Silver Spruce Begins Melchett Lake Due Diligence Field Program
Momentum Public Relations
Press Release: October 1, 2019
Silver Spruce Resources Inc. (TSXV:SSE)(Frankfort:S6Q1) (“Silver Spruce” or the “Company”) is pleased to announce that it has completed field crew preparation and due diligence plans for 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. Mobilization to the Property by air from Nakina is scheduled in the first week of October 2019 for a ten-day field program focusing on the known targets with drill core and surface exposures.
“We are very pleased to begin management site visits, target exploration and data verification on the Melchett Lake VMS-Au Property to support a decision to earn a 100% interest in the project,” stated Karl Boltz, CEO of Silver Spruce. “We look forward to building our Leapfrog GIS database with all available geophysical and geological information leading to drill target identification. Director, Greg Davison, MSc, PGeo, who worked the Melchett Lake area as Project Manager and VP Exploration for Kerr Addison Mines (1983-1984) and Tribute Minerals (1999-2002), respectively, will lead the management visit to the Property.”
Letter of Intent
The principal terms to purchase 100% interest in the Property include CAD$150,000 in cash payments and CAD$250,000 in Silver Spruce common shares with minimum work expenditures of CAD$1,000,000 prior to the third anniversary.
Melchett Lake Property
The 1,820-hectare project is located within an active exploration and mining region north of Geraldton including Copper Lake’s Marshall Lake VMS project, Premier Gold’s Hardrock-Greenstone Au mine and past-producing Anaconda-Dofasco iron mine and the Skibi Lake and Stewart Lake iron prospects.
The Melchett Lake Property consists of 89 single cell mineral claims and two multi-cell mineral claims located in Thunder Bay Mining District of northwestern Ontario, Canada. The Property lies 110 km north of Geraldton and 60 km north of Nakina at 50°45′ north latitude and 86°59′ west longitude.
Due Diligence and Exploration Plans
Field work for the due diligence and an update to the NI 43-101 technical reporting by the independent Qualified Person (“QP”) are planned over the next month and will coordinate ground truthing of geochemical and geophysical targets, geological sampling and data verification on known occurrences, GPS location surveys of the historical drill collars, and preservation and sampling of the diamond drill core stored on the Property.
The advanced condition of the Melchett Lake project compels the Company to focus resources on updating and compiling the geochemical and geological survey data and diamond drilling logs, and acquiring and analysing historical airborne and downhole digital geophysical data to compile our GIS database and identify high priority drilling targets on the Property.
Ontario Ministry of Energy, Northern Development and Mines work permits are in place for geological sampling work, stripping, trenching and diamond drilling (>20 pads).
The Property is accessible via ski or float equipped aircraft from Nakina or Jellicoe to Kapikotongwa Lake, Melchett Lake or Relf Lake. Road access is available from Geraldton and Nakina to the northwest on paved and unpaved roads along the past principal route to the Anaconda/Dofasco iron mine and near the proposed all-season road northeast to Marten Falls, to boat launch points and helicopter staging areas on the south end of Melchett Lake, within five to eight kilometres of the Property.
Geology
The Melchett Lake property is located within the English River Sub-province of the Superior Province as part of the Melchett metasedimentary-metavolcanic belt. The metavolcanics are comprised of mafic to felsic pyroclastics, tuffs and flows with metasediments and iron formation all of which have been metamorphosed to amphibolite grade. The general sequence includes basalts overlain by felsic metavolcanics and associated clastic and chemical metasediments showing a near-vertical dip, steep ENE lineation in a tightly folded sequence of schists and gneisses.
Mineralization
The Melchett Lake belt contains several occurrences of polymetallic Zn- Pb-Cu-Ag-Au VMS style mineralization similar in character to ore deposits exploited at Mattabi, Winston Lake, Geco, Brunswick, Rouyn-Noranda and Uchi Lake. Base metal mineralization consisting of pyrite, sphalerite, chalcopyrite and galena occurs within the 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%.
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.
Highlights of the prospective geology, alteration and mineralization are as follows:
- Three known centres of coincident alteration and metal mineralization
- Multiple stratigraphic horizons
- Distal and stacked proximal sulphides
- High Zn/Cu, Zn/Pb, Ag/Au
- Extensive remobilization of major and trace elements
- Sericite-quartz-cordierite-chlorite alteration zone
- Broad phyllic-pyrite zones
- Intense Na depletion with elevated Zn
- Ca and Sr depletion with elevated Zn
- Fe, Mg, Co, Cr, Cd enrichment within and below mineralization
- Continuity of alteration and anomalous Zn over large intervals in core drilling
- Extensive alteration haloes analogous to world class zinc deposits
Historical Precious and Base Metal Assays
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 |
1061 |
12.90 |
1.920 |
0.288 |
552 |
1064 |
11.60 |
0.866 |
0.507 |
278 |
1065 |
16.80 |
2.400 |
0.075 |
655 |
1066 |
8.26 |
0.330 |
0.972 |
170 |
1067 |
11.10 |
1.300 |
0.142 |
394 |
1068 |
9.88 |
0.558 |
0.154 |
179 |
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 15.08 g/t Au.
All of the above metal values were reported by past operators in the Melchett Lake area, from grab samples which may not be representative of the metal grades, and are historical in nature.
Qualified Person
Greg Davison, MSc, PGeo and Silver Spruce Director, is the Company’s internal Qualified Person 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.
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
SOURCE: Silver Spruce Resources Inc.
- Published in Mining, News Home, Silver Spruce Resources
Cerro Blanco Drilling Delivers 11.1 m grading 8.5 g/t Au and 6.1 m grading 13.7 g/t Au Files Final Base Shelf Prospectus
Momentum Public Relations
Press Release: September 26, 2019
Bluestone Resources Inc. (TSXV: BSR) (OTCQB: BBSRF) (“Bluestone” or the “Company”) is pleased to announce additional high-grade drill assays from its ongoing infill resource conversion program at its Cerro Blanco Gold project.
Several high-grade intercepts were drilled including:
- 1.0 meter grading 28.6 g/t Au & 186.0 g/t Ag
- 5.2 meters grading 8.2 g/t Au & 10.8 g/t Ag
- 6.1 meters grading 13.7 g/t Au & 10.8 g/t Ag
- 6.1 meters grading 11.9 g/t Au & 18.0 g/t Ag
- 11.1 meters grading 8.5 g/t Au & 7.1 g/t Ag
The focus of the current drill program is the conversion of Inferred Resources within key veins in the upper part of the Cerro Blanco deposit and vein extensions outside of the current resource. The Cerro Blanco Feasibility Study (see press release January 29, 2019) highlighted 357,000 ounces of Inferred Resources (1.4 Mt grading 8.1 g/t Au) that could be potentially converted to Measured and Indicated Resources through infill drilling.
Darren Klinck, President and CEO commented, “We are pleased with the continued success of the infill drill program in the North Zone of the deposit which has been a focus for us the last six months. We expect to put out an updated resource in the coming weeks reflecting the additional information generated from the drilling in the North Zone. As well, with the positive impact this program will ultimately have on adding value to the Cerro Blanco project, we are continuing to drill, shifting our focus to the South Zone for the next several months.”
Table 1. Significant Intercepts (this Press Release)
HOLE ID | FROM (m) | TO (m) | CORE INTERVAL(m) |
TRUE WIDTH (m) |
Au g/t | Ag g/t | Vein ID |
UGCB19-153 | 115.7 | 116.7 | 1.0 | 1.0 | 28.6 | 186.0 | VN_02 |
138.3 | 139.3 | 1.0 | 1.0 | 16.7 | 47.2 | VN_05 | |
UGCB19-154 | 79.8 | 83.6 | 3.8 | 3.1 | 3.2 | 14.2 | VN_02,03 |
107.0 | 108.0 | 1.0 | 1.0 | 11.8 | 26.3 | VN_06 | |
UGCB19-155 | 3.7 | 4.8 | 1.1 | 1.0 | 4.9 | 6.2 | VN_27 |
14.5 | 15.5 | 1.1 | 1.0 | 7.9 | 9.6 | VN_26 | |
64.8 | 70.4 | 5.6 | 5.2 | 8.2 | 10.8 | VN_02,03 | |
75.3 | 82.3 | 7.0 | 6.1 | 11.9 | 18.0 | VN_05,06,07 | |
CB19-410 | 134.9 | 135.9 | 1.0 | 1.0 | 6.7 | 17.2 | VN_30 |
145.5 | 146.5 | 1.0 | 1.0 | 5.6 | 15.5 | VN_16 | |
152.2 | 155.5 | 3.3 | 3.1 | 3.6 | 5.1 | VN_15 | |
162.6 | 165.9 | 3.3 | 3.0 | 8.6 | 17.9 | VN_14 | |
181.0 | 182.6 | 1.7 | 1.3 | 25.5 | 12.6 | VN_13 | |
211.7 | 218.2 | 6.5 | 6.1 | 13.7 | 10.8 | VN_11 | |
222.4 | 233.9 | 11.5 | 11.1 | 8.5 | 7.1 | VN-10 | |
241.7 | 242.7 | 1.0 | 1.0 | 5.8 | 6.9 | VN_09 | |
CB19-413 | 128.9 | 129.9 | 1.0 | 1.0 | 4.6 | 4.3 | – |
133.5 | 134.5 | 1.0 | 1.0 | 7.3 | 6.7 | VN_17 | |
143.3 | 144.3 | 1.0 | 1.0 | 5.6 | 25.7 | VN_16 | |
224.1 | 225.1 | 1.1 | 1.0 | 7.5 | 9.3 | VN_11 | |
244.2 | 245.1 | 0.9 | 0.9 | 3.7 | 3.8 | VN_09 | |
254.8 | 255.8 | 1.0 | 1.0 | 4.0 | 3.7 | VN_01 | |
CB19-414 | 164.5 | 165.6 | 1.1 | 1.0 | 3.9 | 21.1 | VN_15 |
239.7 | 247.4 | 7.7 | 7.5 | 4.8 | 11.7 | VN_09,25 | |
CB19-415 | 137.1 | 141.2 | 4.1 | 4.0 | 4.1 | 8.2 | VN_30 |
159.6 | 160.6 | 1.0 | 1.0 | 4.8 | 26.8 | VN_16 | |
166.0 | 168.0 | 2.0 | 1.9 | 9.1 | 8.9 | VN_15 | |
196.0 | 197.5 | 1.5 | 1.2 | 3.8 | 2.9 | VN_13 | |
217.4 | 218.4 | 1.0 | 1.0 | 22.3 | 64.5 | VN_12 | |
231.6 | 235.9 | 4.3 | 4.2 | 4.8 | 3.9 | VN_10 | |
250.1 | 251.1 | 1.0 | 1.0 | 3.9 | 2.9 | VN_09 | |
CB19-416 | 182.6 | 183.6 | 1.0 | 1.0 | 4.0 | 4.3 | – |
241.6 | 242.6 | 1.0 | 1.0 | 7.4 | 5.9 | VN_25 | |
253.7 | 254.7 | 1.0 | 1.0 | 4.5 | 5.0 | VN_08 |
Intervals in bold are cited in the text of this press release. Only intercepts averaging over 3 g/t Au when diluted to a minimum 3 meters true width are stated. Hole coordinates and azimuth/dip information accompany the plan view attached to this release.
A plan showing drill hole locations can be accessed by clicking HERE.
Underground drill holes UGCB-153 and 154 were sub-horizontal holes drilled from two different locations in the North Zone workings and both reached their objective of intersecting the south-westerly extension of vein VN_02. Hole UGCB-155, drilled to the east, intersected multiple veins including 6.1 meters (true width) grading 11.9 g/t Au (VN_05, 06, 07). Holes CB19-410, and 413-416 were drilled from surface to test for multiple veins at deeper elevations in the North Zone resource, with a best intercept of 8.5 g/t Au over 11.1 meters true width in vein VN_10.
Precious metal mineralization at Cerro Blanco is associated with classic low sulphidation adularia-sericite epithermal quartz veins and vein swarms hosted in altered sequence of volcanoclastic and sedimentary rocks. Higher grades (>20 g/t Au and >60 g/t Ag) are associated with visible gold and silver sulphides in ginguro-style colloform-banded veins.
Quality Analysis and Quality Control
Assay results listed within this release were performed by Inspectorate Laboratories (“Inspectorate”), a division of Bureau Veritas, which are ISO 17025 accredited laboratories. Logging and sampling are undertaken on site at Cerro Blanco by Company personnel under a QA/QC protocol developed by Bluestone. Samples are transported in security-sealed bags to Inspectorate, Guatemala City, Guatemala, for sample preparation. Sample pulps are shipped to Inspectorate Laboratories in Vancouver, BC, Canada or Reno, NV, USA, and assayed using industry-standard assay techniques for gold and silver. Gold and silver were analyzed by a 30-gram charge with atomic absorption and/or gravimetric finish for values exceeding 5 g/t Au and 100 g/t Ag. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material, and replicate samples. Quality control is further assured by Bluestone’s QA/QC program, which involves the insertion of blind certified reference materials (standards) and field duplicates into the sample stream to independently assess analytical precision and accuracy of each batch of samples as they are received from the laboratory. A selection of samples is submitted to ALS Chemex Laboratories in Vancouver for check analysis and additional quality control.
Qualified Person
David Cass, P.Geo., Vice President Exploration, is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 and has reviewed and verified that the scientific and technical information set out above in this news release is accurate and therefore approves this written disclosure of the technical information.
Base Shelf Prospectus
The Company is pleased to announce that that it has filed a final short form base shelf prospectus (the “Final Prospectus”) with the securities commissions in each of the provinces of Canada, except Quebec.
The Final Prospectus will, subject to the filing of a shelf prospectus supplement (the “Prospectus Supplement”), allowing Bluestone to offer up to an aggregate of C$200,000,000 of common shares, preferred shares, debt securities, subscription receipts, units, warrants and share purchase contracts from time to time over the 25-month period, until the Final Prospectus expires on October 26, 2021.The specific terms of any future offering will be established in a Prospectus Supplement, which will be filed with the applicable Canadian securities regulatory authorities.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualifications under the securities laws of any such jurisdiction.
A copy of the Final Prospectus may be obtained from the Corporate Secretary of the Company by directing a request to Bluestone at Suite 1020, 800 West Pender Street, Vancouver, British Columbia, Canada, V6C 2V6, Attn: Corporate Secretary, or can be downloaded from SEDAR at www.sedar.com.
About Bluestone Resources
Bluestone Resources is a mineral exploration and development company that is focused on advancing its 100%-owned Cerro Blanco Gold and Mita Geothermal projects located in Guatemala. A Feasibility Study on Cerro Blanco (see press release January 29, 2019) returned robust economics with a quick pay back. The average annual production is projected to be 146,000 ounces per year over the first three years of production with all-in sustaining costs of $579/oz (as defined per World Gold Council guidelines, less corporate general and administration costs). The Company trades under the symbol “BSR” on the TSX Venture Exchange and “BBSRF” on the OTCQB.
On Behalf of Bluestone Resources Inc.
“Darren Klinck”
Darren Klinck | President, Chief Executive Officer & Director
For further information, please contact:
Bluestone Resources Inc.
Stephen Williams | VP Corporate Development & Investor Relations
Phone: +1 604 646 4534
info@bluestoneresources.ca
www.bluestoneresources.ca
- Published in Bluestone Resources, Mining, News Home
Silver Spruce Resources appoints Penney interim CFO
Momentum Public Relation
Press Release: September 25, 2019
Silver Spruce Resources Inc. has appointed Dr. Brian Penney, PhD, DIC, PEng, as interim chief financial officer of the company to replace Gordon H. Barnhill, who passed away Aug. 28, 2019.
Dr. Penney has been chairman of Silver Spruce Resources since 2016. He has also served as chairman of the audit committee since that time. He has extensive experience in guiding early-stage companies, both as chief executive officer and chairman. Recent positions include founding CEO of TARA, a Halifax-based telecom research and development firm; chairman and CEO of Abridean Inc., a software company; chairman and CEO of CarteNav Solutions Inc., a mission software company in Halifax; chairman of Intertainment Media Inc., a TSX Venture Exchange new media incubator company in Toronto; CEO and chairman of e-djuster Inc., a leading insurance services company in Ottawa. Companies of which he was chairman or CEO have collectively increased shareholder value by over $1-billion.
He has been a board member of several government and academic-industry boards, including the Communications Research Centre and CANARIE. Earlier in his career, he held various research and academic positions in physics and in computing science and worked as a software engineer, system architect and development manager at Bell Northern Research and other companies in the telecommunications industry.
Dr. Penney holds a PhD in high-energy nuclear physics from Imperial College of Science & Technology, University of London, and is a professional engineer and is licensed as a commercial pilot.
About Silver Spruce Resources Inc.
Silver Spruce Resources is a Canadian junior exploration company pursuing development of the Pino De Plata project in western Chihuahua state in Mexico. The company has signed a letter of intent to acquire 100 per cent of the Melchett Lake zinc-gold-silver project in Northern Ontario, Canada, and a binding letter of agreement to acquire 100 per cent of the advanced Cocula gold project in Jalisco state, Mexico.
- Published in Mining, News Home, Silver Spruce Resources
Silver Spruce Announces Melchett Lake VMS Project Acquisition
Momentum Public Relations
Press Release: September 24, 2019
Silver Spruce Resources Inc. (TSXV:SSE)(Frankfort:S6Q1) (“Silver Spruce” or the “Company”) is pleased to announce that it has signed a binding Letter of Intent (“LOI”) with three parties (the “Vendors”) to acquire 100% of 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.
The 1,820 hectare project is located within an active exploration and mining region north of Geraldton including Copper Lake’s Marshall Lake VMS project, Premier Gold’s Hardrock-Greenstone Au mine and past-producing Anaconda-Dofasco iron mine and the Skibi Lake and Stewart Lake iron prospects, and along one of the access routes proposed northward from Nakina to the Ring of Fire Ni-Cr-Cu-PGE exploration projects. The Ontario Geological Survey Exploration Highlights in 2016-2017 reported “The potential of discovery of economic zinc-lead-silver-gold-bearing VMS deposits in the Melchett Lake greenstone belt is high.”
Letter of Intent
The principal terms to purchase 100% interest in the Property include CAD$150,000 in cash payments and CAD$250,000 in Silver Spruce common shares, payable on signing and annual payments spread over three years. 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. The Vendors will retain a two percent Net Smelter Return royalty of which 1% can be purchased by the Company for $1,000,000 and the remaining 1% at market price. Silver Spruce has a 90-day window after signing the LOI to carry out its due diligence and prepare a Definitive Agreement (“DA”) for the Property acquisition.
“We are very pleased to acquire the Melchett Lake VMS-Au Property and the Company is quickly advancing its due diligence to support a decision to earn a 100% interest in the project,” stated Karl Boltz, CEO of Silver Spruce. “The multi-kilometre strike length of the known areas of mineralization, depth potential indicated by the Maxwell modelling, 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 clearly provide the Company with an opportunity to grow with the strong gold, silver and zinc markets. Furthermore, our Director, Greg Davison, MSc, PGeo, has first-hand experience on the Melchett Lake area, having worked the area as Project Manager and VP Exploration for Kerr Addison Mines (1983-1984) and Tribute Minerals (1999-2002), respectively.”
Mineralization
The Melchett Lake belt contains several occurrences of polymetallic Zn-Pb-Cu-Ag-Au VMS style mineralization similar in character to ore deposits exploited at Mattabi, Winston Lake, Geco and Uchi Lake. Base metal mineralization consisting of pyrite, sphalerite, chalcopyrite and galena occurs within the felsic metavolcanic sequences of the Property. There are locally high-grade lenses of Zn & Ag with variable Cu, Au and Pb, and gold grades to 26.1 g/t Au, silver grades to 560 g/t Ag and zinc grades to 19.1%. 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.
Qualified Person
Greg Davison, MSc, PGeo and Silver Spruce Director, is the Company’s internal Qualified Person 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.
About Silver Spruce Resources Inc.
Silver Spruce Resources Inc. is a Canadian junior exploration company pursuing development of the Pino De Plata project, located in the prolific Sierra Madre Occidental region of western Chihuahua State in Mexico. The Company has signed a binding Letter of Agreement to acquire 100% of the advanced Cocula gold project in Jalisco State, Mexico, and a Letter of Intent to acquire 100% of the Melchett Lake Zn-Au-Ag project in northern Ontario, Canada. 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
Crystal Lake Intersects 15.11 g/t Gold over 8 Metres at Newmont Lake Project, BC
Momentum Public Relations
Press Release: September 18, 2019
Crystal Lake Mining Corporation (TSXV: CLM OTC: SIOCF FSE: SOG-FF) (“Crystal Lake” or the “Company“) is pleased to announce the intersection of shallow high-grade gold mineralization at Crystal Lake’s Newmont Lake Gold Corridor. The new results are crucial as they provide evidence of a thick unit of unusually high-grade gold mineralization within a broad envelop of continuous low-grade gold mineralization. This discovery is important as it demonstrates that the mineral zone actually increases in both width and in grade in areas where previous models indicate a narrowing of the mineral zone. Additionally, a second deeper horizon has been intersected in an area without gold mineralization in previous models adding to the exploration potential of the Newmont Lake gold corridor along the western flank of the Eskay Rift in NW BC.
The first diamond drill core assay results from ongoing drilling at the NW Zone underscore the potential for higher grades and increased continuity of grade which can result in significant expansion of the historic mineralization while brand new high-grade domains are targeted elsewhere along the gold-bearing McLymont Fault and numerous associated splay faults.
Highlights:
- The second of three drill holes, building on the northern extension of the Northwest zone, intersected 15.1 g/t Au over 8.03 metres (106.32 metres to 114.35 metres), including 76 g/t Au over 1 metre, in addition to an even shallower high-grade intercept of 7.6 g/t Au, 23.1 g/t Ag and 1.03% Cu over 5.30 metres starting just 82 metres downhole (including 26.1 g/t Au over 1.3 metres);
- These two shallow high grade gold zones form a thick continuous intercept of 44 metres (82 metres to 126.13 metres, approximate true width) grading 4.03 g/t Au, 4.06 g/t Ag and 0.29% Cu, in addition to a deeper wide interval of disseminated gold mineralization (77 metres @ 0.29 g/t Au) starting 157 metres downhole which points to the potential for new discoveries including more high-grade mineralization at depth;
- Ongoing drilling of this significantly upgraded portion of the NW Zone Historic Resource* has encountered visually similar mineralization in the third hole completed along section with an estimated down-dip step out of approximately 22 to 30 metres. Assays are pending.
- The fourth hole on section in the Newmont Lake Gold Corridor is ongoing.
Dr. Peter Lightfoot, Technical Adviser to Crystal Lake, commented: “The western flank of the Eskay Rift is endowed with significant high-grade mineralization styles that fit with a wide range of deposit models, and require very efficient pathways for fluids and magma to migrate from depth to the surface and form ore deposits. The gold mineralization developed along the western flank of the Newmont Lake graben is part of this wider mineral system, and Crystal Lake is aggressively developing an understanding of how the high-grade gold mineralization relates to the McLymont fault, its subsidiary faults and associated hydrothermal breccias.”
Assay Highlights from Newmont Lake Gold Corridor Second Drill Hole (NWDDH19-012)
NWDDH19-012 |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Ag (g/t) |
Cu (%) |
Interval |
82.00 |
123.13 |
44.13 |
4.03 |
4.06 |
0.29 |
Including |
87.00 |
92.30 |
5.30 |
7.57 |
23.10 |
1.03 |
Including |
91.00 |
92.30 |
1.30 |
26.15 |
20.25 |
1.20 |
Also Including |
106.32 |
114.35 |
8.03 |
15.11 |
4.29 |
0.68 |
Including |
106.32 |
107.32 |
1.00 |
16.16 |
5.13 |
0.66 |
Including |
111.35 |
112.35 |
1.00 |
76.56 |
11.54 |
0.47 |
Including |
112.35 |
112.35 |
1.00 |
11.62 |
1.26 |
0.02 |
Interval |
157.00 |
234.15 |
77.15 |
0.29 |
0.30 |
0.03 |
Collar Coordinates for Newmont Lake Gold Corridor Second Drill Hole (NWDDH19-012)
Hole ID |
Easting (m) |
Northing (m) |
Azimuth (°) |
Dip (°) |
Depth (m) |
NWDDH19-010 |
381288 |
6300915 |
298 |
55 |
198 |
NWDDH19-012 |
381288 |
6300915 |
296 |
75 |
261 |
NWDDH19-017 |
381288 |
6300915 |
247 |
90 |
264 |
NWDDH19-020 |
381288 |
6300915 |
121 |
70 |
120 |
The Historic Resource* (historic inferred resource) that contains 1,406k tonnes at an average grade of 4.43 g/t Au, 0.22% Cu and 6.4 g/t Ag at a projected “base case” cut-off grade of 2 g/t Au containing 200,000 oz Au, 6.79 million lbs of copper and 291,000 oz of silver (Mineral Resource Estimate on the North West Zone, Newmont Lake Property, submitted to Romios Gold Resource Inc., May 11, 2007). This resource estimate was based solely on the drill hole data collected by Gulf Minerals in the late 1980’s and early 1990’s.
Qualified Person
The technical information in this news release has been reviewed and approved by Mr. Maurizio Napoli, P. Geo., VP Exploration for Crystal Lake Mining, a Qualified Person responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.
Quality Assurance/Quality Control
Drill core samples from the Northwest Gold Zone were sent to MSALABS’ preparation facility in Terrace, B.C., where samples were prepared using PRP-910 method. Core Samples were dried, crushed to 2mm, split 250g, and pulverized to 85% passing 75 microns. Prepped samples were sent to MSALABS’ analytical facility in Langley B.C., where 50g pulps were analyzed for gold using the FAS-211 method, fire assay AAS finish. Core samples were analyzed for 53 elements using the IMS-230 method, multi-element ICP-MS 4-acid digestion, ultra fine trace level. Silver assay results greater than 100 g/t Ag and cobalt, copper, nickel, lead, and zinc greater than 10,000ppm were automatically analyzed by ore grade method ICF-6.
Crystal Lake Mining conducts its own QA/QC program where five standard reference material pulps, five blank reference material samples, and two field duplicates are inserted for every 100 samples when analyzing core samples.
About Crystal Lake Mining
Crystal Lake Mining is a Canadian-based junior exploration company focused on building shareholder value through high-grade discovery opportunities in British Columbia and Ontario. The Company has an option to earn a 100% interest in the Newmont Lake Project, one of the largest land packages among juniors in the broader Eskay region in the heart of Northwest B.C.’s Golden Triangle.
On Behalf of the Board of Directors,
CRYSTAL LAKE MINING CORP.
“Richard Savage”
President & CEO
Email: info@crystallakemining.com
Phone: 1-604-440-8474
- Published in Crystal Lake Mining, Gold, Mining, News Home
Silver Spruce Receives Drill Permit for Cocula Gold Project
Momentum Public Relations
Press Release: September 17, 2019
Silver Spruce Resources Inc. (TSXV:SSE)(Frankfort:S6Q1) is pleased to announce that it has received approval of its Informe Preventivo, the environmental application required for drilling at the Cocula gold project in Jalisco State, Mexico.
The permit allows for forty-seven (47) drill sites over the 750-metre strike length of the known mineralized area. The Company is preparing a drilling strategy to evaluate the current mineralization and new exploration targets identified in recent geological mapping.
“With surface access agreements and the drill permit in place, the Company is quickly advancing its technical studies to support a decision to earn a 100% interest in the project,” stated Karl Boltz, CEO of Silver Spruce. “We continue to check the boxes we require in order to prepare and execute a definitive purchase agreement with all parties for the project. So far, the results from surface geological mapping, chip and trench sampling and assaying, check assaying of the historical reverse circulation drill chip samples and re-interpretation of the drill sections, and recent completion of an independent 43-101 report have been quite positive.”
The occurrence of widespread gold mineralization at surface, including high grades of select samples (12.55 grams per tonne (g/t) gold (“AU”), 16.65 g/t Au and 23.7 g/t Au) assayed from rock and drill chip sampling, indicate robust gold mineralization along with significant silver and base metal values.
The Company will continue its due diligence designed to support a definitive purchase decision, subject to its binding Letter of Agreement with ProDeMin, SA de CV (“ProDeMin”).
Qualified Person
Dr. Craig Gibson, Ph.D., CPG, Qualified Person, is responsible for the technical content of this press release.
About Silver Spruce Resources Inc.
Silver Spruce Resources Inc. is a Canadian junior exploration company pursuing development of the Pino de Plata project, located in the prolific Sierra Madre Occidental region of western Chihuahua State in Mexico. The Company has signed 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 Gold, Mining, News Home, Silver Spruce Resources
Canada Cobalt Closes Over-Subscribed Private Placement for $728,000
Momentum Public Relation
Press Release: September 12, 2019
Canada Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Cobalt”) is pleased to announce that the Company has closed the second and final tranche of its recently announced private placement with strategic investors at 30 cents per unit, raising gross proceeds of $728,000 for the two tranches.
Proceeds of the private placement will be used to immediately accelerate the company’s various initiatives at the Castle mine and property in the Gowganda Silver-Cobalt Camp, and for general working capital purposes.
A total of 1,016,667 units were issued in the second tranche ($305,000) with each unit consisting of one common share in the capital of the Company and one share purchase warrant. Each warrant entitles the holder to purchase one share of the Company for a period of 24 months from closing at an exercise price of 50 cents per share.
All securities are subject to a four-month-and-a-day hold period expiring on January 14, 2020, in accordance with applicable securities laws. The private placement is subject to the final approval of the TSX Venture Exchange.
Finder’s fees of $525 and 1,750 broker warrants, on the same terms as the private placement warrants, are payable for the second tranche. Closing of the first tranche, announced September 6, 2019, was for a revised total of $423,000 (1,410,000 units), bringing both tranches to an over-subscribed total of $728,000 (2,426,667 units).
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/September2019/13/c9586.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
Crystal Lake Mining Adds Major New Investor
Momentum Public Relation
Press Release: September 12, 2019
Crystal Lake Mining Corporation (TSXV: CLM OTC: SIOCF FSE: SOG-FF) (“Crystal Lake” or the “Company“) is pleased to announce that it has closed $1,438,000 (4,793,333 units) as the first tranche of a proposed $1.5 million private placement of hard dollar units at 30 cents per unit (5,000,000 units), subject to TSX Venture Exchange approval (see further details below).
Mr. Rob McEwen has purchased 1,666,667 units ($500,000) of the private placement through his wholly owned company Evanachan Limited. Mr. McEwen is the Chairman and Chief Owner of McEwen Mining Inc. and is the Founder and former Chairman and CEO of Goldcorp Inc., recently acquired by Newmont.
Richard Savage, Crystal Lake President and CEO, commented: “We are pleased to welcome Rob McEwen as a strategic new shareholder. Mr. McEwen has a very successful track record, having grown Goldcorp’s market capitalization from $50 million to over $8 billion dollars. He is a strong believer in the precious metal and commodity markets, and we are grateful to include him as a shareholder with us all.”
Proceeds of this private placement will be used to advance the Company’s Newmont Lake Project, where a drill program continues in Northwest British Columbia’s prolific Eskay Camp, and for general working capital purposes.
Private Placement Details
Each unit of the private placement, consisting of five million units at 30 cents per unit, includes one common share in the capital of the Company and one-half of a share purchase warrant. Each full warrant entitles the holder to purchase one common share of the company for a period of 24 months from the closing of the offering at an exercise price of 35 cents per share. The securities will be subject to a four-month hold period and finder’s fees may be payable to qualified parties.
Insiders of the Company subscribed for 76,667 units, with Wally Boguski, COO and a director of the Company, subscribing for 30,000 units and Maurizio Napoli, VP Exploration of the Company, subscribing for 46,667 units. As a result, the Private Placement is a related party transaction (as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company relied upon the “Issuer Not Listed on Specified Markets” and “Fair Market Value Not More Than $2,500,000” exemptions from the formal valuation and minority shareholder approval requirements, respectively, under MI 61-101.
About Crystal Lake Mining
Crystal Lake Mining is a Canadian-based junior exploration company focused on building shareholder value through high-grade discovery opportunities in British Columbia and Ontario. The Company has an option to earn a 100% interest in the Newmont Lake Project, the largest land package among juniors in the broader Eskay region in the heart of Northwest B.C.’s Golden Triangle.
On Behalf of the Board of Directors,
CRYSTAL LAKE MINING CORP.
“Richard Savage”
President & CEO
Email: info@crystallakemining.com
SOURCE Crystal Lake Mining Corporation
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2019/12/c7272.html
Contact:
Momentum Public Relations, Tel: +1 (450) 332-6939
- Published in Crystal Lake Mining, Mining, News Home
Silver Spruce Samples More High Grade Gold Surface Mineralization at Cocula Advanced Gold Project
Momentum Public Relations
Press Release: September 12, 2019
Silver Spruce Resources Inc. (TSXV:SSE)(Frankfort:S6Q1) (“Silver Spruce” or the “Company”) is pleased to announce that it has received gold, silver and base metal assays from new rock chip samples taken from the surface at the Cocula gold project in Jalisco State, Mexico, as part of the due diligence program being conducted by the Company.
Nine out of 26 rock chip samples recently taken from surface outcrop returned gold assay values of 0.88 g/t gold up to 12.55 g/t Au. These recent sample assays continue to confirm the presence of widespread gold mineralization at surface.
Selected assays from the Cocula sampling program.
Sample |
Width |
Weight |
Au |
Ag |
Cu |
Pb |
Zn |
13369 |
1.5 |
1.62 | 0.88 | 12.9 | – | 0.76 | 0.13 |
13370 |
0.5 |
1.86 | 1.25 | 36.0 | – | 0.57 | 0.12 |
13374 |
0.4 |
3.02 | 12.55 | 53.2 | – | 2.60 | 0.24 |
13376 |
0.6 |
2.64 | 1.40 | 36.7 | – | 5.07 | 0.13 |
13377 |
0.4 |
3.34 | 1.68 | 35.9 | – | 4.40 | 0.16 |
13378 |
0.6 |
2.14 | 2.70 | 28.1 | – | 0.51 | – |
13379 |
0.5 |
2.60 | 5.89 | 41.4 | 0.22 | 0.67 | – |
13385 |
0.4 |
2.40 | 1.60 | 12.6 | 0.11 | 0.24 | – |
13393 |
1.0 |
2.18 | 0.94 | 34.7 | – | 7.36 | 0.17 |
The samples were taken during a two week mapping program over the main mineralized area at Cocula. Three types of spatially related mineralization/alteration were recognized: a westernmost area of massive and milky quartz veining with pyrite, galena and oxide copper minerals hosted by chloritized andesite with disseminated pyrite and local epidote interpreted as propylitic alteration. Quartz types and textures are believed to be indicative of higher temperatures. A central zone of quartz matrix breccia and stockwork quartz veining with iron oxides and jarosite exhibits epithermal textures and less pyrite and galena consistent with lower temperatures of formation, The easternmost zone of crystalline quartz- and massive to bladed barite veining with manganese oxides that may postdate other mineralization. All of these zones are associated with gold mineralization and may represent a zoned system. To the south of the main stockwork zone, the wallrock adjacent to the main structure are strongly argillized. This zone overlaps the stockwork mineralization and extends along the main NW-SE mineralized structure.
The recent work indicates that past drilling may have inadequately explored the geometry of the mineralization over several targets. The previous drilling was done by the reverse circulation method and no structural information was obtained. Many of the drill holes in the main structure are vertical and do not cross structures interpreted as steeply dipping whereas drill holes to the west are angled, though too short to intersect the main mineralization tested by the vertical holes. The Company intends to test these areas during its first drill program.
Quality Assurance and Quality Control
Samples collected by ProDeMin on behalf of Silver Spruce were analyzed by ALS Global, a worldwide analytical testing laboratory well-known in the exploration and mining community. Samples submitted to ALS consisted of rock chip samples that were analyzed for gold by the Au-AA26 method, consisting of a 50 g fire assay with an AA finish. Silver and base metals were analyzed with the 25 gram ME-TL43 package using aqua regia digestion and ICP-MS finish. Blind control samples consisting of a standard pulp and a coarse blank were inserted in the sample stream and laboratory also uses standards and blanks as part of its routine QA-QC program.
Qualified Person
Dr. Craig Gibson, Ph.D., CPG, Qualified Person, is responsible for the technical content of this press release.
About Silver Spruce Resources Inc.
Silver Spruce Resources Inc. is a Canadian junior exploration company pursuing development of the Pino de Plata project, located in the prolific Sierra Madre Occidental region of western Chihuahua State in Mexico. The Company has signed 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