BRIDGEWATER, NS -- April 30, 2019 --
InvestorsHub NewsWire -- Silver Spruce Resources Inc.
("Silver Spruce" or the "Company") (TSXV: SSE) (Frankfort: S6Q1) is
pleased to announce that it has received the assays from
confirmation samples taken by a third-party, arm's length company
at the two, large potential bulk tonnage targets, El Terrero and
the Gossan areas on its Pino de Plata project in western Chihuahua
State, Mexico. The Company contracted Prospeccion y
DesarrolloMinerodel Norte, S.A. de C.V. ("ProDeMin") to complete
detailed geologic mapping, sampling and reconnaissance at the
project under the direction and supervision of Qualified Person,
Dr. Craig Gibson, Ph.D. The field program is complete, and three
assays from seven rock-chip samples taken during the program
returned three over-limit values for silver and two over-limit
values for lead, which further confirm the presence of high-grade
mineralization at the project. Assaying and multi-element analysis
was conducted by ALS Global in Vancouver, B.C.
*AgEq (Silver Equivalent) calculated using silver and lead values
only: Ag price US$15.10/troy ounce and Pb price US$0.875/pound @ 26
April 2019, per www.kitco.com closing bid
prices.
Please see geologic map of Pino de Plata project with recent sample
locations here: http://www.silverspruceresources.com/i/maps/pdp/pino-de-plata-geology-2019.jpg
"We are very pleased with the results from the
recently completed field program at Pino de Plata. In addition to
the discovery of new vein targets and the significant expansion of
the large target areas of El Terrero and the Gossan, assays of
samples taken by ProDeMinverify the tenor of existing
mineralization in two large areas that may host significant
mineralized tonnage. With the data generated during this program we
are now prepared to drill Phase I with greater
confidence," stated Karl Boltz, CEO of Silver
Spruce.
ProDeMin Field Program Objectives
The main goals achieved for the completed field program were
to:
- Conduct limited confirmation sampling of known mineralized
locations at El Terrero and the Gossan areas, and
- Determine the extent of outcropping alteration at the El
Terrero and the Gossan areas, and
- Investigate the existence of additional veins and mineralized
structures, and
- Utilize a portable XRF (x-ray fluorescence) analyzer and a NIR
(near-infrared) spectrometer to obtain immediate indications of
mineralization, pathfinder elements and associated alteration that
occur at known target areas, and
- Analyze geological, XRF and NIR data to refine drill hole
locations and orientations.
The first objective of additional, third-party confirmation of
mineralization at El Terrero and the Gossan areas is complete and
very successful.
Analysis of XRF and NIR data continues with conclusions and
proposed drill hole collars and orientations progressing. Cross
sections of planned drill holes are being produced and will be
presented shortly. The final report from ProDeMin with results of
the field program will be posted on the Company's website as soon
as completed.
El Terrero-La Perla Target
The El Terrero structure is confirmed to be a low angle
structural zone in the intrusion and could host significant
tonnage. This 800 m x 400 m (32 hectares) zone appears to consist
of a wide zone of multiple flat-lying brecciated zones hosted by a
zone of strong argillic alteration observed extending from the El
Terrero workings to the La Perla and Sierpe veins.
Field reconnaissance, mapping and sampling produced indications
that the expanded 800 m x 400 m area of intrusive alteration
identified at El Terrero may extend and be continuous with the
expanded 600 m x 400 m(24 hectares) area of gossan to the east. A
drill hole is now planned to confirm this. It will be oriented to
drill under the shallow cover of volcanic rocks to the west of the
Santa Clara vein to reach the targeted mineralization below.
The Gossan Area
The Gossan area measures about 24 hectares and provides a
second, large scale, potential bulk tonnage target. One recent
sample taken from a quartz vein in the eastern Gossan area assayed
255 g/t Ag with anomalous Cu and Pb. Mapping in the Gossan area has
further delineated and expanded the contact between intrusive rocks
and hornfels. Mapping indicates that the gossan may have formed
along north-south and easterly-trending structural zones as seen at
the other targets at the project. Drilling is planned to test for
massive sulfide replacement bodies along these structures as well
as the contact zones with hornfels and limestone at the Santa Elena
target where skarn is observed.
Historical Sampling at Pino de Plata
Several reports dated February 1985, October 1998 and May 1989
prepared by the Servicios Geologicos de Mexico ("SGM"), the Mexico
equivalent of the USGS, show that the historical workings at El
Terrerooccur along about 100 metres of the zone and extended for
about 50 metres down dip along the relatively flat-lying structure.
SGM surface sampling averaged 0.1 g/t Au, 206 g/t Ag, 0.6% Cu, 1.3%
Pb, and 0.14% Zn for an average sample width of 1.15m (10 samples),
and 16 samples in the workings averaged 0.04 g/t Au, 206 g/t Ag,
2.5% Cu, 1.7% Pb, and 1.2% Zn over an average sample width of
1.1m.
Previous sampling by Silver Spruce yielded values up to 553 g/t
(17.8 opt) Ag and 1.4% Pb. These samples also returned anomalous
values of gold (Au), zinc (Zn) and copper (Cu).Please see table of
previous sample assay highlights here:http://www.silverspruceresources.com/i/pdf/reports-and-tables/Selected-Assays-PdP.pdf
Silver Spruce was attracted to the 397 hectare project by the
assays originally presented by the previous owner, a private
Mexican citizen and professional metallurgist.
The previous owner presentedassay certificates from various
Mexico laboratories, including ALS Chemex, Comision de
FomentoMinero, now part of SGM, and several other labs, that
spanned the period between October 1983 and January 2012. The assay
values ranged up to 26.4 kilograms per tonne silver, 31% lead,
19.9% zinc, 18.4% copper and 8.2 grams per tonne gold (Please
see Company news release of 20 March 2019). Of the
approximately 173 sample assays presented by the owner, 80 had
values of between 100-1,000 g/t Ag. An additional 38 sample assays
were over 1,000 g/t Ag up to 26,400 g/t Ag or as much as 2.64%
silver.
These previous owner assay data have not been independently
verified and should not be relied upon as representative of the
average grades present on the project. The samples were likely
selective, hand-sorted and were collected for the purpose of
developing a small scale operation to mine high grade material for
direct shipping to mills and smelters.
Silver Spruce fieldwork continues to verify the existence and
tenor of the mineralization at Pino de Plata.
Potential Opportunity with Coeur Mining,
Inc.
The tenor of outcropping mineralization associated within the
large areas of intrusive alteration suggest potential to delineate
a bulk-tonnage resource at El Terrero and the Gossan areas. The
Pino de Plata project is located just 15 straight-line kilometres
from the Palmarejo Mine, owned and operated by Coeur Mining, Inc.
(NYSE:CDE) ("Coeur").
Coeur stated during its recent Q4 2018 Earnings Conference Call
February 21, 2019, 11:00 AM ET, that the company is "…prioritizing
capital to Palmarejo, which continues to prove itself with strong
operating cash flow. With excess mill capacity finding
supplemental ore sources that can further improve profitability
remains a priority."
Coeur acquired the mining concessions surrounding Pino de Plata
via its acquisition of Paramount Gold and Silver Corp.
("Paramount") (NYSE MKT:PZG and TSX: PZG)
in an all-stock transaction valued at US$146 million, in 2015.
Quality Assurance/Quality Control
Samples were prepared and analyzed by ALS Global, a certified
worldwide analytical services provider at their facilities in
Chihuahua and Vancouver, respectively.Analysis was by the AuME-TL43
method, with analysis of all elements by ICP-MS and ICP-AES with
aqua regia digestion. Au was determined as part of the package with
a 25 gram digestion.Over-limits for Ag and Pb, values of >100g/t
and >10,000ppm, respectively, were completed by the OG-46 method
by ICP and aqua regia digestion.
Dr. Gibson supervised the data collection and sampling at the
project as well as data compilation, drafting and
interpretation.The Company uses standard QA/QC procedures,
including inserting control samples, standards and blanks, in the
sample stream. No quality assurance/quality control issues have
been identified to date.
Qualified Person
Dr. Craig Gibson, Ph.D., CPG, is the Company's external
Qualified Person for the Pino de Plata project 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 pursuing development of the Pino De Plata project, located
in the prolific Sierra Madre Occidental region of western Chihuahua
State in Mexico. The Company also holds an indirect interest in the
Kay Mine project according to terms of the sale agreement with
Croesus Gold Corp., which was announced in the Company's news
release on January 30, 2019. Silver Spruce Resources Inc. continues
to investigate opportunities that Management has identified or that
have been presented to the Company for consideration.
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
(866) 641-3397
info@silverspruceresources.com
www.silverspruceresources.com
SOURCE: Silver Spruce Resources Inc.
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