You can download a PDF of our full report by clicking on the following link: SSE-071719-U
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eResearch published its Update Report on Silver Spruce Resources Inc. (“Silver Spruce Resources” or the “Company”) on July 11, 2019. To access that report, click on the following link: SSE-071119-U
Since then, the Company has made three (3) important announcements:
1. Sale of Kay Mine Concluded
Silver Spruce Resources received the final payment, being $150,000, from Croesus Gold Corp. to complete the sale to Croesus of the Kay Mine located in Arizona. The Company has no further involvement with the property.
2. Pino de Plata Update
Silver Spruce Resources has provided an update commentary concerning its flagship Pino de Plata property in Mexico. Just as initial drilling was set to commence, the Company received an unsolicited offer from a Mexico corporation, which is controlled by the surface landowners, that insisted that the corporation be allowed to make an investment in the Company’s Mexican subsidiary before the Phase I drill program gets underway and a possible “discovery” is made.
The offer envisions that the surface landowners’ Mexican corporation will make a payment of US$250,000 for: (i) a 5% carried interest in the Company’s Mexican subsidiary; and (ii) a 5% interest in the mining titles for each of the four mining concessions that comprise the Pino de Plata project and which are held under purchase option by the Company and its Mexican subsidiary from the private Mexican title owner of the mining concessions.
The management of Silver Spruce Resources indicated to the Mexican corporation that it was willing to accept its offer as it placed a favourable value on the project and, also, that it would permit drilling to commence.
An unexpected glitch occurred when it was learned that the widow of the original land title owner was not yet registered as the 100% title-holder of the claims. Silver Spruce Resources is working with the widow’s attorneys to resolve this situation as quickly as possible.
The Company has stated that it welcomes the land owners’ investment and looks forward to working with them to advance the project as soon as possible.
3. Pending Acquisition of the Cocula Property, an Advanced Gold Project
Silver Spruce Resources has signed a binding Letter of Agreement (“LOA”) with a Mexican company (referred to as “ProDeMin”) which entitles the Company to assume ProDeMin’s option agreement to acquire a 100% interest in an advanced gold project, known as the Cocula Project, that is located in the Ameca mining district in Jalisco State in Mexico. The Company has been granted a six-month due diligence period.
The environs of the Cocula property are well established as a viable mining district, primarily for gold, silver, and base metals. Notable activity nearby is the El Barqueno exploration project of Agnico Eagle and the Terronera development project of Endeavour Silver.
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You can download a PDF of our full report by clicking on the following link: SSE-071719-U
