Drilling Success Continues At Las Chispas

VANCOUVER - SilverCrest Metals Inc. reported additional drill results for the Babi Vista Vein ("Babi Vista") at its Las Chispas Property located in Sonora, Mexico. The current drill program on Babi Vista is designed to expand and in-fill high-grade precious metal mineralization to be included in the updated resource for the ongoing feasibility study. New results for 48 holes combined with 76 previously announced holes totaling 124 holes. The results today for Babi Vista demonstrate high-grade continuity and a developing high-grade zone similar to the adjacent Babicanora Vein (Area 51 zone), and Babicanora Norte Vein (Area 200 zone). These high-grade veins are near surface with underground development underway and are being considered for mining early in the mine life. The Babi Vista Vein was discovered in February 2019 and was intersected underground for confirmation in mid-2019 while developing the Santa Rosa decline to intersect the Babicanora Vein, Area 51 zone. Hole BV20-60 establishes a new grade-thickness record for the Property, returning 1.7 meters (intercept width) grading 634.56 grams per tonne (gpt) gold (Au) and 26,003.6 gpt silver (Ag), or 73,595 gpt silver-equivalent (125,111 gram-metres, "AgEq" based on assumptions defined in the table below). The previous record was Hole LC19-118 at 10.8 meters grading 7,873 gpt silver equivalent (85,028 gram-meters).

The expanded high-grade footprint for Babi Vista is estimated at 800 metres along strike by an average 150 meters in height. The weighted average (true width, uncut, undiluted) of these new results is 0.8 meters grading 58.25 gpt Au and 3,183.2 gpt Ag, or 7,552 gpt AgEq. The weighted average is dominated by hole BV20-60 and when excluding this hole, the weighted average is 0.8 meters grading 15.34 gpt Au and 1,507.7 gpt Ag, or 2,614 gpt AgEq. With a total of 177 holes (53 holes pending assays) drilled to date, at an approximate spacing of 35 meters, a majority of this mineralization is anticipated to be included as indicated resources for the upcoming updated resource estimation in the ongoing feasibility study. In addition to the Babi Vista Vein drill results, the newly defined Babi Vista Hangingwall ("HW") and Footwall ("FW") veins were also intersected with results presented in tables below. Both new veins (HW and FW) will be considered for inclusion in the upcoming resource estimation.

N. Eric Fier, CPG, P.Eng, and CEO, said, "After a few months shutdown due to COVID-19, we restarted in late May with 8 drills focusing on in-fill and expansion of high-grade mineralization on the Babi Vista Vein. Drill results to date have been better than expected with 25 holes out of 124 holes showing grades greater than 2,500 gpt AgEq with good continuity. Since intercepting Babi Vista while driving the Santa Rosa decline, we have systematically drill tested this vein which, although narrow, is believed to be the most continuous with respect to multi-kilogram per tonne AgEq intercepts for a vein to date on the Property. We have only partially drill-tested a strike length of 800 meters of Babi Vista, which may have an overall length of approximately 2,000 meters based on historic surface workings along the projected strike of the vein. For the remaining part of the year, we plan to continue drilling with 8 to 12 drills on Babi Vista and Babicanora Vein northwest extension. We expect a steady flow of exploration drill results for the rest of the year."

The most significant result is Hole BV20-60, which intersected 1.3 meters (estimated true width) grading 634.56 gpt Au and 26,003.6 gpt Ag, or 73,595 gpt AgEq. Also noteworthy are holes BV20-53 at 4.4 meters grading 19.87 gpt Au and 2,995.9 gpt Ag, or 4,486 gpt AgEq and BV20-94 at 0.7 meters grading 85.40 gpt Au and 4,716 gpt Ag, or 11,121 gpt AgEq.

Further work is planned on these unnamed vein intercepts for possible new vein discoveries. There are currently eight (8) surface core drills operating at Las Chispas. These drill rigs are completing further in-fill and known vein expansion holes for the Babi Vista Vein and Babicanora Vein to the northwest. Approximately 110 holes for 35,000 meters remain to be completed for 2020. An updated resource estimate is being completed along with the ongoing feasibility study expected in Q4, 2020, provided there are minimum disruptions due to COVID-19.