Canadian precious metals explorer SilverCrest Metals has acquired a 100% interest in the El Picacho property, which is 40km north-east of the company’s flagship Las Chispas mine in Mexico.

The Las Chispas gold-silver project is in Sonora, Mexico.

SilverCrest paid $1.6m to American Metal Mining for this property, besides paying required government taxes to bring the 11 mining concessions part of the El Picacho property to good status.

According to the precious metals explorer, Picacho may be considered as either a ‘standalone mine’ or a ‘satellite project’ for additional mill feed to Las Chispas.

SilverCrest Metals CEO Eric Fier said: “We first looked at acquiring Picacho in 2016, after the sale of SilverCrest Mines Inc. (SilverCrest’s predecessor) in 2015, as a continuation of our regional exploration program on the search of a new district containing multiple precious metal epithermal veins.

“After four years of patience, we have now acquired the next district. The most historic prominent vein in the district, El Picacho Vein, can be easily accessed by a 4m x 4m underground decline, which visually shows the vein underground as approximately 6m wide with historic grades and SilverCrest recent sampling results ranging from 350g/t to 1,000g/t silver equivalent (AgEq).”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

El Picacho has a historic resource estimate of 360,000t grading 8.5g/t gold and 40g/t silver (67g/t AgEq).

In May, SilverCrest Metals announced that it will resume exploration and development work at the Las Chispas gold-silver project.