Business
Silver Spruce Signs LOI to Acquire 100% Interest in 8,750-hectare Mystery, Till and Marilyn Gold Properties, Exploits Gold Belt, central Newfoundland
BEDFORD, NS / ACCESSSWIRE / August 17, 2021 / (TSXV:SSE) - Silver Spruce Resources, Inc. ("S...
About this update from Silver Spruce Resources Inc.
[{"type":"text","content":"Silver Spruce Signs LOI to Acquire 100% Interest in 8,750-hectare Mystery, Till and Marilyn Gold Properties, Exploits Gold Belt, central NewfoundlandBEDFORD, NS / ACCESSSWIRE / August 17, 2021 / (TSXV:SSE) - Silver Spruce Resources, Inc. (\"Silver Spruce\" or the \"Company\") is pleased to announce that it has signed a binding Letter of Intent (\"LOI\") with two parties (the \"Vendors\") to acquire 100% of three early-stage gold exploration properties, Mystery, Till and Marilyn, (the \"Property\" or the \"Properties\") located near Grand Falls, Newfoundland, Canada, 20-25 kilometres west of New Found Gold Corp.'s Queensway project and 15-35 kilometres south of Sokomon Iron Inc.'s Moosehead gold project.\"Newfoundland offers a favorable regulatory environment, supportive communities, outstanding provincial geological survey, near year-round operating conditions, excellent property access and of principal importance, significant potential for new deposits as indicated by the number and quality of recent successful exploration projects,\" said Greg Davison, Silver Spruce VP Exploration and Director. \"The Silver Spruce Board of Directors has made a strategic decision to add multiple properties to our portfolio in high-quality jurisdictions which will give shareholders more opportunities for notable discoveries, and with an easy and inexpensive exit strategy, in the event the properties do not fulfill our early exploration criteria.\"The 8,750-hectare project is located strategically within the Exploits Subzone, an extensive area of mineral exploration activity and discoveries over the past two years (Figure 1). The Properties are well situated in logistics for exploration, located close to each other and <10-25 kilometres southeast and south by road from Grand Falls, Newfoundland. The Properties are located <50 kilometres from the Gander International Airport and are easily accessible from major paved roads and local logging and bush roads and trails largely by vehicles and more remote areas by ATV.\"We will be expediting our initial geological studies on the Properties during the week of August 23rd and look forward to completing a definitive agreement with the Vendors shortly thereafter. We are excited with the timely opportunity to acquire these Properties given their strategic location in a very active exploration camp, a...