Silver
Spruce Reports on Start of Diamond Drilling
Road
accessible, Big Easy Gold Silver Property, Eastern Newfoundland
Highlights
- 1,400 m in six holes planned
to test IP targets and epithermal, sinter type, banded quartz veins
March 24, 2011 - Bridgewater,
NS - Silver Spruce Resources Inc. (TSXV: SSE) 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 > 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 (>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 rare earth element (REE) districts. The
company also has REE properties in Labrador - Pope's Hill, RWM and the
Straits and gold/silver projects on the island of Newfoundland.
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:
|