SilverCrest Mines (CVE:SVL)(NYSE MKT:SVLC)(AMEX:SVLC) announced Monday further drilling results from its Santa Elena mine in Mexico, which the company says continue to be "extremely encouraging".
As of today, 94 of a planned 100 holes have been completed to help upgrade indicated and inferred resources to probable reserves and expand current underground resources. Roughly 33,000 metres have been drilled so far.
"We are extremely encouraged with the high grade silver intercepts that we are encountering and the fact that four of the high grade results are just on or well beyond our current resource boundary," said president J. Scott Drever.
"Gold values and interval widths are also substantial which bodes well for the addition of resources in our upcoming Resource and Reserve revisions."
In this latest batch of results, core holes SE-12-73 and 110 intercepted further bonanza grades of gold, the company said, with greater than 34 grams per tonne (g/t), and silver with greater than 1,000 g/t.
Results ranged from 1.0 metre at 4.47 g/t gold and 1,465 g/t silver to 1.0 metre at 5.07 g/t gold and 2,840 g/t silver.
Hole SE-12-62, results of which were partially announced last week, posted a final intercept of 1.7 metres at 42.59 g/t gold and 1,460 g/t silver, within 5.2 metres at 15.34 g/t gold and 546.2 g/t silver.
The company said the program continues to be successful, with "several recent holes" finding multiple bonanza grade intercepts, and the new El Cholugo high grade zone. All the holes from the program will be used in the upcoming pre-feasibility study for the Santa Elena expansion project, expected in the first quarter.
The latest intercepts were up to 200 metres beyond the boundary of the current resource, with the expansion area around 300 metres long, by 150 metres high - open to the east and at depth.
Results for the next series of holes will be released once compilation of results is complete, the company said. Three drills are currently on site to complete the program in early February, with further expansion drilling to take place in the first quarter.
A three year expansion plan is underway to double metals production at the mine, while exploration programs are also advancing the definition of the large polymetallic deposit at the company's La Joya property in Mexico.
The Vancouver-based company said in November that profit and revenues increased in its third quarter, with record silver production allowing it to raise its annual forecast for the year.