Silver Spruce Resources Inc. [SSE-TSXV; SSEBF-OITCQB] has mobilized its local exploration team, managed by the property vendor, to resume the gold-grain-in-till sampling and soil geochemical sampling on the Mystery gold project on the island of Newfoundland.
The company signed a definitive agreement in September 2021 with two parties (the vendors) to acquire 100% of three early-stage gold exploration properties, namely, the Mystery, Till and Marilyn, located near Grand Falls, Newfoundland and Labrador, Canada, 20-25 km west of the New Found Gold Corp. [NFG-TSXV; NFGC-NYSE American] Queensway project and 15-35 km south of the Sokoman Minerals Corp. [SIC-TSXV; SICNF-OTCQB] Moosehead gold project.
â€œWe have re-initiated the Phase 1 exploration sampling program and look forward to completion of the sample collection in early July with shipment to the processing and analytical facilities shortly thereafter,â€ said Greg Davison, Silver Spruce Vice-President Exploration and Director. â€œApproximately 50% of the planned sampling was completed before the winter season. Multi-element geochemistry and gold grain results were received in Q2 2022 from the laboratories. The promising initial results are being evaluated and will be released in due course.â€
â€œMost importantly, the Properties comprise a large, virtually untested area given the number of showings, prospective geology and regional geophysical structures within and adjacent to our holdings,â€ stated Davison. â€œThe wide-spaced gold grain in till sampling program’s location, frequency, size and shape distribution data will provide the first pass exploration filter over our airborne geophysical survey base map from our MPX Geophysics survey completed in Q1 2022.â€
The gold grain in till program is underway with B zone soil geochemical sampling over the remainder of the planned 184 locations for THE Mystery Lake and Marilyn blocks.
The company has staged plans to complete, with its receipt of exploration approvals from the Mineral Lands Division of the Government of Newfoundland and Labrador.
The properties are located close to each other and 10-45 kilometres south by Bay dâ€™Espoir Highway from Bishopâ€™s Falls, Newfoundland and are easily accessible from major paved roads and local logging and bush roads and trails. The properties have seen little recent exploration. Prospecting by the vendor is the only exploration conducted during the past 10 years.