Silver Spruce Resources Inc. has provided the following updates on the progress to conduct the first drill program at its Pino de Plata project. The 397-hectare project is located in the Sierra Madre Occidental of Western Chihuahua state, Mexico, approximately 15 kilometres from Coeur Mining Inc.'s Palmarejo silver project and approximately 12 kilometres due south of the town of Chinipas, Chihuahua state, Mexico.
- Drill hole locations have been pinpointed and marked on site.
- Drilling company bids were received and analyzed, with selected company
formal contract to be executed.
Environmental engineers have toured the site and completed necessary
fieldwork required to submit "informe preventivo," environmental
declaration for any impact resulting from the drill program.
- Second semester 2016 "derechos" (mining taxes) have been paid in full.
Although we are anxious to commence drilling at Pino de Plata, we are also pleased with the progress being made to prudently initiate serious exploration efforts while minimizing or eliminating any potential environmental and permitting liabilities in the future," stated Dr. Brian Penney, chairman. "We are taking pro-active steps now to ensure that safe and efficient exploration and development programs can be conducted without interference or unanticipated regulatory delays.
As previously reported in August, Leonard Karr, professional geologist and a qualified person under Toronto Stock Exchange guidelines, led the field team to successfully pinpoint the proposed drill hole locations and map the new road access for the upcoming maiden drill program at the project. The team also completed on-site tours with representatives of three drilling companies that are submitting bids for the drilling contract. This first-ever drill program at the project is based on recommendations contained in the National Instrument 43-101 report, which is available on Silver Spruce's website and is filed on SEDAR.
In September, three formal bids were received from the drill companies that toured the project in August. The selection process identified Major Drilling de Mexico as the preferred drilling contractor to efficiently conduct the 1,000-to-1,500-metre reverse circulation program. The selection was based on favourable pricing and reduced footprint requirements for drilling equipment and new pad construction. Drilling will commence upon receipt of required approvals.
Also in September, state and federally certified environmental engineers toured the project site to analyze the flora and fauna for existence of endangered species and to assess the impact of the proposed drill program. Although company representatives were initially advised that an "informe preventivo" was not required on private property, recent changes to the environmental protection laws in Mexico now make this a required filing. The completed "informe preventivo" declaration will be filed with the appropriate state and federal authorities upon its completion, after which the drill program may commence.
In late September and early October, company representatives also conducted several field examinations at submittal projects in the surrounding areas to investigate additional opportunities for Silver Spruce in this prolifically mineralized and underexplored region of the Sierra Madre Occidental. Assays of samples taken at these submittal projects are in process, and any significant results will be analyzed in their geologic context to determine if the said projects warrant additional interest by the company.
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