Silver Spruce Preparing Permitting for Planned Drill Program at 3 High Priority Targets at its Mexican Pino de Plata Silver Project - Video Available on InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - November 17, 2017) -Silver Spruce Resources (TSXV: SSE) (FSE: S6Q) has restarted the permitting process for initiating the drill program at its Pino de Plata silver project. The 397-hectare project is located approximately 15 kilometres west from Coeur Mining's Palmarejo open pit and underground silver project and approximately 12 kilometres due south of the town of Chinipas, Chihuahua State, Mexico.
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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.
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.
Karl Boltz, President and CEO, stated: "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."
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.
The company intends to initiate a 1,500+ metre diamond drill program, the first-ever on this project, based on recommendations contained in the NI 43-101 report, which is available on the company's website. These holes, approximately 100 metres in depth, will test defined targets where high grades of mineralization were sampled at surface.
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 or more than 17.9 ounces per tonne silver. These samples also returned highly anomalous values of gold, lead, zinc and copper. Six holes are planned on this project.
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 grams per tonne, or 17.78 ounces per ton silver. These samples also returned anomalous values of gold, lead, zinc and copper. Three holes are proposed on this project.
The third high priority target is the Santa Elena — Gossan Area which presents a viable target for replacement silver, lead, zinc, copper deposits. Unoxidized replacement mineralization from the Santa Elena Mine assayed up to 349 grams per tonne silver. The gossans are anomalous in silver 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 more than 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.
The company is also pursuing exploration and development of the past-producing VMS Kay Mine project in Arizona.
The shares are trading at $0.06 and with 65.7 million shares outstanding, the company is capitalized at $3.9 million. For more information, please visit the company's website www.silverspruceresources.com, contact Karl Boltz, President and CEO, at 866-641-3397, or email info@silverspruceresources.com.
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