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I don't think we will see much posting until share price gets back to $0.04. The shares aren't worth selling at this price.
Doing my monthly check-in on FNC. Still holding a whack of shares. As long as Peter is still in charge I don't anticipate a significant rise in share value. I will probably sell around $0.15 if we ever get there. Nice to see Rago is still positive.
I haven't been on Agoracom very much as there isn't much participation from members (apart from GWR1) over the past year or so.
I have kept a few thousand shares of AUM but haven't added anything in a long time. I have a bit of dry powder and wonder what people think about the chances of a significant move in Golden Minerals and a re-opening of the mine.
I have been betting on Alexco re-opening first as their stock has been appreciating in value over the past few months.
Anybody have any thoughts on Alexco or Golden Minerals?
SilverCrest Announces Further Drill Hole Results From Las Chispas Project;
Confirms Discovery of the Unmined Extension of William Tell Vein
VANCOUVER, BC – September 07, 2016 - SilverCrest Metals Inc. (“SilverCrest” or the “Company”) is pleased to announce additional drill hole results from the William Tell Vein within its Las Chispas Project located in Sonora State, Mexico. The Las Chispas Project is in a historic silver-gold mining district which presently hosts two nearby precious metal producers. Historic information indicates that of the fourteen historically reported veins at Las Chispas Project, only three veins, the Las Chispas, William Tell and Babicanora, had documented production, which occurred between 1880 and 1930. SilverCrest’s initial focus is on these three veins. To the Company’s knowledge, these three past-producing veins have not been intercepted by drilling prior to the Company's recently completed initial Phase I drilling campaign. For more information, please refer to our website at www.silvercrestmetals.com.
The William Tell Vein is approximately parallel to the Las Chispas Vein and about 120 metres apart at its midpoint. The William Tell Vein’s historical workings appear to advance on strike to a cross cutting fault and then terminate. This fault also cross cuts the Las Chispas Vein beyond which higher grades and continuity are found as previously reported (see news release dated August 2, 2016). The Company believes this fault bound corridor, in both the William Tell and Las Chispas Veins, may be a mineralizing control for a potential high grade zone in both of the vein systems. Fourof the seven William Tell drill hole intersections located within the potential high grade corridor display grade continuity greater than 400 grams per tonne (“gpt”) silver equivalent* (“AgEq”) over estimated true widths of 0.8 to 1.5 metres. Applying a 50 metre radius influence to the four drill hole intercepts, the area covers approximately 300 metres of strike (see attached figure). No historical workings were intercepted in the seven William Tell Vein drill holes.
Two previously unmapped veins were intercepted in drill holes LC16-13 and LC16-16 at the William Tell Vein which reported grades of 888 gpt AgEq* and 723 gpt AgEq* over estimated true widths of 0.9 metres and 0.8 metres, respectively (see table below). These intercepts are new vein discoveries and are interpreted to be in the footwall and hanging wall, respectively.
Dunham Craig, P.Geo., Interim CEO commented, “While we suspected the William Tell Vein would extend to the south, we are very pleased to see this discovery in an area where we did not know what the vein mineralization, location or geometry would be. The high grade continuity in four of the drill holes within the potentially mineralized corridor is very encouraging and we are eager to begin a Phase 2 drilling program as soon as possible to further delineate the strike extension and depth. In addition, the discovery of two new vein intercepts grading above 700 gpt AgEq*, combined with all of the results received to date from drilling and underground channel sampling, reiterate a possible discovery of a district-wide area play. The crew in Mexico continues to gain further access within the estimated 11.5 kilometres of historic underground workings in both the Las Chispas area and Babicanora area for mapping, sampling and future drilling program design. We expect to report on further drill results and underground activities over the coming weeks.”
The most significant William Tell Vein core drilling results for this release are 1.5 metres wide grading 2.03 gpt gold (“Au”) and 683 gpt silver (“Ag”), or 835 gpt AgEq* (see attached Figure) including 0.75 metres grading 3.8 gpt Au and 1,102 gpt Ag or 1,388 gpt AgEq* in hole LC16-03. The following table summarizes the most significant drill assay results (uncut) for the William Tell vein and the previously unidentified veins;
William Tell Drill Hole Intercepts within Potentially High Grade Corridor > 150 gpt AgEq
Hole No.
From (m)
To (m)
Drilled Thickness (m)
Est. True Thickness (m)**
Au gpt
Ag gpt
AgEq* gpt
LC16-03
172
176
4
1.5
2.03
683
835
includes
173
175
2
0.8
3.81
1,102
1,388
LC16-12
118
119
1
0.9
2.40
229
409
LC16-13
168
172
4
3.2
1.08
141
222
includes
168
169
1
0.8
3.58
249
517
Includes
171
172
1
0.8
0.23
249
266
LC16-15
197.5
199
1.5
1.3
1.94
352
497
New Identified Vein Intercepts adjacent to the William Tell Vein
LC16-13
180
181
1
0.8
4.79
364
723
LC16-16
93
94
1
0.9
6.57
395
888
William Tell Drill Hole Intercepts < 150 gpt AgEq
LC16-02
94
95
1
0.5
0.97
20
94
LC16-04
201
205
4
1.7
0.04
69
72
LC16-16
270
272
2
1.8
0.01
39
40
Note: all numbers are rounded.
*AgEq based on 75 (Ag):1 (Au) and 100% metallurgical recovery.
** All holes were drilled at angles to mineralization; true thickness is estimated based on geometry of the vein model.
All assays were completed by ALS Chemex with sample preparation in Hermosillo, Mexico and assayed in North Vancouver, BC.
Gold grades are reported from fire assay, and silver grades >100 gpt are reported from aqua regia digestion with ICP-AES finish.
As previously announced, the Company has also drilled three holes (LV-16-01, LV-16-02 and LV-16-03) in the La Victoria area, a separate mineralized showing, located 800 metres southwest of the Babicanora vein. Results from these holes have shown mineralization but with relatively low values. Future drilling for the La Victoria area will be undertaken to define the zonation of grade closer to surface and at depth.
Based on the favorable results of the Phase I surface drill program, the Company is planning a Phase II surface and underground drill program for the fall of 2016.Timing of the underground drilling program depends on the receipt of the permit application. The program will focus on the delineation of a potential bulk sample and infill drilling in preparation for a maiden resource estimate at the Las Chispas project.
The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is James Barr, P.Geo, who is independent of SilverCrest and has approved its contents.
Hard to say. I anticipate a hostile takeout bid by Agnico Eagle over the next few weeks. With some more good drill intercepts and a bidding war. We could see $3.50.
Due to yesterdays Q2 financial results.
Q2 2016 Financial Highlights
- Revenue of $5.4 million (Q2 2015 - $4.0 million)
- Sales of 334,549 silver equivalent ounces ("AgEq oz") payable (Q2 2015 - 304,984 AgEq oz payable)
- Mine operating earnings of $1.3 million (Q2 2015 - loss of $0.8 million)
- Adjusted net income of $0.9 million or $0.01/share (Q2 2015 - adjusted net loss of $1.8 million or $0.03/share)
- Production cost per tonne reduced by 13% relative to Q2 2015 and 24% during 6-mos 2016 relative to 6-mos 2015
- Adjusted all-in sustaining cost ("AISC") per silver ounce payable of $15.27, excluding the one- time sustaining capital expenditures associated with the Platosa Optimization Plan, demonstrating progress towards materially reduced costs per ounce at Platosa under dry mining conditions
- Phases II and III of optimization program underway with increasingly dry mining conditions at Platosa and drawdown rates exceeding projections at current pumping rates, primarily from existing infrastructure
- Cash, current account receivables and marketable securities totaled $7.5 million at June 30, 2016 (December 31, 2015 - $4.7 million), not including CAD$15.2 million bought deal financing completed in July 2016
- Net working capital totaled $7.3 million at June 30, 2016 (December 31, 2015 - $5.5 million)
"During the second quarter we continued to realize the benefits of operational efficiencies put into place earlier this year," stated Brendan Cahill, President and Chief Executive Officer. "We returned to profitability on an adjusted basis and improved cash flow, as well as realizing material improvements to all-in sustaining costs per ounce before the one-time costs associated with the ongoing Platosa optimization plan. We have reported adjusted net income during the period as, with the Company's strong share performance during Q2, fair value adjustments to financing costs were required under IFRS on our outstanding convertible debentures and associated warrants -- a quality problem. We expect our costs and financial performance to further improve as the Platosa optimization program continues moving towards completion. We enter the third quarter with much improved metal prices, a strengthened balance sheet from our recent, oversubscribed bought deal financing and a comprehensive drill program about to commence at Platosa."