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February 25, 2010
Silver Spruce Reports on Metallics Assays -- Rambler South Gold Property Plans for 2010 Exploration

Highlights
  • Metallics assays from diamond drilling enhance gold values -- SB and Krissy trends
  • Staking increases the size of the Rambler property to 101 claims
  • Staking increases the size of the road accessible Lobstick U property to over 1000 claims
February 25, 2010 - Bridgewater, NS - Silver Spruce Resources Inc. (TSXV: SSE) is pleased to release an update on exploration activities and plans for 2010. Additionally, the company is pleased to provide metallics assay results on drill core and details on the acquisition of claims on the Rambler South property and on the Lobstick U property in Labrador as well as information on the termination of the option agreement on the Calvin's Landing property.

Rambler South Gold / Base Metal Property, Newfoundland
The Rambler South property, located on the Baie Verte peninsula of north central Newfoundland, now totals 101 claims (2,525 ha) with the original 56 claims optioned from Northeast Exploration Services, Krinor Resources Inc. and Peter Dimmell (PMD). Terms of the option to earn a 100% interest, subject to a 2.5% NSR with a 1.0% buyback for $1.5 M, over 3 years are: payments totalling $95,000; issuance of 1.05 M shares; a work commitment of $500,000 by the end of the second year; a yearly advance royalty payment, deducted from future NSR payments, of $10,000 per year (payable from the 4th anniversary on). The added claims become part of the agreement as they lie within the area of interest.

The drill program which took place in September of 2009 was designed to test the SB gold in till anomaly and the Krissy, shear hosted, gold zone. The drill program ended with a total of 542 m in 7 holes completed (RS-09-1 to 5 and KT-09-1, 2) (News releases dated July 16, Sept. 10, Sept. 30, Oct. 22, and Dec. 8, 2009). In the SB zone, gold intersections up to 1.4 g/t over 17.5 m, including 9.99 g/T over 0.7 m, in RS-09-3 were located, hosted in a quartz/chlorite breccia, with recrystallized quartz fragments, cemented by fine grained chlorite carrying disseminated pyrite and minor chalcopyrite. A metallics analyses of the core sample that ran 9.99 g/t gave 10.7 g/t, a small increase that confirmed the high grade of this sample. Overburden Drilling Management work indicates that the gold in the SB till anomaly is fine grained (generally 20-30 micron) free gold with a strong chlorite association. The zone has been traced over a 100 m strike length in three drill holes, remaining open to depth and to the northeast along trend. A 500 m diamond drill program to further test the zone is planned for March 2010.

Gold mineralization, including visible gold, at the Krissy zone is associated with sulphide rich quartz veins emplaced along a shear zone, up to 5 m in width, related to the intrusion of linear quartz porphyry bodies. Significant values from the zone include: 12.5 g/t / 1.5 m in a channel sample in the trench 2 area near L 22 E, and 2.75 g/t over 1.65 m, including 6.85 g/T over 0.51 m, in DDH KT-09-1. Two metallics analyses of core rejects from the drilling gave the following results: 42298 - EA -- 5008 ppb, AA metallics -- 7508 ppb; and 42299 -- EA - 9480 ppb, AA metallics -- 13,469, an increase of 40% plus, indicating that free gold is present and that the regular fire assay results most likely understate the gold values in the zone. Using the metallics analyses, the grade of the gold intersections in KT-09-1 goes from 6.85 g/t over 0.51 m to 9.96 g/t over 0.51 m in a zone that runs 4.23 g/t over 1.4 m. The results of the analyses are shown in a table following.

CHECK / METALLICS ASSAYS -- DIAMOND DRILLING - 2009

 

Eastern Analytical

 

Accurassay

 

 

 

Original analyses

Checks - pulps

Checks - rejects

Checks - rejects

Metallics - rejects

 

 

 

1st cut

Duplicate

 

Sample #

ppb Au

ppb Au

ppb Au

ppb Au

ppb Au

42018

70

41

na

na

na

42042

5868

5092

5147

na

na

42089

25

19

na

na

na

42103

428

417

511

na

na

42132

63

50

na

na

na

42150

655

621

596

na

na

42155

9995

na

na

na

10,796

42208

3596

4114

4515

4618

na

42209

1120

1151

na

na

na

42258

29

46

na

na

na

42278

352

1127

na

na

na

42290

298

32

na

na

na

42298

5008

na

na

na

7508

42299

9480

na

na

na

13,469

42314

1564

2061

na

na

na

42349

462

407

na

na

na


Note: highest values bolded; na -- not assayed

The Krissy boulder, an approximate 500 lb boulder of recrystallized quartz with pyrite and visible gold in an altered/sheared sericitic volcanic or porphyry unit, located on L 17 E, 500 m to the west of the Trench 2 area and across the ice direction, remains unsourced.

Exploration planned for 2010 includes: diamond drilling on the SB zone; compilation, line cutting, soil geochemistry, prospecting, geological mapping and possible trenching on the Krissy zone and compilation, soil geochemistry, prospecting and geological mapping on the Brass Buckle zone.

Lobstick Uranium Property, Labrador
The company reports that it has acquired a total of 809 claims from an insider of the company at no cost, other than the staking and deposit costs. These claims tie on to the existing Lobstick claim groups and cover all of the significant felsic volcanic units and anomalous uranium in lake sediment anomalies in the area. The claims were acquired to cover uranium prospective areas based on the uranium values located in the late fall of 2009 where two uranium values, of 1,120 ppm (2.23 lbs / ton) and 513 ppm (1.03 lbs / ton) U3O8, were located by Innu prospectors allied with the company in October (News release Oct. 29, 2009).

Exploration planned for 2010 includes a detailed lake sediment survey to be carried out this winter, a combined radiometric / magnetic survey planned for the spring, once the snow has gone and ground follow up in the late summer / early fall.

Calvin's Landing Gold Property, Newfoundland
The option on the Calvin's Landing gold property near Glovertown in central Newfoundland has been terminated and the property returned to the vendors. Trenching results located a strong, high sulphidation alteration zone carrying quartz-specular veining however results for gold were generally insignificant with the highest value 94 ppb over 1 m.

Drill core was sawed in half using a diamond saw, by SSE personnel, with one half of the core retained and the other half sent to Eastern Analytical Laboratories in Springdale, NL to be analyzed for Au by fire assay (1/2 assay tonne) plus ICP-11 for other elements. Check analyses were performed on both pulps and rejects from the original core samples at Accurassay Laboratories in Thunder Bay, ON. Metallics analyses were performed on rejects from three core samples, two from the Krissy and 1 from the SB anomaly, by Accurassay Laboratories in Thunder Bay. Uranium analyses on rocks were performed using an ICP technique at Actlabs in Ancaster, ON.

Data on the Rambler South property including compilation maps, a plan map of the 2009 drilling, and pictures from the area, and a compilation map of the Lobstick area, are provided on the Silver Spruce website at silverspruceresources.com.


ABOUT SILVER SPRUCE
Silver Spruce is a junior exploration company with advanced gold/silver projects in Mexico and the island of Newfoundland, and base metal projects in central and western Newfoundland. The company was originally focused on uranium in the Central Mineral Belt (CMB) and elsewhere in Labrador, Canada and with continued interests in more than 7,000 claims totaling more than 1,750 square kilometers in Labrador, Silver Spruce remains the second largest landholder in one of the world's premier emerging uranium districts. This diversity makes Silver Spruce a leading explorer in Canada and Mexico.

This release has been approved by Guy Mac Gillivray, P.Geo., Senior Geologist for Silver Spruce Resources Inc., who is a Qualified Person (QP) as defined in National Instrument 43-101.

For Further Information Contact:

SILVER SPRUCE RESOURCES
HEAD OFFICE

Gordon Barnhill, CFO & Director
Phone: 902.527.5700
Fax: 902.527.5711
E-mail: gbarnhill@silverspruceresources.com
Web: www.silverspruceresources.com

INVESTOR RELATIONS
Hugh Oswald, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 243
Toll Free: 1.866.684.4743 ext. 243
E-mail: hugh@ascentacapital.com
Web: www.ascentacapital.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. The Corporation seeks Safe Harbour.
 
 

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