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Silver Spruce Announces Advanced Gold Project Acquisition
BRIDGEWATER, NS / ACCESSWIRE / July 15, 2019 / (TSXV:SSE) - Silver Spru...
About this update from Silver Spruce Resources Inc.
[{"type":"text","content":"Silver Spruce Announces Advanced Gold Project AcquisitionBRIDGEWATER, NS / ACCESSWIRE / July 15, 2019 / (TSXV:SSE) - Silver Spruce Resources Inc. (\"Silver Spruce\" or the \"Company\") is pleased to announce that it has signed a binding Letter of Agreement (“LOA”) with Prospeccion y Desarrollo Minero del Norte, S.A. de C.V. (“ProDeMin”) to assume ProDeMin’s option agreement to acquire 100% of the Cocula project, an advanced gold project in the Ameca mining district of Jalisco State, Mexico. The project is located within a very active exploration and mining region with several nearby projects including Agnico Eagle’s El Barqueño exploration project and Endeavour Silver’s Terronera development project. The LOA awards a Right Of First Refusal with a six-month due diligence period to Silver Spruce.The Cocula ProjectThe Cocula project covers a 233.5 hectare land package that hosts part of a regional structural trend of gold, silver and base metal prospects. Cocula is an epithermal deposit with veins and breccia zones forming mineralized shoots hosted in intrusive rocks. The gold-rich breccia structure has a surface expression on the project of at least 800 metres along strike and is open in both directions and down dip. The project was previously explored by Timmins Gold, now Alio Gold, (“Timmins”) until July 2011, when the company focused on its operating San Francisco mine.Cocula MineralizationChannel sampling by Timmins across the outcrop of the Cocula breccia returned 136m with 2.39 g/t Au, 19 g/t Ag, 1.07% Pb and 0.12% Zn. High grades of up to 25 g/t Au were reported for individual samples.In 2008, Timmins drilled 27 RC holes (1,974 m) and confirmed the continuity of the Cocula breccia along 800m of strike, open in all directions. Some example intercepts are:Drill hole RCC-01 returned 7.5 m of 5.8 g/t Au within a longer interval of 37 m of 1.3 g/t Au, 13 g/t Ag, and 1.1 % Pb from the surface,Drill hole RCC-09 cut 10.5 m with 1.76 g/t Au and 13.5 m with 1.37 g/t Au within a larger interval of 54 m with 0.72 g/t Au, 8.9 g/t Ag, and 0.96% Pb, andDrill hole RCC-10 has an intercept of 37.5m with grades of 1.2 g/t Au; 13 g/t Ag and 1.34 % Pb that includes two narrow intervals of 3.0 m with 6.3 g/t Au and 7.5 m of 3.0 g/t Au.Non-Qualified ResourceA very preliminary, no...