April 11, 2022 - Bedford, NS - (TSXV:SSE) - Silver Spruce Resources Inc. ("Silver Spruce" or the "Company") announces the approval of its Informe Preventivo by the Mexican government environmental authority, SEMARNAT, via Minera BIMCOL, SA de CV, (“BIMCOL” or the “Vendor”) for our maiden drilling permit at the Diamante project (“Diamante or the “Property”). The Company, along with our partner Colibri Resource Corp. (“Colibri” and together with Silver Spruce, the “Companies”), will jointly manage and fund the planned 2,000 metre drilling program. Silver Spruce contracted Green & Ceo (“Green”), Asesorío Profesional y Securidad en Ambiente, of Hermosillo, Sonora to manage the environmental permitting process.
“With our permit now in hand, and the initial geological target mapping program at Diamante completed with reporting and assays expected shortly, the Companies are advancing toward a May 2022 drill mobilization. We are receiving quotations from contractors for road and pad preparation, drilling and geochemical analyses, concurrent with ArcGIS compilation for layout and development of access routes, logistics planning and geological staffing,” stated Greg Davison, Silver Spruce Vice-President Exploration and Director. “Once again, we are pleased with the quality of the report preparation for SEMARNAT by Saul Ruiz and his team at Green culminating in excellent turnaround from the environmental authorities.”
The drill-ready 1,057-ha Diamante gold-silver (Au-Ag) property is located 8 km northwest of the town of Tepoca, and 160 km southeast of the capital city of Hermosillo, eastern Sonora, Mexico (Figure 1). Diamante offers strong precious metal tenor with a polymetallic endowment, multiple quality targets, styles of mineralization, limited artisanal mining and small-scale production, of particular significance for our exploration moving forward, no records of drilling.
Exploration plans were submitted for a minimum 2,000 metre reverse circulation drill program on Diamante 1 and 2 to evaluate four to seven of the principal targets exhibiting high grades of polymetallic Au-Ag-Pb-Zn-Cu mineralization with coincident alteration, shearing and veining. Mineralization is reported visually as pyrite, arsenopyrite, chalcopyrite, sphalerite, argentiferous galena, argentite, hematite and probable metal oxides, carbonates and sulphates, including copper carbonate (malachite), copper sulphates and plumbojarosite.
The targets under consideration for Phase 1 drilling include La Prieta (see Figures 2 and 3), Aguaje, El Chon-El Chon Oeste, La Olla, Pillado, Calton (see Figures 2 and 4), El Cumbro and Mezquite-Raizudo targets (see Press Release of April 26, 2021 and January 24, 2022).
Disseminated and stockwork mineralization at Anomalía Sur and El Puerto offer two known bulk low-grade targets for subsequent drilling programs.
Figure 2 illustrates multiple target zones within Diamante 1 concession with Au and Ag geochemistry as proportional symbols. The proposed pad location and traces for R/C drilling with Au-Ag geochemistry on La Prieta (Diamante 1) and Calton (Diamante 2), are depicted in Figures 3 and 4, respectively.
Figure 3. Diamante 1 Concession - La Prieta Drill Target showing proposed pads and traces, Au-Ag geochemistry on high resolution LiDAR shaded topography base map. Target location 100-200 metres north from Highway #16 (lower right) between Hermosillo and Chihuahua.
Figure 4. Diamante 2 Concession Southwest - Calton Drill Target showing proposed pads and traces, and Au-Ag geochemistry on high resolution LiDAR shaded topography base map. Artisanal workings and historical trenches shown by crossed pick symbol.
Silver Spruce can acquire up to 50% interest in four Diamante concessions with a cumulative land position of 1,057 hectares (see Press Release of April 29, 2021).
The Property is very well situated in terms of resource and logistics for exploration and is easily accessible from Mexican Highway #16 which transects Diamante 1 and on several ranch trails and dry river beds to Diamante 2.
The Property is located within the west-central portion of the Sierra Madre Occidental Volcanic Complex within the northwest-trending “Sonora Gold Belt” of northern Mexico. Mining and exploration in the surrounding area is very active with adjacent and nearby properties held by Alamos Gold, Argonaut, Agnico Eagle, Evrim, Newmont, Garibaldi, Kootenay Silver and Penoles among others.
Greg Davison, PGeo, Silver Spruce VP Exploration and Director, is the Company’s internal Qualified Person for the Diamante 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 Green & Ceo
Green & Ceo, Asesorío Profesional y Securidad en Ambiente (Professional Advisory and Safety in the Environment), based in Hermosillo, Mexico, specializes in solving, optimally and sustainably, all matters of Environmental Management, Safety and Hygiene, typical of current Economic Development. Green & Ceo is a CEDES Accredited Service Provider (Prestador de Servicios Acreditado por CEDES).
With its background of knowledge and more than 12 years of experience in this type of permit for the mining industry, Green & Ceo takes investors hand in hand to obtain Authorizations, Licenses, Permits, as well as the Environmental Management and Security of any economic venture (www.green-ceo.com). In particular, the report will be prepared by Sr. Saul Ruiz (Green Star) who has a track record of more than twenty-seven years.
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, and up to 50% interest in each of Colibri's Jackie Au and Diamante Au-Ag projects. The Company is acquiring 100% interest in the Pino de Plata Ag project in western Chihuahua, Mexico. Silver Spruce signed a Definitive Agreement to acquire 100% interest in the Mystery Au project in the Exploits Subzone Gold Belt, Newfoundland and Labrador. Silver Spruce Resources Inc. continues to investigate opportunities that Management has identified or that have been presented to the Company for consideration.
Silver Spruce Resources Inc.
Greg Davison, PGeo, Vice-President Exploration and Director
Michael Kinley, CEO
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.