Silver Spruce Reports Results
of Channel
Sampling Krissy Trend -
Rambler South Property, Nl
Highlights
- channel
samples w/ significant gold values up to 7.3 g/T over 3.1 m and 10.3 g/T
over 2 m
-
visible gold
(VG) noted in the eastern trench (trench 10-1)
-
Krissy shear zone located over an 800 m strike
length - open along strike to east and west
October 21, 2010 - Bridgewater, NS - Silver Spruce Resources Inc. (TSXV:
SSE) reports that it has received the results for channel samples
taken in trenches on the Krissy Trend on the road accessible, Rambler
South gold property in northeastern Newfoundland (news releases Oct. 14
and July 29, 2010).
The
property totals 101 claims (2,250 ha) and was optioned from Northeast
Exploration Services, Krinor Resources Inc. and Peter Dimmell (PMD).
Terms to earn a 100% interest, subject to a 2.5% NSR with a 1.0%
buyback for $1.5 M, are: total payments of $95,000, issuance of 1.05M shares
and a work commitment of $500,000 by the end of the second year. In
addition, a yearly advance royalty payment, deducted from future NSR
payments, of $10,000 per year, is payable from the 4th anniversary on.
Five
trenches (RS10-1 to 5) tested the Krissy shear zone, as defined by a
VLF-EM fraser filter anomaly, over an 800 m strike length from 16+50 to
24+30 E from trench 1 in the east in the L 24 E area to Trench 5 in the
west at 16+50 E. Channel cuts, taken at approximate 5 m intervals, using
a Quikcut diamond saw, varied from 0.35 to 6.8 m in length with
individual samples from 0.1 to 1.6 m in length.
The
shear zone was exposed in all trenches as sericite schist and foliated /
sheared mafic volcanics, in contact with quartz porphyry, carrying variable
amounts of recrystallized quartz veins with associated pyrite, copper
(chalcopyrite, chalcocite, bornite) and lead (galena) mineralization.
Quartz porphyry content diminishes to the west where the foliated units
are mostly chlorite schists with minor, narrow, recrystallized quartz
veins with minor scattered sulphides, pyrite and chalcopyrite, and
magnetite and the northern contact of the shear zone is a massive gabbro
unit. The shear system is boudinaged throughout with "pinch and
swell" structures along the trend, giving "pods" of more
intensive alteration, quartz veining and mineralization separated by
areas with little alteration, veining or mineralization.
Significant
gold values, with visible gold noted, were located in the eastern area
from 23+43 to 24+30 E in trenches 1 to 3, over a strike length of 90 m,
although the shear system continues to both the east and west. Previous
work located significant gold mineralization in the L 22 E area with
values up to 12.5 g/T over 1.5 m in channels and 9.96 g/T over 0.5 m in
drilling. A gold-in-soil value of 193 ppb on L 25 E indicates that the
system continues to the east. Trenching here did not expose bedrock since
overburden was too deep (> 3 m) and water inflows were heavy. The zone
dips to the north at approximately 70-80 degrees and minor fold
structures, in trench 1, indicate a vertical plunge for the
"pods" of mineralization. Significant gold values are
summarized in the table following.
In
the western area, 600-700 m to the west, trenches 4 and 5 exposed the
shear zone on 17 E and 16+50 E respectively. The shear zone has a width
of approximately 4-5 m, carrying narrow recrystallized quartz veins
mainly on the north side (hanging wall) adjacent to the massive gabbro.
Only weakly anomalous gold values were encountered with the highest
values in trench 4 - 91 ppb Au over 0.2 m in a quartz vein and 72 ppb Au
over 1 m in mixed chlorite schist and quartz veining. Dips is to
the north at approximately 70-80 degrees and small fold structures indicate
a steep plunge of 70-80 degrees to the east. These trenches lie up ice of
the Krissy and AD boulders, both of which carry VG associated with
sulphides in recrystallized quartz veins and host sericite schists. The
source for these boulders, which would be expected to lie along this
shear zone given the results to the east, remains unknown.
Samples
were analyzed at the Eastern Analytical laboratory in Springdale, NL. a
recognized local laboratory, for gold (1/2 assay tonne) by fire assay and
an ICP-11 technique for other elements. Duplicates were taken from the
pulps every 20th sample with check and metallics assays planned for
selected samples. Results will be reported when received.
Significant Assay Values -
Krissy Trend Channel samples
Trench
#
|
Location
|
Length
|
Au
|
Ag
|
Pb
|
Cu
|
|
|
m
|
g/t
|
g/t
|
ppm
|
ppm
|
T1
|
24+25 E
|
0.3
|
8.94
|
2.1
|
210
|
341
|
T1
|
24+20 E
|
0.6
|
17.12
|
21.2
|
14303
|
2313
|
incl.
|
|
0.25
|
38.49
|
29.1
|
19900
|
2964
|
T1
|
24+14 E
|
0.7
|
5.73
|
0.5
|
85
|
134
|
incl.
|
|
0.5
|
7.51
|
0.5
|
86
|
141
|
T1
|
24+10 E
|
3.9
|
5.73
|
1.66
|
263
|
227
|
incl.
|
"
|
3.1
|
7.3
|
1.95
|
330
|
335
|
incl.
|
|
1.9
|
9.88
|
1.62
|
301
|
149
|
T1
|
24+05 E
|
2.5
|
4.41
|
3.16
|
227
|
416
|
incl.
|
|
0.5
|
14.44
|
8.05
|
612
|
409
|
T1
|
24 E
|
4.6
|
5.2
|
1.6
|
45
|
522
|
incl.
|
|
2.0
|
10.29
|
3.15
|
37
|
942
|
incl.
|
|
1.1
|
15.81
|
4.5
|
44
|
1176
|
T1
|
23+94 E
|
2.9
|
3.5
|
3.48
|
193
|
160
|
incl.
|
|
2.1
|
4.5
|
4.44
|
258
|
157
|
incl.
|
|
0.4
|
5.47
|
17.3
|
1276
|
418
|
and incl.
|
|
1.1
|
6.59
|
1.92
|
20
|
99
|
incl.
|
|
0.5
|
12.86
|
3.5
|
27
|
113
|
T1
|
23+89 E
|
3.2
|
2.98
|
1.69
|
27
|
236
|
incl.
|
|
1.8
|
4.73
|
2.73
|
15
|
186
|
incl.
|
|
0.9
|
7.66
|
4.8
|
9
|
228
|
T1
|
23+84 E
|
0.5
|
3.69
|
2.14
|
53
|
585
|
T1
|
23+80 E
|
0.3
|
5.59
|
12.8
|
753
|
1082
|
incl.
|
|
0.1
|
8.55
|
31.8
|
365
|
1477
|
T2
|
23+55 E
|
0.3
|
11.55
|
10.7
|
372
|
245
|
T3
|
23+43 E
|
0.5
|
2.94
|
0.5
|
14
|
66
|
Note: ND - non detect; NSV - no
significant values; Ag - 0.5 g/t is detection limit; lengths reported are
approximately 80-90 % true widths
Maps
showing the location of the property plus plan maps for the trenching and
drilling can be viewed on the company website at www.silverspruceresources.com.
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 7,000 claims totaling more than 1750 km2 in
Labrador, Silver Spruce is the second largest landholder in one of the
world's premier emerging uranium districts. The company also has
gold/silver projects in Mexico and the island of Newfoundland making
Silver Spruce a leading explorer in Canada and Mexico.
This
release has been approved by Guy Mac Gillivray, Senior Geologist for
Silver Spruce Resources Inc., who is a Qualified Person (QP) as defined
in National Instrument 43-101.
For
Further Information, Contact:
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.
The Corporation seeks Safe Harbour.
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