SilverCrest Expands Santa Elena Deposit; More High Grade Intercepts 13m @ 1.6 gpt Au and 324.8 gpt Ag including 1m @ 5.1 Au and 2,840 gpt Ag
SilverCrest Mines Inc. (the “Company”) is pleased to announce results of further drilling at the Santa Elena Mine in Sonora, Mexico. Ninety four holes of a planned 100 holes have been completed to help re-categorize Indicated and Inferred Resources to Probable Reserves and expand current underground Resources (see attached Figure). This drill program continues to be extremely successful with several recent holes identifying multiple bonanza grade intercepts and the new El Cholugo high grade gold and silver zone. All holes included in this program will assist with Resource confirmation and reclassification to be included in the upcoming Pre-Feasibility Study for the Santa Elena Expansion Project.
J. Scott Drever, President stated; “We are extremely encouraged with the high grade silver intercepts that we are encountering and the fact that four of the high grade results are just on or well beyond our current resource boundary. Gold values and interval widths are also substantial which bodes well for the addition of resources in our upcoming Resource and Reserve revisions”.
Good news from Santa Elena Deposit is both good news for Silvercrest and good news for Sandstorm’s cash flow. I believe they have 20% LOM of open pit AU production for a payment of $350/oz AU. In addition they have they option to contribute 20% of the upfront capital expenditures for underground development for 20% of underground production at $450/oz AU. These drill results with nice economic showings of both AG and AU is a WIN WIN fro both companies.
I don’t know if you remember Dennis M, but you did introduce me to Silver Crest. Thank you!
Big Al
I hope they keep their drills turning!
Good for them!
Like last week I like the lower high grade 13m result compared to the very high grade 1m assay result. Those guys must be like kids in a candy store when the results arrive.
Great news and the PRICE GOES DOWN MORE….The markets are completely manipulated with Naked shorting…What a joke.