Silver Spruce Reports on Start of Diamond Drilling Road Accessible, Big Easy Gold Silver Property, Eastern Newfoundland
24 Mar 2011 14:36 ET
Marketwire
Silver Spruce Resources Inc.
March 24, 2011 - 02:35:45 PM
Silver Spruce Reports on Start of Diamond Drilling Road Accessible, Big Easy
Gold Silver Property, Eastern Newfoundland
BRIDGEWATER, NOVA SCOTIA--(Marketwire - March 24, 2011) - Silver Spruce
Resources Inc. (TSX VENTURE:SSE)(FRANKFURT:S6Q) -
Highlights
- 1,400 m in six holes planned to test IP targets and epithermal, sinter type,
banded quartz veins
Silver Spruce Resources Inc. is pleased to announce that a contract for 2,000
m of diamond drilling has been given to Cabo Drilling of Springdale, NL. for
drilling on the Big Easy, gold/silver property in eastern Newfoundland and the
Rambler South Gold property in the Baie Verte area in the north-eastern part
of the province.
The drill is being mobilized to the Big Easy property where approximately
1,400 m in six drill holes is planned. Drilling should begin by the weekend.
The drilling will test Induced Polarization (IP) targets in an altered
(silicified) / mineralized area, which extends in a north-northwesterly
direction, over an area of greater than 1 km by 300 m to 500 m wide, narrowing
to the north and south. Gerard Lambert, a geophysical consultant who evaluated
the IP results, concluded: 1) Results indicate nine shallow (i.e., 25 m depth
or so) anomalous IP features, all of which are of the "non-conductive" type,
indicating disseminated to stringer sulphides, which extend through the
altered / mineralized area, in a north to north-northeast direction and 2) The
IP anomalies appear to be grouped to form two linear trends, one of which
falls along the corridor of silicification in the central portion of the grid
which appear to show potential for outlining a significant pyritized zone (see
news release dated November 13, 2010).
Dr. Greg Arehart, the Head of the Department of Geological Sciences and
Engineering at the University of Nevada in Reno, and a recognized expert in
epithermal and Carlin-type gold deposits who has visited the property,
comments: "the geology is clearly permissive of an epithermal system of
significant size (greater than 700 m of known strike length), and the
geochemical signature is also consistent with epithermal mineralization. Some
of the exposures appear to be near-surface sinter deposits, suggesting that we
are seeing the top of the system."
The 121 claim (30 km2) property, located near Thorburn Lake in eastern
Newfoundland, was optioned from prospectors Alex Turpin and Colin Kendall. The
option agreement, to earn a 100% interest subject to a 3% NSR with a 1.5%
buyback for $1.5M, is a total of $110,000 plus 1.6 M shares over three years.
A yearly advance royalty payment of $20,000 per year, deducted from future NSR
payments, is payable from the 4th anniversary on.
Plan maps for the proposed drill holes, the IP chargeability and resistivity
and a compilation map for the property are shown on the Silver Spruce website
at silverspruceresources.com. 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 originally focused on uranium in
the Central Mineral Belt (CMB) and elsewhere in Labrador, Canada. With
interests in more than 4,000 claims totaling more than 1,000 square kilometers
in Labrador, Silver Spruce is one of the largest landholders in one of the
world's premier emerging uranium and REE districts. The company has rare earth
element (REE) properties in Labrador - Pope's Hill, RWM and the Straits and
gold/silver projects on the island of Newfoundland.
The company seeks Safe Harbour.
FOR FURTHER INFORMATION PLEASE CONTACT:
Silver Spruce Resources - Head Office Gordon Barnhill CFO & Director
902.527.5700 902.527.5711(FAX) gbarnhill@silverspruceresources.com
www.silverspruceresources.com
Ascenta Capital Partners Inc. Hugh Oswald Investor Relations 604.684.4743
ext.243 or Toll Free: 1.866.684.4743 ext.243 hugh@ascentacapital.com
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.
