|March 23, 2010|
Silver Spruce Begins Drilling on Rambler South and Lazyman Gold Properties
- Rambler South drilling testing the SB zone with 11 holes
- Lazyman drilling testing the Lazyman showing with 6 holes
March 23, 2010 - Bridgewater, NS - Silver Spruce Resources Inc. (TSXV: SSE) is pleased to announce that diamond drilling has begun on both the Rambler South and Lazyman gold properties on the island of Newfoundland and that a detailed lake sediment sampling program is nearing completion on the Lobstick uranium property in Labrador.
Rambler South Gold / Base Metal Property, Newfoundland
The Rambler South property, totaling 101 claims (2,525 ha) is located on the Baie Verte peninsula of north central Newfoundland. The original 56 claims were optioned from Northeast Exploration Services, Krinor Resources Inc. and Peter Dimmell (see news release July 16, 2009).
A contract for 500 m of diamond drilling in 11 holes to test the gold SB zone was given to Cartwright Drilling of Goose Bay Labrador. The drill program began on March 20. A previous drill program totaling 542 m in 7 holes (RS-09-1 to 5 and KT-09-1 to 2) was carried out in September 2009, testing both the SB gold in till anomaly and the Krissy, shear hosted, gold zone (see news releases dated July 16, Sept. 10, Sept. 30, Oct. 22, and Dec. 8, 2009). Gold intersections in the SB zone gave values up to 1.4 g/t over 17.5 m, including 10.7 g/T over 0.7 m (RS-09-3) in a quartz/chlorite/biotite breccia, with recrystallized quartz fragments, cemented by fine grained chlorite/biotite carrying disseminated pyrite and minor chalcopyrite. 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 SB zone was traced over a 100 m strike length in three drill holes, remaining open to depth and to the northeast along trend. The new drill program will test the zone near surface and along trend to the northeast. Results will be released as they are received.
Further exploration in 2010, in addition to the drilling on the SB zone, includes: compilation, line cutting, soil geochemistry, prospecting, geological mapping and trenching on the Krissy and compilation, soil geochemistry, prospecting and geological mapping on the Brass Buckle zones.
Lazyman Gold Property, Newfoundland
The Lazyman property, which totals 114 claims (2,850 ha), was optioned from prospectors Alex Turpin and Colin Kendell (see news release July 19, 2009 for option terms). Gold mineralization occurs in sheared, arsenopyrite bearing sedimentary units and in stockwork quartz veins exposed in outcrop over an area of approximately 300 meters by 60 meters. The showing is surrounded by bog and is open in all directions. Values vary from background (100 ppb or less) to 11.4 g/t gold. A total of 37 rock samples taken from outcrops of either arsenopyrite bearing sheared sediments and/or quartz veins, 36 from the Lazyman Showing and a single sample from an outcrop 2 kilometres to the west gave thirty one (31) samples with > 0.1 g/t gold, with 18 > 0.5 g/t and 10 > 1 g/t gold and the remaining 6 samples at < 0.1 g/t gold.
A contract for 400 m of diamond drilling in 6 holes was given to Cabo Drilling of Springdale NL to test the showing over a 200 m strike length. The drilling started on March 19. Results will be released as they are received.
Lobstick Uranium Property, Labrador
The road accessible, Lobstick uranium property, acquired by option in October 2009 (see news release Oct. 29, 2009) and subsequent staking (New release Feb. 25, 2010) based on two grab sample uranium values of 1,120 ppm (2.23 lbs / ton) and 513 ppm (1.03 lbs / ton) U3O8 in sheared felsic units and anomalous lake sediment geochemistry in uranium, consists of 1,042 claims (26,050 ha) in the Churchill Reservoir area of south central Labrador. The property covers all of the felsic volcanic units of the Blueberry Hill Group, and anomalous uranium in lake sediment anomalies in the area.
A detailed lake sediment survey, sampling all available lakes in the claim group, carried out under contract, began in early March and should be completed in the next week. A total of approximately 470 samples will be acquired by auguring through the ice and then dropping the sampler through the hole to the lake bottom. Samples will be submitted to Activation Laboratory preparation facility in Goose Bay and then sent to the laboratory in Ancaster, ON for analyses for uranium and an ICP technique for other elements. Results will be reported as they are received.
Further exploration in 2010 includes a combined radiometric / magnetic survey planned for the spring, once the snow has gone and ground follow up in the late summer / early fall.
Data on the Rambler South and Lazyman properties, including compilation and plan maps and pictures from the areas, 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., a Qualified Person (QP) as defined in National Instrument 43-101.
For Further Information Contact:
SILVER SPRUCE RESOURCES
Gordon Barnhill, CFO & Director
Hugh Oswald, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 243
Toll Free: 1.866.684.4743 ext. 243
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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