|August 26, 2010|
Silver Spruce Defines Large, Strong, Altered / Mineralized Zone Big Easy Property, NL
- -Trenching program defines altered (silicified) / mineralized (pyritic) zone carrying anomalous gold / silver values over an area of 1.7 km long by 300-500 m wide
- -High value of 2 g/T over 1 m in the channel samples
August 26, 2010 - Bridgewater, NS - Silver Spruce Resources Inc. (TSXV: SSE) is pleased to provide the results of the trenching and prospecting program carried out on the road-accessible, Big Easy property in July, 2010.
The 121 claim (30 km2) property, located near Thorburn Lake in east-central Newfoundland, was optioned from prospectors Alex Turpin and Colin Kendall. The option agreement allows Silver Spruce to earn a 100% interest in the property for total cash payments of $110,000 plus the issuance of 1.6M shares to be paid over three years, subject to a 3% NSR with a 1.5% buyback for $1.5M A yearly advance royalty payment of $20,000 per year, deducted from future NSR payments, is also payable from the 4th anniversary on.
The trenching program targeted an area where prospecting had located an extensive area of Au/Ag anomalous angular boulders of silicified sandstone and conglomerate. Values up to 997 ppb (1 g/t) Au and 145 ppm (145 g/t) Ag were located in the early prospecting surveys (News release -- April 27, 2010).
Seven (7) trenches, ranging from 20 to 60 meters long, were excavated along a 700 meter strike length with overburden depths from less than 1 meter to greater than 6 meters. The first two trenches, both 45 to 60 meters long, failed to reach bedrock due to extensive till cover. Five trenches (numbers 3 to 7), all 10 to 50 meters long, exposed a zone 700 x 75 meters of epithermal style alteration consisting of intense silicification and pyritization, with some clay alteration. Bedrock in trenches 3, 4, 6 and 7 consists of intensely sheared to brecciated, silicified and pyritized conglomerate/sandstone, cut by finely banded quartz veins which range from a few millimeters to 20 centimeters in width. Pyrite is ubiquitous through the zone occurring as disseminated grains, blebs and micro stringers, ranging from 2% to 25% and averaging 5%. Bedrock in Trench 5, which gave the highest gold value, is composed of large white to grey, cherty to chalcedonic quartz vein, 1.5 meters wide which cuts intensely silicified, pyritic sedimentary units. The trenches were washed, geologically mapped and channel sampled using a quickcut diamond saw across the trend of the mineralization as defined by the mapping. A total of 121 samples were taken over lengths varying from 0.5 to 2 meters.
Channel sample analyses confirm the altered zone is anomalous in precious metals and some indicator elements. Gold (Au) values range from 30 to 2083 ppb with a mean value of 71.7 ppb. The highest gold value, 2.08 g/T over 1 m, is in the silicified sediments which are cut by a 1.5 m quartz vein in Trench 5. Silver (Ag) values range from 1.9 to 13.4 ppm with a mean value of 3.55 ppm. Arsenic (As) values range from 50 to 860 ppm with a mean value of 130.2 ppm. Molybdenum (Mo) values range from 7 to 262 ppm with a mean value of 28.4 ppm. Anomalous aluminum, bismuth, and potassium values are also noted in the samples from the altered zone. Five rock samples from outside the altered area gave values < 10 ppb gold.
The mean values for the anomalous channel samples are listed in the table following.
Check analyses are being carried out on selected samples with results expected in the next two weeks. These will be reported when received. Follow up exploration, consisting of grid cutting and an IP/Resistivity survey to determine the margins and orientation of the zone, and to indicate areas of higher potential, is planned for the near future. A compilation map of the property, plus a picture showing Trench 5, which gave the highest Au value, is shown on the SSE website at www.silverspruceresources.com.
All channel and grab samples were shipped to the Accurassay preparation facility in Gambo, Newfoundland, for sample preparation with analyses carried out by fire assay (1/2 assay tonne) plus an ICP technique for other elements in their Thunder Bay laboratory.
This release has been approved by Peter M. Dimmell, P.Geo., VP Exploration for Silver Spruce Resources Inc., who is a Qualified Person (QP) as defined in National Instrument 43-101.
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 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.
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 company seeks Safe Harbour.
You can view the Next News item: Fri Sep 3, 2010, Private placement of up to $400,000 - Amendment
You can view the Previous News item: Mon Aug 23, 2010, Private Placement of up to $150,000 (non-flow-through)
You can return to the main News page, or press the Back button on your browser.