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La Joya continues to add silver ounces to SilverCrest bottom line
Eric Fier at SilverCrest Mine’s La Joya project (transcribed from video): SilverCrest is an operating company now, in Mexico. As we grow Santa Elena and the expansion plan, the next part of the growth pattern is La Joya.
Initially, when I came out in 2010 and looked at the project, along with my geologic team, we were looking at a target that was potentially 30 to 50 million ounces of silver*. Since then, we have drilled, and we have looked at the historic database. What we’ve found is that the deposit is much larger than we originally thought. Lower grade, but potentially a very large, open pitable and minable resource. We have a lot more work to do before we get to that point, but that’s the direction that we’re moving in right now.
Cerro Sacrificio: The Main Mineralized Trend
We’re standing right in the middle of the main mineralized trend. Over my left shoulder here is the drill path for hole 17, which was our biggest hit to date. Approximately 200 meters of 90 to 100 grams per tonne, silver equivalent*. Hole 20 also hit a significant interval of mineralization as it drilled below where we’re standing here. Right now this is our best location for a potential open pit. Mineralization starts right at the surface, where you’ve got mantos and structures 30- to 50-meters wide and strong mineralization.
We’re currently standing on the top of Cerro Coloradito and in my background you can see La Joya. A year ago, you would see very few of these roads. We feel that the next success story here at La Joya will be drilling to the south. We expect to do that over the next two to three months.
Early Luismin Drill Hole
I’m currently standing at the collar of one of the drill holes that Luismin (a subsidiary of Goldcorp) had completed in the early 2000s. I knew some general information that they had hit a few high-grade intercepts. But what made it most interesting is Luismin got taken over by Goldcorp. So I walked in the door at Goldcorp and they gave me access to all of that information. With their permission, we recut that core and reanalyzed it and announced the discovery at Coloradito before SilverCrest had even started drilling any holes here!
Boots on the Ground
If you look over in the walls here, this rock is all very fractured. This is the kind of thing that you want to see when you’re out in the field looking at these things. Boots on the ground, drill holes, money spent in the ground. We’re setting up a war chest through the ongoing production at Santa Elena and the expansion plan. We’ll be able to use part or most of that money to develop La Joya into what we think is going to be a mine in the future.
We’re expanding the Santa Elena project. We’re looking for a double in production there, from a junior silver/gold producer to a mid tier silver/gold producer by 2014. We’re looking for the potential to double the resource at La Joya, which would be a significant win and a major discovery for SilverCrest. And we’re also looking at potential to double our resource at Santa Elena underground, which would extend our mine life and give additional growth potential to an already great story in SilverCrest Mines.
View SilverCrest Mines La Joya Silver Copper & Gold Project in a larger map
* Silver equivalency includes silver, gold and copper and excludes lead, zinc, molybdenum and tungsten values. Ag:Au is 50:1, Ag:Cu is 86:1, based on 5 year historic metal price trends of US$24/oz silver, US$1200/oz gold, US$3/lb copper. 100% metallurgical recovery is assumed.