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Silver Spruce Reports Assays from Phase 1 Drilling at El Mezquite Au-Ag Project, Sonora, Mexico

 

2021-09-07 07:15:33 AM ET (ACCESSWIRE)

 
 

 
 

BEDFORD, NS / ACCESSWIRE / September 7, 2021 / (TSXV:SSE) - Silver Spruce Resources Inc. ("Silver Spruce" or the "Company") is pleased to announce the receipt of assays from the first ten holes of its Phase 1 exploration drilling at the El Mezquite Au-Ag property ("El Mezquite" or the "Property"). A total of 2,485 metres were drilled in twenty (20) holes covering eight collar locations.


Image: https://www.accesswire.com/users/newswire/images/662956/image.pngFigure 1. El Mezquite property showing RC rig from Layne de Mexico


"We received favourable precious metal assays in nine of the first ten holes consistent with our exploration expectations for a low-grade, heap-leachable target with mineralization in the range of 0.1 g/t Au to 1.0 g/t Au. Thirty-one sampling intervals, ranging from surface to 146.4 metre depth downhole, are shown in Table 1, including up to five separate sections in one hole (MEZ-005), are reported from 0.1 g/t Au to 0.955 g/t Au. Discrete sections of >0.1 g/t Au with multiple samples reached a maximum of 4.58 metres. Silver values ranged from 1 g/t Ag to 241 g/t Ag and elevated Ag occurred commonly with higher Au and base metals. Au-Ag zoning or stacked mineralized structures could be indicated given no clear relationship of Ag to associated Au grades," stated Greg Davison, Silver Spruce Vice-President Exploration and Director. "The mineralized intervals, identified to date, reflect the thickness of the vein and structurally controlled surface showings. Of importance to t he geochemical interpretation, the pathfinder elements (Hg, Cu, Pb, Zn, Sb and As) often displayed a well-defined metal halo, up to eighteen (18) metres in apparent thickness downhole, within and peripheral to the multiple gold and silver-bearing intervals and potentially are indicative of a significant precious metal mineralizing system. We look forward to the compilation of the 2D and 3D spatial interpretation of the assay results from these and the remaining drill holes, the latter of which were focused on gold-bearing surface exposures along interpreted structural lineaments."


Table 1. Select assay intervals (>0.1 g/t Au) for the Phase 1 drilling program (MEZ001-MEZ-010)


Image: https://www.accesswire.com/users/newswire/images/662956/image-1.png


"The Phase 1 RC program (see Figure 2 and Table 2) comprised 20 holes with a combined depth of 2,485 metres and utilized eight drill pad locations focused around a 400m x 600m area with elevated precious metal values to 3.41 g/t Au and 387 g/t Ag. Collars were defined by several northeast-trending veins, structural lineaments and oxide/sulphide transitions interpreted from geological mapping, precious metal assays, multi-element geochemistry, alteration assemblages and coincident 3D IP chargeability anomalies," said Mr. Davison. "New targets for Phase 2 drilling are developing from our ongoing geological, hyperspectral, LANDSAT and LiDAR compilation."


Image: https://www.accesswire.com/users/newswire/images/662956/image-2.png


Figure 2. Drill collar location map for the El Mezquite property.


The first ten holes were drilled mainly on four collar locations (M1, M2, M3 and M5) targeting 3D IP chargeability anomalies and were logged primarily as green to grey-green andesite and mafic dykes exhibiting surface oxidation and transitional zones, weak propylitic alteration and at depth, abundant disseminated sulphides and/or magnetite. Andesite dykes contained elevated magnetite. Minor rhyolitic units may be feldspar-quartz intrusive dykes. Oxidation reached depths of 3 metres to 18.3 metres above transitional intervals of 3 metres to 24.3 metres. The sulphide zone andesites were intersected at overall downhole depths of 13 metres to 36.6 metres and continued through the holes. Pyrite was the dominant sulphide species with minor chalcopyrite, sphalerite and possible galena. Sulphides also occurred in quartz and quartz-carbonate veinlets with a stockwork-style distribution.


Table 2. Final drill hole data for the Phase 1 El Mezquite exploration program


Image: https://www.accesswire.com/users/newswire/images/662956/image-3.png


The Company's first-ever drilling program at El Mezquite was completed in July with samples being submitted to ALS Global in Hermosillo in daily batches of 3-4 holes. The first seven (7) drill holes were completed on June 14th. The remaining thirteen (13) holes were drilled with two RC rigs from Layne de Mexico and completed as scheduled on July 28th.


Local drill management and oversight, packaging and shipping, logging, splitting and packaging of geochemical samples, quality control protocols and delivery to ALS Global were conducted under Servicios Geológicos IMEx ("IMEx") supervision at the El Mezquite property and at our option partner Colibri Resource's ("Colibri") office facilities in Hermosillo.


Sample splits (50%) were collected for geochemical analysis from 1.53 metre intervals throughout the length of each hole. Chip samples were split for logging from each interval, packaged in vials and organized in trays by drill hole. The remaining splits (50%) were stored at the project site and at Colibri's storage facility in Suaqui Grande.


Laboratory assay results were submitted between June 17th and August 5th. Data were received between July 15th and August 24th. Despite laboratory workloads which have impacted turnaround timelines, our samples were analysed in Vancouver and Lima, Peru to expedite completion.


Exploration Overview


The Company undertook an exploration program including environmental permitting for drilling, geological mapping of geologic structures and lineaments, ortho-mosaic photography, rock geochemical and hyperspectral analysis, data compilation and GIS modeling, and a LiDAR survey. Ground truthing of the Au-Ag system with geological mapping and rock sampling was completed in three campaigns between July 2020 and March 2021. All aspects of the exploration program are conducted with strict adherence to COVID-19 protocols for personal safety.


All current samples from the 2020-2021 field programs were submitted to ALS Global for gold, multi-element and hyperspectral analysis. Historical samples (>400) from the 2010-2019 programs also were submitted to provide complementary multi-element and hyperspectral data over the Property database. The assays, LiDAR survey data, and satellite hyperspectral interpretation results are being updated into the project ArcGIS database.


The environmental permit, required to drill the Property, was received from SEMARNAT (see Press Release April 20, 2021) and granted to the concession holder, Yaque Minerals S.A. de C.V. ("Yaque") by the Mexican Secretariat of Environment and Natural Resources (SEMARNAT). The permit allows for fourteen (14) drill pads over the targets in the northern area of the concession. Individual holes achieved depths of 100-200 metres to intersect the target intervals.


Land surface agreements were signed with three ranchers to facilitate full access to the Phase 1 collar locations.


Image: https://www.accesswire.com/users/newswire/images/662956/image-4.pngFigure 4. Location Map for El Mezquite, Jackie and Diamante Concessions. Nicho mine development by Minera Alamos located 10 km SE of El Mezquite.


Project Background


El Mezquite, a drill-ready precious metal project located 10 km northwest of the town of Tepoca, and 170 km southeast of the capital city of Hermosillo, eastern Sonora, Mexico, is very well situated in terms of logistics for exploration and is located only twelve kilometres northwest of the Nicho deposit currently under mine development by Minera Alamos (see Figure 4).


The 180-hectare Property is easily accessible from Mexican Highway #16 via a southerly-trending unpaved road which traverses through the centre of the known gold mineralization. High voltage power lines are positioned along Highway #16.


The El Mezquite Project is located within the west-central portion of the Sierra Madre Occidental Volcanic Complex within the prominent northwest-trending "Sonora Gold Belt" of northern Mexico and parallel to the precious metals-rich Mojave-Sonora Megashear (Figure 5).


Image: https://www.accesswire.com/users/newswire/images/662956/image-5.pngFigure 5. Location Map of El Mezquite Property and Mines of the Sierra Madre Occidental


Geochemical Analysis, Quality Assurance and Quality Control


Drill chip sample splits were delivered from drill site, to an in-house storage facility in Hermosillo for logging and QA/QC by IMEx, and then to the ALS sample preparation facility in Hermosillo, Sonora, Mexico. ALS Global in North Vancouver, British Columbia, Canada, is a facility certified as ISO 9001:2008 and accredited to ISO/IEC 17025:2005 from the Standards Council of Canada. Local chain of custody was monitored and maintained by a professional senior geologist with IMEx.


The samples were crushed to 70% passing 2mm (PREP-31) and a split of up to 250 grams pulverized to 85% passing 75 micrometres (-200 mesh). The sample pulps and crushed splits were transferred internally to ALS Global's North Vancouver, Canada or Lima, Peru analytical facility for gold and multi-element analysis. Pulps (50gram split) are submitted for Au analysis by Fire Assay with Atomic Absorption finish (Au-AA24).


The retained pulps also were analysed by Four Acid Digestion followed by Inductively Coupled Plasma Atomic Emission Spectrometry (ICP-AES) multi-element analyses (ME-ICP61m) with Hg by Aqua Regia and ICP-MS (Hg-MS42).


Over-limit Au and Ag samples are analyzed by Fire Assay with Gravimetric Finish Ore Grade (Au-GRA21 or Au-GRA22, Ag-GRA21). Overlimit base metals are analyzed by Four Acid Digestion followed by Ore Grade Inductively Coupled Plasma Atomic Emission Spectrometry (ICP-AES) for Cu, Pb and Zn (Cu-OG62, Pb-OG62, Zn-OG62).


In-house quality control samples (blanks, standards, duplicates, preparation duplicates) are inserted into the sample set by IMEx. ALS Global conducts its own internal QA/QC program of blanks, standards and duplicates, and the results are provided with the Company sample certificates. The results of the ALS control samples were reviewed by IMEx and the Company's QP and evaluated for acceptable tolerances.


All sample and pulp rejects will be stored at ALS Global pending full review of the analytical data, and future selection of pulps for independent third-party check analyses, as requisite.


Qualified Person


Greg Davison, PGeo, Silver Spruce VP Exploration and Director, is the Company's internal Qualified Person for the El Mezquite 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 which has signed Definitive Agreements to acquire 100% of the Melchett Lake Zn-Au-Ag project in northern Ontario, and with Colibri Resource Corp. in Sonora, Mexico, to acquire 50% interest in Yaque Minerales S.A de C.V. holding the El Mezquite Au project, a drill-ready precious metal project, and up to 50% interest in each of Colibri's early stage Jackie Au and Diamante Au-Ag projects, with the three properties located from 5 kilometres to 15 kilometres northwest from Minera Alamos's Nicho deposit, respectively. The Company is acquiring 100% interest in the drill-ready and fully permitted Pino de Plata Ag project, located 15 kilometres west of Coeur Mining's Palmarejo Mine, in western Chihuahua, Mexico. Silver Spruce recently signed an LOI to acquire 100% interest in three exploration properties in the Exploits Subzone Gold Belt, located 15-40 kilometres from recent discoveries by Sokoman Minerals Corp. and New Found Gold Corp., central Newfoundland. 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.


Greg Davison, PGeo, Vice-President Exploration and Director


(250) 521-0444


gdavison@silverspruceresources.com


Michael Kinley, CEO and Director


(902) 402-0388


mkinley@silverspruceresources.com


info@silverspruceresources.com


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 statements 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 financing 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, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.


SOURCE: Silver Spruce Resources Inc.

10 months ago
Shoal Point spuds third Mount Evans well

 


Shoal Point spuds third Mount Evans well




Vancouver – Mark Jarvis, CEO of Shoal Point Energy Ltd. (CSE – SHP), announced today that the Company has spudded its third well at the Mount Evans project in Kansas. Shoal Point has a 65% working interest in the project and privately held Shelby Resources has a 35% working interest.


 


About Shoal Point Energy Ltd.


Shoal Point Energy Ltd. is a public company listed on the CSE exchange under the symbol “SHP”. The Company is focused on its Mount Evans project in Kansas and retains its oil and gas interests in the Humber Arm Allochthon play in western Newfoundland.


For further information, please contact:


Mr. Mark Jarvis
Chief Executive Officer
Tel - 416-637-2181 extension 310


 


The Canadian Securities Exchange (CSE) has neither approved nor disapproved the contents of this news release.


10 months ago
Noront Files Directors' Circular in Support of BHP's All-Cash Offer for Noront and Recommends Shareholders Accept the Offer

Noront Resources Ltd. (TSXV: NOT) ("Noront" or the "Company") today announced that it has filed a directors' circular (the "Directors' Circular") in connection with the proposed acquisition of Noront by BHP Western Mining Resources International Pty Ltd ("BHP" or the "Offeror"), a wholly-owned subsidiary of BHP Lonsdale Investments Pty Ltd. ("BHP Lonsdale").


The Transaction


As announced on July 27, 2021, Noront entered into a definitive Support Agreement pursuant to which BHP has made a take-over bid to acquire all of the issued and outstanding common shares of Noront (the "Noront Shares") for C$0.55 per Noront Share in cash (the "Offer"). The total equity value of the transaction is C$325 million (based on 100% of the fully diluted shares outstanding).


The cash consideration of C$0.55 per Noront Share (the "Offer Price") represents a premium of 129% to Noront's unaffected closing price of C$0.24 on May 21, 2021, the last trading day prior to the date that Wyloo Metals Pty Ltd. ("Wyloo") first publicly announced its intention to make an offer for Noront, and is C$0.235 per share, or 75%, higher than the C$0.315 per share proposed by Wyloo in its announcement on May 25, 2021.


For further details relating to the Offer, please refer to BHP's take-over bid circular in respect of the Offer dated July 27, 2021, which is available on SEDAR (www.sedar.com) under Noront's issuer profile and on Noront's corporate website (www.norontresources.com).


Board Recommendation


The Board of Directors of Noront (the "Board"), acting on the recommendation of the Special Committee, and after evaluating the Offer in consultation with Noront's legal and financial advisors, has determined that the Offer is fair, from a financial point of view, to Noront shareholders ("Shareholders") and in the best interests of Noront and its Shareholders. As such, the Board is recommending that Shareholders tender their Noront Shares and accept the Offer.


"The BHP Offer represents a compelling premium and immediately crystallizes certain value by providing 100% cash consideration for Noront Shares. Noront's Board of Directors recommends that Noront shareholders tender their Noront Shares to the BHP Offer," said Alan Coutts, Noront CEO.


As described in the Directors' Circular, the reasons for the Board's unanimous recommendation of the Offer, among others, include:


-- Compelling Premium for Shareholders. The Offer Price represents a 69% premium to the closing price of $0.325 per Noront Share on the TSX Venture Exchange ("TSX-V") on July 26, 2021 (the last trading day prior to the announcement of the Offer) and a 129% premium to the closing price of $0.24 per Noront Share on the TSX-V on May 21, 2021 (the last trading day prior to the announcement by Wyloo of its intention to make an offer to acquire the Noront Shares). The Offer represents a 75% premium to Wyloo's proposed offer price of $0.315 per Noront Share.


-- Cash Provides Certainty of Value and Liquidity. The consideration under the Offer is all cash, giving depositing Shareholders certainty of value and immediate liquidity while removing financing, market, regulatory and execution risks to Shareholders.


-- No Financing Condition. The Offer is not subject to any financing condition. The Offeror intends to fund the cash consideration for the Noront Shares through available cash resources.


-- Search for the Best Alternative. Following Wyloo's announcement on May 25, 2021 of its intention to make an offer for the Noront Shares, a Special Committee of Independent Directors was formed with the mandate of considering the proposed Wyloo bid and other strategic alternatives available to the Company, including, among other alternatives, maintaining the status quo as a publicly-traded company. The Special Committee and the Board ultimately determined on July 26, 2021 to support the Offer.


-- TD Securities Fairness Opinion. TD Securities provided the Board with an opinion to the effect that, as of the date of such opinion, subject to the assumptions, limitations, and qualifications which are set out in the opinion that is attached as Appendix "B" to the Directors' Circular (the "TD Securities Fairness Opinion"), the Offer is fair, from a financial point of view, to Shareholders (other than BHP Lonsdale and its affiliates). The full text of the TD Securities Fairness Opinion is attached as Appendix "B" to the Directors' Circular. The Board recommends that Shareholders read the TD Securities Fairness Opinion in its entirety.


-- Stifel Fairness Opinion. Stifel, who is also acting as independent valuator engaged to prepare a formal valuation of the Noront Shares in connection with the proposed Wyloo bid, provided the Special Committee and the Board with an opinion to the effect that, as of the date of such opinion, subject to the assumptions, limitations, and qualifications which are set out in the opinion that is attached as Appendix "C" to the Directors' Circular (the "Stifel Fairness Opinion"), the Offer is fair, from a financial point of view, to Shareholders (other than BHP Lonsdale and its affiliates). The full text of the Stifel Fairness Opinion is attached as Appendix "C" to the Directors' Circular. The Board recommends that Shareholders read the Stifel Fairness Opinion in its entirety.


-- Ability to Respond to Superior Proposals. The Board has reserved the ability to respond to unsolicited proposals that may deliver greater value to Shareholders than the Offer. The terms and conditions of the support agreement do not prevent an unsolicited third party from proposing or making a superior proposal and, provided the Company complies with the terms of the support agreement, do not preclude the Board from responding to, considering and acting on a superior proposal. The Company is permitted to terminate the support agreement to accept, approve or recommend a superior proposal that is made and not matched by the Offeror, provided that the Company pays the Offeror the requisite termination payment.


-- Arm's Length Negotiations. Active, arm's length negotiations between the Special Committee and the Offeror resulted in the price of the Offer being increased during its negotiations with the Offeror and finally agreed upon at an amount considered to be fair, from a financial point of view, to Shareholders, based on the financial and legal advice received by the Special Committee and the Board, including the TD Securities Fairness Opinion and the Stifel Fairness Opinion, subject to the scope of review, assumptions and limitations and other matters described therein.


-- Project Execution and Development Risk. The Board and the Special Committee believe that the Offer provides Shareholders with the value inherent in the Company's portfolio of projects, including the Eagle's Nest Project, without the long-term risks associated with the development and execution of those projects. Given the relatively early stage of the Company's projects, it will be several years before the Eagle's Nest Project or other projects in the portfolio reach commercial production, if at all.


-- Significant Growth Funding Required. The Company's development and exploration projects have significant funding requirements to bring them to the production stage. The Company currently has limited cash to fund the necessary capital projects and near-term debt maturities, which will be a further drain on cash. Equity financing sufficient to repay debt and fund the progress of the Company's business plan, if available, may be significantly dilutive to Shareholders.


-- Support of Shareholders. Based on the reasons underpinning the Board's recommendation, certain Shareholders, including certain directors and each executive officer of the Company, have entered into lock-up agreements with the Offeror pursuant to which they have agreed to, inter alia, support the Offer and to deposit all Noront Shares held or to be acquired by them pursuant to the exercise of options or share awards, representing approximately 9.9% of the issued and to be issued Noront Shares, on a fully-diluted basis, subject to the terms and conditions of such agreements.


-- Unanimous Recommendation of the Board. The members of the Board who voted on the matter have, after consultation with the Board's financial and legal advisors and the Special Committee, UNANIMOUSLY DETERMINED that the Offer is in the best interests of the Company and the Shareholders and the Offer Price is fair, from a financial point of view, to the Shareholders and, accordingly, UNANIMOUSLY RECOMMENDED that Shareholders ACCEPT the Offer and DEPOSIT their Noront Shares under the Offer.


Noront Directors' Circular


Noront's Directors' Circular is available electronically on SEDAR (www.sedar.com) under Noront's issuer profile and on Noront's corporate website (www.norontresources.com), and is being mailed to all persons required to receive a copy under applicable securities laws.


The Board encourages Noront shareholders to carefully read the information sent to them and to DEPOSIT their Noront Shares. Noront Shareholders are encouraged to tender their Noront Shares as soon as possible.


Shareholder Questions and Assistance


Noront shareholders who have questions or require assistance in considering the all-cash, recommended BHP Offer, should visit www.noronttender.ca or should contact the depositary and information agent for the Offer, Kingsdale Advisors, by telephone toll-free at 1-866-581-0512 (416-867-2272 for collect calls outside North America) or by email at contactus@kingsdaleadvisors.com.


About Noront Resources


Noront Resources Ltd. is focused on the development of its high-grade Eagle's Nest nickel, copper, platinum and palladium deposit and the world class chromite deposits including Blackbird, Black Thor, and Big Daddy, all of which are located in the James Bay Lowlands of Ontario in an emerging metals camp known as the Ring of Fire. www.norontresources.com


Contact Information

Media Relations Investor Relations
Ian Hamilton Greg Rieveley
Tel: +1 (905) 399-6591 Tel: +1 (416) 367-1444
ihamilton@longviewcomms.ca greg.rieveley@norontresources.com 
Janice Mandel
Tel: +1 (647) 300-3853
Janice.mandel@stringcom.com

Forward Looking Statements


Certain statements contained in this press release contain "forward-looking information" within the meaning of applicable securities laws and are prospective in nature. Forward-looking information and statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties that could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements.


Forward-looking statements include, but are not limited to, statements regarding: the Offer, including the results and effects of the Offer and reasons to accept the Offer.


Although Noront believes that the expectations reflected in such forward-looking information and statements are reasonable, such information and statements involve risks and uncertainties, and undue reliance should not be placed on such information and statements. Material factors or assumptions that were applied in formulating the forward-looking information contained herein include, without limitation, the expectations and beliefs that the Offer will be successful, that all required regulatory consents and approvals will be obtained and all other conditions to completion of the transaction will be satisfied or waived, and the ability to achieve goals. Noront cautions that the foregoing list of material factors and assumptions is not exhaustive. Many of these assumptions are based on factors and events that are not within the control of the Offeror, BHP Lonsdale or Noront, and there is no assurance that they will prove correct. Consequently, there can be no assurance that the actual results or developments anticipated by Noront will be realized or, even if substantially realized, that they will have the expected consequences for, or effects on, Noront or its future results and performance.


Forward-looking information and statements in this press release are based on Noront's beliefs and opinions at the time the statements are made, and there should be no expectation that these forward-looking statements will be updated or supplemented as a result of new information, estimates or opinions, future events or results or otherwise, and Noront disavows and disclaims any obligation to do so except as required by applicable law. Nothing contained herein shall be deemed to be a forecast, projection or estimate of the future financial performance of Noront.


Neither the TSX-V nor its Regulation Services Provided (as that term is defined in the Policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.


<img src="https://ml.globenewswire.com/media/NTE3YThlNDgtMmExYy00Mjk5LWFiNzktOWZjMjQ1MzFkY2QwLTExMDEzMzc=/tiny/Noront-Resources-Ltd-.png" referrerpolicy="no-referrer-when-downgrade" /><p>https://ml.globenewswire.com/media/b04aba7b-422c-4fc8-aff9-e08671956523/small/noront-logo-jpg.JPG


https://ml.globenewswire.com/media/b04aba7b-422c-4fc8-aff9-e08671956523/small/noront-logo-jpg.JPG

11 months ago
KWG: Continuous Disclosure Review

 

2021-07-16 03:38:53 PM ET (Newsfile Corp)

 
 

 
 

Toronto, Ontario--(Newsfile Corp. - July 16, 2021) - KWG Resources Inc. (CSE: KWG) (CSE: KWG.A) (FSE: KW6) ("KWG") ("KWG" or the "Company") has been requested by staff ("Staff") of the Ontario Securities Commission ("OSC") to publish clarification of certain matters following an issue-oriented review by Staff of the OSC of KWG's continuous disclosure record.


Economic Projections:


The Company has filed a number of technical reports in accordance with NI 43-101. They include technical reports for the Big Daddy deposit dated May 27, 2011 and November 12, 2014. The May 2011 technical report is a preliminary economic assessment based on the deposit's estimated resources described therein. The November 2014 technical report is an update (and increase) in respect of the deposit's estimated resources; however, it is not an update of the economic assessment for those resources and does not include information necessar y to support disclosure of a preliminary economic assessment in respect of the estimated resources described in the November 2014 technical report. The May 2011 technical report is no longer current and should not be relied upon.


At the request of Staff following their review of KWG's continuous disclosure record, KWG has determined to retract the economic projections referred to in the Company's website based on the May 27, 2011 technical report which had been completed in 2011 in accordance with National Instrument 43-101 - Standards for Disclosure for Mineral Projects ("NI 43-101") and filed on sedar at that time. Prior to January 2018, the Company had referred to various projects in the Ring of Fire and to the Ring of Fire as a whole and in respect thereof had confirmed to Staff that the Company would make no further references in its public disclosure materials to estimates of the value of mineral resources until completion and publication of applicable prelimin ary economic assessments, pre-feasibility studies or feasibility studies to support such estimates (please see the Company's news release dated January 9, 2018).


At the request of Staff, the Company has also removed references and links to certain websites, papers, studies, analysts' reports and newspaper articles - including (i) a paper presented by Barnes, Muinonen and Lavigne to the CIM Metallurgical Society, (ii) the Rail vs Road Trade-off Study dated February 11, 2013 by Tetra Tech, (iii) the Pope & Company analyst report, 2013, and (iv) the article from the Greenstone Times-Star dated January 2010 - as those materials should not be relied upon. In respect of the Rail vs Road Trade-off Study dated February 11, 2013 by Tetra Tech, the Company retracts any parts thereof which may be interpreted as implying economic feasibility and advises that such study should not be relied upon as a feasibility study within the meaning of NI 43-101.


In Situ Value:


Within the Company's website were some statements from a newspaper article and some links to websites of newspapers and other companies that referred to in-situ or gross metal values. In-situ and gross metal values are governed by restricted disclosure provisions in section 2.3 of NI 43-101. At the request of Staff following their review of KWG's continuous disclosure record, KWG has determined to retract certain statements from that newspaper article and to remove references and links to certain websites as those materials do not appear to be based on an acceptable method of valuation, omit material information and do not appear to have an acceptable relationship to economic viability, value or potential return to investors and, accordingly, such materials - including a Mineralfields monthly newsletter from May 2010 and a Middelkoop analyst report from February 9, 2009 - should not be relied upon. Similarly, a statement by the Chief Operating Officer of the Company 's wholly owned subsidiary, Canada Chrome Corporation ("CCC"), in a newspaper several months ago referring to an estimated value of the minerals in the Ring of Fire is retracted and should not be relied upon.


Exploration Target:


Within the Company's website in respect of its Black Horse chromite deposit there was a statement regarding tonnage of deposits which the Company regarded as a forward-looking statement regarding a potential reconstruction of the deposits and their resources. At the request of Staff following their review of KWG's continuous disclosure record, KWG has determined to retract that statement. That tonnage was not a mineral resource within the meaning of CIM definitions and was not described as an exploration target with a range of tonnage and grade with required cautionary language in accordance with NI 43-101. The Company has also determined to remove references to the reconstruction potential; that statement should not be relied upo n.


Rail Transportation Corridor:


Within the website of the Company's wholly owned subsidiary, Canada Chrome Corporation, (the "CCC website") was a statement regarding the staking of that route by the Company and the reasons therefor. At the request of Staff following their review of KWG's continuous disclosure record, KWG has determined to retract that statement and remove from the CCC website references to the reasons for staking those claims; those statements should not be relied upon.


Canada Chrome Website:


Within the CCC website, there were references to some of the matters being retracted and removed from the Company's website. All such matters which appeared in the CCC website are similarly being retracted and have been removed from the CCC website.


About KWG:


KWG is the Operator of the Black Horse Joint Venture after acquiring a vested 50% interest through Bold Ventures Inc. which is carried for 10% (20% of KWG's equity in the JV) by KWG funding all exploration expenditures. KWG also owns 100% of CCC which staked mining claims between Aroland, Ontario and the Ring of Fire. CCC has conducted a surveying and soil testing program to assess the prospects for the engineering and construction of a railroad along that route between the Ring of Fire and Aroland, Ontario. KWG subsequently acquired intellectual property interests, including a method for the direct reduction of chromite to metalized iron and chrome using natural gas. KWG subsidiary Muketi Metallurgical LP is prosecuting two chromite-refining patent applications in Canada, India, Indonesia, Japan, Kazakhstan, South Africa, South Korea, Turkey, and USA. The national phase filings are under review in each of those jurisdictions.


For further information, please contact:
Bruce Hodgman, Vice-President: 416-642-3575 ~ info@kwgresources.com


Forward-Looking Statements: Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and KWG disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any securities that may be described herein and accordingly undue reliance should not be put on such. Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.


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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/90489

12 months ago
Silver Spruce Reports the Passing of its Chairman of the Board, Dr. Brian Penney

2021-06-07 05:50:30 AM ET (ACCESSWIRE)

 
 

 
 

BEDFORD, NS / ACCESSWIRE / June 7, 2021 / Silver Spruce Resources Inc. ("Silver Spruce" or the "Company")(TSXV:SSE)(FRA:S6Q1) is saddened to report the passing of Dr. Brian Penney, Chairman of the Board of Directors, and past CEO and CFO of the Company. Brian was born in London, England on June 6th, 1944 and passed on June 5th, 2021 in Halifax, Nova Scotia, his home for many years, at the age of 76 years.


The Company extends its deepest condolences to his family and friends for our collective loss.


Dr. Penney was chairman of Silver Spruce Resources Inc. since 2016. He also served extended periods as CEO and CFO, and as chairman of the audit committee. He had extensive experience and success in guiding early-stage companies, both as CEO and Chairman. He had been a board member of several government and academic-industry boards and held various research and academic positions in physics and in computing science and worked as a software engineer, system architect and development manager at several companies in the telecommunications industry.


Brian, a professional engineer, held a Ph.D. in high energy nuclear physics from Imperial College of Science & Technology, University of London, was licensed as a commercial pilot. He was an avid investor and enjoyed great red wine.


"I had the distinct pleasure of working closely with Brian, though from afar and for only four years. I will miss his spirited conversations, his humour, his counsel, his attention to detail, his unwavering support, and his genuine interest in all subjects regarding the business and his colleagues," said Greg Davison, PGeo, Vice-President Exploration and Director. "My late father kept an accolade reserved for those deserving respect - 'he was scholar and a gentleman' - and Brian truly earned that compliment in every way."


About Silver Spruce Resources Inc.


Silver Spruce Resources Inc. is a Canadian junior exploration company which has signed Definitive Agreements to acquire 100% of the Melchett Lake Zn-Au-Ag project in northern Ontario, and with Colibri Resource Corp. in Sonora, Mexico, to acquire 50% interest in Yaque Minerales S.A de C.V. holding the El Mezquite Au project, a drill-ready precious metal project, and up to 50% interest in each of Colibri's early stage Jackie Au and Diamante Au-Ag projects, with the three properties located from 5 kilometres to 15 kilometres northwest from Minera Alamos's Nicho deposit, respectively. The Company also is pursuing exploration of the drill-ready and fully permitted Pino de Plata Ag project, located 15 kilometres west of Coeur Mining's Palmarejo Mine, 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.Greg Davison, PGeo, Vice-President Exploration and Director(250) 521-0444gdavison@silverspruceresources.com


Michael Kinley, CEO and Director(902) 402-0388mkinley@silverspruceresources.com


info@silverspruceresources.comwww.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 statements 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 financing 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, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.


SOURCE: Silver Spruce Resources Inc.

about 1 year ago
Colibri Resource Reports Start of Drilling on El Mezquite Gold, Silver Property

 

2021-06-03 12:55:53 PM ET (MT Newswires)

 
 

 
 

12:55 PM EDT, 06/03/2021 (MT Newswires) -- Colibri Resource Corp. (CBI.V) said Thursday that its option partner Silver Spruce Resources Inc. (SSE.V) will be starting its planned Phase 1 reverse circulation drill program on the companies' El Mezquite Au-Ag Property.


This is the first-ever drilling at El Mezquite. On last look on Thursday, the company's shares remained unchanged, while Silver Spruce shares rose 7.1%.


Phase 1 drilling planned by Silver Spruce will consist of a minimum of 2,000 meters of RC drilling to be completed from 8 drill pads.


The first phase of the drill program has been planned to test northeast-southwest trending structures defined by geological mapping and sampling and supplemented by lineament analyses and to test the results of an Induced Polarization survey previously completed by the company.


Price: 0.14, Change: 0.00, Percent Change: 0.00

about 1 year ago
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