Silver Spruce Reports on Start of Diamond Drilling Road Accessible, Big Easy Gold Silver Property, Eastern Newfoundland
March 24 2011 - 2:35PM
Marketwired
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.
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.
Contacts: 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
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