG TAINED TAINED TAINED AG EQ.
CATEGORY EQ.(i) TONNES AG AU CU AG OZ AU OZ CU LBS OZ(i)
(ii) GPT) (000s) GPT GPT % (000s) (000s) (000s) (000s)
----------------------------------------------------------------------------
INFERRED
(iii) 15 57,940 28.0 0.18 0.21 51,348 333.4 270,296 101,918
----------------------------------------------------------------
30 35,500 39.0 0.22 0.30 44,300 246.0 237,500 86,400
----------------------------------------------------------------------------
(i) 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.
(ii) 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.
(iii) Mineralization boundaries used in the interpretation of the geological
model and resource estimates are based on cutoff grades of 15 gpt Ag Eq and
30 gpt Ag Eq using the metal price ratios described above.
Please refer to the January 4, 2012 news release for further details of the Inferred
Resource estimate and to the La Joya NI 43-101 Technical Report dated
February 20, 2012.
The Phase II drill program is anticipated to be complete in August 2012 with a
subsequent revision and announcement of updated resources by Q4 2012.
Extensive metallurgical test work is ongoing to review amenability and potential
metallurgical recoveries of Ag, Au, Cu, W, Mo, Sn, Zn and Pb.
Test work results
will be presented in the next NI 43-101 Technical Report also anticipated in Q4 2012.
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.
(SVL.V)(STVZF) is a Mexican precious metals producer with
headquarters based in Vancouver, BC.
SilverCrests flagship property is the
100%-owned Santa Elena Mine, which is located 150 km northeast of Hermosillo,
near Banamichi in the State of Sonora, Mexico.
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.
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: [5]
Website: [6]www.silvercrestmines.com
Toll Free: 1-866-691-1730 (Canada & USA)
Links:
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http://www.silvercrestmines.com
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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