SilverCrest Expands to Mexico and Guatemala
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VANCOUVER, BRITISH COLUMBIA--SilverCrest Mines Inc. ("SVL") is
pleased to announce that it has initiated the next stage of its
corporate strategy to acquire significant silver based assets by
expanding its interests into Mexico and Guatemala. Through
recently incorporated subsidiaries, SilverCrest has applied for
an 11,000 hectare mineral concession in Mexico and a further
150,000 hectare mineral concession in Guatemala. The areas under
application contain known silver deposits and excellent
exploration potential for the further discovery of high grade,
near surface, silver deposits consistent with the deposit models
targeted by the Company as part of its corporate strategy to
become a significant silver company.
Mexico: Silver Angel Concession - 100% interest
The Silver Angel Concession is located in the northern Sierra
Madre Range in the State of Sonora, Mexico. The application
consists of 11,000 hectares immediately adjacent to recent
concession applications by notable major mining companies.
The focus of the Silver Angel Concession is an area of intense
alteration (silicification, limonite, argillic) that covers an
area of approximately 8 kilometres long by 3 kilometres wide.
This area of alteration includes high grade structures hosting
seven past producing silver/gold mines with previously documented
sampling results of 9.0 - 1650 g/t silver (0.26 - 48 opt) and up
to 4.0 g/t gold (0.12 opt). Recent reconnaissance by SilverCrest
of a select area within this concession confirmed the presence of
these high grade structures. Five channel samples collected from
the stockwork veining adjacent to these structures returned
silver values of 15.0 - 63.0 g/t silver (0.43 - 1.8 opt) over
widths of 5 - 10 metres.
The deposit type is currently expected to be a combination of
high angle epithermal veining and stockwork with subsequent
stratigraphically-controlled mineralization (manto) related to a
200 metres thick conglomerate unit. The manto mineralization is
considered a priority exploration target for potential
delineation of a large bulk tonnage deposit. Geologically, the
area consists of a Cretaceous volcanic package with
inter-layering of volcaniclastic units and conglomerates.
Evidence of major structural features is prevalent with
significant intersecting northwest and northeast trending fault
systems within the major zone of alteration.
Guatemala: Concepcion Concession - 100% interest
The Concepcion application is located in southern Guatemala and
consists of an area of more than 150,000 hectares. The property
includes several past silver producers with documented production
results of greater than 13,714 g/t silver (400 opt) as direct
shipping ore from shallow underground workings. Previous surface
sampling by the Guatemalan Government and several companies shows
results from 34.0 - 2,057 g/t silver (1.0 - 60.0 opt) over widths
of up to 5.0 metres . In addition to these high grade deposits,
the concession area currently has a partially drill-defined, open
pittable resource of an estimated 4.75 million ounces of silver
in 1.9 million tonnes grading 86.0 g/t (2.5 opt). This resource
is historic, does not comply with NI 43-101 standards, and will
require further investigation to verify this statement.
Geologically, the area is underlain by a Tertiary volcanic
package with rhyolitic to dioritic intrusives. Structurally, the
area shows strong northwest trending faults and shear zones,
which appear to be related to mineralization. The deposit type of
mineralization is expected to occur in a high angle epithermal
system consisting of veining, shears and stockwork. The most
significant mineralization has been traced along surface for over
five kilometres.
Work programs, which will be implemented during the first quarter
of 2004, are currently being developed for both areas to further
define the known silver deposits and generate new drill targets.
Both the Silver Angel and the Conception concessions will be held
100% by SilverCrest and have been acquired at minimal cost with
modest work commitments and no third party payments. These
general criteria for acquisition have been in keeping with the
Company's goal of becoming a significant silver asset based
company by acquiring high grade, low cost silver resources that
may be expanded and properties with substantial exploration
potential. The Company's longer term initiative is to continue to
acquire, develop and operate high grade silver mines throughout
North, Central and South America.
This news release contains forward-looking statements that are
subject to various risks and uncertainties. The Company's actual
results could differ materially from those anticipated in such
forward-looking statements as a result of numerous factors that
may be beyond the Company's control. Forward-looking statements
are based on the expectations and opinions of the Company's
management on the date the statements are made.
On Behalf of the Board of Directors of
SilverCrest Mines Inc.
J. Scott Drever, President
FOR FURTHER INFORMATION PLEASE CONTACT:
SilverCrest Mines Inc.
J. Scott Drever or Barney Magnusson
(604) 691-1730
(604) 691-1761 (FAX)
Email: info@silvercrestmines.com
Website: www.silvercrestmines.com
The TSX-V has not reviewed and does not accept responsibility for
the accuracy or adequacy of this release.
Copyright 2002 The Globe and Mail
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