Business
Silver Spruce Announces Phase 1 Exploration on El Mezquite Au Project, Sonora, Mexico
BEDFORD, NS / ACCESSWIRE / July 27, 2020 / Silver Spruce Resources Inc. (TSXV:SSE)(Frankfort...
About this update from Silver Spruce Resources Inc.
[{"type":"text","content":"Silver Spruce Announces Phase 1 Exploration on El Mezquite Au Project, Sonora, MexicoBEDFORD, NS / ACCESSWIRE / July 27, 2020 / Silver Spruce Resources Inc. (TSXV:SSE)(Frankfort:S6Q1) (\"Silver Spruce\" or the \"Company\") is pleased to announce that its Phase 1 ground exploration program on the El Mezquite Au Project will be activated during the first week of August 2020. Silver Spruce recently signed a binding Option Agreement with Colibri Resource Corp. (the \"Vendor\") to acquire 50% interest in its wholly owned Mexican subsidiary Yaque Minerales S.A de C.V. (\"Yaque\") which holds the El Mezquite Gold project (\"the Property\"), a drill-ready precious metal project located 10 km northwest of the town of Tepoca, and 170 km southeast of the capital city of Hermosillo, eastern Sonora, Mexico.\"We are very excited to initiate our Phase 1 ground exploration on El Mezquite, a low grade, epithermal target typical to the regional operations in a very productive, mining-friendly region. The Company is continuing with its review of the current geological database and developing additional exploration plans, including expansion of the geophysical grid area and optimization of drill targets to earn its 50% interest in Yaque,\" stated Greg Davison, PGeo, Director and QP of Silver Spruce. \"We believe that the Phase 1 mapping and sampling for both precious metals and alteration style will generate opportunities to add further targets associated with the regional and property-scale structural patterns. Ground truthing of the epithermal Au-Ag system coupled with advanced spectral and lineament analysis, leading to a first-ever drilling program, will provide the Company with another quality opportunity for growth.\"The El Mezquite 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 Property is very well situated in terms of logistics for exploration and is located only twelve kilometres northwest of the Nicho deposit currently under mine development by Minera Alamos. The 180-hectare Property is easily accessible from Mexican Highway #16 via a southerly-trending unpaved road which traverses through the centre of the known gold mineraliza...