SilverCrest Announces Historic Las Chispas Mine Rehabilitation and Drilling; Huasabas Project Update
30 weeks 1 day ago
N. Eric Fier , CPG, P.Eng, President & CEO stated, "Las Chispas is a very exciting brownfields exploration story. The project area consists of a district size target with multiple historic surface and underground mines that reportedly produced an estimated 100 million ounces of silver and 200 thousand ounces of gold between 1880 and 1930. Reported average production grades from limited public information were approximately 15 grams per tonne (gpt) gold and 1,700 grams per tonne (gpt) silver over widths of 1 to 5 metres. Our initial underground channel sampling of exposed mineralization has shown grades up to 15.1 gpt Au and 1,340 gpt Ag over 1.3 metres. To our knowledge, all mineralized zones in the district, which include multiple epithermal veins, have not been previously drilled. The underground rehabilitation program will help further assess the potential for near surface deposits and deeper extensions of mineralization. A majority of the underground workings have been inaccessible for over 80 years, and historic records suggest several previously developed areas were not mined due to closure around 1930. The Company is well financed with over $6.5 million and the 2016 exploration expenditures are expected to be in the range of $1 to $1.2 million ."
Gold saw slight gains in Asia before it fell to see a $6.78 loss at $1316.12 in late morning New York trade and then bounced back above unchanged in early afternoon action, but it then fell back off again into the close and ended with a loss of 0.11%. Silver slipped to $19.008 and ended with a loss of 0.47%.