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
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
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
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
Silver Spruce Files NI 43-101 Technical Report on Cocula Gold Project
Momentum Public Relations
Press Release: September 10, 2019
Silver Spruce Resources Inc. (“Silver Spruce” or the “Company”) is pleased to announce that it has filed the first NI 43-101 technical report for the Cocula gold project on www.sedar.com. The report, dated August 27, 2019, is entitled, “Geology and Exploration of the Cocula Project, Municipality of San Martin Hidalgo, Jalisco State, Mexico” and was prepared for the Company and authored by Francisco Manual Carranza, CPG, of Hermosillo, Sonora State, Mexico.
“We are pleased to have filed the maiden NI 43-101 technical report for the advanced Cocula gold project. This marks another step completed in our due diligence program, which is progressing and generating new data,” stated Karl Boltz, CEO of Silver Spruce. “The occurrence of widespread gold mineralization at surface, including grades up to 16.65 grams per tonne (g/t) gold assayed from rock chip sampling, indicate robust gold mineralization along with significant presence of lead, zinc, silver and copper.”
The Company will continue its due diligence activities 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
SOURCE: Silver Spruce Resources Inc.
- Published in Mining, News Home, Silver Spruce Resources
Silver Spruce Grieves the Passing of Gordon H. Barnhill, CFO
Momentum Public Relations
Press Releases: September 4th, 2019
Silver Spruce Resources Inc. (“Silver Spruce” or the “Company”) is deeply saddened by the passing of its longtime friend, collegue and CFO, Gordon Harold Barnhill. He passed away peacefully in the Halifax Infirmary, QEII, Halifax on August 28, 2019 at the age of 77. Gordon was dedicated to to his family and to professional excellence. He will be greatly missed. The Company extends its deepest condolences to his family and friends for our collective loss.
Gordon began his financial career with Trans Canada Credit and then worked for the Royal Bank for 28 years in both Nova Scotia and New Brunswick until his retirement. Not one to stand still too long, he then become the Chief Financial Officer for Silver Spruce Resources Inc. and continued working there until the time of his death. Gordon served on the board of directors for Big Brothers and Big Sisters Nova Scotia for several years. He was an avid salmon fisherman and hunter and has left behind many happy memories of salmon fishing on St. Mary’s River.
A funeral service will be held at 1 p.m. on Saturday, August 31st, in Bridgewater Baptist Church, 564 Glen Allan Dr., Bridgewater, Rev. Dr. Aaron Kenny officiating. Memorial donations, in lieu of flowers may be made to organizations close to Gordon’s heart; Big Brothers Big Sisters Canada and St. Mary’s River Association. Online condolences may be made by visiting: www.sweenysfuneralhome.com.
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 Silver Spruce Resources
Silver Spruce Clarifies Resource Statement at Cocula Advanced Gold Project
Momentum Public Relations
Press Release: July 31, 2019
Silver Spruce Resources Inc. (“Silver Spruce” or the “Company”) is providing the following information regarding the Company’s news release of 15 July 2019. As a result of a review by the Nova Scotia Securities Commission, we are issuing the following news release to clarify our disclosure.
The Company was notified that an estimate of mineral resources in the section titled, “Non-Qualified Resource” of the 15 July 2019 news release was not acceptable under National Instrument 43-101 Standards of Disclosure for Mineral Projects, and the Company retracts the entire statement under the heading “Non-Qualified Resource”.
Further, the Company intends to file a NI 43-101 technical report to be completed by an independent Qualified Personon the Cocula project within forty-five days of the 15 July 2019 news release.
Qualified Person
Dr. Craig Gibson, Ph.D., CPG, Qualified Person, consulting geologist and project manager for the Company, 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) 641-3397info@silverspruceresources.comwww.silverspruceresources.com
- Published in Mining, News Home, Silver Spruce Resources
Silver Spruce Confirms High Grade Gold Mineralization at Cocula Advanced Gold Project
Momentum Public Relations
Press Release: July 30, 2019
Silver Spruce Resources Inc. has received assays from due diligence samples taken from the Timmins Gold (now Alio Gold) reverse circulation (RC) drill program stored at the project and assays from new surface samples taken by the independent qualified person preparing the maiden National Instrument 43-101 report on the Cocula project in Jalisco state, Mexico.
The reverse circulation drill samples for due diligence purposes were selected to confirm the grades reported previously by Timmins, focusing both on individual, isolated samples as well as continuous intervals in order to confirm the grades and tenors originally reported. The first set of fifteen samples was selected by ProDeMin crews under the direction and supervision of Dr. Craig Gibson, Ph.D., CPG, Qualified Person. A second set of twelve samples including eight surface exposures and four samples of RC drill cuttings was selected by the independent Qualified Person (“QP”) that is preparing the NI 43-101 report for Silver Spruce. The samples of RC cuttings returned assay results that are generally correlated with the results reported by Timmins.
Eight rock chip channel samples that were taken by the independent QP during his requisite field visit for the NI 43-101 report show the presence of gold mineralization at surface of up to 16.65 grams per tonne (“g/t”) gold (“Au”), or 0.54 ounces per tonne gold.
“We are satisfied with the correlative assay results of check samples from the Timmins drill program. We are also quite encouraged by the high grades of gold that were sampled at surface from a trench across the mineralized breccia target,” stated Karl Boltz, President & CEO of Silver Spruce.
Cocula Mineralization
Channel sampling by Timmins across the outcrop of the Cocula breccia returned 136 m with 2.39 g/t Au, 19 g/t Ag, 1.07% Pb and 0.12% Zn. High grades of up to 25 g/t Au were reported for individual samples.
In 2008, Timmins drilled 27 RC holes (1,974 m) and confirmed the continuity of the Cocula breccia along 800 m of strike, open in all directions. Some example intercepts are:
Drill hole RCC-01 returned 7.5 m of 5.8 g/t Au within a longer interval of 37 m of 1.3 g/t Au, 13 g/t Ag, and 1.1 % Pb from the surface,Drill hole RCC-09 cut 10.5 m with 1.76 g/t Au and 13.5 m with 1.37 g/t Au within a larger interval of 54 m with 0.72 g/t Au, 8.9 g/t Ag, and 0.96% Pb, and
Drill hole RCC-10 has an intercept of 37.5 m with grades of 1.2 g/t Au; 13 g/t Ag and 1.34 % Pb that includes two narrow intervals of 3.0 m with 6.3 g/t Au and 7.5 m of 3.0 g/t Au.
Surface Agreements Signed
Surface agreements assuring access to the project for exploration and drilling have been signed by representatives with power of attorney for three families that own the ranches at the Cocula project.
The Company has the “green light” to continue its due diligence process and a final purchase decision will be made by the Company, in due course, under its six month Right of First Refusal.
Silver Spruce should have its drill permit approved shortly and is preparing a drilling strategy to evaluate the current mineralization and exploration targets.
Quality Assurance and Quality Control
Samples by Silver Spruce and for the NI 43-101 report were analyzed by ALS Global, a worldwide analytical testing laboratory well-known in the exploration and mining community. Samples submitted to ALS consisted of RC drill cuttings and rock chip-channel samples that were analyzed for gold by the Au-AA26 method, consisting of a 50 g fire assay with an AA finish. No blind control samples were submitted as these are duplicates, but the laboratory uses standards and blanks as part of its routine QA-QC program.
The original sample assays of Timmins were completed by International Plasma Labs (IPL) of Richmond, B.C. Gold assays by IPL were completed by fire assay and AA spectroscopy on a 30 gm sample aliquot. For the IPL samples, those with Au values of 1 g/t or more or Ag values of 100 g/t or more were reanalyzed by fire assay and gravimetric methods.
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.
- Published in Mining, News Home, Silver Spruce Resources
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