SilverCrest acquires property near Las Chispas
Canada-based explorer SilverCrest Metals has acquired the El Picacho property, near its Las Chispas project in Sonora, Mexico.
SilverCrest paid $1.6-million for a 100% ownership in 11 mining concessions of the property, totalling about 7 060 ha.
“We first looked at acquiring Picacho in 2016, after the sale of SilverCrest Mines (SilverCrest’s predecessor) in 2015, as a continuation of our regional exploration programme in search of a new district containing multiple precious metal epithermal veins.
“After four years of patience, we have now acquired the next district,” said CEO Eric Fier.
The most historic prominent vein in the district, El Picacho Vein, can be accessed by a 4 m by 4 m underground decline, which visually shows the vein underground as about 6 m wide with historic grades and SilverCrest recent sampling results ranging from 350 g/t to 1 000 g/t silver equivalent.
Historic drill intercepts in this vein’s initial high-grade footprint have a weighted average of 4.1 m, grading 618 g/t silver equivalent.
The company anticipates starting an exploration drill programme at Picacho before the end of the year, subject to permitting and minimal disruptions from Covid-19.
The property was acquired by the company’s subsidiary, Compañía Minera La Llamarada, from American Metal Mining and an affiliate.
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