|By Marketwired .||
|October 19, 2016 03:21 PM EDT|
BRIDGEWATER, NOVA SCOTIA -- (Marketwired) -- 10/19/16 -- Silver Spruce Resources Inc. (TSX VENTURE:SSE)(FRANKFURT:S6Q) ("Silver Spruce" or the "Company") is pleased to provide updates on the progress to conduct the first drill program at its 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.
The following actions have been accomplished to date:
-- Drill hole locations have been pinpointed and marked on site, -- Drilling company bids were received and analyzed; selected company formal contract to be executed, -- Environmental engineers have toured the site and completed necessary field work required to submit "Informe Preventivo", environmental declaration for any impact resulting from the drill program, -- Second semester 2016 "derechos" (mining taxes) have been paid in full.
"Although we are anxious to commence drilling at Pino de Plata, we are also pleased with the progress being made to prudently initiate serious exploration efforts while minimizing or eliminating any potential environmental and permitting liabilities in the future," stated Dr. Brian Penney, Chairman. "We are taking proactive steps now to ensure that safe and efficient exploration and development programs can be conducted without interference or unanticipated regulatory delays."
Drill Hole Locations
As previously reported in August, Mr. Leonard J. Karr, professional geologist and a Qualified Person, under TSX guidelines, led the field team to successfully pinpoint the proposed drill hole locations and map 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.
Drilling Company Selected
In September, three formal bids were received from the drill companies that toured the project in August. The selection process identified Major Drilling de Mexico as the preferred drilling contractor to efficiently conduct the 1,000-1,500 metre reverse circulation program. The selection was based on favorable pricing and reduced footprint requirements for drilling equipment and new pad construction. Drilling will commence upon receipt of required approvals.
Environmental Declaration Statement
Also in September, State and Federally certified environmental engineers toured the project site to analyze the flora and fauna for existence of endangered species and to assess the impact of the proposed drill program. Although Company representatives were initially advised that an Informe Preventivo was not required on private property, recent changes to the environmental protection laws in Mexico now make this a required filing. The completed Informe Preventivo declaration will be filed with the appropriate state and federal authorities upon its completion, after which the drill program may commence.
Additional Opportunities Examined
In late September and early October, Company representatives also conducted several field examinations at submittal projects in the surrounding areas to investigate additional opportunities for Silver Spruce in this prolifically mineralized and underexplored region of the Sierra Madre Occidental. Assays of samples taken at these submittal projects are in process, and any significant results will be analyzed in their geologic context to determine if the said projects warrant additional interest by the Company.
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 (greater than 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.
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 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.
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