Silver Spruce Staking Builds 20km Strike of Melchett Lake VMS-Au Targets
Silver Spruce Resources Inc. (TSXV:SSE)(Frankfort:S6Q1) (“Silver Spruce” or the “Company”) is pleased to announce the acquisition of additional mineral claims contiguous to its Melchett Lake Zn-Au-Ag volcanogenic massive sulphide (“VMS”) project, an advanced precious and base metal project in the Thunder Bay Mining District, Ontario, Canada (“Property”).
“We are very pleased to acquire the additional property to the east and west covering eleven (11) kilometres of known extensions of the Melchett Lake mineralized horizons. The cost-effective acquisition by staking nearly doubles the size of the Property. The new claims also include high potential VMS and Au targets in a tightly folded metavolcanic structure interpreted from the 2010 regional airborne magnetic survey and 2001 government releases of acquired exploration magnetic and GEOTEM data,” stated Greg Davison, Director of Silver Spruce. “We continue with our interpretation of the recently received multi-element geochemical data, while building our GIS database focusing on the next phase of the ground exploration program and identifying priority drill targets”.
Recent map staking by Silver Spruce has doubled the size of the Property from 2,124 hectares to the current 3,996 hectares and, of principal value to the Company, increased the coverage of the Melchett Lake mineralized horizons to a combined strike length of more than twenty (20) kilometres. The Property was increased by staking 104 single cell (18ha – 400m x 450m) mineral claims and currently consists of 190 single cell mineral claims and two multi-cell mineral claims. The Property lies 110 km north of Geraldton and 60 km north of Nakina at 50°45′ north latitude and 86°59′ west longitude.
The mineralized horizons recently acquired to the east and west exhibit either chargeable, weakly magnetic trends or coincident EM and magnetic responses with the latter related to variable oxide and sulphide content including pyrrhotite and pyrite with base metal sulphides and gold. Only limited and shallow exploration diamond drilling was conducted in both the Key Lake area to the west and Iron Lake area to the east. GIS compilation of the surface geology and prior drilling is in progress and will be reported and posted on the Company website in due course.
The additional claims are subject to the Area of Interest terms in the Definitive Agreement (Silver Spruce Press Release November 26, 2019).
Maps and site photographs, are available on the Silver Spruce website at Melchett Maps and Melchett Photos. A detailed powerpoint presentation of the Melchett Lake Property is available on the website Project Page.
Geology and Mineralization
The Property, located within Melchett Lake greenstone belt of the English River Sub-province of the Archean-age Superior Province, is underlain by a sequence of pyroclastics, tuffs and flows with cherts and Fe-lean to Fe-rich iron formation.
The Melchett Lake belt contains several occurrences of polymetallic Zn- Pb-Cu-Ag-Au VMS mineralization similar to ore deposits exploited at Mattabi, Winston Lake, Geco, Brunswick and Rouyn-Noranda. Base metal sulphide mineralization consisting of pyrite, pyrrhotite, sphalerite, chalcopyrite and galena occurs within the intermediate to felsic metavolcanic sequences and adjacent chemical metasediments of the Property. There are locally high-grade lenses of Zn & Ag with variable Cu, Au and Pb, and historical gold grades to 28.8 g/t Au, silver grades to 560 g/t Ag and zinc grades to 19.1%.
Highlights of the Property 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 with a strong electromagnetic off-hole response.
Silver Spruce reported (Silver Spruce Press Release November 12, 2019) precious and base metal assay data from the first batch of thirteen (13) 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 301 g/t, and gold to 0.737 g/t and clearly represent the polymetallic nature of the mineralization from both targets, particularly the Relf Zone. The samples exhibit low alkali content, favourable pathfinder ratios, e.g., Zn/Na, 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.
All of the metal values reported herein by current and past operators in the Melchett Lake area, were sourced from grab samples which may not be representative of the metal grades, and may be historical in nature.
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 explored the Melchett Lake area as Project manager and VP Exploration for Kerr Addison Mines (1983-84) and Tribute Minerals (1999-2002), respectively.
About Silver Spruce Resources Inc.
Silver Spruce Resources Inc. is a Canadian junior exploration company which has signed a Definitive Agreement to acquire 100% of the Melchett Lake Zn-Au-Ag project in northern Ontario and is pursuing development of the Pino De Plata Ag project in western Chihuahua 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
Colibri Resource Receives Sample Results and Interpretation From its Evelyn Study – Drill Holes Identified for Maiden Drill Program
Momentum Public Relations
Press Release: December 3, 2019
Colibri Resource Corporation (“Colibri” or the “Company”) is pleased to announce that it has received the sample results from its field geology study conducted by AuroMetallum Geology Consulting Services. The highest value received was from a chip sample which measured 40.1 ppm Au from a quartz vein containing boxwork, pyrite, and goethite.
The team which conducted the study in October 2019 submitted a total of 100 samples to the Hermosillo, Mexico office of ALS Chemex Labs. Of the 100 samples submitted, 91 samples were taken from exposed outcrop and subcrops in the areas of study, 5 samples were duplicates and another 4 were standards.
Of the samples taken: |
81 have grades >.005 ppm Au (89.0%) |
30 have grades >0.10 ppm Au (33.0%) |
|
24 have grades >0.20 ppm Au (26.4%) |
|
12 have grades >0.75 ppm Au (13.2%) |
The samples were analyzed for 34 elements including gold, silver, arsenic, bismuth, lead and copper. Arsenic, lead, and bismuth are understood to be key pathfinder elements in tracing gold in orogenic structures in the Caborca gold belt including the economically significant mines at Noche Buena and La Herradura. Many of the higher grade gold samples taken at Evelyn also have elevated arsenic, lead and bismuth values.
The results of this sampling program provided additional confidence that the structural and geological mapping has indeed identified at least two separate corridors of favourable NW/SE structure with surface expressions of anomalous gold. The study areas have now been named: Cerro Rojo and La Sahuaro. See illustration below. These identified zones also correspond with anomalous soil samples taken in 2011/2012 (See Company website: www.colibriresource.com/projects/evelyn).
Highlighted samples from Cerro Rojo:
Sample |
Sample |
Description |
Structure |
Au ppm |
Ag ppm |
Area |
497331 |
Channel |
0.75m |
Vein |
14.45 |
16.3 |
Cerro Rojo |
497332 |
Channel |
1.5m |
Vein |
12.45 |
3.2 |
Cerro Rojo |
497333 |
Channel |
1.5m |
Vein |
8.6 |
5.2 |
Cerro Rojo |
497335 |
Selective |
Chip |
Veinlets |
22.3 |
28.4 |
Cerro Rojo |
497337 |
Selective |
Chip |
Veinlets |
40.1 |
N/A |
Cerro Rojo |
497367 |
Selective |
Chip |
Breccia |
0.481 |
1.8 |
Cerro Rojo |
497374 |
Selective |
Chip |
Vein |
0.739 |
1.4 |
Cerro Rojo |
497379 |
Selective |
Chip |
Veinlets |
3.12 |
10.7 |
Cerro Rojo |
421099 |
Selective |
Chip |
Veinlets |
0.849 |
4.8 |
Cerro Rojo |
Highlighted samples from La Sahuaro:
Sample |
Sample |
Description |
Structure |
Au ppm |
Ag ppm |
Area |
497389 |
Selective |
Chip |
Vein |
2.97 |
0.5 |
El Sahuaro |
497391 |
Selective |
Chip |
Veinlet |
0.491 |
5.0 |
El Sahuaro |
497394 |
Channel |
Chip |
Shear |
0.397 |
1.3 |
El Sahuaro |
497395 |
Channel |
Chip |
Shear |
0.461 |
1.2 |
El Sahuaro |
497402 |
Selective |
Chip |
Shear |
0.242 |
0.8 |
El Sahuaro |
497413 |
Selective |
Chip |
Shear |
2.74 |
73.4 |
El Sahuaro |
497415 |
Selective |
Chip |
Fractures |
0.272 |
<0.005 |
El Sahuaro |
With samples in hand in combination with the geological & structural mapping, Colibri now feels confident moving forward with its planned drilling program of up to 1000 meters at Evelyn. Permits are being applied for and drilling companies are being contacted for quotations. The Company will provide guidance to the market as permits are received and when a drilling contract has been awarded.
The Company has enough cash on-hand to complete this drilling program.
Sampling, Analyses, and QAQC
The samples collected during the field work and reported here are grab samples of out-crop and sub-crop. Grab samples are not representative of any volume (tonnage) of potential mineralization on the property. The grab samples, which may not be representative of metal grades, were collected as part of the on-going exploration effort to determine the Au and Ag contents of various rock types on the respective property. The assays were completed at ALS Vancouver Canada after being submitted to the ALS laboratory in Hermosillo, Sonora. Industry standard sample preparation and analytical techniques were used. The ALS sample preparation procedures used include crushing the entire sample to 70% passing 2 mm and pulverizing a 250 g split of the crushed sample to 85% passing 75 microns. Au determination was by fire assay on a 30 g sample of the pulverized sample and AAS analysis. The high grade Au samples from Evelyn were determined with a gravimetric finish. Ag was determined on all of the samples by aqua regia digestion and AAS analysis on a 0.5 g sample of the pulverized material. Ag samples returning over limit values (> 100 g/t) were re-run using an ICP-AES finish. Major, minor, and trace elements were determined on a limited number of samples using a four acid digestion with ICP-AES finish. QAQC implemented by the Company includes the use of Certified Reference Materials and the completion of duplicate analyses. All samples were in the possession of Company geologist from collection to submission at the ALS Laboratory in Hermosillo.
Qualified Person
Jackie E. Stephens, P. Geo for Colibri is a Qualified Person as defined in NI 43-101 and has reviewed and approved the technical information in this press release.
About Colibri Resource Corporation:
Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) focused on acquiring and exploring properties in Mexico. The Company currently has five active exploration properties at various stages of exploration.
For more information about all of our projects please visit: www.colibriresource.com.
We seek safe harbour.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.
SOURCE Colibri Resource Corporation
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2019/03/c3532.html
Contact:
Ronald J. Goguen, President, Chairperson and Director, Tel:(506) 383-4274, rongoguen@colibriresource.com
- Published in Colibri Resource Corp, Mining, News Home
Rio Silver Inc. (CVE: RYO) Banks On Two Projects For Long Term Growth
Rio Silver Inc. (CVE: RYO) is not your typical exploration and mining company. Headquartered in Vancouver, Canada, the company has set sights on several prospective mining projects in Peru as part of its growth strategy. Its core business revolves around the advancement of exploration precious metals, primarily Silver along with Gold at its principle holdings in south central Peru.
Rio Silver Flagship Projects
Ninobamba Silver Project
Ninobamba Silver Project is the company’s flagship project located in a renowned silver and gold belt 330 kilometers south of Lima in Peru. Sitting on 3,933 hectares, the prospective project is best known more for silver than gold deposits. Rio Silver has rights to the silver project through its subsidiary Minera Rio Plata that owns 100% of the mineral rights.
Rio Silver is not the first company to purse precious metals, among other minerals, at the Ninobamba Silver project. AngloGold Exploration has already explored the field, focusing on an area with an intense hydrothermal surface alteration.
AngloGold company drilled five core holes totaling 861 meters. Previous assay results indicated prospects of 87 grams per ton silver over 130 meters drill interval. Bear Creek Mining, Newmont Mining Corp., and Southern Peru Copper Corp are some of the other companies that have carried out significant exploration operations at the project in addition to contributing millions in metallurgical and processing studies once the initial exploration data had been compiled.
The previous exploration programs have provided Rio Silver with data that has indicated 2 large silver and gold mineralized deposits resulting in highly prospective silver/gold targets for economic feasibility. Mineralization data has so far shown potential for outcropping as well as bulk tonnage at depth.
Previous samples taken have also shown prospects of mineralization at the North Zone of the Ninobamba Silver project covering 400 meters. Furthermore, trenching has uncovered silver mineralization for an additional 400 meters in the South Zone of the project. Resource potential reports for the area are next in line after these encouraging developments and a complete review of the over $10 million of historic work combined with computer modelling of all the compiled data existing to date for both the NinoBamba and neighboring Jorimina mineralized deposits, never before held by only one company.
The company has had earn-in joint venture partners in the past but Rio Silver has since moved on with the project and is planning to initiate the permitting process as it seeks to commence the first phase drill program at the prospective Ninobamba Silver/Gold project on their own, increasing the company’s value proposition.
To be Announced:
With additional goals of sustainability, the company is advancing certain initiatives soon to be concluded with news expected in the coming quarter.
Gerow Lake Project is a prospective copper-gold prospect that Rio Silver owns in Gerow Lake, Ontario, Canada. The company acquired rights to the 3,456 hectare mining property in 2006, buoyed by the potential for copper-gold mineralization. The staking of an additional 5,312 hectares, as well as the reconsolidation of a partners’ interest in 2009, resulted in the company controlling 100% interest in the prospect.
Rio Silver has already completed an airborne geophysical survey of the Gerow Lake Project. It is currently conducting consultation with stakeholders made up of MNDM and local First Nations as it seeks permission for plans to advance this exciting discovery. Exploration work will only commence upon the company reaching an agreement with all stakeholders.
Recent Developments
In the recent past, Rio Silver has carried out a capital raise drive through a non-brokered private placement of 10 million units made up of the company’s shares. Priced at $0.05 a unit, the company went on to raise $500,000 in gross proceeds.
The capital raise drive came as the company sought additional funds to continue works at the Ninobamba silver and gold project in Peru as well as new initiatives within Peru. Part of the funds will also go towards financing immediate financial obligations as well as for working capital and other new projects in Peru. The private placement comes hot on the heels of Rio Silver also settling an aggregate of $80,503 of debt through the issuance of 1.6 million common shares in the second quarter of the year.
Bottom Line
Rio Silver’s turnaround has started gathering pace after the stock hit the $0.025 mark earlier. Amidst this base line, Rio Silvers’ recent price activity has indicated the stock is on an upward momentum and gaining investor confidence. The bounce-back can be attributed to investors taking note of the company’s tremendous potential backed by prospective mining projects.
The future can only be bright for Rio Silver as it brings its flagship Ninobamba silver and gold property to fruition with the cash injection of $574,000 recently raised through an oversubscribed private placement program as well as advance plans for the Gerow Lake asset in Ontario, Canada.
https://www.riosilverinc.com/peru.php
https://www.riosilverinc.com/gerow_lake.php
https://www.riosilverinc.com/pdfs/Ninobamba-2017-Program.pdf
https://www.riosilverinc.com/pdfs/Rio-Silver-Announces-Private-Placement-Sep-2-2019.pdf
https://www.riosilverinc.com/pdfs/Rio-Silver-Completes-Shares-for-Debt-Transaction-Apr-18-2019.pdf
https://www.riosilverinc.com/pdfs/Rio-Silver-and-Norsemont-II-Agree-to-Terminate-LOI-Feb-22-2019.pdf
- Published in Mining, News Home, Rio Silver
Vanstar Announces the Appointment of Mr. Sébastien Plouffe as Director and VP Public Relations
Momentum Public Relations
Press Release: December 2, 2019
Vanstar Mining Resources directors have appointed Mr. Sébastien Plouffe as a member of the Board of Directors and Vice-President Public Relations.
Mr. Plouffe is a former successful VP Senior Investment Advisor with Canadian brokerages firms such as BMO Nesbitt Burns and Canaccord Genuity Wealth Management, from which he achieved the Chairman’s Club level for his strong performance during many years. In his 10 years career, he has been involved in financings and transactions valued at over $1 billion.
Mr. Plouffe is President and CEO of Sediamek Inc., a private entity specialized in finding undervalued projects in emerging markets and structuring those projects to make them successful. It brought him to travel all over the world and to develop strong management skills. He co-founded and financed mining projects mostly in Central Africa and South America. He always emphasized the charitable aspects of his projects and he set-up some related organizations and structures worldwide.
Mr. Plouffe was instrumental in the success of several Canadian and International companies, both in private and public sectors, particularly in mining and technology. He is recognized for his management and ability to build and efficiently grow any corporation that he’s involved with. Mr. Plouffe is also a good communicator and speaks multiple languages such as English, French and Spanish.
Mr. Plouffe graduated with a bachelor’s degree in Business Administration with a specialty in Finance and Marketing from the Ecole des Hautes Etudes Commerciales of Montreal.
“I am proud to join Vanstar, a growing company with strong mining assets and a solid partnership with IamGold Corporation. I look forward to working with the management team and the board members to strengthen the company’s awareness in the financial community and to be part of this well established and very promising gold mining company in Quebec,” commented Mr. Plouffe.
“Sébastien’s appointment on the Board of Directors and his involvement in the day-to-day relationships with investors is a more than interesting asset for Vantsar’s development. We are very proud of it,” commented Mr. Guy Morissette, President and CEO of the Company.
Under the terms of the agreement, Mr. Plouffe will receive 300,000 stock options that can be exercised on or before December 1st, 2024, at a price of $0.275 per share.
The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) assume no responsibility for the adequacy or accuracy of this release.
THIS PRESS RELEASE CANNOT BE DISTRIBUTED TO THE AMERICAIN PRESS SERVICES FOR UNITED STATES RELEASE.
Sources: | Guy Morissette, CEO Vanstar 819-763-5096 |
Sébastien Plouffe, VP – Public Relations 514-947-2272 | |
Gary Claytens, VP – Western Corporate Development 604-761-3233 |
- Published in Mining, News Home, Vanstar Mining
Sirona Biochem Reports 100% Safety in First Tox Study for Increased Concentration of TFC-1067
Momentum Public Relations
Press Release: December 2, 2019
Sirona Biochem Corp. (TSX-V: SBM) (FSE: ZSB) (US-OTC: SRBCF) (“Sirona“) announces that the first toxicology test, in preparation for the new clinical study, has been completed with positive results.
In anticipation of a clinical study in Q2 of 2020, Sirona has completed the first required toxicity study for the increased dose (0.4%) of TFC-1067. The new formulation has been tested with a “cutaneous compatibility assessment” at Cosmepar in France (https://www.cosmepar.fr/en/), which is a patch on 12 subjects for a period of 48 hrs. The test is used to determine whether the formulation is an irritant to skin. TFC-1067 .4% was found to be a non-irritant in 100% of subjects in the patch test.
In a similar study1 (published in the Annals of Dermatology 2017), 20 volunteers were patch-tested with varying levels of hydroquinone (HQ) alone and in combination with retinoic acid (RA). This combination is used in some skin lighteners to enhance the efficacy. Results of the study showed that HQ alone at 2% was an irritant in 30% of participants and up to 70% of participants at 4%. 4% is a dose often used in prescription level formulations, such as Tri-Luma2, for melasma. In the same study, HQ combined with retinoic acid was an irritant in as many as 75% of subjects with some developing edema (inflammatory swelling of the skin). Post inflammatory responses to HQ can result in permanent discoloration to the skin.
Sirona is currently carrying out a second required tox study for TFC-1067. This study is a human repeat insult patch test (HRIPT). The HRIPT study will be 3 consecutive weeks with volunteers having repeat doses administered on a patch. Results of this study will be available early Q1 2020. Following the HRIPT, a toxicologist will examine the results for approval of the next clinical efficacy trial. Arrangements are now being made in preparation for the planned clinical trial to follow directly after the approval. We remain on target for this expedited process.
“The data we’ve received is consistent with claims that TFC-1067 is very safe at therapeutic dose. At .2% TFC-1067 was equal to HQ 2% for lightening and better than 2% hydroquinone for creating an even skin tone and we anticipate that our new dose will be more effective and quicker acting,” said Dr. Howard Verrico, CEO of Sirona Biochem. “We will not compromise on the safety of TFC-1067 as we continue to explore its full potential both in benefit to the consumer and commercial opportunity to our Sirona shareholders. It cannot be stressed enough that there is a significant unmet need for a safe alternative for people wishing to manage dark spots and create more uniform skin. There are many potentially toxic formulations available on the market that will ultimately damage the skin. Sirona Biochem will continue to strive for products that people can trust.”
The planned clinical trial is anticipated to be a value-add for the compound. Current licenses and ongoing product development by partners for TFC-1067 will not be delayed by the studies.
_________________________________ |
|
1 |
Increased Skin Irritation by Hydroquinone and Retinoic Acid Used in Combination https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5705352/ |
2 |
Tri-Luma https://www.triluma.com/ |
About Sirona Biochem Corp.
Sirona Biochem is a cosmetic ingredient and drug discovery company with a proprietary platform technology. Sirona’s subsidiary lab, TFChem, specializes in stabilizing carbohydrate molecules with the goal of improving efficacy and safety. New compounds are patented for maximum revenue potential.
Sirona’s compounds are licensed to leading companies around the world in return for licensing fees, milestone fees and ongoing royalty payments.
For more information, please visit www.sironabiochem.com.
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.
Sirona Biochem cautions you that statements included in this press release that are not a description of historical facts may be forward-looking statements. Forward-looking statements are only predictions based upon current expectations and involve known and unknown risks and uncertainties. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of release of the relevant information, unless explicitly stated otherwise. Actual results, performance or achievement could differ materially from those expressed in, or implied by, Sirona Biochem’s forward-looking statements due to the risks and uncertainties inherent in Sirona Biochem’s business including, without limitation, statements about: the progress and timing of its clinical trials; difficulties or delays in development, testing, obtaining regulatory approval, producing and marketing its products; unexpected adverse side effects or inadequate therapeutic efficacy of its products that could delay or prevent product development or commercialization; the scope and validity of patent protection for its products; competition from other pharmaceutical or biotechnology companies; and its ability to obtain additional financing to support its operations. Sirona Biochem does not assume any obligation to update any forward-looking statements except as required by law.
SOURCE Sirona Biochem Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2019/02/c2463.html
Contact:
Investor Enquiries: Jonathan Williams, Managing Director, Momentum PR, Phone: 1.450.332.6939, Email: jwilliams@momentumpr.com; Corporate Enquiries: Dr. Howard Verrico, CEO, Chairman of the Board, Sirona Biochem Corp., Phone: 1.604.641.4466
- Published in Life Sciences, News Home, Sirona Biochem
Silver Spruce Terminates Agreement for Cocula Project
Momentum Public Relations
Press Release: November 29, 2019
Silver Spruce Resources Inc. (TSXV:SSE)(FSE:S6Q1) (“Silver Spruce” or the “Company”) has concluded its due diligence and will not negotiate a Definitive Purchase Agreement to acquire the Cocula project (“Cocula”) in Jalisco State, Mexico.
Subject to its binding Letter of Agreement (“LOA”) with ProDeMin, SA de CV (“ProDeMin”) signed on July 13, 2019 and amended on September 10, 2019 (“Amendment”), Silver Spruce provided written notification on November 28, 2019 to ProDeMin to terminate the LOA and Amendment to acquire Cocula.
As per the Amendment, such written notice may be provided at any time prior to midnight ET, November 30, 2019, without further recourse or liability, and with no further obligation to assume the Contract.
About Silver Spruce Resources Inc.
Silver Spruce Resources Inc. is a Canadian junior exploration company which has signed a Definitive Agreement to acquire 100% of the Melchett Lake Zn-Au-Ag project in northern Ontario and is pursuing development of the Pino De Plata Ag project in western Chihuahua 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
Colibri Resource Corp and Tocvan Ventures Finalize Option Agreement on Pilar Gold Project
Momentum Public Relations
Press Release: November 26, 2019
Colibri Resource Corporation (“Colibri” or the “Company”) wishes to announce that Tocvan Ventures has completed all necessary due diligence and has finalized their option agreement dated September 22nd with Colibri. The agreement allows Tocvan to acquire 51% interest in the Pilar project located in Sonora Mexico.
Under the terms of the agreement Tocvan has now advanced the first year’s cash payment of $125,000 to Colibri and issued 2,000,000 common shares of Tocvan to Colibri. Under the terms of the agreement Tocvan must now complete $2,000,000 of exploration on the property over five years, advance Colibri an additional $275,000 over the 5-year period with $50,000 due on the 1st anniversary date of the agreement and $75,000 due on the 3rd, 4th and 5th anniversary dates. Tocvan will also issue an additional 1,000,000 shares of the corporation to Colibri on the 3rd, 4th and 5th anniversary dates.
Once the above is satisfied Tocvan will have earned a 51% interest in the property and have the option to acquire the additional 49% interest by making a further $2,000,000 payment to Colibri and issuing a 2% NSR within 6 months of fulfilling the obligations listed above.
Mark Smethurst, a Director of Tocvan, commented: “The Pilar property has the right features and system to allow for great potential in defining a multimillion-ounce property.”
Ian McGavney, Colibri’s COO states: “The conclusion of this deal is significant for Colibri as the Company can now firmly focus on advancing its highly prospective Evelyn and El Mezquite gold projects to drilling phases. Colibri will continue to hold a significant interest in Pilar by way of owning a material amount of Tocvan shares and not need to dilute its own share structure to appreciate its upside.”
Colibri management anticipates near term news releases highlighting structure, mineralization and its path to drilling at Evelyn.
About Colibri Resource Corporation:
Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) focused on acquiring and exploring properties in Mexico. The Company currently has five active exploration properties at various stages of exploration.
For more information about all of our projects please visit: www.colibriresource.com.
We seek safe harbour.
SOURCE Colibri Resource Corporation
View original content: http://www.newswire.ca/en/releases/archive/November2019/26/c9636.html
Contact:
Ronald J. Goguen, President, Chairperson and Director, Tel:(506) 383-4274, rongoguen@colibriresource.com
- Published in Colibri Resource Corp, Mining, News Home
Silver Spruce Executes Definitive Agreement for Melchett Lake VMS-Au Project
Momentum Public Relations
Press Release: November 26, 2019
Silver Spruce Resources Inc. (“Silver Spruce” or the “Company”) (TSXV:SSE)(Frankfort:S6Q1) is pleased to announce the completion of its due diligence and the signing of the Definitive Option and Purchase Agreement (“DA”) 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 (“Project” or “Property”).
“We are very pleased to complete the Definitive Agreement to acquire 100% interest in the promising Melchett Lake VMS property,” stated Greg Davison, Director of Silver Spruce. “We continue to update the multi-element data received this week from the recent due diligence sampling, while building our GIS database with revised drill hole co-ordinates, and geophysical and geological information focusing on the next phase of the ground truthing program and developing priority drill targets”.
Letter of Intent
Silver Spruce Resources Inc. signed a binding Letter of Intent (“LOI”) on September 9, 2019 to acquire 100% of the Property. Silver Spruce had a 90-day window to December 6, 2019 to carry out its due diligence and execute a DA.
Definitive Agreement
The principal terms of the DA, as per the LOI, to purchase 100% interest in the Property include CAD$150,000 in cash payments and five million Silver Spruce common shares, spread over three years. The initial payment to the Vendor of CAD$25,000 and 500,000 shares is due upon signing and TSX Exchange approval.
Minimum work expenditures total CAD$1,000,000, with CAD$100,000 during the first year, CAD$200,000 in the second year and CAD$700,000 prior to the third anniversary, with all periods based from TSX Exchange approval of the DA. The Vendor will retain a two percent Net Smelter Return royalty of which 1% can be purchased by the Company for CAD$1,000,000 and the remaining 1% at market price.
Due Diligence
The recent project work was performed to 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. Results of all samples are now in receipt and pending interpretation.
Geology and Mineralization
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. The Melchett Lake belt contains several occurrences of polymetallic Zn- Pb-Cu-Ag-Au VMS mineralization similar to ore deposits exploited at Mattabi, Winston Lake, Geco, Brunswick and Rouyn-Noranda. Base metal mineralization consisting of pyrite, sphalerite, chalcopyrite and galena occurs within the intermediate to felsic metavolcanic sequences of the Property. There are locally high-grade lenses of Zn & Ag with variable Cu, Au and Pb, and historical gold grades to 28.8 g/t Au, silver grades to 560 g/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 with a strong electromagnetic off-hole response. The mineralization is interpreted to occur as paleo-topographic accumulations related to fumarolic activity forming polymetallic deposits overprinted by a later stage gold-rich event.
Silver Spruce (press release of Nov. 12, 2019) reported precious and base metal assay data from the first batch of thirteen (13) 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 301 g/t, and gold to 0.737 g/t and clearly represent the polymetallic nature of the mineralization from both targets, particularly the Relf Zone. The samples exhibit low alkali content, favourable pathfinder ratios, e.g., Zn/Na, 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.
For comparison with the current due diligence samples at the Nakina l Zone, historical sampling reported, in separate samples, 14.85% Zn and 28.8g/t Au from a pyritized felsic metavolcanic. Rock sampling of a pyritized felsic metavolcanic in the Nakina 2 Zone returned a value of 15.08g/t Au. Selected grab samples taken from the Relf Zone 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). Gold mineralization in the Iron Lake area occurred within a sericite-silica altered felsic metavolcanic containing pyrite with chalcopyrite and sphalerite. Grab samples reported 7.7g/t Au, 13.05g/t Au and 13.48g/t Au. 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 trenching 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.
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 explored the Melchett Lake area as Project manager and VP Exploration for Kerr Addison Mines (1983-84) and Tribute Minerals (1999-2002), respectively, and has a referral fee arrangement with the Vendor. 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 which has signed a Definitive Agreement to acquire 100% of the Melchett Lake Zn-Au-Ag project in northern Ontario and is pursuing development of the Pino De Plata Ag project in western Chihuahua State, Mexico. The Company also has entered into a binding Letter of Agreement to acquire 100% of the advanced Cocula gold project in Jalisco State, Mexico, and subject to ongoing due diligence. 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
Vanstar Announces the Sale of the Assets of Its Squidbet Platform
Momentum Public Relations
Press Release: November 26, 2019
The management of Vanstar Mining Resources Inc. (“Vanstar”) announces, following its press release of July 30, 2019, the signing of a letter of intent for the sale, in the form of an assignment, assets, all rights and interests of its Squidbet social platform to 56 Acquisitions Inc. (“56”), a Vancouver-based corporation.
Through this non-related party transaction, 56 will acquire 100% of the assets related to the Squidbet Project for $ 500,000 payable by the issuance of common shares (each, a “56 Share”) of 56 at a deemed price of $ 0.05 per Share 56.
The closing of the transaction is subject to certain conditions including satisfactory due diligence, the signing of a definitive asset purchase agreement, and the closing of a private placement of a minimum of $ 750,000 of units (each, a “56 Unit”) from 56 at $ 0.05 per unit with Vanstar’s interest for up to $ 250,000. Each “56 Unit” is composed of a “56” share and “56” warrant with an exercise price of $ 0.10 for a term of 24 months.
Closing of the transaction is expected no later than December 31, 2019. 56 expects to change its name to Focus Solutions Ventures at closing.
“We are very pleased to complete this transaction with 56 Acquisitions. Vanstar will now be able to fully refocus its activities in the mining sector, “said Guy Morissette, CEO of the company.
Depending on the regulations and authorizations to be obtained, it is expected that the shares obtained by this transaction will, in whole or in part, be redistributed as dividends to “Vanstar” shareholders at a later date.
The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) assume no responsibility for the adequacy or accuracy of this release.
About Nelligan Project
With respect to the Nelligan project, the company’s management is preparing a series of meetings with the Canadian financial community. Following an initial NI 43-101 assessment, Vanstar management recently released (October 22, 2019) an inferred resource of close to 3.2 million ounces of gold. This project, developed in collaboration with IAMGOLD Corporation (51%) and Vanstar (49%) has the potential to become one of the largest gold projects in Canada. Everything remains open both laterally and deeply.
In the coming months, additional metallurgical testing will be conducted to provide additional information on the metallurgical recovery of the various mineralization zones including the mineral resources of the Nelligan gold deposit and to help optimize the parameters of the treatment chart.
Drilling program planning is underway and will include a number of objectives including additional definition drilling to improve the categorization of resources and convert inferred resources to indicated resources as well as to assess the potential for increasing resources in these areas. deeper parts of the deposit and assess the extent of the resource along an assumed gold corridor of approximately 4 kilometers.
Regional exploration will also focus on defining and testing other priority exploration targets on the property.
Sources :
Guy Morissette, CEO
819-763-5096
Gary Claytens, VP – Western Corporate Development
604-761-3233
- Published in Mining, News Home, Technology, Vanstar Mining
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