Sassy Resources Expands More Creek Corridor, Discovers New Surface High-Grade Gold-Silver Zone

Source: Peter Epstein for Streetwise Reports   09/09/2020

Peter Epstein of Epstein Research discusses an explorer that he believes offers high-grade precious/base metal discovery potential.

Sassy Resources Corp. (SASY:CSE) is a largely unknown spinout from Crystal Lake Mining (now called Enduro Metals). Sassy controls 100% of a promising gold-silver play in the Eskay Camp, at the heart of B.C.’s Golden Triangle (GT). The Foremore project covers 14,585 contiguous hectares (ha) containing high-grade precious metal targets plus showings of zinc, lead and copper.

Sassy has an Enterprise Value (EV) {market cap + (0) debt – (~$2 million) cash} of ~$20 million. The capital structure is tight with only 29.1 million shares outstanding. {Please see my prior article here for further details about Sassy’s free float}. Sassy is the 16th largest pre-production junior in the GT.

Sassy’s high-grade Foremore compares in size to well-known GT projects

Compare Sassy’s 14,585 ha footprint to other high-profile GT projects like Skeena Resources’ Eskay Creek @ 6,151 ha, and Ascot’s Premier (8,133 ha) + Red Mountain (17,125 ha). Tudor Gold owns 60% of the (17,913 ha) Treaty Creek project, and Benchmark Minerals has the (14,000 ha) Lawyers project.

Readers, consider that early next year Skeena (on its 6,151 ha Eskay Creek alone) expects to report an upsized resource of >5 million ounces of gold equivalent, at >5 g/t gold equivalent. Sassy’s footprint is both sizable and centrally located.

Exploration on and around the Foremore property dates back >30 years. It includes prospecting, mapping, sampling, airborne and ground geophysical surveys, and 71 drill holes (+11 new holes last month, and a 2,000 meter program starting soon). Nearly $15 million has been invested, $20 million+ in today’s dollars.

Nearby projects include Newmont’s/Teck Resources’ Galore Creek to the northwest, Teck’s/Copper Fox’s Schaft Creek to the north, Enduro Metals’ Newmont Lake to the southwest, and Skeena and Eskay Mining projects to the south.

Australian major Newcrest Mining is in the GT through its 70% ownership of the Red Chris Mine. Billion dollar companies Pretium Resources, Seabridge Gold and Hochschild Mining are active there as well.

Newmont and Teck are building the Galore Creek road passing directly through Sassy’s property, allowing for easier, less-expensive, year-round access to the Foremore site.

Teck is also a partner in nearby Schaft Creek. This bodes well for further investments by both companies into regional infrastructure and mining services, for the benefit of all parties, including Sassy Resources.

Best historical intercepts from a total of 71 holes:

Phase I was recently completed, followed by borehole electromagnetic surveys at each drilling location (BRT and Toe Showings) within each zone along the 5-km-long historic More Creek Corridor. Drilling intersected additional mineralization at shallow depths, extending the base/precious metals-rich BRT zone (gold, silver and base metals) by 115 meters along strike. A new style of mineralization was also discovered.

The company’s technical team is pleased to have confirmed the conductivity of BRT-style mineralization through the use of Borehole EM (BHEM) surveys. The More Creek Corridor mineralization was previously thought to be non-conductive, but early success with BHEM at BRT bodes well for its use in ground and airborne EM surveys for future exploration initiatives across the entire project.

Preliminary assays were received for the first three holes of Phase I. The reason the results are not out is that a number of extra steps are being taken to confirm the accuracy of the preliminary assays before announcing the final assays on the three holes.

Broad high-grade gold/silver Westmore target rises to top of must-drill list

While exciting, Phase I was just the first of two high-grade project areas Sassy is laser-focused on. The bigger prize could very well be 3 km southwest—the Westmore “WM” target—to be drilled for the first time (ever), testing the continuity of the quartz vein-hosted high-grade, gold-silver mineralization to depth.

Until recently, much of WM (distinct from the More Creek Corridor), was covered by ice and snow year-round. As a result, there’s been a dearth of exploration. However, the maiden surface program last year, (done when Sassy was a private company), returned 15.3 to 125.5 g/t gold, plus 203 g/t to 1,900 g/t silver in the best six chip and grab samples. At spot prices, the 125.5 g/t gold + 1,900 g/t silver sample = ~152 g/t gold equivalent.

New surface discovery, including visible gold, at Westmore….

In recent weeks, further work at WM demonstrated that vein density increases significantly in a south/south-easterly direction up to 400 meters from the initial surface discovery. Mineralization remains open to the north, south and east, and visible gold has increasingly been observed (assays pending on nearly 400 surface samples).

The primary area of interest covers a minimum of 2 x 2 km. To say that management, the board, advisors and technical team are anxious to start drilling at WM would be a gross understatement! In fact, the Phase II campaign of 2,000 meters is now 100% directed at WM…. Just 1 of 12 known groups of precious and base metal showings within the Foremore project area.

Mr. Mark Scott, Sassy Resources president and CEO, commented,

“We are very pleased with how quickly this new surface discovery is building out and ticking all the boxes at this early stage. We look forward to drill-testing the Westmore target later this month.”

Mr. Ian Fraser, VP Exploration added,

“The distribution of veins, up to two meters wide, is impressive, along with the extent of galena. The system has an order and coherency to it at surface which will allow for an effective drill strategy right off the bat. We’re a year into this, and Westmore keeps looking better. This has the earmarks of a potential new Eskay Camp gold-silver drilling discovery.”

Conclusion

Sassy Resources (CSE: SASY) is poised to move forward on a new high-grade, gold-silver target in the heart of the Eskay Camp, in the middle of B.C.’s GT. Management had planned to drill several of 12 high-grade showings. However, recent surface work convinced management to focus entirely on a promising 2 x 2 km area at Westmore.

This is a company with high-grade precious/base metal discovery potential, near-term Phase I drill results, in a world-class jurisdiction, in the midst of a bull market. And, readers are reminded that Sassy has a very tight capital structure, just 29.1 million shares outstanding.

I’m tracking 529 gold-heavy Canadian and U.S.-listed juniors with market caps between $3 million and $999 million. Including Sassy, 36 have substantially all, or at least their most important assets, in the GT. The average gain of the top 20 GT juniors is +516% (from 52-week lows). The top 5 are up an average of +950%, the top 10, +785%. Wow.

Compare that to Sassy at $0.75/share, up +150% from its last capital raise done at $0.30. Subject to some good luck with the drill bit (based on strong data and expert drill targeting) this story has legs.

Readers understand and agree that they must conduct their own due diligence above and beyond reading this article. While the author believes he’s diligent in screening out companies that, for any reasons whatsoever, are unattractive investment opportunities, he cannot guarantee that his efforts will (or have been) successful. [ER] is not responsible for any perceived, or actual, errors including, but not limited to, commentary, opinions, views, assumptions, reported facts and financial calculations, or for the completeness of this article or future content. [ER] is not expected or required to subsequently follow or cover events and news, or write about any particular company or topic. [ER] is not an expert in any company, industry sector or investment topic.

Peter Epstein is the founder of Epstein Research. His background is in company and financial analysis. He holds an MBA degree in financial analysis from New York University’s Stern School of Business.

Sign up for our FREE newsletter at: www.streetwisereports.com/get-news

Disclosures: The content of this article is for information only. Readers fully understand and agree that nothing contained herein, written by Peter Epstein of Epstein Research [ER], (together, [ER]) about Sassy Resources, including but not limited to, commentary, opinions, views, assumptions, reported facts, calculations, etc. is not to be considered implicit or explicit investment advice. Nothing contained herein is a recommendation or solicitation to buy or sell any security. [ER] is not responsible under any circumstances for investment actions taken by the reader. [ER] has never been, and is not currently, a registered or licensed financial advisor or broker/dealer, investment advisor, stockbroker, trader, money manager, compliance or legal officer, and does not perform market making activities. [ER] is not directly employed by any company, group, organization, party or person. The shares of Sassy Resources are highly speculative, not suitable for all investors. Readers understand and agree that investments in small cap stocks can result in a 100% loss of invested funds. It is assumed and agreed upon by readers that they will consult with their own licensed or registered financial advisors before making any investment decisions.

At the time this article was posted, Sassy Resources was an advertiser on [ER] and Peter Epstein owned zero shares, options and warrants in the Company.

Readers understand and agree that they must conduct their own due diligence above and beyond reading this article. While the author believes he’s diligent in screening out companies that, for any reasons whatsoever, are unattractive investment opportunities, he cannot guarantee that his efforts will (or have been) successful. [ER] is not responsible for any perceived, or actual, errors including, but not limited to, commentary, opinions, views, assumptions, reported facts and financial calculations, or for the completeness of this article or future content. [ER] is not expected or required to subsequently follow or cover events and news, or write about any particular company or topic. [ER] is not an expert in any company, industry sector or investment topic.

Streetwise Reports Disclosure:
1) Peter Epstein’s disclosures are listed above.
2) The following companies mentioned in the article are billboard sponsors of Streetwise Reports: Pretium Resources and Seabridge Gold. Click here for important disclosures about sponsor fees. Please click here for more information. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.

4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Sassy Resources, a company mentioned in this article.