Silver Spruce Signs Definitive Agreement on Jackie Au-Ag Property, Sonora, Mexico
Silver Spruce Signs Definitive Agreement on Jackie Au-Ag Property, Sonora, Mexico
November 30, 2020 - Bedford, NS - (TSXV:SSE) – Silver Spruce Resources, Inc. ("Silver Spruce"
or the "Company") is pleased to confirm that it has signed a Definitive Agreement with Colibri
Resource Corp. (the “Vendor”) to acquire 50% interest in the Jackie Gold project (“the Property”),
an early stage precious metal project located 5 km south-southwest of the town s of Tepoca and
Carrizal, and 175 km east-southeast of the capital city of Hermosillo, eastern Sonora, Mexico.
“Silver Spruce is building its grassroots exploration portfolio in a very productive, mining-friendly
region only two kilometres from our El Mezquite property, adjacent to Minera Alamos’ Santana
project, and closer to their Nicho gold deposit currently on track for development,” said Greg
Davison, Silver Spruce Director and VP Exploration . “We have the geological teams working El
Mezquite (shown below) and will shift the crew as available to initiate exploration on Jackie.”
The 1,130-hectare Property is easily accessible from Hermosillo and heading south from Mexican
Highway #16, and from Ciudad Obregón travellin g north on Hwy. #17 with vehicles and pack
teams along unpaved roads and trails.
The Property is situated approximately six kilometres northwest of the Nicho deposit currently
under mine development by Minera Alamos. Other nearby large operating mines include Alamos
Gold’s Los Mulatos gold mine and Agnico Eagle’s La India gold mine located 50 -60 km to the
northeast, Agnico Eagle’s Pinos Altos Mine, 95 km southeast and Argonaut’s La Colorada Mine,
100 km to the west. Exploration is very active with adjacent and nearby properties reported to be
held by Minera Alamos, Newmont, Garibaldi, Evrim, Kootenay Silver and Peñoles.
Media Release
The Jackie Project is located within the western portion of the Sierra Madre Occidental Volcanic
Complex (shown below) within the prominent northwest-trending “Sonora Gold Belt” of northern
Mexico and parallel to the precious metals-rich Mojave-Sonora Megashear.
Terms of Agreement
Upon acceptance of the Definitive Agreement by the Toronto Stock Exchange (TSX), Silver
Spruce agrees to pay to Colibri US D$25,000 and CAD$25,000 in common shares as the first
property payment within 7 days of TSX approval.
In order to earn 50% interest in the Property, Silver Spruce agrees to provide US D$100,000 in
exploration and drilling expenses with a minimum of US D$50,000 within 12 months of TSX
approval, and to pay to Colibri a second property payment of US D$25,000 and CAD$25,000 in
common shares also within 12 months of TSX approval.
Silver Spruce also agrees to pay 50% of the requisite property taxes and surface rights agreements
due subsequent to TSX approval of the Definitive Agreement.
Upon completion of these terms, Silver Spruce will hold a 50% interest in the Property and a Joint
Venture will be formed to direct all exploration and drilling expenses and thereafter will be shared
50% by Silver Spruce and 50% by Colibri, and subject to standard dilution terms to be defined
within the Definitive Agreement.
There are no underlying royalties on the Property.
Jackie
Sierra Madre
Occidental
Exploration Plan
The Company has mobilized its field crew to co mplete Phase 1 exploration on the nearby El
Mezquite property and looks forward to moving the crew to the Jackie property, and plans to carry
out geological mapping, soil and rock geochemistry with hyperspectral analysis, QA/QC program
development, ASTER imagery analysis, ortho-mosaic drone photography, data compilation and
Leapfrog modeling, and as warranted by the Phase 1 results, partnering with Colibri to undertake
environmental permitting for drilling access and pads, and a first exploration drill campaign.
Qualified Person
Greg Davison, MSc, PGeo, VP Exploration and Silver Spruce Director, is the Company’s internal
Qualified Person for the Jackie Project and is responsible for approval of the technical content of
this press release within the meaning of National Instrument 43 -101 Standards of Disclosure for
Mineral Projects ("NI 43-101"), under TSX guidelines.
About Silver Spruce Resources Inc.
Silver Spruce Resources Inc. is a Canadian junior exploration company that has signed
Agreements to acquire 100% of the Melchett Lake Zn-Au-Ag project in northern Ontario and with
Colibri Resource Corp. to acquire 50% interest in Yaque Minerales S.A de C.V. holding the El
Mezquite Gold project, a drill -ready precious metal proje ct in Sonora, Mexico. The Company
also is pursuing exploration of the drill -ready and permitted Pino De Plata Ag project in western
Chihuahua, Mexico. Silver Spruce Resources Inc. continues to investigate opportunities that
Management has identified or that have been presented to the Company for consideration.
Contact:
Silver Spruce Resources Inc.
Brian Penney, Chairman and CEO
902-430-8270
www.silverspruceresources.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice Regarding Forward-Looking Statements
This news release contains "forward -looking statements," Statements in this press release which are not purely historical are
forward-looking statements and include any statemen ts regarding beliefs, plans, expectations or intentions regarding the future,
including but not limited to, statements regarding the private placement.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include,
among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining finan cing
on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-
looking statements are made as of the date of this news release, and we assume no obligation to update the forward -looking
statements, or to update the reasons why actual results could differ from those projected in the forward -looking statements.
Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, ther e can
be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.