Silver
Spruce Targets
its High-Grade
Discovery
in Phase 2 Exploration Startup
on
Jackie
Au-Ag Property, Sonora, Mexico
June 10,
2021
- Bedford,
NS - (TSXV:SSE) -
Silver Spruce Resources Inc.
("Silver
Spruce" or the
"Company")
is pleased
to announce
the
commencement of its Phase 2 ground exploration program on
the 1,130-hectare Jackie Au-Ag property
("Jackie" or the "Property").
The current program will
concentrate
around a
pristine exploration target with promising Au-Ag
assays
from
our
Phase 1 prospecting and rock sampling program
(see Figures 1 and 2).
The work will
be
performed
on a 100-hectare
section of the Property with
grid-controlled
detailed
geological
mapping and
rock
sampling focused on a 25-hectare
central
block covering the
core of the
gold and silver discovery area
with additional
wider spaced grid
mapping of the
surrounding area.
"We
are excited about the future prospects for Jackie given the lack of
historical exploration and the
intense silicate and oxide alteration with
high-grade
precious metal values
ranging up to 9.65 g/t Au and 515 g/t Ag
identified in the target area anomaly
which
will provide the
main
focus
for the
new
program,"
said Greg Davison, Silver Spruce VP Exploration.
"Our
Hermosillo-based geological team,
mobilizing
on
June 11th,
will focus
on
tightly-spaced 25-50 metre
grid sampling and mapping
around our discovery
and on ASTER targets
noted
at higher elevations.
The
Phase 2 program will
strive
to characterize the size and quality of the anomaly with the goal
being drill targets for Phase 3 exploration in Q3 2021 after the
rainy season."
Figure
1. Jackie and Diamante 2 Concession Location Map. Access from
Tepoca south
on
Highway #117 and local road to La Quema. Discovery area
3km north
of
La Quema is
indicated
by
the white arrow.
Figure
2.3D
topographic
image
showing
location
of principal exploration target
on
the Jackie property.
The
Company, with a six-person
team (two senior geologists, two
junior
geologist and two field assistants) and all necessary
logistical support will
undertake a Phase
2
exploration program,
including rock sampling
and
geological mapping
of known areas
exhibiting
significant alteration or mineralization, collection of
structural data and alteration
zoning to assist with
vectoring
toward potential Phase 3 drilling
targets.
The team also will investigate
several
known hyperspectral alteration targets identified from satellite
imagery. All aspects of the
exploration program will be conducted with strict adherence to
COVID-19 protocols for personal safety.
Figure 3,
identified as one of the early exploration targets from aerial
photography and review of regional ASTER (Advanced Spaceborne
Thermal Emission and Reflectance Radiometer) imagery, is at the
centre of the target area for Phase 2 exploration. The
preliminary prospecting identified a distinctive andesite ridge
with intense oxidation, silicification and argillic alteration, and
a notable paucity of vegetation located 35-50 metres
vertical above the valley floor.
Geochemical analyses
of precious metals clearly identified a strong Au-Ag anomaly,
commonly though not exclusively, associated with elevated Hg, Pb,
Zn, Cd, As, Sb and Cu with spatial trends similar to the
multi-element data recorded for the nearby El Mezquite
property.
The
extensive oxide and silicate alteration, verified by preliminary
aiSIRIS results of hyperspectral analysis, and represented bleached
and oxidized argillic zones with aluminous clay minerals and
muscovite, and commonly low metal values.
Samples
collected from the northern area of the ridge displayed intense
replacement by zeolite, kaolinite, alunite, montmorillonite,
opaline silica and muscovite though contained the bulk of the
anomalous gold and silver values.
Receipt
of the final batch of assay samples was confirmed
from ALS
on June 7th
and
interpretation of the hyperspectral mineral assemblages and
potential epithermal alteration zones is underway. The data
will be plotted with property-wide ASTER and newly acquired LiDAR
imagery.
Figure
3.
Ridge
located
50 metres above the valley floor, showing intense
oxidation and argillic alteration within large
polymetallic
anomaly as
indicated
in Figures
1
and
2.
Figure
4.
Phase
2 grid sampling area on Phase 1 geochemistry
(Au
ppm
only),
Jackie property.
Inset map with 50 metre grid location map
illustrating
multi-element anomaly displaying
Au
(ppm),
Ag
(ppm), Pb
(ppm),
Zn (ppm)
and
Cd
(ppm).
Geochemical maps
illustrating the Phase 1 geochemical anomalies, based on
75th,
90th,
95th
and
98th
percentiles, are
provided in Figure 4 for gold with inset map for Au, Ag, Pb, Zn and
Cd. The additional geochemistry and geological maps and
images from the field program are provided on the recently updated
Silver Spruce website (www.silverspruceresources.com).
Project
Background
The Company recently signed a Definitive Agreement (Press release
November 30, 2020) with Colibri Resource
Corp. to
acquire 50% interest in
Jackie, an early-stage precious metal project located
175 km
east of Hermosillo,
Sonora, Mexico.
The large grassroots property is located
in a very productive region
only one to two kilometres south from our El Mezquite and Diamante
properties and adjacent to the west of Minera Alamos' Santana
project, and
approximately six
kilometres northwest of their
Nicho
deposit currently under development.
The
Jackie 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.
Other
nearby large operating mines include Alamos Gold's Los Mulatos gold
mine and Agnico Eagle's La India gold mine located
50-60
km to the
northeast, Agnico Eagle's
Pinos Altos Mine, 95
km
southeast and Argonaut's La Colorada Mine, 100 km
to
the west.
Exploration is very active with adjacent and nearby
properties reported to be
held
by Minera
Alamos, Newmont,
Garibaldi, Evrim,
Kootenay
Silver and Peñoles.
The
1,130-hectare Property is easily accessible from Hermosillo
to the
Tepoca area and heading south
from Mexican Highway #16 or west from Highway
#117, or
from
Ciudad Obregón travelling northeast
on Hwy.
#117
and west
to the pueblo of La Quema with vehicles
and then
pack
teams along dry river beds, dirt
roads and trails. High
voltage power lines are located
on
Highway
#16.
Geochemical Analysis, Quality Assurance and Quality Control
Rock samples
will
be
delivered 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.
Pulps
(50gram split) will
be
submitted
for Au analysis by Fire Assay with Atomic Absorption finish
(Au-AA24) and
Four Acid
Digestion with
Inductively Coupled
Plasma Atomic Emission Spectrometry (ICP-AES) multi-element
analyses (ME-ICP61m).
Splits of
crushed rejects will be
sent to
ALS in Reno, NV for hyperspectral analysis (HYP-PKG) using the
Terraspec 4 and aiSIRIS identification of the principal silicate,
sulphate, carbonate and hydrous oxide species, namely the
alteration minerals and their relative intensity.
In-house
quality control samples (blanks, standards, duplicates,
preparation
duplicates) will be
inserted
into the sample set. ALS Global conducts its own internal
QA/QC program of blanks, standards and duplicates, and the results
will be
provided
with the Company sample certificates. The results of the ALS
control samples will be
reviewed
by 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.
Qualified Person
Greg
Davison, PGeo, Silver Spruce VP Exploration and Director, is the
Company's internal Qualified
Person for the Jackie
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
also is earning 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 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
(902)
826-1579
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.