Silver Spruce Resources Inc. (TSXVSE: SSE) A Fundamentally Attractive Investment On Two Key Flagship Projects
Silver Spruce Resources Inc. (TSXVSE: SSE) has expanded their footprint in recent months after a phenomenal start to the year that resulted in the stock rallying by more than 100%. Now that the expansion plans are solidified, the stock looks set to continue its reliable performance as its improving underlying fundamentals continue to affirm growth metrics and long-term prospects.
The company’s prospective mining projects provide clear evidence that a positive trend of market sentiments, as well as price action activity, is materializing. A string of surprising good news on the development of flagship projects continues to strengthen the company’s sentiments in the market.
The Pino De Plata Project in Chihuahua Mexico, and the Melchett Lake VMS Project in northern Ontario Canada affirm Silver Spruce Resources in the mining industry. The two prospective projects are at the heart of the company’s core business in the push for shareholders’ value in the mining industry.
Pino De Plata Project
Located in the prolific Sierra Madre Occidental silver-gold region in Mexico, Pino De Plata Project is one of Silver Spruce Resources flagship projects. First mined in the 1600s, the property is believed to contain high silver/base metals.
The Pino de Plata project provides Silver Spruce Resources with exposure to high silver and base metal values, including zinc, copper, and lead mineralization hosted in various veins, breccia and stockworks. A recently concluded exploration assessment yielded many silver values over 200 g/tonne. In some areas of the project, the company sampled over 1 kilo silver which can be viewed here: http://www.silverspruceresources.com/i/pdf/reports-and-tables/Pino-de-Plata-Assays-April-2019.pdf.
Silver Spruce Resources has already identified a systematic exploration program for the project. Currently, it is in the process of identifying potential drill targets.
Melchett Lake VMS Project
Melchett Lake VMS Project is another prospective silver, lead, gold and copper project located in the Thunder Bay Mining District in Ontario, Canada. Situated within an active exploration and mining region, the 1,820-hectare project is within an aggressive exploration and mining region.
Geological surveying and an exploration program have already affirmed the presence of a high economic bearing zinc, lead, silver, gold belt in the area. The project consists of 88 single cell mineral claims with first base metals reported in 1959.
Silver Spruce has signed a letter of intent with three parties to acquire 100% of the Melchett Lake Zn-Au-Aug project. The acquisition will grant it access to advance base metal projects in Northern Ontario, Canada.
Why Invest in Silver Spruce Resources
Silver Spruce Resources is a prospective junior exploration company with tremendous potential. A robust pipeline of high-grade mining projects means the company is on its way to generating significant value as exploration activities have already validated mineralization at the projects.
At the ‘identification of drill targets’ stage with Pino de Plata as well as the acquisition of the Melchett Lake Project, SSE is poised to diversify the company’s mineral deposits allowing investors to gain additional exposure to lead, zinc, silver, and gold mining.
An aggressive management team continues to investigate new opportunities in the mining industry, further affirming the company’s long-term prospects. The acquisition of the Melchett Lake Project as well as the Pino Del Plata project all but underscores the management’s focus on pursuing projects with tremendous potential in the industry.
The stock stabilizing above the $0.05 level, after hitting a $0.03 mark early in the year, indicates strengthened investor confidence amidst the ongoing exploration activities at the three flagship mining projects.
- Published in Mining, News Home, Silver Spruce Resources
Rio Silver Reports 2019 AGM Voting and Options Issuance
Momentum Public Relations
Press Release: November 22, 2019
Rio Silver Inc. (“Rio Silver” or the “Company”) (TSX.V: RYO) is pleased to announce the voting results from its Annual General Meeting of Shareholders (the “Meeting”), held in Vancouver, British Columbia on November 15th, 2019. The total number of shares represented by shareholders present in person and by proxy at the meeting was 11.8 Million 27.63% of Rio’s issued and outstanding Common Shares.
All of the matters put forward before shareholders for consideration and approval as set out in the Company’s Management Information Circular dated 11th of October, 2019, were approved by the requisite majority of votes cast at the Meeting. The details of the voting results for the election of directors are set out below:
Nominee |
# Votes for |
% Votes for |
Steven Brunelle |
11,058,869 |
98.7 |
Chris Verrico |
11,058,869 |
98.7 |
Edward Badida |
11,207,282 |
100.0 |
Richard Mazur |
11,058,869 |
98.7 |
The shareholders also approved: (i) fixing of the number of directors of the Company at four; (ii) appointing MNP LLP, Chartered Accountants, as the Company’s auditor for the ensuing year and authorizing the directors to set the auditor’s remuneration; and (iii) confirming and approving the Company’s existing stock option plan.
The Company will file a report of voting results on all resolutions voted on at the Meeting on www.sedar.com shortly.
The Company also announces that it has granted 4,050,000 incentive stock options to management, directors and consultants of the Company. The options, to purchase common shares in the capital of the Company, will be at a price of $0.05 per common share with 3,200,000 having a term of 36 months and 850,000 a term of 18 months.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not a guarantee of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required by applicable laws
SOURCE Rio Silver
View original content: http://www.newswire.ca/en/releases/archive/November2019/22/c8467.html
Contact:
Christopher Verrico, President, CEO, Tel: (604) 762-4448, Email: chris.verrico@riosilverinc.com, Website: www.riosilverinc.com
- Published in Mining, News Home, Rio Silver
Arctic Star arranges $1.3-million private placement
Momentum Public Relations
Press Release: November 19, 2019
Arctic Star Exploration Corp. has arranged for a private placement for gross proceeds of up to $1.3-million, issuing units at five cents per unit on a 1:5 postconsolidated basis (see the company’s news release dated Oct. 30, 2019). Each unit will comprise one common share and one common share purchase warrant, with each whole warrant exercisable into one common share at a price of 15 cents for a period of two years from closing.
All securities will be subject to a four-month hold period from the closing date. Finders’ fees may be paid in accordance with the TSX Venture Exchange policies. The private placement is subject to the approval of the TSX-V.
Proceeds of the private placement will be used for general working capital, to explore existing properties and possibly for potential future acquisitions.
- Published in Arctic Star Exploration, Mining
Northern Lights Confirms Assay Results from Secret Pass Gold Project
Momentum Public Relations
Press Release: November 19, 2019
Northern Lights Resources Corp. (the “Company” or “Northern Lights”) is pleased to announce assay results from rock and pulp samples taken from Secret Pass Gold Project in Arizona.
From 1984 to 1991, 140 exploration drill holes (totaling 15,000 metres) were completed on the Tin Cup and FM zones of Secret Pass Gold Project.
Figure 1 – Tin Cup Historic Drill Hole Locations and X Section
(Modified from Arrowstar Resources NI 43 – 101 Report, May 4, 2016. Note this information is historical and has not been verified by a qualified person under the guidelines of NI 43-101)
During site visits to Secret Pass in July 2019, Northern Lights collected 6 rock and selected 11 assay pulps from reverse circulation drill holes TC-10, TC-30, TC-32 and FM–4 (drilled by Santa Fe Pacific Mining between 1984-1986) as part of due diligence verification. All samples were collected by Mr. Alan Morris (CPG, QP) who maintained chain of custody until delivery of the samples to Bureau Veritas-ACME Labs in Elko Nevada for preparation and analysis. Bureau Veritas’ facility is accredited to the ISO 9001 standard for gold assays and all analytical methods include quality control materials at set frequencies with established data acceptance criteria.
The rock samples were crushed, split and pulverized to -200 mesh. The drill pulps were sieved and split. Analysis for gold, platinum and palladium was completed using a 30-gram fire assay fusion with ICP-ES finish (FA 330/530) with a lower limit of 2 parts per billion for gold and upper limit of 10000 ppb. Samples with gold assays greater than 10000 ppb are reanalyzed using a 50-gram fire assay fusion with gravimetric finish. All samples also were analyzed using a 36-multielemental geochemical package (AQ300). Sample splits of 0.5 g were leached in hot Aqua Regia and analyzed by ICP-ES with analytical results reported in ppm and ppb levels.
With reference to Table 1, the check assay results provide confirmation within an acceptable range of the historic results for the holes and intervals tested.
Table 1: Sample Assay Results
Source: Bureau Veritas Certificate of Analysis August 30, 2019
The Company is currently in the process of compiling all historic information and data on the project that will reviewed in an updated NI43-101 report.
The scientific and technical data contained in this news release was reviewed and approved by Gary Artmont (Fellow Member AUSIMM #312718), Head of Geology and qualified person to Northern Lights Resources, who is responsible for ensuring that the geologic information provided in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
For further information, please contact:
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Or
Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.com
Tel: +1 604 608 6163
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth oriented exploration and development company that is advancing two projects: The 100% owned, Secret Pass Gold Project located in Arizona. where Northern Lights is 100% owner; and the Medicine Springs silver-zinc-lead property located in Elko County Nevada where Northern Lights is earning 100%.
Northern Lights Resources trades under the ticker of “NLR” on the CSE. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
- Published in Mining, News Home, Northern Lights Resources
Canada Cobalt Appoints Matt Halliday as VP-Exploration
Momentum Public Relations
Press Release: November 18, 2019
Canada Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Cobalt”) is pleased to announce that Matt Halliday, P.Geo., has been appointed VP-Exploration of the Company, effective mid-December. He joins Canada Cobalt from Kirkland Lake Gold where he has been serving as Resource Geologist.
“We’re delighted to have an individual of Matt’s caliber join our team,” explained Frank Basa, Canada Cobalt President and CEO. “He and his family reside in Haileybury and he’s intimately familiar with the Northern Ontario Silver-Cobalt Camp. He’ll be working out of our new headquarters at ‘CCW PolyMet’ in nearby Cobalt following the acquisition. Matt will be responsible for all aspects of exploration and underground work at the Castle Silver-Cobalt mine and property, plus Beaver. He will also make important contributions to the business model at the PolyMet lab and processing centre.”
A graduate of Dalhousie University in 2007, Halliday honed his skills for almost eight years with SGS Geostat, known as global leaders in ore body modelling and reserve evaluation. Over the last 12 years he has focused on resource reporting and modelling while also gaining abundant experience with advanced field exploration including major drill programs in Ontario and Quebec.
“I’m really excited to take this position with Canada Cobalt as the Company has clearly emerged as the district leader among juniors in exploration, technology and development possibilities at a key point in the metals cycle,” stated Halliday. “At Castle there are multiple initiatives to focus on including a fresh drill program from surface before Christmas as we target a potential new deposit at Castle East within just two km of the three past Gowganda producers. The PolyMet acquisition is icing on the cake as it vertically integrates Canada Cobalt and adds an array of dynamic new opportunities to grow the Company.”
About Canada Cobalt Works Inc.
Canada Cobalt has 100% ownership of the Castle mine and the 78 sq. km Castle Property with strong exploration upside in the prolific past producing Gowganda high-grade Silver Camp of Northern Ontario. With underground access at Castle, a pilot plant to produce cobalt-rich gravity concentrates on site, and a proprietary hydrometallurgical process known as Re-2OX for the creation of technical grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations, Canada Cobalt is strategically positioned to become a vertically integrated North American leader in cobalt extraction and recovery while it also exploits a powerful new silver-gold market cycle.
“Frank J. Basa”
Frank J. Basa, P. Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Canada Cobalt Works Inc.
View original content: http://www.newswire.ca/en/releases/archive/November2019/18/c6685.html
Contact:
Frank J. Basa, P.Eng., President and CEO, 1-416-625-2342; Marc Bamber, Director, mb@buffaloassociates.com, +44-7725-960939
- Published in Canada Cobalt Works, Mining, News Home
Colibri Receives Geological Mapping Study Results at Evelyn Gold Project
Momentum Public Relations
Press Release: November 18, 2019
Colibri Resource Corporation (“Colibri” or the “Company”) wishes to announce that it has received the results of a geological mapping study on its Evelyn gold project from Aurometallum Geological Services.
The study was conducted over a 20 day period and focussed on geological structural mapping to a semi detail 1:2000 and rock sampling over areas of strong geochemical soil anomalies. A total of 93 samples we taken in chips, channel, and selective samples. Sample results from the geochemical analysis remain outstanding and will be reported upon their receipt. The work was primarily focussed on two main areas which have been named “Cerro Rojo” (which is located in the south eastern quadrant of the claim block) and the “El Sahuaro” (which located in the north eastern quadrant).
It has been noted in the Aurometallum report that there are similarities to the structure, mineralization characteristics, and presence of certain indicator minerals found at La Herradura Mine operated by Fresnillo PLC. La Herradura is Mexico’s largest producing gold mine and is located approximately 25km to the west of Evelyn.
Observations made during the study have identified 7 exploration targets of interest within the two areas thus far. Upon receipt of the geochemical sample results from the program Colibri will determine next steps of the program which will include drilling and a possible geophysics program.
About Evelyn
The Evelyn property is located in northern Sonora, within the Caborca Gold Belt (“CGB”). The CGB is hosted by the Sonora megashear, which in turn is part of the regional Mojave–Sonora megashear, which extends from southern California through Arizona and Sonora. The Caborca Gold Belt hosts the Noche Buena Mine (167,200 ounces Au produced in 2018) which is located approximately 9 km southwest of Evelyn and La Herradura Mine (474,200 ounces Au produced in 2018) which is located approximately 25 km to the west of Evelyn. Geological mapping completed by Company geologists confirm that the Evelyn property hosts Orogenic-type lode Au mineralization similar to that described for other gold deposits within the CGB.
About Colibri Resource Corporation:
Colibri is a Canadian mineral exploration company listed on the TSX-V(CBI) focused on acquiring and exploring gold properties in Mexico.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company’s expectations and projections.
SOURCE Colibri Resource Corporation
View original content: http://www.newswire.ca/en/releases/archive/November2019/18/c1687.html
Contact:
Ronald J. Goguen, President, Chairperson and Director, Tel: (506) 383-4274, rongoguen@colibriresource.com
- Published in Colibri Resource Corp, Mining, News Home
Colibri Resource Corporation Arranges Loan from Agnico Eagle Mines Limited
Momentum Public Relations
Press Release: November 13, 2019
Colibri Resource Corporation (“Colibri” or the “Company”) wishes to announce that it has entered into a loan agreement with Agnico Eagle Mines Limited (“Agnico Eagle”) for proceeds of $300,000 USD (approximately: $400,000 CAD).
Proceeds of the loan will be primarily used for exploration activities at the Company’s Evelyn and El Mezquite gold projects as well as for general working capital purposes.
Loan Particulars
Term: 2 years
Interest: 10% compounded annually – payable at maturity
Security: Colibri’s joint venture interest in its “Pitaya” joint venture with Agnico Eagle
“These loan proceeds, in addition to the anticipated receipt of funds of the first year payment of $100,000 CAD from Colibri’s recently announced option agreement with Tocvan Ventures, will allow the Company to complete a maiden drilling program at Evelyn in the very near term. In addition, we will advance El Mezquite to drill program readiness in early 2020″ says Colibri’s COO Ian McGavney.
In conjunction with the loan from Agnico Eagle, Colibri also wishes to announce that it has granted a two-year extension to its agreement with Agnico Eagle (announced December 5th, 2018) allowing Agnico Eagle to exclusively explore opportunities to dispose of Colibri’s working interest in its joint venture with Agnico Eagle on the 6,564 hectare Pitaya project (the “Project”) near Caborca in Sonora, Mexico (a “Sale Transaction”). Agnico Eagle may now initiate and manage the sales process as well as negotiate, agree to and complete a Sale Transaction on behalf of Colibri at any time prior to November 8, 2021.
Notwithstanding any provision of the existing Earn-In Agreement between the Company and Agnico Eagle, the Company shall receive the following consideration in connection with a Sale Transaction and the disposition of its interest in the Project:
- in the event that the consideration in connection with a Sale Transaction is cash, securities or a combination of cash and securities the Company will receive its proportionate share of such consideration based on its joint venture interest in the Project; and
- in the event that the consideration in connection with a Sale Transaction is anything other than cash or securities, the Company will receive a lump sum cash payment from Agnico Eagle in the amount of $500,000 USD, which amount will represent all consideration payable to the Company in connection with such Sale Transaction and the disposition of the Project.
Note: Should Agnico Eagle complete a Sale Transaction for the Project before the completion of the above mention loan period, Colibri’s debt will be retired and the balance of the proceeds, if any, less interest owed will be forwarded to Colibri.
No compensation is expected to be paid by Colibri to Agnico Eagle upon a successful Sale Transaction.
For more information about all of our projects please visit: www.colibriresource.com.
We seek safe harbour.
About Colibri Resource Corporation:
Colibri Resource Corp. is a Canadian mineral exploration company listed on the TSX Venture Exchange trading under the symbol CBI and is focused on acquiring and exploring prospective gold properties in Mexico.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company’s expectations and projections.
SOURCE Colibri Resource Corporation
View original content: http://www.newswire.ca/en/releases/archive/November2019/13/c0610.html
Contact:
Ronald J. Goguen, President, Chairperson and Director, Tel:(506) 383-4274, rongoguen@colibriresource.com
- Published in Colibri Resource Corp, Mining, News Home
Northern Lights Resources (CNSX: NLR) Growth Metrics Edge Higher After Secret Pass Gold Project Purchase
Northern Lights Resources’ growth prospects are inching higher thanks to two prospective mining projects that continue to affirm long-term prospects. Backed by an experienced management team, focused on the identification and development of mineral deposits, the company’s long-term prospects can only be bright.
Secret Pass Gold Project in Arizona and Medicine Springs Silver/Lead/Zinc project in Nevada are at the heart of the company’s growth metrics.
Secret Pass Gold Project
Secret Pass Gold Project is a Northern Lights Resource flagship project located at the Oatman gold mining district. The mining and exploration company announced the acquisition in July and has now completed the deal through the total payment consideration of US$350,000 and 2 million shares. Northern Lights owns the 868-hectare former gold producing property 100% with no royalties payable from future production.
The prospective gold project stands out in part because it features two major fault systems with numerous gold deposits showing. While no work has been completed at the project since 1980, there is evidence of historic workings in the lease area.
Secret Pass Gold project stands to offer shareholders an opportunity to own a prospective gold project with significant exploration upside. It also stands out given the lack of production royalty. A historic open-pit resource should offer near term production opportunities in addition to a high-grade underground target.
The prospective gold project also offers exposure to the diversification of pure base metals.
Medicine Springs Project
Medicine Springs Project is another flagship project that underscores Northern Lights Resources prospects as a growth-oriented exploration and development company. Located in the Ruby Mountain valley in Elko Nevada, the higher perspective special metals should strengthen the company’s portfolio with 149 federal mineral claims.
Medicine Spring Project covers 1,189 Hectares, and boasts of excellent logistics. In the past, the project has produced 160 tonnes Pb, 800kg Zn, and 500kg Ag. Northern Lights Recourses is planning to carry out an identification of high-grade CRD Sulphides mineralization targeting depth and delineation of a large-scale pitiable silver-zinc resource.
Northern Lights Resources has already commenced exploration works at the Medicine Spring Project, having previously carried out detailed mapping and geochemical soil sampling. Since drilling works started at the project. The project has not been drilled since the 1980’s when a total of 123 shallow holes were completed to an average depth of only 43 meters. Notable intersections from the historical drilling includes 18% zinc and 36 g/t Ag over 5m and 7% Zn, 4% Pb, and 114 g/t Ag over 8m.
The company is earning 100% of the Medicine Springs project through an option to acquire over a 6 year period by completing work expenditures of $2.7m on the project.
Why Invest in Northern Light Resources
Northern Light Resources stock has already started edging higher after a period of consolidation near all-time lows. A 100% plus rally since the start of October underscores renewed investor interest. Renewed investor interest affirms growing investor confidence about the company’s long-term prospects following the acquisition of the Secret Pass Gold Project.
Complimented by the Medicine Springs Project, the prospective Secret Pass Gold Project looks set to be a vital driver of the company’s long-term value and prospects. The fact that the project has no production royalties paves the way for the company to enjoy optimum returns once it commences drilling operations.
In addition to gold exploration operations at the Secret Pass Gold Project, Northern Light Resources is also an ideal mining stock for investors looking to diversify their stakes in the industry. The Medicine Springs Project is another ideal mining project poised to provide exposure to Silver Lead and Zinc. The project has already shown large-scale CRD Zinc potential as well as oxide near-surface silver mineralization.
Backed by an experienced management team, Northern Lights Resources is on its way to becoming a force to reckon with in terms of value generation supported by two highly prospective mining projects. A clean capital structure devoid of debt all but underscores the company’s financial health crucial to bringing potential mining projects to fruition.
- Published in Mining, News Home, Northern Lights Resources
Silver Spruce Verifies High Grade Polymetallic Zinc-Copper-Silver at Melchett Lake
Momentum Public Relations
Press Release: November 12, 2019
Silver Spruce Resources Inc. (TSXV:SSE)(Frankfort:S6Q1) (“Silver Spruce” or the “Company”) is pleased to announce the receipt of the initial batch of sample assays from its October 2019 field due diligence program on the Melchett Lake Zn-Au-Ag volcanogenic massive sulphide (“VMS”) project, an advanced precious and base metal project in the Thunder Bay Mining District, northern Ontario, Canada.
“We are very pleased to verify the high grades and polymetallic nature of the Relf and Nakina targets located 5 kilometres apart in the favorable quartz-sericite-pyrite horizon. The first batch contains several samples with elevated precious metals including those from the Relf Zone,” stated Greg Davison, Director of Silver Spruce. “We continue to update the multi-element data as available and advance our due diligence, while building our GIS database with recently revised drill hole co-ordinates, geophysical and geological information focusing on priority drill targets”.
Due Diligence and Exploration
The current work was performed to update and verify the multi-kilometre strike length of the known areas of mineralization, broad intervals of mineralization, intense alteration profile similar to well-known polymetallic deposits, and presence of high-grade values of both precious metals and base metals reported from the historical exploration. The team examined the principal showings and trenches, and drill core at the Relf and Nakina targets along the principal mineralized trend. A total of seventy-two (72) rock and core samples were collected, sixty (60) of which were submitted for multi-element geochemical analysis.
Rock sampling was carried out at both the Nakina and Relf targets at known trench locations. The Nakina targets are characterized by high silica-pyrite and a well-foliated micaceous fabric. The Relf trenches are intensely altered and well oxidized on surface with extensive gossans with very friable to siliceous quartz-sericite schists, pervasive discoloration by iron and massive to spongy ferroan “blackjack” sphalerite in thin stringers to sphalerite-pyrite lenses over an exposure of more than forty by twenty metres.
The following tabulation reports the principal precious and base metal assay data from the first batch of rock samples collected from the Nakina and Relf Zones. Zinc values range up to 14.7%, lead to 0.96%, copper to 0.52%, silver to 301g/t, and gold to 0.737g/t and clearly represent the polymetallic nature of the mineralization from both targets, particularly the Relf Zone. The samples exhibit low alkali content and elevated values of heavy metals, including Te, Bi, Se, Sb, Hg, Cd and In, associated with sphalerite, galena, chalcopyrite and pyrite observed in the rock samples.
Sample No. |
Zinc ppm |
Lead ppm |
Copper ppm |
Silver ppm |
Gold ppm |
Zinc % |
Silver g/t |
Nakina Zone | |||||||
108101 |
20 |
10.6 |
16.5 |
1.1 |
0.031 |
||
108102 |
2 |
0.4 |
0.7 |
0.02 |
0.002 |
||
108103 |
3310 |
892 |
58.6 |
1.6 |
0.088 |
||
108104 |
>10000 |
6690 |
399 |
4.06 |
0.383 |
3.24 |
|
108105 |
108 |
63.8 |
11.8 |
0.31 |
0.022 |
||
108106 |
230 |
22.5 |
52 |
1.04 |
0.012 |
||
Relf Zone | |||||||
108201 |
203 |
12.4 |
51.7 |
1.02 |
0.012 |
||
108204 |
>10000 |
622 |
1465 |
27 |
0.053 |
3.98 |
|
108205 |
>10000 |
634 |
1470 |
27.5 |
0.03 |
1.08 |
|
108207 |
>10000 |
1185 |
2250 |
52.7 |
0.034 |
4.42 |
|
108210 |
>10000 |
2740 |
5180 |
>100 |
0.737 |
9.12 |
131 |
108211 |
>10000 |
863 |
2050 |
39.1 |
0.054 |
4.89 |
|
108217 |
>10000 |
9650 |
1600 |
>100 |
0.119 |
14.7 |
301 |
For comparison with the due diligence samples, at the Nakina l Zone, Nakina Mines reported, in separate samples, 14.85% Zn and 28.8g/t Au from a pyritized felsic volcanic unit. Rock sampling of a pyritized felsic volcanic unit in the Nakina 2 Zone by Kerr Addison returned a value of 15.08g/t Au. Selected grab samples taken from the Relf Zone by Shawmin averaged 13.0% zinc (Zn), 1.2% lead (Pb), 0.26% copper (Cu) and 325g/t silver (Ag); best results received were 19.1% Zn, 2.2% Pb, 0.40% Cu, 565g/t Ag and 1.72g/t gold (Au). A selection of Relf Zone samples collected in 1984 by Kerr Addison geologist and current Silver Spruce director G. Davison is shown below.
Sample No. |
Zinc % |
Lead % |
Copper % |
Silver g/t |
Gold g/t |
1061 |
12.90 |
1.920 |
0.288 |
552 |
0.020 |
1062 |
2.63 |
0.870 |
0.116 |
254 |
0.012 |
1063 |
2.77 |
0.356 |
0.164 |
157 |
0.037 |
1064 |
11.60 |
0.866 |
0.507 |
278 |
0.028 |
1065 |
16.80 |
2.400 |
0.075 |
655 |
0.018 |
1066 |
8.26 |
0.330 |
0.972 |
170 |
0.025 |
1067 |
11.10 |
1.300 |
0.142 |
394 |
0.022 |
1068 |
9.88 |
0.558 |
0.154 |
179 |
0.035 |
Gold mineralization in the Iron Lake area, which was not examined during the October 2019 field due diligence program, contained similar sericite-silica altered felsic metavolcanics with 3-8% pyrite, with lesser chalcopyrite and sphalerite. Grab samples reported 7.7g/t Au, 13.05g/t Au and 13.48g/t Au. “Sampling and exploring this gold mineralization in the Iron Lake area will be a top priority during our second field due diligence program slated over the next few months,” stated Greg Davison, Director of Silver Spruce.
All of the metal values reported by past operators in the Melchett Lake area, were sourced from grab samples which may not be representative of the metal grades, and are historical in nature.
Maps and site photographs of the core and trench areas are available on the Silver Spruce website at Melchett Maps and Melchett Photos, and the geological and GIS compilations will be reported and posted on the Company website in due course.
Project Background
The Property, located within Melchett Lake greenstone belt of the English River Sub-province of the Archean-age Superior Province, is underlain by a bimodal mafic-felsic sequence of pyroclastics, tuffs and flows with cherts and Fe-lean to Fe-rich iron formation. Several occurrences of polymetallic Zn-Pb-Cu-Ag-Au VMS style mineralization are similar in character to ore deposits exploited at Mattabi, Winston Lake, Geco, Brunswick, Rouyn-Noranda and Uchi Lake. There are locally high-grade lenses of Zn & Ag with variable Cu, Au and Pb, and historical gold grades to 28.8g/t Au, silver grades to 560g/t Ag and zinc grades to 19.1%.
Highlights of the prospective geology, alteration and mineralization include multiple folded or stacked horizons of coincident alteration and metal mineralization, high Zn/Cu, Zn/Pb and Ag/Au ratios, extensive remobilization of major and trace elements with defined enrichment (Fe, Mg, Co, Cr, Cd) and depletion (Na, Sr, Ca) zones, and continuity, increased alteration and anomalous metal values over large intervals (up to 245 metres in DDH SB-07-01 from 345-590metres) with a strong electromagnetic (BHTEM) 20 channel off-hole response.
Geochemical Analysis, Quality Assurance and Quality Control
Samples were collected by the Company’s QPs, packaged in plastic bags with Tyvek tags and shipped by contract air services to Nakina and, using the QPs’ private vehicles, delivered directly to the ALS Global sample preparation facilities in Thunder Bay, Ontario. Photographs of the individual rock and core samples were collected from each sample prior to shipment and all images will be made available on the Company web site in due course.
Samples were weighed on receipt (WEI-21) and logged into the global tracking system (LOG-22). The samples were crushed to 70% passing 2mm (PREP-31) and a split of up to 250 grams was pulverized to 85% passing 75 micrometres (-200 mesh). The sample pulps were transferred internally to ALS Global’s North Vancouver analytical facility for analysis. ALS Global in North Vancouver, British Columbia, Canada, is a facility certified as ISO 9001:2008 and accredited to ISO/IEC 17025:2005 from the Standards Council of Canada.
The first batch of thirteen rock samples are reported herein. Twenty-four pulps (25gram split) were submitted for analysis by Aqua Regia Digestion followed by Inductively Coupled Plasma Mass Spectrometry (ICP-MS) multi-element analyses (ALS Code AuME-TL43, 51 elements). Thirty-six pulps also were submitted for whole rock oxide, metals and multi-element analysis. Results of forty-seven samples are pending.
All precious and base metal analyses that reached the over-limits of AuME-TL43 were re-analyzed with an Ore Grade method. Over-limit Zn (>1%) and Ag (>100ppm) samples were analyzed by Ore Grade Aqua Regia Digestion followed by Ore Grade Inductively Coupled Plasma Atomic Emission Spectrometry (ICP-AES) for Ag (ALS Code Ag-OG46) and Zn (ALS Code Zn-OG46).
No independent or in-house quality control samples (blanks, standards, duplicates) were inserted into the sample sets. ALS Global conducts its own internal QA/QC program of blanks, standards and duplicates, and the results are provided with the Company sample certificates. The results of the ALS control samples will be reviewed by the Company’s QP and evaluated for acceptable tolerances. All sample and pulp rejects will be stored at ALS Global pending full review of the analytical data, and future selection of pulps for independent third-party check analyses, as requisite.
Qualified Person
Greg Davison, MSc, PGeo and Silver Spruce Director, is the Company’s internal Qualified Person (QP) for the Melchett Lake Project and is responsible for the technical content of this press release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), under TSX guidelines. Mr. Davison worked the Melchett Lake area as Project manager and VP Exploration for Kerr Addison Mines (1983 and 1984) and Tribute Minerals (1999 to 2002), respectively. Consulting geologist Luc LePage, MSc, PGeo was the manager of the on-site activities for the field program and is a QP within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), under TSX guidelines.
About Silver Spruce Resources Inc.
Silver Spruce Resources Inc. is a Canadian junior exploration company pursuing development of the Pino De Plata project in western Chihuahua State, Mexico. The Company has signed a binding Letter of Intent to acquire 100% of the Melchett Lake Zn-Au-Ag project in northern Ontario, Canada and a binding Letter of Agreement to acquire 100% of the advanced Cocula gold project in Jalisco State, Mexico. Silver Spruce Resources Inc. continues to investigate opportunities that Management has identified or that have been presented to the Company for consideration.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The company seeks Safe Harbour.
Contact:
Silver Spruce Resources Inc.
Karl Boltz, President/CEO/Director
(866) 641-3397
info@silverspruceresources.com
www.silverspruceresources.com
- Published in Mining, News Home, Silver Spruce Resources
The Rise of the Lundin Empire
Did you know that a single family is responsible for most of the natural resource discoveries within the past few decades? The Lundin family is a name that is associated with some of the most lucrative and profitable natural resource discoveries in history
The Lundin Group was founded over 40 years ago by Adolf Lundin and has now evolved to become one of the most prominent names in the industry of natural resources. The Lundin group consists of 13 publicly traded companies with a total group market capitalization of around $20.99 billion.
Shaky Beginnings
The Lundin family didn’t start from riches. Adolf Lundin was born to a middle-class family and was always enticed by the depiction of an American-styled oil baron. In 1970, Adolf decided to devote himself to investing and stock picking. During this time, Adolf made over $300,000 by investing in a Canadian zinc and lead mining company, Aaro Explorations.
However, in the same year, a Lundin-managed fund had misinterpreted some information and invested a lot of money into a company called Tasminex. This poor investment almost derailed Adolf’s entire enterprise. Still, Adolf Lundin was not dissuaded by this poor investment. With strong business acumen and the courage to take on high risks, Adolf set off on his next venture.
In 1972 he flew to Dota, the capital of Qatar, to discuss exploring and discovering potential gas and oil fields. Adolf and his partner put together a group of German oil companies led by Wintershall for the exploration and development of the Gulf coast. This project eventually came to be known as Gulfstream Resources, in which Adolf Lundin and his partner were entitled to 5% stake. This project led to the discovery of the North Dome Gas Field, one of the biggest gas fields ever discovered, and this skyrocketed the value of the project. At the end of 1976, Adolf Lundin’s 5% stake was worth $15 million, and he sold this share to finance and build up his enterprise.
A History of Success
Adolf Lundin went on to have a lucrative career with a history of large-scale successes. In 1992, Adolf purchased the rights to the undeveloped gold and copper deposits of Catamarca, Argentina for $2 million through his company the International Musto Exploration. These deposits ended up yielding around 300 tons of gold and 2.7 million tons of copper. In 1994, Adolf sold 50% of his stake for $130 million. In the following year, Adolf sold the other 50% for $325 million.
Adolf’s successes did not stop there. In 1998, he discovered the En Naga oil field, which yielded 100 million barrels of oil. In the same year, he discovered Block PM 3m, a 144-barrel oil field. In the following year, he discovered Thar Jath, another oil field that yielded 150-million barrels.
Adolf was an accomplished trader as well, often helping build up companies and selling them for large sums of profit. Lundin Oil was sold in 2001 for $480 million. Musto Exploration was sold for $500 million and Argentina Gold was sold for $300 million. Adolf Lundin was a billionaire by the time he retired. He had amassed
huge fortunes for himself as well as many investors.
The Lundin Group Today
The Lundin Group is now succeeded by Adolf Lundin’s two sons – Lukas H. Lundin and Ian H. Lundin. Together they manage an enterprise with operations in over 20 countries through 13 different companies. In addition, the Lundin Group continues to be involved in investing and building up other companies. With a reputation for strong environmental responsibility and shared community values, the Lundin group seeks to follow Adolf Lundin’s vision, utilizing proven methods of investing and management.
The Lundin Group and Small-Cap Stocks
Businesses associated with the Lundin family have the potential to be very lucrative investments. Adolf Lundin was well-known in building up business and selling them for large sums of profit. Investors that stood by Lundin saw their investments grow exponentially.
Lukas and Ian had learned from their fathers business acumen and tactics. As a result, companies that are associated with the Lundin family will benefit from time-tested and proven tactics. Since the Lundin Group has a knack for building up small companies into industry titans, investors of today can look at Lundin investments with confidence and use their involvement as a success story benchmark when investing in junior mining companies.
The Lundin family is currently associated with several micro and small-cap stocks that investors may be interested in. Some of the 13 companies directly associated with the group were recently founded, and as a result, have very inexpensive prices per share.
NGEx Minerals LTD was founded in 2019 and is currently trading at $0.36CAD per share. Given the group’s long history of success with mining and exploration, a modest investment here could yield extremely large returns. Filo Mining Corp. made its public debut in 2016, trading at around $1.11CAD per share. After several successful drilling campaigns, the company is now trading at $2.20CAD per share. Early investors would have seen their money double through this company. Filo Mining Corp. is planning an extensive drilling campaign for the 2019/2020 season to expand currently indicated resources. This campaign could increase the company’s stock value very quickly if it is successful.
The Lundin family has investments in other high-potential companies too that are not directly affiliated with the group. BlueStone Resources (BSR) is a gold project in Guatemala with 34% of their shares belonging to the Lundin Family. Two of the board of directors of BSR are representatives from the Lundin family as well. The company is currently trading at $1.05 per share, with experts suggesting that that number is undervaluing the company and the gold mine project will be wildly profitable to investors.
This tactic of purchasing 30% of a company was utilized to great effect by Adolf Lundin. Adolf would routinely purchase 30% of shares to high-potential companies, and with his guidance, turn them into highly profitable companies. BSR will benefit from the same time-tested methods.
Colbiri Resources (CBI) is a company with gold mining projects in Mexico. One of their projects, the Pilar Project, is taking place on a property previously owned by Santa Catalina Mining – a company led by Lukas Lundin. Consequently, this company will also benefit from the Lundin families experience in selecting high-yield mining locations. CBI is currently trading at $0.07CAD with the potential to grow rapidly.
Investing in the Lundin Family
The Lundin family has a proven track record of profitable ventures and investments. Adolf Lundin made large profits for himself and even larger profits for investors that put their faith in him. Lukas and Ian Lundin have inherited their father’s talent for business and continue to lead the Lundin Group as one of the most reputable names in the natural resources industry.
- Published in Mining, News Home, Uncategorized