SilverCrest Metals Receives Buy Recommendation from National Bank Financial - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - April 12, 2018) - Today's buy recommendation comes from National Bank Financial. Analyst Don DeMarco gives SilverCrest Metals (TSXV: SIL) (OTCQX: SVCMF) an outperform rating, an above average risk rating, and target price of $4.00 per share, a premium of 77% to the $2.26 price on March 28th, the day the report was issued.
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In February, SilverCrest issued a maiden resource for its Las Chispas property, located in Sonora, Mexico.
The maiden resource outlined 3.4 million tonnes at 572 grams per tonne silver equivalent for 62.8 million ounces silver equivalent. The Babicanora vein accounts for 75% of the Inferred estimate and hosts the bonanza grade Area 51, with high grade silver, at 469 grams per tonne, and significant gold by-product, at 7.43 grams per tonne.
Analyst Don DeMarco stated: "Based on our compilation of Ag deposits globally, the Las Chispas maiden resource ranks in the top 5 in terms of grade. What's more is that the Babicanora vein "jewelry box", known as Area 51, were it on its own, would be in contention for the highest grade in the world at a lofty 1,026 g/t"
The report pointed out that only 41,400 metres have been drilled through the end of 2017, whereas by comparison, MAG Silver's Juanicipio project has logged more than 280,000 metres.
Subsequent to National Bank's report, SilverCrest announce its first set of Phase III drill results for the Las Chispas Property. The most significant result was returned from Hole BA18-81, which intersected 4.0 metres (true width) grading 22.83 grams per tonne gold and 1,718.8 grams per tonne silver or 3,341 grams per tonne silver equivalent, based on a 75 silver to 1 gold ratio.
Step out drilling of the Babicanora Vein, including Area 51, continues to intersect high-grade mineralization.
There are now 23 identified epithermal veins on the Property, an increase from the 19 veins previously reported. Of the 23 veins, SilverCrest has only drilled tested nine of these veins, which are the Babicanora, Babicanora Footwall, Las Chispas, Giovanni, La Blanquita, William Tell, Varela, Granaditas and Amethyst veins. Only five of these nine drilled tested veins have been included in the recently announced maiden resources.
N. Eric Fier, CPG, P.Eng, and CEO, stated: "Our initial Phase III drill holes in the Babicanora Vein continue to intercept high- grade precious metal mineralization along a drill-tested strike length of 1.5 kilometres. The drill results from the southeast extension of the Babicanora Vein, known as Area 51, show further bonanza grades1, with increased size of the high-grade footprint. For H1 2018, we will continue expansion drilling of the Babicanora Vein, initial holes into Babi Sur Vein, and additional holes into the Las Chispas, Amethyst, Granaditas and other veins. We are systematically drilling only step out expansion holes and working towards an updated resource for Q3 2018."
For more information, please visit the company's website www.SilverCrestMetals.com, contact Fred Cooper, Investor Relations, at 604-694-1730 or 1-866-691-1730, or email [email protected].
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