SilverCrest Begins Drilling at Cruz de Mayo
Reports
on Santa Elena Norte Drill Results
VANCOUVER, BC � September 20, 2011 � SilverCrest Mines Inc.
(the �Company�) is pleased to announce that it has begun drilling at the
100%-owned Cruz de Mayo Project located near its Santa Elena Mine in
Sonora, Mexico. Drilling of approximately 45 core and RVC holes is planned
to reclassify and potentially expand current NI43-101 resources. This
program will be used to assist with the preparation of an ongoing
Pre-Feasibility Study (PFS) for Cruz de Mayo as part of the Santa Elena
Expansion Project (see attached map).
The Expansion Project contemplates the installation of a conventional
milling and processing facility at the nearby Santa Elena mine. The
facility will utilize mill feed from the Santa Elena open pit (Phase I),
the Santa Elena underground (Phase II), and re-treatment of the material on
the heap leach pads to recover residual silver and gold values (Phase
IV). The Cruz de Mayo silver deposit (Phase III) is being considered
for development with lower grade mineralization conceptually treated on
site as a heap leach operation with the potential to ship high grade
mineralization to the nearby Santa Elena proposed processing facility.For details, please refer to the Company�s
filings on www.sedar.comto review of the NI43-101 �Reserve Update for the
Santa Elena Open Pit and Preliminary Assessment for the Santa Elena and
Cruz de Mayo Expansion Project�.
Cruz de Mayo
The Company has previously drilled 47 reverse circulation and core holes on
approximately 100 to 150 metre spacing and
consistently intersected silver mineralization over a strike length of
approximately 1.7 kilometres. These holes have
confirmed a near-surface broad silver zone averaging an estimated 20 metres in thickness with grades ranging from 30.0 gpt to 111.0 gpt silver with
multiple, narrower higher grade zones ranging from 489.0 gpt to 967.0 gpt
silver. Based on the work to date, current resources at Cruz de Mayo
are;
|
|
|
|
|
CATEGORY
|
TONNES
|
AU
GPT
|
AG
GPT
|
CONTAINED
AU OZ
|
CONTAINED
AG OZ
|
INDICATED*
|
1,141,000
|
0.06
|
64.2
|
2,300
|
2,353,400
|
INFERRED*
|
6,065,000
|
0.07
|
66.5
|
13,300
|
12,967,100
|
* based on a silver cut-off grade of 30 gpt as presented in the 2007 Fier
and Stewart Technical Report.
|
The results of the current drilling program along with subsequent
metallurgical and environmental baseline work will be used to finalize a
Pre-Feasibility Study in preparation for a MIA (Environmental Impact
Assessment) for permitting and production.
Santa Elena
Expansion Project
In addition to the drill program at Cruz de Mayo that is considered part of
the Expansion Project, the Company has commenced drilling the first of four
geotechnical drill holes at the Santa Elena Mine to help establish the
necessary parameters for the proposed decline and underground development.
The portal site for the decline has been selected and Requests for
Proposals are being prepared for a number of contractors to bid on Phase I
underground work which will consist of approximately 1,500 metres of decline and exploration drifting. The decline
will be used to access the Main (Mineralized) Zone for further delineation
drilling and access the unexplored portions of the Main Zone for the
potential expansion of resources. This work will be used to assist with the
preparation of an ongoing PFS for the Santa Elena Expansion Project. When
completed, the Phase I decline will allow development and initial
production from the deposit that lies below the current operating and
designed ultimate open pit.
Santa Elena Norte
Santa Elena Norte is one of several targets identified in the immediate
vicinity of the Santa Elena mine to be drill tested. An initial drill
program of 25 holes totalling approximately 2,900
metres has been completed on the Santa Elena
Norte deposit which is located approximately 1 km north of current mining
operations (see attached map). A series
of shallow holes identified low grade quartz veining up to 22 metres wide measuring approximately 500 metres long by 5 to 20 metres
wide by 100 metres in depth. Four deeper drill
holes encountered the target but did not intercept significant mineralization.
Drilling has not defined the extent of mineralization and the deposit
remains open in most directions. The most significant results are stated in
the following table.
|
|
|
|
|
|
Hole
|
From (m)
|
To
(m)
|
Length (m)
|
Au
(gpt)
|
|
SEN11-01
|
17.0
|
22.0
|
5.0
|
0.13
|
|
SEN11-02
|
7.7
|
11.0
|
3.3
|
0.98
|
|
|
21.2
|
31.35
|
9.25
|
0.28
|
|
SEN11-06
|
3.3
|
17.3
|
14.0
|
0.27
|
|
SEN11-07
|
4.3
|
23.5
|
18.4
|
0.19
|
|
SEN11-08
|
11.5
|
32.5
|
21.0
|
0.32
|
|
SEN11-09
|
5.5
|
19.0
|
13.5
|
0.35
|
|
SEN11-11
|
51.0
|
59.0
|
8.0
|
0.34
|
|
SEN11-12
|
26.8
|
36.2
|
9.4
|
0.13
|
|
SEN11-15
|
24.2
|
27.0
|
2.8
|
0.16
|
|
SEN11-17
|
7.6
|
9.0
|
1.4
|
0.43
|
|
SEN 11- 3 to 5, 10, 13, 14, 16, 18 to 25 had no significant values. Silver
grades in mineralized intercepts were trace to 18 gpt.
Further work at Santa Elena Norte is anticipated to test the extent of the
low-grade surface and deeper mineralization.
All sample analyses were completed by the Santa Elena onsite laboratory
with checks at ALS Chemex in Hermosillo, Mexico
and North Vancouver, BC.
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, M�xico. 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
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.
|