|November 04, 2010|
Silver Spruce Reports Results of Channel Sampling Brass Buckle and Krissy Zones - Rambler South Property, Nl
|- Brass Buckle channel samples w/ gold and tellurium values up to 248.9 g/T Au and 94 g/T Te
- Brass Buckle vein grab samples with values of 573 and 84.3 g/T Au with 60 g/T Te in one sample
- Krissy composite selected grab samples with values to 65.8 g/T Au
November 4, 2010 - Bridgewater, NS - Silver Spruce Resources Inc. (TSXV: SSE) reports that it has received the results for: three short channel samples and two selected grab samples taken on the Brass Buckle showing; and 6 composite grab samples and 5 check samples from the recent trenching and channel sampling on the Krissy zone, on the road accessible, Rambler South gold property in north-eastern Newfoundland.
The property totals 101 claims (2,250 ha) and was optioned from Northeast Exploration Services, Krinor Resources Inc. and Peter Dimmell (PMD). Terms to earn a 100% interest, subject to a 2.5% NSR with a 1.0% buyback for $1.5 M, are: total payments of $95,000, issuance of 1.05M shares and a work commitment of $500,000 by the end of the second year. In addition, a yearly advance royalty payment, deducted from future NSR payments, of $10,000 per year, is payable from the 4th anniversary on.
Brass Buckle: Two selected grab samples and three channel samples were taken by SSE personnel over an approximate 10 m strike length, from the surface exposure of the Brass Buckle quartz-pyrite vein, a short strike length vein localized along the contact between a quartz porphyry unit and mafic volcanics of the Pacquet Harbour Group. The channel cuts, taken at 5 m intervals, using a Quikcut diamond saw, varied from 0.5 to 0.7 m long. Samples were analyzed for gold (Au), tellurium (Te) which is used in solar panels, cameras and to make metals more machinable, and 30 other elements. The two grab samples taken approximately 5 m apart assayed 573.3 g/T Au, 60 g/T Te and 23.6 g/T Ag and 84.3 g/T Au, ND for Te and 73.2 g/T Ag. The three channel samples gave values of 25.3, 248.9 and 189.1 g/T Au, 94, 45 and 17 g/T Te and 31.7, 15 and 2.1 g/T Ag respectively. Bismuth (Bi) was elevated with values from < 100 to 598 ppm indicating that the Te may be associated with the gold as a bismuth telluride. A plan map of the Brass Buckle vein, with the recent sampling, is shown on the website.
Krissy: Six selected composite grab samples were taken from the trenches on the Krissy trend (T1 A,B; T1C;T3C;T4C;T5C). They were all recrystallized quartz vein material varying from sulphide (pyrite, chalcopyrite and chalcocite/bornite, galena) rich to minor sulphide to no visible sulphides. The highest gold value, 65.8 g/T was found in sample T1A which had approximately 40 % pyrite in the quartz veining, with 0.91 % Cu and 28.4 g/T Ag associated. Sample T1B, which had approximately 10 % pyrite and some galena gave 13.4 g/T Au, 0.42 % Pb and 10.4 g/T Ag. Sample T1C which carried only minor pyrite (2-3 %) gave 7.8 g/T and 2.9 g/T Au on duplicate samples with elevated copper in the 700 ppm range and Ag at 11.9 g/T in the original sample. Samples T3C and T4C gave insignificant results for gold and other elements while T5C, with quartz veining and some associated magnetite, gave 363 ppb Au with insignificant values in other elements.
Results were received for duplicate analysis of 5 pulps from the channel samples from every 20th sample at the laboratory, Eastern Analytical in Springdale. Results showed good order of magnitude correlation with duplicate values both higher and lower than the original values. One sample (42386) gave the most deviation - 746 ppb in the original and 112 ppb in the duplicate. This one variance in values in the check samples is not considered to be significant given that visible gold (VG) is known in the system.
The sampling, although limited in scope, appears to indicate that gold is associated with pyrite, and copper and lead mineralization, although free gold is also present in the system as shown by the variable results in some of the duplicate samples.
Metallics assays are being carried out on 13 selected rejects (coarsely crushed material) from the channel samples from the Krissy trenching, which vary from low to high values, as a check on the original results to further evaluate the gold nugget affect. Results will be reported when received.
The Brass Buckle samples were analyzed at Inspectorate Exploration and Mining Services in Vancouver, BC. for gold by fire assay and an ICP-31 technique for other elements including Te. The composite grab samples and the check samples from the Krissy trenching were analyzed at Eastern Analytical Laboratories in Springdale, a recognized local laboratory, for Au plus ICP-11. The metallics analysis will be carried out by Accurassay laboratories of Gambo NL and Thunder Bay, ON.
Maps showing the location of the property plus plan maps for the sampling at the Brass Buckle, and the trenching and channel sampling on the Krissy Trend can be viewed on the company website at www.silverspruceresources.com.
ABOUT SILVER SPRUCE
Silver Spruce is a junior exploration company originally focused on uranium in the Central Mineral Belt (CMB) and elsewhere in Labrador, Canada. With interests in more than 7,000 claims totaling more than 1750 km2 in Labrador, Silver Spruce is the second largest landholder in one of the world's premier emerging uranium districts. The company also has gold/silver projects in Mexico and the island of Newfoundland making Silver Spruce a leading explorer in Canada and Mexico.
This release has been approved by Guy Mac Gillivray, 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
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.
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