Stonecap Securities has kept its "Outperform" and $3.75 target price on SilverCrest Mines (CVE:SLV) after the junior producer
issued an update on its drilling program at its La Joya property.
SilverCrest Mines is a Mexican precious metals producer. Its flagship property is the 100 percent‐owned Santa Elena Mine, which is located 150 km northeast of Hermosillo, in Sonora State, Mexico.
"The drill results continue to show the prospectively of the La Joya deposit and we await results from the more prospective
south-east portion of the hill," Stonecap analyst Christos Doulis said.
"SilverCrest provides investors with immediate and growing cash flow from its Santa Elena mine as well as exposure to the exciting potential bulk tonnage La Joya project."
Monday, SilverCrest unveiled the results of a further 16 holes from its phase II drill program currently underway at the company's La Joya property in Durango, Mexico, expanding mineralization in several directions.
These 16 holes, the company said, have partially tested the eastern and western margins of the northern end of the site's main trend and have provided in-fill information within the resource area.
The company said silver values ranged from 2.6 grams per tonne (g/t) to 255.7 g/t and on a silver equivalent basis, values ranged from 24.0 g/t to 445.6 g/t silver equivalent. Mineralized intervals ranged from 3.5 metres to 127.4 metres.