Silver Spruce Resources has recently acquired a past producing gold and base metals mine in Arizona. Silver Spruce plans to prove and expand the historic inferred resource of 1.6 mil oz gold equivalent.
In response to continued depressed uranium prices and universal challenges in raising capital for grass roots exploration, Silver Spruce underwent a fundamental restructuring in early 2015. A new President and CEO was appointed in 2016 as well as several new additions were made to the Board. These changes were initiated with the belief that these challenging times provide significant opportunity to acquire properties with excellent upside potential at very reasonable prices. Accordingly, the company repositioned to seek properties considered farther along in the exploration cycle.
As of March 2017, Silver Spruce has added 2 flagship projects which it believes will strongly build shareholder value.
Kay Mine, Arizona
A historically produced VMS Deposit in Arizona. The project was acquired in the early 1970’s by Exxon Minerals (a subsidiary of Exxon Mobile) and explored as well as drilled. Exxon’s geologists had assigned a resource of proven and probable ore with a tonnage of 6.4 million short tons grading an estimated 2.2 per cent copper, 3.03 per cent zinc, 1.6 ounces per ton silver and .082 ounces per ton gold. Exxon’s use of the word ore is not to be construed in the strict sense. Additional drilling is needed to verify this estimate. (The qualified person for Silver Spruce has not conducted sufficient work to definitively classify Exxon’s resource estimate to be compliant with National Instrument 43-101 resource definitions.) The Company is pursuing a targeted exploration program which will include geophysics and a drilling program to prove these resources .
Pino de Plata
Epithermal silver/base metal/gold project located in the prolific Sierra Madre Occidental region of Western Chihuahua State in Mexico. The property consists of 397 ha concession containing a number of historic artisanal mine workings dating back to the Spanish Colonial era. The Company has completed a maiden 43-101 exploration assessment on the property and based on high silver values in surface channel samples (>500 opt Ag) is pursuing a targeted exploration program which will include geophysics, geochemistry and a drilling program on three identified targets.
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