SilverCrest Announces Historic Las Chispas Mine Rehabilitation and Drilling; Huasabas Project Update
8 weeks 2 days 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 ."
The drop in U.S. GDP to 0.5% annual rate, in the first quarter, in the U.S., helped the dollar to continue falling and brought into question just how sustainable labor growth numbers are. This was a serious slowdown and should be noted as such. Business slashed investment by the steepest amount since the Great Recession. While the media hopes that these numbers can be adjusted to look better and that the rest of the year will see a better performance, hope is not reality.