SSE Silver Spruce Resources Inc

Silver Spruce Resources Inc. (TSX VENTURE:SSE)(FRANKFURT:S6Q) - 

Highlights

- significant values in gold and base metals from rock and basal till and HMC
samples


- lithogeochemical results show excellent VMS base metal characteristics

- stratigraphic drilling begun to test anomalous conductive zones

- termination of Mother Lode property option agreement

Silver Spruce Resources Inc. is pleased to announce the results of the 2007/2008
exploration program and the commencement of drill follow up on the CNL property
in central Newfoundland. The property is 100 % owned by Silver Spruce subject to
an NSR payable to ASK Prospecting and Guiding. The exploration has consisted of
basal till sampling over VLF-EM conductive targets in the winter, trenching in
the late fall of 2007, and lithogeochemical analysis of rock samples in the
early winter of 2008.


Results indicate that the area is very prospective for volcanogenic massive
sulphide (VMS) deposits, with extensive alteration related to mineralization in
the felsic volcanics, the usual hosts for VMS deposits. Gold potential is also
noted in both the till samples and the panned concentrates from the trenches.
The drilling will test VLF-EM conductors and the stratigraphy of the area, which
has limited outcrop, over a 15-20 km strike length. It will also provide samples
for further lithogeochemical analyses which will allow better discrimination of
the target areas for the Phase 2 exploration program.


The area has been explored by regional geochemical and airborne magnetometer, EM
and VLF-EM surveys and ground follow up, including limited diamond drilling,
carried out by companies such as Noranda, Fortune Bay Minerals, Asarco, Amoco
and others. This work noted altered felsic volcanics and located copper
mineralization in felsic units such as Clipper Brook, base metal mineralization
(copper, lead, zinc) in the Crippleback Lake Monzonite and molybdenum
mineralization associated with intrusives in the Coronation Lake area.


In the Silver Spruce work, the basal till sampling program was carried out using
a Pionjar drill and a "flow through" sampler, under contract by ASK in the
winter of 2007. A total of 223 samples tested VLF-EM anomalies, associated with
altered (sericitized / chloritized / silicified) felsic volcanics. Depths varied
from one to 10 m. Samples were submitted to Overburden Drilling Management in
Nepean, Ontario for analysis for Au by tabling with a split of the sample sent
to Actlabs in Ancaster, ON for analysis by an ICP method. The heavy mineral
concentrate totaled approximately 50 g in each sample. Tabling of the samples
gave only weak Au values with a maximum of 2 grains found in four samples and 3
calculated values greater than 500 ppb Au with a high of 763 ppb. The ICP
analyses gave values as follows: Cu generally less than 100 ppm with a high of
2810; Pb - generally less than 40 ppm with a high of 1,260; Zn - generally less
than 50 ppm with a high of greater than 10,000 ppm (1 %); Cd - generally less
than 1 ppm with a high of 110 ppm; Ag generally less than 0.3 ppm with a high of
13.1 ppm; and Ni generally less than 40 ppm with a high of 734 ppm. The highest
Cu, Pb, Zn, Cd and Ag values were located in the same area in the vicinity of a
VLF-EM conductor.


In the late fall of 2007, eight excavator trenches tested the stronger basal
till anomalies. Overburden varied from 1 to greater than 5 m with not all
trenches reaching bedrock. Samples from bedrock and angular float and 13 large
basal till samples, were taken from the deepest portion of the trenches where
possible. The tills were concentrated by panning by Allan Keats of ASK, and the
heavy mineral concentrate (HMC) analyzed for Au (fire assay) and an ICP
technique. Trench 1 was dug over the highly anomalous base metal values located
in the till sampling. Rock samples from bedrock or angular float were acquired
from trenches 1, 4 and 8. These rocks were altered (sericitized) rhyolites
carrying pyrite and base metals (Pb/Zn) in trenches 1 and 4 and an altered
gabbro carrying pyrite and pyrrhotite, in trench 8.


In the rock samples, anomalous values in Zn (to 1,870 ppm, background less than
100 ppm) with minor Pb (to 197 ppm, background 30 ppm) were noted in Trench 1,
while weak Cu values in the 60-99 ppm range were noted in trench 8. Trench 4
gave only background values. The HMC samples showed extensive pyrite and
magnetite in most samples with some visible gold noted as small flakes in
trenches 3, 6 and possibly 7. Analysis of the HMC samples gave two significant
anomalous values in gold - 3,954 ppb from trench 3 and 1677 ppb from trench 6.
All other gold values were background (5 ppb). No significant base metal values
were noted in the HMC results although As was elevated (greater than 100 ppm) in
five of the 13 samples.


Rock samples from outcrop, bedrock and angular float in the trenches, were
analyzed by standard whole rock lithogeochemical techniques. Dr. Stephen
Piercey, a professor at Laurentian University in Sudbury, an independent
consultant and a recognized expert in volcanogenic massive sulphide (VMS)
deposits and lithogeochemistry, was contracted to interpret the results of the
survey. His conclusions were: "Samples from the CNL project range from mafic to
felsic volcanics with numerous samples exhibiting lithogeochemical signatures
indicative of VMS-style alteration (e.g., chlorite, sericite) coincident with
anomalous base and volatile metal contents. These types of lithogeochemical
signatures are similar to those found in rocks from discordant alteration zones
(e.g., alteration pipes/upflow zones) in VMS systems."


The basal till samples were sent to Overburden Drilling Management in Nepean, ON
for tabling and gold grain counting with a split of the sample sent for analysis
by an ICP method to Activation Laboratories in Ancaster, ON. Rock and HMC
(panned) samples were analysed at the Eastern Analytical Laboratory in
Springdale, a recognized local laboratory used by most exploration companies
active in Newfoundland. The lithogeochemical analyses were performed using the
4Litho technique at Activation Laboratories Ltd. (Actlabs) in Ancaster, Ontario.


Maps showing the property, with trench, rock and HMC results are shown on the
Silver Spruce website at www.silverspruceresources.com.


MOTHER LODE GOLD PROPERTY

The company would also like to inform investors that it has terminated the
option on the Mother Lode gold property, on the Burin Peninsula of eastern
Newfoundland. The drill program carried out in 2007 located wide zones (up to 10
m) of weak mineralization in the 0.3 to 1 g/t Au range, related to shearing and
alteration in the primarily mafic volcanic units. Prioritization of projects
indicated that the company should emphasize work on its other uranium and
precious / base metal properties.


ABOUT THE CNL PROPERTY

The CNL property consists of 511 claims (12,775 ha, approx. 128 km2) on NTS
areas 2 D/13 and 12 A/16, in central Newfoundland, to the southwest of Grand
Falls - Windsor. The claims were staked in early 2007, on a recommendation by
ASK Prospecting and Guiding, using information gained from over 20 years of work
in the area. One of the ASK principals, Allan Keats, is a co-recipient of the
2007 Prospector of the Year award from the Prospectors and Developers
Association of Canada. Under the terms of the agreement, a 2 % NSR, with a 1 %
buyback for $1 Million, is payable to ASK on any production from the property.
ASK will also get 100,000 shares if Silver Spruce elects to retain any of the
properties for the second year. Silver Spruce can elect to terminate the
agreement and transfer the claims to ASK at any time.


ABOUT SILVER SPRUCE

Silver Spruce is a junior exploration company mainly focused on uranium in the
Central Mineral Belt (CMB) of Labrador, Canada and gold/silver in Mexico. With
interests in more than 11,882 claims totaling more than 2,970 square kilometers
in Labrador, Silver Spruce is the second largest landholder in one of the
world's premier emerging uranium districts. The exposure to base and precious
metals in central Newfoundland and gold/silver opportunities in Mexico, gives
the corporation diversification without losing its uranium focus. Strong
financial backing makes Silver Spruce a leading explorer in Canada and Mexico.


This release has been approved by Peter Dimmell, P.Geo., Vice President of
Exploration, Silver Spruce Resources Inc., who is a Qualified Person (QP) as
defined in National Instrument 43-101.


The company seeks Safe Harbour.

Silver Spruce Resources (TSXV:SSE)
Historical Stock Chart
From Jun 2024 to Jul 2024

Silver Spruce Resources (TSXV:SSE)
Historical Stock Chart
From Jul 2023 to Jul 2024