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Research: Metals & Mining
In a frenetic seven months, Silver Spruce has 1) started and completed Phase 1 drilling at El Mezquite, 2) signed exploration agreements with two First Nations at Melchett Lake, 3) completed LiDAR surveys and ASTER and LANDSAT 8 hyperspectral and image analysis over all of its properties in Sonora, 4) discovered and extended a new, high-grade (eg 9.65g/t Au) exploration target at Jackie, and 5) completed due diligence and acquired options to acquire a 100% interest in the 8,750ha Mystery, Till and Marilyn properties in central Newfoundland. Corporately, it has named a new chairman after the passing of Dr Brian Penney and closed a C$1.2m private placement (at a price of 5c per unit) ahead of the traditional Q4 flow-through financing season. Exploration active at Melchett and Mystery.
Silver Spruce Resources |
Big ambitions
Metals & mining |
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25 October 2021 |
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Silver Spruce Resources is a research client of Edison Investment Research Limited |
In a frenetic seven months, Silver Spruce has 1) started and completed Phase 1 drilling at El Mezquite, 2) signed exploration agreements with two First Nations at Melchett Lake, 3) completed LiDAR surveys and ASTER and LANDSAT 8 hyperspectral and image analysis over all of its properties in Sonora, 4) discovered and extended a new, high-grade (eg 9.65g/t Au) exploration target at Jackie, and 5) completed due diligence and acquired options to acquire a 100% interest in the 8,750ha Mystery, Till and Marilyn properties in central Newfoundland. Corporately, it has named a new chairman after the passing of Dr Brian Penney and closed a C$1.2m private placement (at a price of 5c per unit) ahead of the traditional Q4 flow-through financing season. Exploration active at Melchett and Mystery.
Regional-scale Newfoundland opportunity
Newfoundland boasts deep-seated structures over hundreds of kilometres that are key to the formation of multi-million ounce orogenic gold deposits and locally indicative of the upper zones of epithermal systems. Gold mineralisation has been identified on the properties (with historical grades up to 12.5g/t) and multiple other targets point towards them. Results from verification samples are pending and airborne geophysics and gold grain till sampling are commencing this month.
Melchett Lake exploration commences
The key to developing Melchett Lake will be defining the vectors to the core of the deposit. Now that it has successfully secured the necessary First Nations agreements, given its strike length, management regards this as one of Silver Spruce’s most significant opportunities and has thus already commenced an airborne geophysics survey. Permitting is pending for ground truthing targets.
Sonora (Mezquite and Jackie) shows its potential
Gold grades up to 1.435g/t at Mezquite are consistent with Silver Spruce’s expectations, given the low-grade, heap leach opportunity being targeted. Although it has not yet hit a mine-sized target, work is ongoing. In the meantime, assays at Jackie have exceeded those at Mezquite. Silver Spruce’s strategy there is to identify its target (perhaps with as few as four to six drill holes) and then to expand and extend the structure based on the results of earlier geochemistry surveys.
New board chairman: Kevin Thieneman
Mr Thieneman was formerly the president of Caterpillar Inc Forest Products and is currently the chairman of LiuGong North America and vice president of Guangxi LiuGong Machinery. He brings a wealth of experience and contacts to his position.
Historical financials
Source: Company financial statements |
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