Vancouver, British Columbia--(Newsfile Corp. - April 26, 2018) - Silver Spruce Resources (TSXV: SSE) (FSE: S6Q), a well-positioned Canadian junior exploration company, selected as feature company in video by Investmentpitch Media.
In March 2017, Silver Spruce acquired two advanced and highly prospective properties, the Kay Mine in Arizona, consisting of 472 acres of claims, located 50 miles north of Phoenix, and Pino de Plata in the state of Chihuahua, near the town of Chinipas, Mexico.
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The Kay Mine, a VMS deposit, was developed for production on eleven levels and accessed via four shafts prior to 1957, when the pumping station was damaged and the mine was flooded. Records obtained by Silver Spruce indicate that approximately 1,550 tons of ore grading 5.6% copper, with individual bulk samples from 2.95 - 9.47% copper, along with lead, zinc, gold and silver credits, was mined on the 250 foot and 500 foot levels from 1949 to 1953, and shipped to various smelters in Arizona and Texas. An estimated 15,000 tons of low grade material was reported on the surface dumps in 1956.
The last production of 70 tons grading 5.7% copper selected from the surface dumps was shipped by a private owner in 1966.
In 1972, Exxon Minerals, a subsidiary of Exxon Mobile, acquired the project with the goal of commencing production of the known high-grade copper-zinc-lead-silver-gold ores. Exxon's internal geological reports referred to the mineralization defined by drilling and historical underground exploration, under the then existing mining standards, as "proven and probable ore" of 6.4 million tons with a potential of over 20 million tons. These resource estimates and terminology are to be considered historical and not compliant with current NI 43-101 guidelines.
In March, Silver Spruce received its second batch of assays of 14 mineralized rock samples of both VMS and sulphide-bearing material taken from the development/production dumps. The majority of the sulphide-bearing samples were collected from the historic dumps at Shaft #4.
Karl Boltz, CEO, stated: "We continue to be impressed with assay values from the dump material that was taken from underground workings when the mine was being developed for production, prior to 1957. Together, with the initial twenty-five samples assayed in December 2017, these positive assay results are part of our ongoing efforts to confirm the resource stated by Exxon Minerals, in 1982, after ten years of advanced exploration, confirmation drilling and resource estimation at the project."
The company is developing exploration programs to document the tonnage and grade of the Kay mineralization and develop a resource estimate to conform to current NI 43-101 standards,
The company's 397-hectare "Pino de Plata" project is 15 kilometres away from the Coeur Mines' flagship Palmarejo mine which produced 7.2 million ounces of silver and 132,000 ounces of gold in 2017. Coeur now surrounds the company's claims on east, west, and north sides.
Silver Spruce's initial NI 43-101 report on Pino de Plata indicates many similarities geologically between the Pino de Plata and Palmarejo projects. The property hosts several drill-ready targets that are well defined on the basis of geologic mapping and geochemistry. The company's surface sampling has confirmed high grade mineralization of over 550 grams per tonne silver with highly anomalous grades of lead, zinc and gold.
The company's 2018 program, including the first-ever drill program at the project, is based on recommendations contained in the initial NI 43-101 report, which is available on the company's website. Management's exploration target is to develop 100 million ounces of silver.
For more information, please visit the company's website www.silverspruceresources.com, contact Karl Boltz, President and CEO, at 866-641-3397, or email [email protected]..
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