Las Chispas The Las Chispas property is located approximately 180 kilometres northeast of Hermosillo, Sonora, Mexico. The community of Arizpe (estimated population 2,000) is located approximately 12 kilometres to the north of the property. The property consists of 17 concessions totalling to 1326.78 hectares.
In the first half of 2015, SilverCrest completed negotiations with local Mexican individuals and a Mexican company to acquire the property under several option to purchase agreements. In 2014, prior to obtaining title to the property, SilverCrest incurred U.S.$149,599 in concession payments and other exploration expenditures. From January 1, 2015 to the date of the Application, SilverCrest incurred additional U.S.$69,146 in exploration expenditures, of which U.S.$50,000 was for concession payments.
Geologically, the Las Chispas property consists of a Late Cretaceous – Early Tertiary low sulfidation epithermal system. Host rocks are volcanic tuffs, rhyolites, agglomerates and rhyolite breccias. Andesite dykes are noted in underground workings sub-parallel to mineralized structures.
The Las Chispas Mine is known for its world-class silver mineral specimens including polybasite, stephanite, native silver and pyrargyrite. Specimens are on display in private collections and museums worldwide.
Mineralization occurs in 0.5 to 5 metre wide veins with adjacent stockwork and breccias trending northwest- southeast for 1 to 1.5 kilometres. Depth from surface of known mineralization is estimated at 300 metres. Main veins dip 55 to 85 degrees to the southwest. Fourteen epithermal veins have been previously defined on the property of which 3 have had notable production. The historical producing veins included Las Chispas, Guillermo Tell, and Babicanora. From public information, the Las Chispas mill production between 1908 through 1911 was approximately 25,000 tonnes grading 35 gpt gold and 4,500 gpt silver totalling an estimated 25,000 ounces of gold and 3.2 million ounces of silver. Several kilometres of underground workings exist on the property and are partially accessible.
Targets for modern exploration include drilling of near-surface (0 to 100 metres) vein extensions, depth (200 to 400 metres) extensions of historical producing areas, potential open pitable stockwork and breccia zones, and possibly reprocessing remaining waste and old tailings dumps.
SilverCrest Metals plans to conduct general exploration including mapping, sampling, geochemical analysis by December 31, 2015 for approximately Cdn.$25,000. Based on results of the general exploration, the Company is planning to conduct a drill program in Q1/16 to test known targets in the Las Chispas area. Payment obligations on the Las Chispas property during the next 18 months are property payments of U.S.$50,000 in 2015 and U.S.$105,000 in 2016.
N. Eric Fier, CPG, P.Eng., President and Chief Executive Officer of the Company, is the Qualified Person under National Instrument 43-101, Standards of Disclosure for Mineral Projects, responsible for the preparation of the technical information included in this website and for supervision of field activities related to the Company projects.