Category: Uncategorized
- Published: 29 November -0001
News Release: SilverCrest Reconfirms Bonanza Grades at its El Ocote Silver Property
SilverCrest Mines Inc. (formerly Strathclair Ventures Ltd.-SVL.T) (the 'Company') is pleased to announce it has obtained the results of extensive underground channel sampling at the El Ocote Silver Property located in western Honduras.
The sampling, completed by various qualified professionals from 1980 to 1995, confirms bonanza silver grades ranging from 2042 grams per tonne (59.6 ounces per ton) to 4910 grams per tonne (143.2 ounces per ton) silver and expands the tonnage and grade of the high grade supergene cap defined by previous work. Systematic channel sampling on four levels of underground exploration development (see attached graphics) shows weighted average grades as follows:
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ADIT LEVEL NUMBER METRES SILVER FOOTAGE SILVER
SAMPLES SAMPLED (grams/tonne) SAMPLED (ounces/ton)
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1540 m 46 160 727 518 21.2
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1515 m 64 237 700 766 20.4
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1490 m 108 404 325 1305 9.5
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1485 m 32 117 324 378 9.5
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Total 250 918 2967
Wt. Av. Grade 492 14.3
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Of the 250 channel samples in the data base, 83 or over 30% of this population assayed greater than 500 gpt silver (15 opt) with a weighted average grade of 1081 gpt silver (31.5 opt) and included the following extraordinary intervals:
3.0 metres @ 4910 gpt silver (9.7 feet @ 143.2 opt)All samples were collected from laterally continuous channel sampling along the walls of underground drifts. Documented sampling procedures by previous operators provide for adequate confidence in applied standards. Analytical analyses were completed at recognized laboratories including ALS Chemex, Barringer Labs, and CAS De Honduras, S. De R. L. (subsidiary of US based Custom Analytical Services, Inc.).
3.0 metres @ 3893 gpt silver (9.7 feet @ 113.5 opt)
2.5 metres @ 3561 gpt silver (8.1 feet @ 103.9 opt)
5.0 metres @ 2461 gpt silver (16.2 feet @ 71.8 opt)
2.8 metres @ 2325 gpt silver (9.0 feet @ 67.8 opt)
5.7 metres @ 2042 gpt silver (18.4 feet @ 59.6 opt)
The newly acquired results as well as the results of 16 previously drilled reverse circulation holes will be incorporated into the current independent resource estimate which places indicated resources at 1.9 million tonnes of 181 gpt silver (5.3 opt silver) or 11 million contained ounces of silver, and inferred resources of 1.4 tonnes at 118 gpt (3.4 opt silver ton) or 5.2 million contained ounces of silver. Accordingly, the El Ocote property presently contains an estimated resource of 16 million ounces of silver based on a 30 gpt silver cut-off grade with the potential to increase the contained silver to over 20 million ounces.
During a recent site visit, C. Stewart Wallis, P.Geo., (Qualified Person under NI 43-101) completed independent sampling which verified the presence of bonanza silver grades. The samples were submitted to CAS De Honduras, S. DE R. L. Samples were dried, crushed, split and pulverized to 90 percent passing minus 150 mesh. All silver assays were 30-gram-fire assay with a gravimetric finish. Wallis's samples showed;
4.5 metres @ 505 gpt silver (14.5 feet @ 14.7 opt) 2.0 metres @ 186 gpt silver (6.5 feet @ 5.4 opt) 3.1 metres @ 1003 gpt silver (10.0 feet @ 29.2 opt)
The El Ocote Silver Property is considered to be at the feasibility stage of development and is owned 100% by the Company. The deposit is near surface and mostly oxidized with a high-grade supergene enrichment zone that includes the above bonanza grades. The deposit is considered amenable to open pit mining with a low strip-ratio that should result in low operating costs.
A program of drilling for resource verification and expansion, additional underground sampling, environmental base line studies, and metallurgical testwork will be undertaken as part of the initial work program in support of a full feasibility study. Good potential for resource expansion and new discoveries exists along the breccia pipe contacts to depth and the regional North-South trend of mineralization.
The Company is also pleased to announce the launch of its new corporate website at www.silvercrestmines.com.
SilverCrest Mines Inc. is a newly formed 'pure silver'exploration and development company with a portfolio of high grade silver deposits located in Honduras. The new management team for SilverCrest believes that this property portfolio, with nearly 30 million ounces of indicated and inferred silver resources and substantial exploration potential provides an important base from which to develop its corporate objective of becoming a significant silver asset based company. The Company's longer term initiative will be to acquire, develop and operate high grade silver mines throughout North, Central and South America.
On Behalf of the Board of Directors of SilverCrest Mines Inc. J. Scott Drever, President
This news release contains forward-looking statements that are subject to various risks and uncertainties. The Company's actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors that may be beyond the Company's control. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made.
To view the map that accompanies this release, please click on the following link: http://www2.cdn-news.com/database/fax/2000/SVLmap.gif
The TSX-V has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
SOURCE: SilverCrest Mines Inc.
SilverCrest Mines Inc. J. Scott Drever, 604/691-1730 604/691-1761 (fax) or SilverCrest Mines Inc. Barney Magnusson, 604/691-1730 604/691-1761 (fax) Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Website: www.silvercrestmines.com
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