Silver Spruce Resources Inc. (SSE.V) has provided updates on the progress to execute the first drill program at its Pino de Plata High Grade Siver project.
This 397-hectare project is located in the Sierra Madre Occidental of Western Chihuahua state, Mexico, and is approximately 15 kilometres from Coeur Mining Inc.'s Palmarejo silver project.
Reported Accomplishments to date:
- Drilling company bids were received and analyzed, with selected companies.
- Environmental engineers have toured the site and completed necessary fieldwork 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.
Drilling company selected;
The selection process identified Major Drilling de Mexico as the preferred drilling contractor to efficiently conduct the 1,000-to-1,500-metre reverse circulation program. Drilling will commence upon receipt of required approvals.
"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 pro-active steps now to ensure that safe and efficient exploration and development programs can be conducted without interference or unanticipated regulatory delays."
The company intends to initiate a 1,000-to-1,500-metre reverse circulation drill program to test these defined targets where high grades of mineralization were sampled at surface.
About Pino de Plata
The 397-hectare Pino de Plata silver-lead-zinc-copper-gold project is located approximately 15 kilometres from Coeur Mining'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 National Instrument 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 (1.6 ounces per tonne) over an area of more than one square kilometre (greater than 100 hectares). Within the area examined, specific targets were sampled with silver assays of up to 557 grams per tonne or 17.9 ounces per tonne in outcrop.
Three types of mineralization were identified in the maiden National Instrument 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 technical report provide immediate drill targets with open-pit potential.
About Silver Spruce Resources Inc.
Silver Spruce Resources Inc. is 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. It also retains a portfolio of uranium and rare earth element properties in Labrador.