Bedford, NS - September 7, 2021 - InvestorsHub NewsWire
- (TSXV:SSE) - Silver Spruce Resources Inc. ("Silver Spruce"
or the "Company") is pleased to announce the receipt of assays from
the first ten holes of its Phase 1 exploration drilling at the El
Mezquite Au-Ag property ("El Mezquite" or the "Property"). A total
of 2,485 metres were drilled in twenty (20) holes covering eight
collar locations.
Figure 1. El Mezquite property showing RC rig from Layne de
Mexico
"We received favourable precious metal assays in nine of the
first ten holes consistent with our exploration expectations for a
low-grade, heap-leachable target with mineralization in the range
of 0.1 g/t Au to 1.0 g/t Au. Thirty-one sampling intervals, ranging
from surface to 146.4 metre depth downhole, are shown in Table 1,
including up to five separate sections in one hole (MEZ-005), are
reported from 0.1 g/t Au to 0.955 g/t Au. Discrete sections of
>0.1 g/t Au with multiple samples reached a maximum of 4.58
metres. Silver values ranged from 1 g/t Ag to 241 g/t Ag and
elevated Ag occurred commonly with higher Au and base metals. Au-Ag
zoning or stacked mineralized structures could be indicated given
no clear relationship of Ag to associated Au grades," stated Greg
Davison, Silver Spruce Vice-President Exploration and Director.
"The mineralized intervals, identified to date, reflect the
thickness of the vein and structurally controlled surface showings.
Of importance to the geochemical interpretation, the pathfinder
elements (Hg, Cu, Pb, Zn, Sb and As) often displayed a well-defined
metal halo, up to eighteen (18) metres in apparent thickness
downhole, within and peripheral to the multiple gold and
silver-bearing intervals and potentially are indicative of a
significant precious metal mineralizing system. We look forward to
the compilation of the 2D and 3D spatial interpretation of the
assay results from these and the remaining drill holes, the latter
of which were focused on gold-bearing surface exposures along
interpreted structural lineaments."
Table 1. Select assay intervals (>0.1 g/t Au) for the
Phase 1 drilling program (MEZ001-MEZ-010)
"The Phase 1 RC program (see Figure 2 and Table 2) comprised 20
holes with a combined depth of 2,485 metres and utilized eight
drill pad locations focused around a 400m x 600m area with elevated
precious metal values to 3.41 g/t Au and 387 g/t Ag. Collars were
defined by several northeast-trending veins, structural lineaments
and oxide/sulphide transitions interpreted from geological mapping,
precious metal assays, multi-element geochemistry, alteration
assemblages and coincident 3D IP chargeability anomalies," said Mr.
Davison. "New targets for Phase 2 drilling are developing from our
ongoing geological, hyperspectral, LANDSAT and LiDAR
compilation."
Figure 2. Drill collar location map for the El Mezquite
property.
The first ten holes were drilled mainly on four collar locations
(M1, M2, M3 and M5) targeting 3D IP chargeability anomalies and
were logged primarily as green to grey-green andesite and mafic
dykes exhibiting surface oxidation and transitional zones, weak
propylitic alteration and at depth, abundant disseminated sulphides
and/or magnetite. Andesite dykes contained elevated magnetite.
Minor rhyolitic units may be feldspar-quartz intrusive dykes.
Oxidation reached depths of 3 metres to 18.3 metres above
transitional intervals of 3 metres to 24.3 metres. The sulphide
zone andesites were intersected at overall downhole depths of 13
metres to 36.6 metres and continued through the holes. Pyrite was
the dominant sulphide species with minor chalcopyrite, sphalerite
and possible galena. Sulphides also occurred in quartz and
quartz-carbonate veinlets with a stockwork-style distribution.
Table 2. Final drill hole data for the Phase 1 El Mezquite
exploration program
The Company's first-ever drilling program at El Mezquite was
completed in July with samples being submitted to ALS Global in
Hermosillo in daily batches of 3-4 holes. The first seven (7) drill
holes were completed on June 14th. The remaining thirteen (13)
holes were drilled with two RC rigs from Layne de Mexico and
completed as scheduled on July 28th.
Local drill management and oversight, packaging and shipping,
logging, splitting and packaging of geochemical samples, quality
control protocols and delivery to ALS Global were conducted under
Servicios Geológicos IMEx ("IMEx") supervision at the El Mezquite
property and at our option partner Colibri Resource's ("Colibri")
office facilities in Hermosillo.
Sample splits (50%) were collected for geochemical analysis from
1.53 metre intervals throughout the length of each hole. Chip
samples were split for logging from each interval, packaged in
vials and organized in trays by drill hole. The remaining splits
(50%) were stored at the project site and at Colibri's storage
facility in Suaqui Grande.
Laboratory assay results were submitted between June 17th and
August 5th. Data were received between July 15th and August 24th.
Despite laboratory workloads which have impacted turnaround
timelines, our samples were analysed in Vancouver and Lima, Peru to
expedite completion.
Exploration Overview
The Company undertook an exploration program including
environmental permitting for drilling, geological mapping of
geologic structures and lineaments, ortho-mosaic photography, rock
geochemical and hyperspectral analysis, data compilation and GIS
modeling, and a LiDAR survey. Ground truthing of the Au-Ag system
with geological mapping and rock sampling was completed in three
campaigns between July 2020 and March 2021. All aspects of the
exploration program are conducted with strict adherence to COVID-19
protocols for personal safety.
All current samples from the 2020-2021 field programs were
submitted to ALS Global for gold, multi-element and hyperspectral
analysis. Historical samples (>400) from the 2010-2019 programs
also were submitted to provide complementary multi-element and
hyperspectral data over the Property database. The assays, LiDAR
survey data, and satellite hyperspectral interpretation results are
being updated into the project ArcGIS database.
The environmental permit, required to drill the Property, was
received from SEMARNAT (see Press Release April 20, 2021) and
granted to the concession holder, Yaque Minerals S.A. de C.V.
("Yaque") by the Mexican Secretariat of Environment and Natural
Resources (SEMARNAT). The permit allows for fourteen (14) drill
pads over the targets in the northern area of the concession.
Individual holes achieved depths of 100-200 metres to intersect the
target intervals.
Land surface agreements were signed with three ranchers to
facilitate full access to the Phase 1 collar locations.
Figure 4. Location Map for El Mezquite, Jackie and Diamante
Concessions. Nicho mine development by Minera Alamos located 10 km
SE of El Mezquite.
Project Background
El Mezquite, a drill-ready precious metal project located 10 km
northwest of the town of Tepoca, and 170 km southeast of the
capital city of Hermosillo, eastern Sonora, Mexico, is very well
situated in terms of logistics for exploration and is located only
twelve kilometres northwest of the Nicho deposit currently under
mine development by Minera Alamos (see Figure 4).
The 180-hectare Property is easily accessible from Mexican
Highway #16 via a southerly-trending unpaved road which traverses
through the centre of the known gold mineralization. High voltage
power lines are positioned along Highway #16.
The El Mezquite Project is located within the west-central
portion of the Sierra Madre Occidental Volcanic Complex within the
prominent northwest-trending "Sonora Gold Belt" of northern Mexico
and parallel to the precious metals-rich Mojave-Sonora Megashear
(Figure 5).
Figure 5. Location Map of El Mezquite Property and Mines of the
Sierra Madre Occidental
Geochemical Analysis, Quality Assurance and Quality
Control
Drill chip sample splits were delivered from drill site, to an
in-house storage facility in Hermosillo for logging and QA/QC by
IMEx, and then to the ALS sample preparation facility in
Hermosillo, Sonora, Mexico. ALS Global in North Vancouver, British
Columbia, Canada, is a facility certified as ISO 9001:2008 and
accredited to ISO/IEC 17025:2005 from the Standards Council of
Canada. Local chain of custody was monitored and maintained by a
professional senior geologist with IMEx.
The samples were crushed to 70% passing 2mm (PREP-31) and a
split of up to 250 grams pulverized to 85% passing 75 micrometres
(-200 mesh). The sample pulps and crushed splits were transferred
internally to ALS Global's North Vancouver, Canada or Lima, Peru
analytical facility for gold and multi-element analysis. Pulps
(50gram split) are submitted for Au analysis by Fire Assay with
Atomic Absorption finish (Au-AA24).
The retained pulps also were analysed by Four Acid Digestion
followed by Inductively Coupled Plasma Atomic Emission Spectrometry
(ICP-AES) multi-element analyses (ME-ICP61m) with Hg by Aqua Regia
and ICP-MS (Hg-MS42).
Over-limit Au and Ag samples are analyzed by Fire Assay with
Gravimetric Finish Ore Grade (Au-GRA21 or Au-GRA22, Ag-GRA21).
Overlimit base metals are analyzed by Four Acid Digestion followed
by Ore Grade Inductively Coupled Plasma Atomic Emission
Spectrometry (ICP-AES) for Cu, Pb and Zn (Cu-OG62, Pb-OG62,
Zn-OG62).
In-house quality control samples (blanks, standards, duplicates,
preparation duplicates) are inserted into the sample set by IMEx.
ALS Global conducts its own internal QA/QC program of blanks,
standards and duplicates, and the results are provided with the
Company sample certificates. The results of the ALS control samples
were reviewed by IMEx and the Company's QP and evaluated for
acceptable tolerances.
All sample and pulp rejects will be stored at ALS Global pending
full review of the analytical data, and future selection of pulps
for independent third-party check analyses, as requisite.
Qualified Person
Greg Davison, PGeo, Silver Spruce VP Exploration and Director,
is the Company's internal Qualified Person for the El Mezquite
Project and is responsible for approval of 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 which has signed Definitive Agreements to acquire 100% of
the Melchett Lake Zn-Au-Ag project in northern Ontario, and with
Colibri Resource Corp. in Sonora, Mexico, to acquire 50% interest
in Yaque Minerales S.A de C.V. holding the El Mezquite Au project,
a drill-ready precious metal project, and up to 50% interest in
each of Colibri's early stage Jackie Au and Diamante Au-Ag
projects, with the three properties located from 5 kilometres to 15
kilometres northwest from Minera Alamos's Nicho deposit,
respectively. The Company is acquiring 100% interest in the
drill-ready and fully permitted Pino de Plata Ag project, located
15 kilometres west of Coeur Mining's Palmarejo Mine, in western
Chihuahua, Mexico. Silver Spruce recently signed an LOI to acquire
100% interest in three exploration properties in the Exploits
Subzone Gold Belt, located 15-40 kilometres from recent discoveries
by Sokoman Minerals Corp. and New Found Gold Corp., central
Newfoundland. Silver Spruce Resources Inc. continues to investigate
opportunities that Management has identified or that have been
presented to the Company for consideration.
Contact:
Silver Spruce Resources Inc.
Greg Davison, PGeo, Vice-President Exploration and Director
(250) 521-0444
gdavison@silverspruceresources.com
Michael Kinley, CEO and Director
(902) 402-0388
mkinley@silverspruceresources.com
info@silverspruceresources.com
www.silverspruceresources.com
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.
Notice Regarding Forward-Looking
Statements
This news release contains "forward-looking
statements," Statements in this press release which are not purely
historical are forward-looking statements and include any
statements regarding beliefs, plans, expectations or intentions
regarding the future, including but not limited to, statements
regarding the private placement.
Actual results could differ from those projected in
any forward-looking statements due to numerous factors. Such
factors include, among others, the inherent uncertainties
associated with mineral exploration and difficulties associated
with obtaining financing on acceptable terms. We are not in control
of metals prices and these could vary to make development
uneconomic. These forward-looking statements are made as of the
date of this news release, and we assume no obligation to update
the forward-looking statements, or to update the reasons why actual
results could differ from those projected in the forward-looking
statements. Although we believe that the beliefs, plans,
expectations and intentions contained in this press release are
reasonable, there can be no assurance that such beliefs, plans,
expectations or intentions will prove to be
accurate.
Silver Spruce Resources (TSXV:SSE)
Historical Stock Chart
From Oct 2024 to Nov 2024
Silver Spruce Resources (TSXV:SSE)
Historical Stock Chart
From Nov 2023 to Nov 2024
