SilverCrest Metals Inc. on Feb. 27 announced an initial resource estimate for its Las Chispas property in Mexico, with inferred resources containing 402,000 ounces of gold and 32.7 million ounces of silver within 3.4 million tonnes of ore grading 3.66 g/t of gold and 297 g/t of silver.

The estimate uses a cutoff grade of 150 g/t of silver equivalent and covers the Babicanora, Las Chispas, Giovanni and William Tell veins as well as the Area 51 extension of the Babicanora vein and historical dumps.

In silver equivalent terms, the resource grades 572 g/t, while contained metal is estimated at 62.8 million ounces.

"In late 2017, we were targeting a total resource number around 40 (million) to 50 million ounces of silver equivalent grading an estimated 500 g/t of silver equivalent but with the recent multiple high-grade intercepts in Area 51, this target has been exceeded," SilverCrest CEO Eric Fier said.

Area 51 alone hosts 32.2 million ounces of silver equivalent within 967,000 tonnes grading 7.43 g/t of gold and 469 g/t of silver, or 1,026 g/t of silver equivalent.

The company said Area 51 mineralization remains open for potential expansion.