Silver Spruce Provides Pino de Plata Project Site Visit Update and Plans for Maiden Drill Program
BRIDGEWATER, NOVA SCOTIA--(Marketwired - Aug 29, 2016) - Silver Spruce Resources Inc. ("Silver Spruce" or the "Company") (TSX VENTURE:SSE)(FRANKFURT:S6Q) is pleased to announce that its field crew has completed a successful site visit to the Pino de Plata project. The 397 hectare (Ha) project is located in the Sierra Madre Occidental of Western Chihuahua State, Mexico, approximately 15 kilometres from Coeur Mining's Palmarejo silver project and approximately 12 kilometres due south of the town of Chinipas, Chihuahua State, Mexico.
Led by Mr. Leonard J. Karr, professional geologist and a Qualified Person, under TSX guidelines, the field team successfully pinpointed the proposed drill hole locations and mapped the new road access for the upcoming maiden drill program at the project. The team also completed onsite tours with representatives of three drilling companies that are submitting bids for the drilling contract. This first ever drill program at the project is based on recommendations contained in the NI 43-101 report, which is available on our website at www.silverspruceresources.com and is filed on www.sedar.com.
Preparations for drill road and drill pad construction are underway and should be completed by the end of September. Local support for the project is very positive. The Company seeks to utilize local contractors, operators and labor, whenever appropriate, in line with its sustainable business practices.
"We are excited to be preparing for the project's first ever drilling program," stated Dr. Brian Penney, Chairman of Silver Spruce Resources Inc. "The areas where high silver values were sampled at surface are the primary focus of the program and indicate that very significant mineralized intervals may be encountered."
El Terrero Target area
The first high priority drill target is El Terrero, a 2,000 square metre area of disseminated epithermal mineralization in igneous (intrusive) rock, characterized by at least five adit portals and a significant tailings pile left by Spanish miners active there in the 1880's. During the preparation of the NI 43-101 report completed last year, surface samples in this area returned values as high as 557 grams per tonne (g/t) Silver (Ag) or (over 17.9 ounces per tonne (opt) Ag), and these samples also returned highly anomalous values of Gold (Au), Lead (Pb), Zinc (Zn) and Copper (Cu). Up to six holes are planned in this area with planned depths up to 100 metres.
Theodora Vein Targets
The second high priority drill target is focussed on the veins in the Theodora through El Sierpe I and II areas, in which samples taken during the preparation of the NI 43-101 report returned values as high as 553 g/t (17.78 opt) Ag, and these samples also returned anomalous values of Gold (Au), Lead (Pb), Zinc (Zn) and Copper (Cu). Up to three holes are planned in this area with planned depths up to 100 metres.
Santa Elena - Gossan Target
The third high priority target is the Santa Elena - Gossan Area which presents a viable target for replacement Ag-Pb-Zn-Cu deposits. The gossans are anomalous in Ag and base metals and this allows for the possibility of economic grades in the unweathered marble. Unoxidized replacement mineralization from the Santa Elena Mine approaches 200 g/t Ag. This area has the potential for relatively shallow replacement mineralization over an area of over 20 square hectares. An enrichment layer may be encountered by drilling below the weathered surface of the outcropping and highly weathered gossan. Three to five holes are proposed to be drilled in this target area with planned depths of up to 100 m.
Qualified Person
Mr. Leonard J. Karr, professional geologist and a Qualified Person, under TSX guidelines, is the author of the Company's NI 43-101 report on the Pino de Plata project, dated 7 July 2015, and is responsible for the technical content of this press release.
About Pino de Plata
The 397 hectare Pino de Plata Ag-Pb-Zn-Cu-Au project is located approximately fifteen kilometres from Coeur Mining Inc.'s Palmarejo open pit and underground operations. Although the Pino de Plata project has supported small scale historical production of high-grade mineralization from numerous areas, it had never been systematically explored and has had no drilling.
Ninety-two samples were taken during the NI 43-101 field examination and show the examined project area to host widespread intrusive epithermal mineralization at surface with silver values, on average, of greater than 50 grams per tonne (g/t), that is 1.6 ounces per tonne (opt), over an area of more than 1 square km (>100 Ha). Within the area examined, specific targets were sampled with silver (Ag) assays of up to 557 g/t or 17.9 opt in outcrop.
Three types of mineralization were identified in the maiden NI 43-101 report: disseminated epithermal mineralization in igneous (intrusive) rock, carbonate replacement mineralization in sedimentary limestone/marble and sandstone/hornfels and several areas of significant outcropping vein mineralization. Each of the host areas identified in the 43-101 technical report provide immediate drill targets with open pit potential.
The Company intends to initiate a 1,000 - 1,500 metre reverse circulation drill program to test these defined targets where high grades of mineralization were sampled at surface.
About Silver Spruce Resources Inc.
Silver Spruce Resources Inc. is a, well-positioned, Canadian junior exploration company pursuing development of the Pino de Plata epithermal silver/ base metal/ gold project located in the prolific Sierra Madre Occidental region of Western Chihuahua State in Mexico. The company has recently completed an exploration assessment on the property. Silver Spruce also retains a portfolio of uranium and rare earth element properties in Labrador.
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.
Gordon Barnhill
CFO/Director
902-527-5700
902-527 5711
gbarnhill@silverspruceresources.com
www.silverspruceresources.com