February 17, 2021 - Bedford, NS - (TSXV:SSE) - Silver Spruce Resources, Inc. ("Silver
Spruce" or the "Company") is pleased to advance its exploration on
the Pino de Plata property ("Property") with the signing of an
airborne LiDAR survey contract with Eagle Mapping Ltd. ("Eagle
Mapping") of Port Coquitlam, British Columbia.
"We are continuing to build our digital database for Pino de
Plata while negotiating the landowner agreement to permit drilling
on several highly promising silver targets. The new LiDAR
data will notably enhance our topographic control for the Phase 1
drill collar optimization and provides another value-added 3D
element to our overall geological and structural compilation prior
to the planned subsurface exploration," said Greg Davison, Silver
Spruce Director and VP Exploration.
Figure 1. Hilly topography
overlooking El Terrero workings and drill targets on Pino de
Plata
The Company has retained Eagle Mapping Ltd. ("Eagle Mapping") to
carry out a LiDAR (Light Detection and Ranging) survey over the
Property. As shown in Figure 1, the Property exhibits
significant topographic relief over the areas of the known
mineralization.
Eagle Mapping will collect LiDAR data and aerial photography
from a nominal flight elevation of 5000 feet (1500 metres) at a
minimum density of 8 ppm (pulses/m2) with expected accuracies of
±15 cm in the vertical and ±30 cm in the
horizontal. Colour aerial photography will be
orthorectified to the LiDAR base earth model with a 12 cm pixel
resolution. Digital elevation (DEM) and digital surface
(DSM) models with contours at 1 metre will be
generated. The LASer (LAS) point cloud with classified
bare earth and metadata final report will be contained in the
deliverables. The LAS format is an open binary file
format designed for the interchange and archiving of LiDAR point
cloud data and regarded as an industry standard for LiDAR data.
The Eagle Mapping aircraft will mobilize from Abbotsford,
British Columbia upon receipt of all international flight
permits. The survey flights are based from Yuma, Arizona
and will be operational in Sonora, Mexico during the first week of
March. Our LiDAR surveys are scheduled to be completed
by mid-March.
Eagle Mapping has more than 30 years of Aerial Mapping
experience and flown LiDAR surveys from Alaska to Chile for clients
associated with Mining, Forestry, Engineering, Ecological and First
Nations sectors. They specialize in Aerial LiDAR and air
photo collection and processing, and own state of the art LiDAR
collection equipment including the RIEGL VQ-780i, LMS-Q1560 and
LMS-Q780 using the most sophisticated software to process LiDAR
data.
Exploration Update
The Company continues to engage with the landowner negotiations
now that the registration of both the claim ownership and the
Agreement (Press release December 24, 2020), inherent in the terms
under consideration, has been completed.
"We are maintaining constructive discussions on the proposed
terms of agreement with the landowner's representatives and our
local attorney," said Brian Penney, Chairman and
CEO. "We presented another offer to the landowner in
January and remain resolute in our optimism to achieve a positive
and timely, mutually beneficial solution to long-term right of
access to Pino de Plata."
As per the terms of the Agreement, it is now subject to force
majeure until access to field exploration, including diamond
drilling, is granted by the landowners. The Company
remains current on payment of its property taxes on Pino de Plata
and looks forward to advancing its proposed and fully permitted
Phase 1 exploration drilling program.
Project Background
The Pino de Plata Project is located within the western 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 2).
The 397-hectare Pino de Plata Ag-Pb-Zn-Cu-Au project is
strategically located only fifteen (15) kilometres west from Coeur
Mining Inc.'s ("Coeur") Palmarejo open pit and underground
operations (Figure 2) and is largely surrounded by Coeur through
its 2014 acquisition of the adjacent San Miguel Project via
Paramount Gold and Silver.
The Pino de Plata project has supported small scale historical
production of high-grade mineralization from several workings,
though exploration is limited primarily to Silver Spruce's recent
programs from 2016 to 2019 and the project has not been
drilled.
The Informe Preventivo has been approved with no clarification
requested for our initial 1,500 metre diamond drill program with a
follow-up program where results warrant (Press release August 1,
2018). A total of thirty (30) drill sites, all located
on existing roads, were identified and included in the permit
declaration.
Figure 2. Pino de Plata Project
Location in Sierra Madre Occidental, Sonora, Mexico
Figure 3. Intense alteration and
quartz veining at the La Perla drill target, Pino de Plata
project
The project area is known to host widespread mineralization at
surface with silver values, on average, of greater than 50 g/t Ag,
over an area of more than 1 square km (>100 ha) with local
targets >500 g/t Ag. Three outcropping target types
with attendant moderate to intense alteration include disseminated
epithermal, carbonate replacement, and several areas of significant
vein mineralization (Figure 3), each providing high priority drill
targets with open pit potential.
Qualified Person
Greg Davison, PGeo (BC), Vice-President Exploration &
Director, is the Company's internal Qualified Person (QP) 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 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 50% interest in Colibri's
early stage Jackie Au project, with both properties located <10
kilometres west from Minera Alamos's Nicho deposit. The
Company also is pursuing exploration of 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 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.
Brian Penney, Chairman and CEO
(902) 430-8270
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.
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