Silver Spruce Provides Exploration Update on Pino de Plata Project, Chihuahua, Mexico

BEDFORD, NS / ACCESSWIRE / November 25, 2021 / Silver Spruce Resources, Inc. ("Silver Spruce" or the "Company") (TSXV:SSE)(FRA:S6Q1) reports the following update on the Pino de Plata project, Chihuahua, Mexico.

"We have receipt of flight data from our LiDAR survey and are updating the Pino de Plata technical database while negotiations remain ongoing for an access agreement with the landowner to allow drilling on several highly promising silver targets," said Greg Davison, Silver Spruce Vice-President Exploration and Director. "The new LiDAR data shown in this release provides high resolution topography for the proposed drilling, structural lineament mapping and future exploration programs."

Foto: Accesswire

Figure 1. Steep terrain, intense alteration and quartz veining at the La Perla Veins drill target

"We submitted another offer sheet to the landowner during September, received positive feedback on the benefits of the potential terms of the agreement and remain confident that a mutually beneficial solution to long-term right of access to Pino de Plata will be achieved," said Mr. Davison. "We appreciate the understanding and support of our shareholders throughout this drawn-out negotiation, and we believe the project value will be worth our investment in time, effort and patience. We continue to maintain our communication with the technical team and drill contractors in Mexico to expedite our exploration program on Pino de Plata upon signing of an agreement with the landowner."

The Company is engaging on a regular basis, through our Hermosillo-based counsel, with a representative of the landowner since the registration of the claim ownership and the Agreement (Press Release - December 24, 2020) inherent in the terms under consideration.

As per the terms of the Agreement, it remains subject to force majeure until access to field exploration, including diamond drilling, is granted by the landowner.

The Company remains current on payment of the requisite property taxes (2^nd semester 2021 paid) on Pino de Plata and looks forward to advancing its proposed and fully permitted Phase 1 exploration drilling program. Further updates will be provided to shareholders in due course.

Exploration Update

The Company retained Eagle Mapping Ltd. ("Eagle Mapping") to conduct a LiDAR (Light Detection and Ranging) survey over the Property. As shown in Figures 1 and 2, the Property exhibits moderate to steep topographic relief over the areas of the known mineralization.