Tuesday 6th December 2016

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A capacity crowd gets an essential perspective on this critical mineral

SilverCrest Mines’ La Joya silver-gold-copper project in Durango state
will undergo a preliminary economic assessment next year.

So how did the market react? Claude closed November 26 at $0.61, opened November 27 at $0.63, then closed at $0.59. That left the company near its 52-week low of $0.55, compared to a 52-week high of $2.04. November 27 closed on a market cap of $102.51 million.

SilverCrest also slipped slightly on November 27 drill results. Highlights from its La Joya property in Durango state, Mexico, include:

  • 28.3 g/t silver, 0.09 g/t gold and 0.11% copper over 288.7 metres
  • (including 65.6 g/t silver, 0.17 g/t gold and 0.28% copper over 25 metres)
  • (including 75.1 g/t silver, 0.08 g/t gold and 0.27% copper over 41.8 metres)
  • (including 48.5 g/t silver, 0.06 g/t gold and 0.18% copper over 21.9 metres)
  • 135.5 g/t silver, 0.11 g/t gold and 1.14% copper over 45 metres
  • (including 189 g/t silver, 0.07 g/t gold and 1.52% copper over 23.2 metres)
  • 53.1 g/t silver, 0.06 g/t gold and 0.63% copper over 48.8 metres
  • 66.4 g/t silver, 0.31 g/t gold and 0.12% copper over 22 metres
  • 28.2 g/t silver, 0.06 g/t gold and 0.19% copper over 43 metres.

True widths weren’t provided. Drilling started near surface, with the deepest interval ending at 437 metres’ depth.

Drilling and surface sampling have extended the project’s main mineralized trend to approximately 2.5 kilometres, with an average width of approximately 700 metres, the company stated. Of 15 holes reported November 27, five tested the trend’s southern extension while the other 10 delineated the project’s Contact zone and Santo Nino target. Additional drilling to explore new targets is expected this month. A 2013 PEA will consider the potential for a “starter pit,” the company stated.

La Joya’s January 2012 resource estimate shows an inferred category of:

  • 57.94 million tonnes averaging 28 g/t silver, 0.18 g/t gold and 0.21% copper for 51.35 million ounces silver, 333,400 ounces gold and 270.3 million pounds copper, using a cutoff of 15 g/t silver-equivalent
  • 35.5 million tonnes averaging 39 g/t silver, 0.22 g/t gold and 0.3% copper for 44.3 million ounces silver, 246,000 ounces gold and 237.5 million pounds copper, using a cutoff of 30 g/t silver-equivalent.

On November 14 SilverCrest reported Q3 comprehensive earnings of $2.2 million or $0.03 a share. Quarterly production from the company’s flagship Santa Elena project in Sonora state came to 7,184 ounces gold and 151,368 ounces silver, an 18% decrease and 42% increase respectively. Average cash costs came to $7.60 per silver-equivalent ounce, below the budgeted $8.20, the company stated.

But SilverCrest’s November 27 news failed to impress. Its stock closed November 26 and opened November 27 at $2.71, and reached a high of $2.74 before dipping to a close of $2.65. The 52-week low and high are $1.55 and $3.17. At November 27 close, SilverCrest’s market cap was $280.55 million.

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