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Research: Metals & Mining
Silver Spruce Resources (SSE) is a Canada-based junior exploration company looking to secure c C$3–4m (Edison estimate) in funding to further advance early-stage exploration at its assets. It predominantly explores for gold (Au), silver (Ag), copper (Cu), zinc (Zn) and lead (Pb) across four deposits: El Mezquite, Jackie Gold Project, Pino de Plata (Pino) and Melchett Lake, for which it has definitive options to acquire interests. SSE places equal priority on each asset.
Written by
Vikash Bardolia
Silver Spruce Resources |
Multi-asset, multi-commodity exploration
Metals & mining |
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18 February 2021 |
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Silver Spruce Resources is a research client of Edison Investment Research Limited |
Silver Spruce Resources (SSE) is a Canada-based junior exploration company looking to secure c C$3–4m (Edison estimate) in funding to further advance early-stage exploration at its assets. It predominantly explores for gold (Au), silver (Ag), copper (Cu), zinc (Zn) and lead (Pb) across four deposits: El Mezquite, Jackie Gold Project, Pino de Plata (Pino) and Melchett Lake, for which it has definitive options to acquire interests. SSE places equal priority on each asset.
Current focus: El Mezquite, Jackie and Melchett Lake
El Mezquite is a drill-ready 180ha project in the Sierra Madre Occidental region of Sonora, Mexico, where SSE is targeting Au and Ag. Here, rock chip samples yielding up to 3.41g/t Au and 198g/t Ag have been analysed. SSE recently initiated a Phase 1 exploration programme here.
The Jackie gold project is a 1,130ha property within the Sonora Gold Belt, parallel to the precious metals-rich Mojave-Sonora Megashear. Here, exploration is very active, with nearby properties reported to be held by Minera Alamos, Newmont, Garibaldi, Evrim, Kootenay Silver and Peñoles. SSE recently initiated a Phase 1 exploration programme here.
Melchett Lake is a 4,320ha project in the Thunder Bay mining district of Ontario, Canada, where SSE is targeting Au, Ag, Cu, Zn and Pb. Here, samples yielding up to 28.8g/t Au, 560g/t Ag and 19.1% Zn have been analysed and SSE is renewing permits to execute Phase 1 drilling of 1,000–1,500m for Au, Ag and Zn.
Pino: Has potential but awaiting land resolution issue
Pino de Plata is a drill-ready, 397ha project in the Sierra Madre Occidental region of Chihuahua, Mexico where SSE is targeting Au and Ag. Here, surface samples yielding more than 500g/t Ag and highly anomalous grades of Au, Zn and Pb have been analysed. SSE has an exploration permit in place with permission to execute Phase 1 drilling of 1,000–1,500m across 20–30 sites. However, discussions are ongoing with the landowner to lift access restrictions to the property.
Funding status and needs: Reasonable
We estimate that SSE requires c C$3–4m over the next 12–18 months to progress its early-stage exploration projects. At 8 February 2021, it had a cash position of C$1.7m, resulting from raising c C$2.6m from the closure of private placements over the past eight months.
Historical financials
Source: Company financial statements |
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Research: Industrials
CEO Ben Loomes set out his strategic vision for John Laing Group (JLG) at its capital markets day in November. He intends to accelerate growth by investing in ‘core-plus’ infrastructure while also enhancing operating and balance sheet efficiency. This note assesses the opportunity. Many of the initiatives will take time to fully realise, but the direction of travel is clear and activity levels look to be rising. The shares have recovered recently, but, at an FY20e P/NAV of 1.02x, the rating remains below its peers.
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