|
Anomalous Gold, Silver and Mercury in Soils on Centauro Property
Chihuahua State, Mexico
Highlights
- Values up to 27,800 ppb Hg located in soil
overlying the silicified Centauro mesa
- Rock samples
with values up to 1.79% antimony in northwestern portion of the property
- 3,000 meter
diamond drill program planned for 2nd quarter of 2008
February 27, 2008 -
Bridgewater, NS
- Silver Spruce Resources Inc. (TSXV: SSE) is pleased to announce that
the 2007 exploration program on the Centauro Property in the Sierra Madre
Occidental of Chihuahua State, Mexico, has resulted in the definition of
significant soil anomalies in gold, silver, mercury, barium and the
“toxic” metals (arsenic, antimony) associated with the
silicified mesa “cap”. The Centauro Property is under option
to Silver Spruce, which can earn a 100% interest in the property as
previously announced.
The area was previously explored in the early to mid 1990s by Jaba
Inc., Excellon Minerals, Blue Ribbon Resources and Cascabel
Resources who carried out rock chip sampling, structural studies and a
six-hole, reverse circulation (RC) drilling program that tested the silicified
zone on the eastern side. Weakly anomalous gold and silver values in the
100 ppb gold and 3 ppm silver range, were located in a couple of the
holes. No follow up was carried out.
In the Silver Spruce work, four lines, each approximately 2 kilometers long,
at approximate 500-meter intervals, were cut through the underbrush over
the mesa to cover an approximate 1.5-kilometer strike of the silicified
zone. Soil samples were taken from the surface soil at 10 meter intervals
along each of the lines extending into the colluvium both to the east and
west of the silicified mesa. Samples were taken at 50 meter intervals
over the colluvium to give a regional background.
Soil geochemical results are as
follows:
Mercury (Hg) is strongly anomalous (values >1000 ppb
throughout, with values up to 28,700 ppb) along the eastern portion of
the zone, to the east of the old Excellon RC holes, with weak anomalies
in the central portion, near the
Excellon holes, and stronger but narrower zones to the northwest;
Gold (Au) values (>25 ppb, with a high of 72 ppb) are
strongest on the west side of the mesa, associated with an inferred fault
structure, weakly anomalous in the central portion and sporadic in the
eastern portion of the zone;
Silver (Ag) values (>1 ppm, up to 2.5 ppm) are strongly
anomalous on the west side of the zone associated with the higher Au
values and the inferred fault structure, with a weak anomaly associated
with the area tested by Excellon RC Hole # 6;
Antimony (Sb) values (>80 ppm with a high of 428 ppm) are
located mainly on the west side of the mesa and are highest to the
northwest where outcrops containing realgar, orpiment and stibnite, in a
black silicified conglomerate, are located. Weaker anomalies are also
noted in the central part;
Arsenic (As) values (>400 ppm, with values to 4,020 ppm)
are noted throughout the silicified zone but are strongest to the east
and west of the Excellon RC holes although weak anomalies are associated
with the area drilled by Excellon;
Barium (Ba) values (>1200 ppm) are strongest on the west
side of the zone, especially the southwestern part, associated with the
inferred fault. Base metal values are low to non-anomalous throughout,
generally < 50 ppm. The highly anomalous Hg values, coupled with the
anomalous Au, Ag and toxic metal suite and the low base metal values
indicate that the system should be above the “boiling zone”,
and therefore the zone of deposition for epithermal “bonanza
gold” veins.
Three rock samples (AG-1 to 3), taken from epithermal style quartz vein
float and outcrop in old undocumented prospect pits in the northwestern
portion of the property, gave values from 129 to 17,900 ppm (1.79%) Sb,
< 5 to 13 ppb Au, 1.6 to 2.4 ppm Ag, 192 to 482 ppm As and 2,630 to
6,490 ppb Hg.
Dr.Greg Arehart, a professor at the University of Nevada in Reno, and a
recognizedexpert in epithermal and Carlin-type gold deposits, has visited
the Centauro Propertytwice, with the most recent visit following the
receipt of the soilgeochemistry results. He comments, “The Centauro
prospect is one of very fewessentially untested epithermal prospects in
the epithermal province of the Sierra Madre
Occidental . This system has clearly seenvoluminous and
extensive fluid flow, as evidenced by the intense and
widespreadsilicification. Metals in rock chip and soil samples are
anomalous over asignificant area, indicating potential for a large
(multi-million ounce) metalendowment. Two target types are present: a
near surface, low-grade, largetonnage potentially Carlin-Type resource,
as well as a deeper, focused,bonanza-type system.”
Two more soil lines, 5 and 6, were sampled in January-February 2008.
Sampling was carried out as before, at 10 and 50 meter intervals, with a
total of 122 samples taken. In addition, seven rock samples were also
taken. Results are pending and will be reported when received. A diamond
drilling program of approximately 3,000 meters, in approximately 10 drill
holes, is planned to test the anomalous silicified zone in the
first/second quarter of 2008. Road building to support this work is
underway.
All samples were transported to the Activation Laboratories Ltd.
(Actlabs) preparation laboratory in Hermosillo, Mexico, and then sent to
the Actlabs laboratory facility in Ancaster Ontario, for analysis for
gold by fire assay (1A2), 37 elements by Aqua Regia ICP (1E3) and Mercury
by cold vapour FIMS (1G). The soil geochemical plans, with values for the
various elements, and the location of the new soil lines (Lines 5 and 6),
plus the rock sample locations, are shown on the Silver Spruce website.
About the Centauro Property
The Centauro Property is a contiguous block of six claims (1,420
hectares), located in the southern part of Chihuahua State, just to the
north of Durango State, approximately 25 km to the west of Highway 45,
the main north-south highway in Mexico. The property is subject to an
option agreement with a Mexican geologist, Jesus Ayax Alba Pascoe,
whereby Silver Spruce can earn a 100% interest in the property subject to
a 3% NSR with a 2% buyback for US$2 million. The property agreements have
been registered with the General Bureau of Mining of the Exploration
Agreement in Mexico and the option is subject to payment by Silver Spruce
of US$375,000 and 1,325,000 common shares of Silver Spruce over four
years, subject to a 3% NSR with a 2% buyback for US$2 million. Advance
royalties of US$50,000 per year, starting on the fifth anniversary, and a
“finders fee” totaling C$9,600 plus 165,470 shares or cash
equivalent over four years are also payable by Silver Spruce to maintain
the property in good standing.
ABOUT SILVER SPRUCE
Silver
Spruce is a junior exploration company focused on uranium in the Central
Mineral Belt (CMB) of Labrador, Canada and gold/silver in Mexico. With
interests in more than 11,000 claims totaling more then 2,500 square
kilometers in Labrador, Silver Spruce is the second largest landholder in
one of the world’s premier emerging uranium districts. The exposure
to gold/silver opportunities in Mexico and base metals in central
Newfoundland and Labrador, 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.
For Further
Information Contact:
The
TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release.
The company seeks Safe Harbour.
|