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SilverCrest Metals Inc.

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Summary

Project:

Las Chispas

Deposit:Las Chispas
Location:Mexico
Commodities:Gold-Silver
Date:9/19/2018
Report Code:NI43-101
Report Type:Resource Estimation
Project Stage:Pursuing Resource Increase/Upgrade
Report details:19-9-2018: SilverCrest Metals Inc. announces a Resource Estimation report for its Las Chispas deposit at the Las Chispas project. Updated mineral resource estimate at the project. Vancouver, British Columbia--(Newsfile Corp. - September 19, 2018) - Silver
Resources:(Resource, Inf.): 4.3Mt @ 3.68g/t Au, 347g/t Ag for 511Koz Au contained, 48.298Moz Ag contained
CP/QP:[Resources]: Eric Fier, James Barr (Internal;Tetra Tech/Coffey Mining Ltd.)
ABSTRACT:Vancouver, British Columbia--(Newsfile Corp. - September 19, 2018) - SilverCrest Metals Inc. (TSXV: SIL) (NYSE American: SILV) ("SilverCrest" or the "Company") is pleased to announce the updated mineral resource estimation for the Las Chispas Property, located in Sonora, Mexico. Inferred Mineral Resources are estimated at 4.3 million tonnes grading 3.68 grams per tonne ("gpt") gold (or "Au") and 347 gpt silver (or "Ag"), or 623 gpt silver equivalent ("AgEq"; based on 75 (Ag):1 (Au) calculated using long-term silver and gold prices of US$18.50 per ounce silver and US$1,225 per ounce gold, with average metallurgical recoveries of 86.6% silver and 98.9% gold). The Inferred Resource Estimate contains 511,800 ounces gold and 48.3 million ounces silver, or 86.7 million ounces of AgEq, using a 150 gpt AgEq cut-off grade and minimum true vein width of approximately 1.5 metres. The combination of the Area 51 zone (Babicanora Vein) and adjacent Babicanora Norte Vein hosts a combined Inferred Resource of 1.6 million tonnes grading 6.97 gpt gold and 568 gpt silver, or 1,091 gpt AgEq containing 56.3 million ounces of AgEq. Of the 30 veins in the district, eight veins were used for the updated resource estimate: Babicanora (including Area 51 zone), Babicanora Norte, Granaditas, Las Chispas, Giovanni (including La Blanquita), William Tell, and Luigi. For comparative purposes, please refer to the technical maiden resource report titled "Technical Report and Mineral Resource Estimate for the Las Chispas Property, Sonora, Mexico"and effective February 12, 2018, as amended May 9, 2018 ("Maiden Resource Report"). N. Eric Fier, CPG, P.Eng and CEO, remarked, "The delivery of this updated resource estimate is another major milestone for SilverCrest as we continue to systematically expand high-grade mineralization in the Las Chispas district. In the spring of 2018, we started our Phase III drill program with a Q3 target of 75 to 85 million ounces silver equivalent at a grade of around 600 gpt AgEq. With the recent expansion and discovery of multiple high-grade veins and zones, this target has been exceeded with an updated Inferred Resource of 4.3 million tonnes grading 623 gpt AgEq for an estimated 86.7 million AgEq ounces. The most exciting aspects of this resource update are the high-grade resources identified in the Area 51 zone of the Babicanora Vein and the Babicanora Norte Vein. These two near surface adjacent zones cumulatively host 1.6 million tonnes grading 1,091 gpt AgEq for an estimated 56.3 million AgEq ounces which can conceptually be developed using the same underground infrastructure. The Company plans to continue exploration drilling with six to eight core drills operating up to Q1, 2019. A further resource update and a Preliminary Economic Assessment ("PEA") are planned for Q1, 2019. Congratulations to our team and supporters who have worked diligently to make several significant discoveries and milestones at Las Chispas over the last six months."

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