Silver Spruce Provides Update on Pino de Plata Project Plans for Maiden Drill Program
BRIDGEWATER, NOVA SCOTIA--(Marketwired - Nov 15, 2017) - Silver Spruce Resources Inc. ("Silver Spruce" or the "Company") (TSX VENTURE:SSE)(FRANKFURT:S6Q) is pleased to announce that it has restarted the permitting process for initiating the drill program at its Pino de Plata silver project. The 397-hectare (Ha) project is located in the Sierra Madre Occidental of Western Chihuahua State, Mexico, approximately 15 kilometres west from Coeur Mining's Palmarejo silver project and approximately 12 kilometres due south of the town of Chinipas, Chihuahua State, Mexico.
The Company has obtained assurance from the surface land owners that they will sign the formal permitting applications necessary to submit to the Department of Mines and SEMARNAT in order to obtain the permits for constructing road access to some drill locations and new drill pads. Silver Spruce has contracted PRODEMIN, SA de CV to manage the environmental permit applications, and a local contractor will be hired to complete the required earthworks for access road rehabilitation and creation of drill pads where needed.
"We are delighted to be back on track at Pino de Plata. Surface land owners with ranches on our project have agreed to grant access for the drill campaign that is slated to commence after the Christmas holidays," stated Karl Boltz, CEO of Silver Spruce.
On previous site visits, Silver Spruce's field team successfully positioned the proposed drill hole locations and mapped the new road access for the upcoming 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.
El Terrero Target
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 in the 1880's. During the property visit for the NI 43-101 report, surface grab samples were collected and returned values to a maximum of 557 grams per tonne (g/t) silver (Ag) or (over 17.9 ounces per tonne (opt) Ag). These samples also returned highly anomalous values of gold (Au), lead (Pb), zinc (Zn) and copper (Cu). Six holes are planned with targeted depths 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. Verification samples collected and analysed for the NI 43-101 report returned values up to 553 g/t (17.78 opt) Ag. These samples also returned anomalous values of gold (Au), lead (Pb), zinc (Zn) and copper (Cu). Three holes are proposed with planned depths 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. Unoxidized replacement mineralization from the Santa Elena Mine assayed up to 349 g/t Ag. The gossans are anomalous in Ag and base metals and indicates the possibility of economic grades in the unweathered marble. 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 drill holes are proposed in this target area with planned depths of up to 100 metres. If any of the above mentioned drill holes reach total target depth and remain in mineralized rock, the Company intends to continue the hole(s) to a maximum depth of up to 300 metres.
About Pino de Plata
The 397-hectare Pino de Plata Ag-Pb-Zn-Cu-Au project is located approximately fifteen kilometres west 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 rock samples were taken during the NI 43-101 field examination. The highlights are available at: http://www.silverspruceresources.com/i/pdf/reports-and-tables/Selected-Assays-PdP.pdf. The analytical results show the examined project area to host epithermal mineralization at surface with silver values, on average, of greater than 50 g/t (1.6 opt), over an area of more than 1 square km (>100 Ha). 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 NI 43-101 report: disseminated epithermal mineralization in igneous (intrusive) rock, carbonate replacement mineralization in limestone/marble and sandstone/hornfels, and several areas of significant outcropping vein mineralization. Each of the host areas identified in the NI 43-101 technical report provide immediate drill targets with open pit potential.
The Company intends to initiate a 1,500+ metre diamond drill program to test these defined targets where high grades of mineralization were sampled at surface.
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.
Mr. Greg Davison, MSc, PGeo, professional geologist and the Company's internal Qualified Person 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 well-positioned Canadian junior exploration company pursuing exploration and development of the past-producing Kay Mine volcanogenic massive sulfide ("VMS") project in Arizona, USA, and the exploration of the Pino De Plata and the Encino De Oro epithermal silver/ base metal/ gold projects located in the prolific Sierra Madre Occidental region of western Chihuahua State in Mexico.
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
Toll Free: (866) 641-3397
info@silverspruceresources.com
www.silverspruceresources.com