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, 100% interest in the Mystery Au project near recent discoveries by Sokoman Minerals Corp. and New Found Gold Corp. among others in the Exploits Subzone Gold Belt, Newfoundland and Labrador, 100% interest in the Pino de Plata Ag project located 15 kilometres west of Coeur Mining's Palmarejo Mine in western Chihuahua, Mexico and up to 50% interest in Colibri Resource’s Diamante Au-Ag project located from 5 kilometres to 15 kilometres northwest from Minera Alamos's Nicho deposit in Sonora, Mexico. Silver Spruce recently signed a 50:50 joint venture agreement with Colibri on the nearby Jackie Au project. Silver Spruce Resources Inc. continues to investigate opportunities that Management has identified or that have been presented to the Company for consideration.
Pino de Plata is an epithermal silver/base metal/gold project located in the prolific Sierra Madre Occidental region of Western Chihuahua State in Mexico. The property consists of 397 ha in four concessions containing a number of historic artisanal mine workings dating back to the Spanish Colonial era. The Company has completed a 43-101 exploration assessment on the property in 2015 and based on high silver values in surface channel samples (>500 opt Ag) is pursuing a targeted exploration program which will include geophysics, geochemistry and a drilling program with thirty permitted sites on several discrete target types. Phase 1 drilling was recommended on eight targets were recommended for initial drill testing by twelve holes and include gossans in the Gossan zone, skarn/replacements at Santa Elena, the Terrero mine target, the la Perla, Santa Clara, Theodora and Sierpe veins and their associated alteration, and the newly defined Muro vein. The Company completed a LiDAR survey in April 2021 and continues to negotiate with the landowner for a comprehensive access agreement.
The Melchett Lake Zn-Au-Ag volcanogenic massive sulphide ("VMS") project is an advanced precious and base metal project in the Thunder Bay Mining District, northern Ontario, Canada. Recent map staking by Silver Spruce has doubled the size of the Property from 2,124 hectares to the current 4,698 hectares and, of principal value to the Company, increased the coverage of the Melchett Lake mineralized horizons to a combined strike length of more than twenty (20) kilometres. The Property now consists of 229 single cell mineral claims and two multi-cell mineral claims. The multi-kilometre strike length of the known areas of mineralization, depth potential indicated by the Maxwell modelling, broad intervals of mineralization, intense alteration profile similar to well-known polymetallic deposits, and presence of high-grade values of both precious metals and base metals warrant detailed exploration. Work permits for the 2021 campaign are being updated for prescribed activities which include line-cutting, Spartan Magnetotelluric (MT) survey and diamond drilling. The permits are expected by June 2021. Camp construction is underway.
The Jackie Au Project is located within the west-central portion of the Sierra Madre Occidental Volcanic Complex within the prominent northwest-trending "Sonora Gold Belt" of northern Mexico and parallel to the well-known, precious metals-rich Mojave-Sonora Megashear. The 1,130-hectare Property is easily accessible from Hermosillo and heading south from Mexican Highway #16, and from Ciudad Obregón travelling north on Hwy. #17 with vehicles and pack teams along unpaved roads and trails. The Property is situated approximately six kilometres northwest of the Nicho deposit currently under mine development by Minera Alamos. Jackie has seen very little structured exploration and the Company has mobilized its field crew to carry out geological mapping, soil and rock geochemistry with hyperspectral analysis, QA/QC program development, ASTER imagery analysis, LiDAR and aerial photography and data compilation.
The 1,057-hectare Diamante gold-silver (Au-Ag) project (“Diamante” or the Property”) is a drill-ready precious metal project located 5 km northwest of the town of Tepoca, and 165 km southeast of the capital city of Hermosillo, eastern Sonora, Mexico. Diamante 1 is situated adjacent to the west boundary of Silver Spruce’s 180-ha El Mezquite project. Diamante 2, 700 metres south of Diamante 1, is located 1.6 kilometres northwest of the Company’s 1,130-ha Jackie project. The acquisition nearly doubles the Company’s land holdings to 2,367 hectares. Silver Spruce and our project partner, Yaque and Colibri, shall commence geological, spectral and LiDAR mapping, rock sampling and an environmental report for SEMARNAT approval and the permit necessary to engage the maiden 2,000 metre drilling program at Diamante.
Silver Spruce signed a definitive agreement to acquire 100% of three early-stage gold exploration properties, Mystery, Till and Marilyn, located near Grand Falls, Newfoundland, Canada, 20-25 kilometres west of New Found Gold’s Queensway project and 15-35 kilometres south of Sokoman Minerals’ Moosehead gold project in the Gold Corridor of the Exploits Subzone, an extensive area of mineral exploration activity and discoveries over the past two years. Multiple occurrences of agate chalcedony to colloform and crystalline silica, carbonate replacement by quartz, and open-space filling quartz and calcite, all textures indicative of upper epithermal and/or orogenic systems, accompanied by Au, arsenopyrite and pathfinder elements are present. Once permitted, prospecting, till sampling with gold grain analysis, soil and rock geochemistry and airborne geophysics are planned in the 2021 fall program.