Bedford, NS - September 21, 2021 - InvestorsHub
NewsWire (TSXV:SSE) - Silver Spruce Resources Inc. ("Silver Spruce"
or the "Company") announces the receipt of all assays from the
twenty holes of its Phase 1 exploration drilling at the El Mezquite
Au-Ag property ("El Mezquite" or the "Property").
"We are pleased to report encouraging precious metal assays in
nineteen of the first twenty holes drilled at El Mezquite.
The second group of results returned gold values to 1.435 g/t
Au. As noted previously, the drilling data are 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," stated Greg Davison, Silver Spruce Vice-President Exploration
and Director. "The latest drilling identified more and
thicker intervals, the best assays to date and significant
low-grade multi-metal haloes which point to the importance of the
structural targets generated from the geological data
compilation. Many of these targets remain to be drilled in a
proposed Phase 2 program."
Figure 1. El Mezquite property showing RC rig from Layne de
Mexico.
The Phase 1 RC program (see Figures 1 and 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 surface
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.
A total of 77 sampling intervals, ranging from surface to 146.4
metres depth downhole, are shown in Tables 1a and 1b.
Individual sections of >0.1 g/t Au include sample composites of
up to five intervals (3.1 metres to 7.7 metres) with weighted
grades from 0.121 g/t Au to 0.955 g/t Au. Silver values were
generally low (98th percentile – 17 g/t Ag) and ranged from <1
g/t Ag to 241 g/t Ag. Elevated Ag occurred commonly with
higher Au and base metals.
"The mineralized intervals noted above reflected the observed
scale estimated from current surface sampling on outcropping vein
and structurally-controlled showings. Of importance to the
geochemical interpretation, the pathfinder elements (Hg, Cu, Pb,
Zn, Sb and As) with low grade Au often displayed well-defined metal
haloes adjacent to notable Au values. These zones, which
occurred in fourteen (14) drill holes, ranged from ten (10) to
forty-three (43) metres, with seven intervals over 20 metres in
apparent thickness downhole, within and peripheral to the multiple
gold and silver-bearing intervals and potentially are indicative of
a significant structurally-influenced, precious metal mineralizing
system with vein, stockwork and disseminated sulphides and/or
secondary oxides," said Greg Davison, Silver Spruce Vice-President
Exploration and Director.
"Targets for Phase 2 drilling are being prepared from our
ongoing geological, hyperspectral, LANDSAT and LiDAR compilation
for inclusion in a revised environmental report submittal to the
Mexican Secretariat of Environment and Natural Resources (SEMARNAT)
for permitting," said Mr. Davison.
Figure 2. Drill collar location map for the El Mezquite
property.
The Company's first-ever drilling program at El Mezquite (see
Press Releases of August 5 and September 7, 2021) 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.
Table 1a. Select assay intervals (>0.1 g/t Au) for the
Phase 1 drilling program (MEZ001-MEZ-010).
Table 1b. Select assay intervals (>0.1 g/t Au) for the
Phase 1 drilling program (MEZ011-MEZ-020).
RC Drill – Geological Logging
The drill hole geology was recurrent and logged primarily as
light to dark green to grey-green, fine-grained phaneritic to
porphyritic-textured andesite and dark grey mafic dykes exhibiting
surface oxidation and transitional zones, weak to moderate
propylitic alteration and at depth, abundant disseminated
sulphides, chiefly pyrite, and/or magnetite. The andesite
dykes contained elevated magnetite. Minor rhyolitic units may
be feldspar-quartz intrusive dykes.
Oxidation reached depths of 3 metres to 24.4 metres above
transitional intervals also measuring from 3 metres to 24.3 metres;
hematite and manganese oxides identified as pyrolusite were noted
in red to orange to orange-grey altered andesite with
silicification and incipient argillic alteration noted in several
drill holes (e.g., MEZ-21-17 and MEZ-21-19). The sulphide
zone andesites were intersected at overall downhole depths of 12.2
metres to 36.6 metres and continued throughout to the base of the
holes.
Pyrite (estimated 1-2 wt.%, max. 5 wt.%) 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. Minor calcite-chlorite and quartz-gypsum vein
sets were noted.
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 3).
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 3. Location Map for El Mezquite, Jackie and Diamante
Concessions. Nicho mine development by Minera Alamos located
10 km SE of El Mezquite, 5km SE of Jackie.
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 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 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.
Geochemical Analysis, Quality Assurance and Quality
Control
Drill chip sample splits were delivered from the 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) were inserted into the sample set by
IMEx. ALS Global conducts its own internal QA/QC program of
blanks, standards and duplicates, and the results were 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.
Sample grades reported by element in the technical documentation
and analytical certificates range from detection limit (based on
the specific instrumentation and by element) to anomalous values
which represent and include select samples and are reported as 'up
to' the maximum values and/or ranges presented. Average or
weighted values may be reported for select suites of samples in
which the sample frequency is indicated, and which only represent
metal grades from those samples.
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 a Definitive
Agreement 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.
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