Vancouver, British Columbia--(Newsfile Corp. - November 8, 2016) - Today's buy recommendation comes from PI Financial. Analyst Philip Ker gives SilverCrest Metals (TSXV: SIL) a buy recommendation and a 12-month target of $3.40, a premium of 29% to the $2.64 price on October 24th, the day the report was issued.
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SilverCrest Metals was spun-out as part of the SilverCrest Mines transaction with First Majestic and included several land packages within Mexico along with US$5 million. The same technical and development team which discovered, developed and operated Santa Elena, remains intact and is advancing Las Chispas.
The Las Chispas project had historical production of 100 million ounces silver and 200,000 ounces gold, with reported average grades of 1,700 grams per tonne silver and 15 grams per tonne gold over vein widths ranging from 1 to 5 metres. In its Phase I program, SilverCrest identified high-grade mineralization across channel samples and later confirmed them in correlations from drilling with intersections of 4.6 metres true width of 4.6 grams per tonne gold and 622 grams per tonne silver or 963 grams per tonne silver equivalent.
Although there are no current resources outlined at Las Chispas, SilverCrest is working towards an initial estimate for mid-2017, and is expecting to commence its Phase II exploration work imminently.
Analyst Philip Ker stated: "We are confident that the Las Chispas project can emerge as a company maker for SilverCrest and provide investors with exposure to a rapidly emerging discovery with blue sky potential and an experienced management team."
The shares are trading at $2.72 and with 41.1 million shares outstanding, the company is capitalized at $111.9 million.
For more information, please visit the company's website www.SilverCrestMetals.com, contact Fred Cooper, Investor Relations, at 604-694-1730 or 1-866-691-1730, or email info@SilverCrestMetals.com.
For more information about PI Financial or to obtain a copy of their research report, contact your nearest PI Financial office. Their branches are listed on their website at www.pifinancialcorp.com.
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