SilverCrest Mines* (SVL : TSX-V : $2.64), Net Change: -0.06, % Change: -2.22%, Volume: 342,435
Atta boy. SilverCrest Mines reported more solid drill results from their Santa Elena mine in Mexico. The company commented that 94 of a planned 100 holes have been completed to help re-categorize Indicated and Inferred Resources to Probable Reserves and expand current underground resources. The drill program continues to be extremely successful with several recent holes identifying multiple bonanza-grade intercepts and the new El Cholugo high-grade gold and silver zone. Highlights from these results include hole SE-12-73, which yielded 13 m of 1.6 g/t gold and 342 g/t silver, including 1 m of 5.1 g/t gold and 2840 g/t silver. Headline hole 73 intercepted mineralization outside of the current resource area, extending the mineralized zone to the east at depth. Mineralization has been extended to the east by 300 metres long, 150 metres high by 5-13 metres thick. These results continue to indicate that grade and mine life have the potential to increase at Santa Elena. With three drill rigs currently turning on site, SVL expects to complete the 100-hole drill program in early Feb. Further expansion drilling is expected to be completed in Q1/13. The market is expecting an update reserve and resource estimate and pre-feasibility study this quarter.