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Silver Spruce Signs LOI on 1,057-hectare Diamante Au-Ag Concessions, Sonora, Mexico - historical assays to 39.8 gpt Au and 3,460 gpt Ag
BEDFORD, NS / ACCESSWIRE / April 12, 2021 / (TSXV:SSE) - Silver Spruce Resources, Inc. ("S...
About this update from Silver Spruce Resources Inc.
[{"type":"text","content":"Silver Spruce Signs LOI on 1,057-hectare Diamante Au-Ag Concessions, Sonora, Mexico - historical assays to 39.8 gpt Au and 3,460 gpt AgBEDFORD, NS / ACCESSWIRE / April 12, 2021 / (TSXV:SSE) - Silver Spruce Resources, Inc. (\"Silver Spruce\" or the \"Company\") is pleased to announce the signing of a Letter of Intent with Colibri Resource Corp. (TSXV:CBI) (\"Colibri\"), and its wholly-owned Mexican subsidiary, Yaque Minerales SA de CV (\"Yaque\"), to acquire up to 50% interest in four concessions comprising two properties, Diamante 1 and Diamante 2, with a cumulative land position of 1,057 hectares.The Diamante gold-silver (Au-Ag) project (\"Diamante\" or the Property\") is a drill-ready precious metal property 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 to the west 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 (Figure 1).\"We are excited to acquire an interest in a large property with the outstanding potential of Diamante adjacent to our prospective El Mezquite and Jackie projects,\" said Greg Davison, Silver Spruce VP Exploration and Director. \"At Diamante, historical high-grade Au-Ag and Pb-Zn-Cu assay data from small-scale workings and dumps, and recent exploration activities, provide an excellent starting point for discoveries in several diverse geological settings. Diamante offers strong precious metal tenor with a polymetallic endowment similar to the Company's Pino de Plata project, and both contain multiple quality targets, limited artisanal mining with production, and no record of drilling.\"Diamante has been explored to a modest degree by modern exploration methods and there is significant evidence of historical hand surface and underground mining, and placer activities in stream channels and terraces on the project though no records of historical production or drilling are known.\"We recently conducted our due diligence visit to Diamante and, pending the final report, anticipate signing a definitive agreement shortly. On execution, we propose to conduct ground truthing of the Au-Ag systems with geological, spectral and LiDAR mapping, rock sampling and preparation of an environmental report, and...