SilverCrest Reports Coloradito Target Results at La Joya Property;
Potential Large Bulk
Tonnage Mo-W-Ag-Au Target
VANCOUVER,
BC � February 16, 2012 � SilverCrest Mines Inc. (the �Company�)
is pleased to announce that it continues to validate the results of 56 historic core holes drilled on its La Joya Property between 1979 and 2003 by previous
operators. The historic
holes included 37 holes on the Main Mineralized
Trend, 6 holes on the adjacent Coloradito target and 4 and 1
on each of the Santo Nino and Esperanza targets respectively, and
8 holes outside of
target areas. Archived core is available
and being split for geochemical
analysis for the entire
length of the drill holes
at Coloradito. Due to low metals prices at the time of the historical drilling, only sections of potentially
high grade mineralization were
of interest and assayed
while large lower grade
intercepts were ignored and not assayed.
As announced on January 5,
2012, SilverCrest�s drilling
on the Main Mineralized Trend to date has demonstrated intercepts of potentially economic mineralization over widths up
to 230 metres.Please reference
our website at www.silvercrestmines.com
for more information, photos and figures on La Joya.
N. Eric Fier, CPG, P.Eng. and COO of the Company stated, �Coloradito could possibly be the next discovery at La Joya and serves to re-emphasize the growing potential of the La Joya property with a current initial Inferred
Resource of over 100 million ounces silver equivalent in the Main
Mineralized Trend discovered
to date. The Coloradito area shows potential for a large bulk
tonnage Molybdenum (Mo), Tungsten
(W), Silver (Ag) and Gold (Au) system with Cu-Pb-Zn credits. Planned Phase II drilling during 2012 will further test the extent of mineralization in the Coloradito
area.�
Assay validation and complete
sampling of core from the four historic holes has been completed on
the �Coloradito� target
(see table below and attached figures). From surface
mapping, sampling and limited historic drilling with Company validation, an area with
near surface potentially
large bulk tonnage Mo-W-Ag-Au mineralization
has been defined that is approximately 500 metres long by 200 metres wide, and 100 to 200 metres
in depth. The Coloradito
weighted average grades
of 0.051% Mo and
0.044% WO3 plus 15.9 gpt Ag and 0.11 gpt Au are 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.
The Coloradito target is one of three targets adjacent to the Main Mineralized
Trend for which the Company
has reported an initial Inferred
Resource of +100 million ounces of Ag equivalent (see press release dated January 5, 2012).
The most significant
drill results of the validated
historic holes at Coloradito, which have only partially tested the target are shown in the following table and attached figures. Click to View
Hole (Azimuth,
Dip)
|
From (m)
|
To
(m)
|
Length (m)
|
Ag
(gpt)
|
Au
(gpt)
|
WO3
(%)
|
Mo
(%)
|
SAC00-02
(55, - 55)
|
0.0
|
78.0
|
78.0
|
12.5
|
0.15
|
0.062
|
0.098
|
includes
|
48.0
|
77.0
|
31.0
|
19.0
|
0.17
|
0.064
|
0.150
|
|
161.0
|
182.0
|
21.0
|
34.0
|
0.05
|
0.073
|
0.074
|
|
241.7
|
246
|
4.3
|
124.5
|
0.15
|
0.020
|
0.009
|
SAC00-03
(95, - 70)
|
4.9
|
60
|
55.1
|
16.8
|
0.06
|
0.042
|
0.072
|
includes
|
44.0
|
54.0
|
10.0
|
30.5
|
0.08
|
0.044
|
0.226
|
|
228.0
|
250.5
|
22.5
|
10.6
|
0.66
|
0.005
|
0.003
|
SAC00-04
(0, - 90)*
|
3.1
|
47.8
|
44.7
|
11.9
|
0.04
|
0.042
|
0.041
|
SAC00-05
(35, - 45)
|
3.2
|
212.0
|
208.2
|
12.4
|
0.10
|
0.036
|
0.028
|
Includes
|
3.2
|
73.0
|
69.8
|
11.2
|
0.11
|
0.062
|
0.038
|
Includes
|
105.0
|
140.0
|
35.0
|
19.3
|
0.18
|
0.032
|
0.061
|
includes
|
193.0
|
212.0
|
19.0
|
40.5
|
0.22
|
0.015
|
0.088
|
Unvalidated Historical
Results
|
|
|
|
|
|
|
S-3(45,-
60)
|
12.2
|
27.4
|
15.2
|
22.2
|
0.04
|
NR
|
0.006
|
|
76.2
|
112.7
|
36.5
|
10.0
|
0.19
|
NR
|
0.023
|
|
155.4
|
179.8
|
24.4
|
36.0
|
0.35
|
NR
|
0.005
|
S-4a(45,- 60)
|
15.0
|
76.2
|
61.2
|
30.1
|
0.19
|
NR
|
0.078
|
includes
|
54.8
|
76.2
|
21.4
|
51.8
|
0.22
|
NR
|
0.145
|
*Hole SAC00-04 was lost at 44.7m and re-drilled as S-4a
NR: No historic results available.
All numbers are rounded.
All validation sample analyses were completed by Inspectorate Exploration & Mining
Services Ltd. in Durango, Mexico and Richmond, BC or ALS Chemex in Zacatecas and North
Vancouver, BC.
The highest grade sample
taken to date on the La Joya
property is a surface sample from the Coloradito area with a grade
of 5,318.8 gpt Ag, 54.7 gpt Au and 6.3%
Pb over 2 metres.. This historic sample was collected by Boliden/Luismin JV in 1999. This area
is currently being mapped and sampled and will be drilled during the Company�s ongoing Phase II program.
Coloradito mineralization
consists of a Contact Zone with
stockwork veining. This
Contact Zone is similar
to that identified in
adjacent Main Mineralized Trend with multiple intrusives doming
Cretaceous sediments with 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 mineralized solutions. Coloradito
core also contains anomalous Cu, Pb,
and Zn. The Phase II drill program is expected to further test the known mineralization at Coloradito with 8 to 10 drill holes.
The La Joya Deposit currently has initial Inferred
Resources of:
CATEGORY**
|
CUT
OFF GRADE GPT
|
TONNES
|
AG
GPT
|
AU
GPT
|
CU
%
|
CONTAINED
AG OZ
|
CONTAINED
AU OZ
|
CONTAINED
CU LBS
|
CONTAINED
AG EQ. OZ*
|
INFERRED***
|
15
Ag Eq.
|
57,940,000
|
28.0
|
0.18
|
0.21
|
51,348,000
|
333,400
|
270,296,000
|
101,918,000
|
|
30
Ag Eq.
|
35,500,000
|
39.0
|
0.22
|
0.30
|
44,300,000
|
246,000
|
237,500,000
|
86,400,000
|
* 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.
Please refer to the January 5, 2012 news release for further details on the
initial Inferred Resource at
the Main Mineralized Trend at
La Joya. The NI 43-101 Technical
Report containing the initial resource
estimate for La Joya is expected to be filed on www.sedar.com
prior to February 20,
2012.
The Phase II 80 hole drill program is expected to test approximately 2.5 kilometres
of the Main Mineralized Trend (MMT) that includes at least the 9 near-vertical
structures and stockwork zones, 12 near-horizontally stacked mantos and a Contact Zone with
underlying intrusive. Based
on the encouraging results
to date, two additional
drill rigs are being mobilized to accelerate this Phase II exploration program. Drilling
on the southern extension of the Trend is anticipated to start in late February. This area is thought to be potentially the highest grade
area along the MMT based
on Company surface mapping
and sampling and historic
drill hole results. Fourteen holes in Phase II
have been drilled to date with
assays being received and compiled for
release.
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; 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, 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. 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, Mexico.
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
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.
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