AmericaTheBrave
12 years ago
NEWSSilver Spruce Reports on the Airborne Magnetic/VLF-EM Survey and Diamond Drill Check Sample Results on the Big Easy Gold/Silver Property, Eastern NL
BRIDGEWATER, NOVA SCOTIA--(Marketwire - Jan 3, 2013) - Silver Spruce Resources Inc. (TSX VENTURE:SSE) -
Highlights
Sinuous magnetic low, possibly tracing the alteration zone, joins the Big Easy and ET zones, 3.5 km apart
Silver Spruce Resources Inc. (TSX VENTURE:SSE) is pleased to report on the final results of the high resolution, magnetic / VLF-EM survey and check sample results for diamond drilling carried out on the road-accessible, Big Easy gold/silver prospect in eastern Newfoundland. The Big Easy (BE) prospect is an extensive, altered (silicified) system that covers an area of approximately 1.7 km by up to 300 m wide which was drilled in 2011 and 2012, giving significant gold (Au) and silver (Ag) values in several holes (news releases August 16, 2012 and June 7, 2011) defining a low sulphidation epithermal Au/Ag system. The less explored ET zone, 3.5 km to the south of BE, was discovered by prospecting in the south central part of the property in June 2011 and has recently been extended to a minimum 400 m strike length (news release December 11, 2012).
High Resolution Magnetic/VLF-EM Survey
The 349 line km survey covered the entire property at 70 m terrain clearance and nominal 300 m line spacing, with 200 m line spacing over the known mineralization at the BE and ET zones. The results show magnetic lows, most likely representing the alteration coincident with the mineralized zones at both the BE and ET zones. These two established zones are joined by a sinuous magnetic low, which may represent alteration/mineralization linking the two known zones. The overall sinuous nature of the magnetic low is believed to be related to crosscutting faults, which may offset the alteration system as shown by magnetic highs representing mafic dikes emplaced along ENE and NW trending structures. The VLF-EM survey shows the ENE and NW trends as conductive zones, most likely representing water filled shear systems. The airborne data will be incorporated in the database for the area to plan for further exploration in 2013.
"The significance of the probable continuation of the alteration/mineralization over the 5 km plus strike length from the Big Easy to the ET zone is that the trend is becoming more defined as we continue exploration along the strong, extensive, mineralized alteration zone - which has only been tested by 12 drill holes over 1.2 km at the Big Easy itself, in the northern part of the property," says Peter Dimmell, President and CEO of Silver Spruce Resources. "The Big Easy-ET trend is intensely altered with strong silicification and the strength of the system, coupled with the results from the early stage drilling at Big Easy, indicates that we have the potential for a large deposit that could be of interest to a major gold/silver producer."
Diamond Drill Hole Check Analyses
Results have been received for the area of questionable results in Au only, noted in the first check sample analyses received (news release October 18, 2012). This "gold anomalous" area had been flagged in the original results as an outlier, as it gave only low Ag values in comparison to most of the other significant Au/Ag zones which were duplicated, although with "nugget-type" effects in the check sampling. Two check samples from section 101 to 112.25 m in DDH BE-12-10 gave values of 28 and 64 ppb Au, in comparison to the two original samples which gave values >1 g/T and the overall section from 101 to 112.25 m (11.3 m), giving 0.8 g/T Au and 3.8 g/T Ag. Subsequently, the rest of the rejected samples from this section were re-analyzed as check samples at a second laboratory, with similar results as the first set of check samples. The pulps from these re-analyses were then re-assayed at the original laboratory, where they found similar results indicating only background Au values throughout the section in question. None of the high Au values were duplicated and assays generally gave near background values (<70 ppb Au), indicating a problem in the Au analysis at the original laboratory. Interestingly, the highest check sample Au value was 150 ppb Au in the sample from 111.5-112.25 m, which gave 2279 ppb in the original analyses. The Ag values were 7.4 and 8 ppm respectively in this sample interval, the highest Ag values in this section and generally reflective of Au/Ag association throughout the Big Easy core sampling. The originating laboratory is still trying to determine how the spurious results occurred; however, to date no explanation has been brought forward.
Financing
The private placement financing announced on October 22, 2012 and extended on November 30, 2012, expired on December 28, 2012 unfilled. The company''s stock was under intense selling pressure during the time that the offering was available and the company was unwilling to reduce the price of the offering, as it believes that its property portfolio deserves a value much higher than the stock price has reflected in November/December. The company will be evaluating all its options in early 2013 including a financing if the share price firms up, joint ventures on some or all of our properties - or a combination of the two.
Plan maps showing the airborne magnetic and VLF-EM survey results, the location and results of the prospecting and stream sediment surveys, as well as a summary of the drilling; compilation maps of the property; and pictures showing the drilling, drill core and other exploration on the property are shown on the Silver Spruce website at www.silverspruceresources.com .
This release has been approved by Peter M. Dimmell, P.Geo., President & CEO of Silver Spruce Resources Inc., who is a Qualified Person (QP) in NL and ON as defined in National Instrument 43-101.
About the Big Easy Property (Inclusive of the BE and ET Zones)
The road-accessible, 294 claim (73.5 square km) property, located near Thorburn Lake in eastern Newfoundland, was optioned from prospectors Alex Turpin and Colin Kendall. The agreement, to earn 100 per cent interest subject to a 3 per cent NSR with a 1.5 per cent buyback for $1.5 M, is for 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 fourth anniversary on.
About Silver Spruce Resources Inc.
Silver Spruce is a diversified junior exploration company with a portfolio of gold/silver (Big Easy), uranium (Snegamook, A7 (Fishawk Lake), Double Mer, Mount Benedict, CMBJV) and rare earth (Pope''s Hill, Pope''s Hill JV (with Great Western Minerals Group), MRT, RWM and the Straits) projects in Newfoundland and Labrador. With interests in more than 4,000 claims totalling more than 1,000 square km in Labrador, Silver Spruce is one of the largest landholders in one of the world''s premier emerging rare earth and uranium districts.
Contact:
For further information:
Gordon Barnhill, CFO & Director
Silver Spruce Resources Inc.
902.527.5700
902.527.5711
gbarnhill@silverspruceresources.com
For investor and media relations:
Paul Snow
Pilot Communications Inc.
709.753.0794 ext. 31
709.753.0795
psnow@pilotcom.ca
AmericaTheBrave
13 years ago
+NEWS+ BRIDGEWATER, NOVA SCOTIA--(Marketwire - July 21, 2011) - Silver Spruce Resources Inc. (TSX VENTURE:SSE - News; FRANKFURT:S6Q - News) -
Highlights
-- Prospecting on original PH property defines a REE bearing zone over a 1
km strike length - open Values up to 17.7% TREE+Y, averaging 5.7% from
outcrop grab samples
-- Prospecting on MRT property, 65 km to the east along trend, locates
significant REE values
-- values to 5.6% TREE+Y in outcrop and 10% in float
-- La values to 2.1% over 1km area - open along strike; TREE analyses
pending
-- Airborne radiometric / magnetic / VLF-EM Survey on PH trend completed
Silver Spruce Resources Inc. is pleased to announce the first results from prospecting surveys and the completion of the airborne survey on the road accessible Pope's Hill (PH), MRT, and Pope's Hill JV (PHJV) rare earth element (REE) properties, which lie along the Pope's Hill Trend (PHT), to the north of the Trans Labrador Highway (TLH) from 30 to 100 km to the west of Happy Valley-Goose Bay in Labrador. A total of 125 samples (MRT - 27, PH - 98) have been taken with full results received for 48 samples and partial results (ICP) for 20. All sample locations are within 1.5 km of the TLH.
Prospecting, using scintillometers to locate radioactive mineralization on the original PH property, has resulted in the location of rare earth element (REE) mineralization in outcrop over a minimum 1 km strike length, extending along trend from the MP showing in the pit on the TLH, to the T1 and T2 showings located 800 and 1,100 m, respectively to the east of the showing. Outcrops carrying massive, vein type, red/black unknown mineralization, have been located at the MP showing, and in the MP, T1 and T2 zones. The mineralized unit, a syenite to monzonite, up to 10 plus metres wide which carries green pyroxene crystals as phenocrysts up to 5 cm long, is open along strike to both the east and west. The host rock unit appears to be generally conformable with the lithology, however dip directions are still to be determined. The massive veins, up to 15 cm wide, are characterized by pinch and swell structures, with other parallel zones carrying narrow veins within the host unit. Total rare earth element plus ytrrium (TREE) results to date are from 0.03 to 18.57% with the average of 17 outcrop grab samples giving 5.7% including 6 samples with values less than 0.5%. Thorium values for the higher REE sample values are generally in the 0.2 to 0.3% range. Results for showings of similar radioactive mineralization, on trend of the zones located, and in other areas on the property remain pending. The higher grade vein mineralization resembles samples from the September 2010 prospecting survey which gave values averaging 5.73% TREEs, with a high value of 24%, in 31 samples taken over a 7 km strike length extending from 3 km to the west of the MP showing pit to the Pinus River, 4 km to the east of the pit (News release dated Oct. 28, 2010). This new mineralized trend generally corresponds to the mineralization located in 2010.
Most of the samples were taken from the moderately to highly radioactive massive veins. The stripped outcrop areas on the MP, T1 and T2 showings, will be channel sampled to give an indication of grades and widths for the mineralization and the host syenite unit.
On the MRT property, located approximately 65 km east along the PH trend from the original PH property, 3 significant values of 5.65, 5.96 and 10.4% TREE were located in float (2) and outcrop (1) in the southern portion of the property near the powerline where Th values were anomalous with two values greater than 2,000 ppm. In addition an area approximately 1 km in strike length in the western part of the property has given four significant La values ranging from 5970 ppm to 21,000 ppm (2.1%). The TREE analyses are pending the 8-REE package results since the La values were derived from a standard ICP analysis.
Three uranium values greater than 500 ppm U (635, 881 and 1,870 ppm) were located in the southern part of the MRT property, unrelated to the high REE values. The highest value was float sample while the others were outcrop. Th values in these samples were a maximum of 391 ppm, giving a U/Th ratio of approximately 2-3 to 1.
Another 51 rock samples were sent for analysis on July 19. Results for these samples plus others already in the system including the high La samples, will be released as received.
The airborne radiometric, magnetic and VLF-EM survey on the PHT including the PH, MRT and PH JV, a joint venture with the Great West Minerals Group, was completed in early July. Preliminary results indicate that the magnetics are mapping the lithologies quite well and it is expected that this data will allow better targeting of the regional follow up, between the original PH and MRT properties and to the southwest of the PH property. Preliminary maps are expected soon with the final results expected in 2 to 3 months.
Follow up of prospects located in the detailed and regional work and the airborne surveys will be carried out as they are located, to allow trenching and drilling of targets in the late fall and early winter.
All samples are transported to the Activation Labs preparation facility in Goose Bay by SSE personnel, then shipped to their laboratory in Ancaster, ON. for analysis using their 8 REE package. Some samples were analyzed by a standard ICP-MS package which gives only La and Y as indicators for REE mineralization. Samples with high La / Y values will be reanalyzed by the 8 REE package. Uranium analyses are carried out using ICP MS, with higher values re-run using a DNC technique. The laboratory uses internal standards to check their analyses and blanks are included in each sample batch.
Plan maps of the properties, showing the recent sample results, plus pictures showing the area, the showings and some of the higher grade samples, are shown on the Silver Spruce website at silverspruceresources.com.
This release has been approved by Peter M. Dimmell, P.Geo. President and CEO of Silver Spruce Resources Inc., who is a Qualified Person (QP) in NL and ON. as defined in National Instrument 43-101.
AmericaTheBrave
13 years ago
+NEWS+NEWS+NEWS+
BRIDGEWATER, NOVA SCOTIA--(Marketwire - June 7, 2011) - Silver Spruce Resources Inc. (TSX VENTURE:SSE - News; FRANKFURT:S6Q - News) -
Highlights
-- all holes intersected mineralized (pyritic), silicified sedimentary
units carrying gold and silver values
-- strike length of alteration / mineralization - 1 km - remains open along
strike
-- no previous drilling on property - a new gold/silver discovery
-- gold/silver zone at 0.87 g/T Au and 33.5 g/T Ag over 30.5 m, including
2.5 g/T Au and 74.1 g/T Ag over 7 m including 6.05 g/T Au and 174 g/T Ag
over 1.5 m in DDH BE-11-3
Silver Spruce Resources Inc. (TSX VENTURE:SSE - News; FRANKFURT:S6Q - News) is pleased to provide the final results for the Phase 1 diamond drilling on the road accessible Big Easy gold/silver project located near Thorburn Lake in eastern Newfoundland. A total of seven holes (BE-11-1 to 7), totaling 1,577 m, tested the altered / mineralized zone over an approximate 1 km strike length from L 7560 N (BE-11-1) to L 8600 N (BE-11-7). All holes, the first ever drilled on the property, intersected strongly altered (silicified /sericitized/chloritized) and mineralized sedimentary units (see news releases dated March 24, April 8, May 3, and June 1, 2011), with minor to significant gold / silver intersections.
In results not previously released, gold/silver values were located in drill holes 4,5,6 and 7 located to the north of BE-11-3. Highlights include: 163 ppb Au and 32.3 ppm Ag over 6.5 m (97-103.5m) in BE-11-5; 1358 ppb Au and 2 ppm Ag over 6 m (41-47 m) including 1 m (43-44 m) at 7645 ppb Au and 10 ppm Ag, and 319 ppb Au and 13 ppm Ag over 18.6 m (231.3-249.9 m) including 1067 ppb Au and 64 ppm Ag over 2.4 m (231.3-233.7 m) in BE-11-7. All drill holes gave at least 1 value greater than 100 ppb Au over at least 1 m. Significant results are given in the table following.
As reported in the May 3, 2011 news release, a strong gold/silver zone was located in DDH BE-11-3. The zone gave 0.41 g/t Au and 15.4 g/T Ag over 89.2 m from 183 m to 272.2m, including 0.87 g/t Au and 33.5 g/T Ag over 30.5 m from 228 m to 258.5 m, including 2.5 g/t Au and 74.1 g/T Ag over 7 m from 239 m to 246 m, including 6.05 g/t Au and 174 g/T Ag over 1.5 m from 240.5 m to 242 m and 6.04 g/T Au and 114 g/T Ag over 1 m from 245 m to 246 m. The highest grades are associated with a brecciated zone located between 228 m and 272 m. Pyrite, as disseminations and veins/veinlets averaging 2-3%, and an unknown, minor fine grained grey black metallic mineral, is noted in this section. Alteration noted is illite, muscovite/sericite and potassium feldspar (Kspar) with strong silicification throughout.
Holes 1, 2, 4 and 5 tested the altered / mineralized zone to a maximum vertical depth of 170 m, with most shallower, while Hole 3 tested the zone to a vertical depth of 230 m, with the Au/Ag zone located below 170 m vertical depth. Holes 6 and 7, located 500 m and 700 m to the north of holes 4 and 5, tested the zone to vertical depths beyond 200 m. True widths are not known, due to variable dips of the units, but are believed to be close to drill intersections. The structural control on the mineralization is not yet known although gouge zones representing shears or faults were noted in most holes.
The Big Easy mineralized zone is a new gold / silver discovery in an area not previously known to host significant gold mineralization. The zone lies in the Avalon Zone along the northern extension of the Burin Peninsula high sulphidation belt where extensive precious metal exploration is being carried out.
Results were also received for check samples from drill holes BE-11-1 to 3. Samples with background, anomalous and higher values were sent. Results generally corresponded quite well with Accurassay values, on average, 1% higher than the check sample results from Eastern Analytical. The highest variation was an Ag value of 19 ppm which was 58% higher from Accurassay than the check result from Eastern Analytical at 5 ppm. The two 6 g/T Au values from BE-11-3 gave 5.8 g/T and 5.5 g/T respectively in the checks. It is believed that a nugget affect may be causing the variation is some samples. Evaluation of mineralized sections will be carried out by thin section analysis. Check samples from holes 4 to 7 have been submitted to Eastern Analytical for analysis. Results will be reported when received with a full summary of the check sampling.
All data will be compiled is a 3D database to allow modeling of the system for a Phase 2 drilling program to be carried out later in the summer or in the early fall.
The 121 claim (30 km(2)) 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. The second option payment, due on April 21, 2011, has been made.
List of Significant Au.Ag values - Big Easy Phase 1 Diamond Drilling
---------------------------------------------------------------------------
Hole # From To Total Au ppb Ag ppm
---------------------------------------------------------------------------
BE-11-01 29 30.3 1.3 126 1
---------------------------------------------------------------------------
BE-11-02 34 35.5 1.5 175 17
---------------------------------------------------------------------------
BE-11-03 183 272.2 89.2 410 15.4
---------------------------------------------------------------------------
incl. 228 258.5 30.5 870 33.5
---------------------------------------------------------------------------
incl. 239 246 7 2500 74.1
---------------------------------------------------------------------------
incl. 240.5 242 1.5 6052 174
---------------------------------------------------------------------------
incl. 245 246 1 6043 114
---------------------------------------------------------------------------
BE-11-04 95 102 7 410 3.4
---------------------------------------------------------------------------
incl. 95 98 3 908 4.7
---------------------------------------------------------------------------
BE-11-05 86.2 89 2.8 299 9.2
---------------------------------------------------------------------------
and 97 103.5 6.5 163 32.3
---------------------------------------------------------------------------
incl. 97 98.5 1.5 460 49
---------------------------------------------------------------------------
BE-11-06 37.7 44 6.3 212 8.2
---------------------------------------------------------------------------
incl. 43 44 1 136 36
---------------------------------------------------------------------------
and 53 60 7 168 5.5
---------------------------------------------------------------------------
and 96 104.7 8.7 156 1.9
---------------------------------------------------------------------------
and 180.6 196.8 16.2 163 3.4
---------------------------------------------------------------------------
incl. 255 256.5 1.5 541 2
---------------------------------------------------------------------------
BE-11-07 41 47 6 1358 2
---------------------------------------------------------------------------
incl. 43 44 1 7645 10
---------------------------------------------------------------------------
and 217.8 222 4.2 480 4.4
---------------------------------------------------------------------------
incl. 220 221 1 1549 7
---------------------------------------------------------------------------
and 231.3 249.9 18.6 319 13
---------------------------------------------------------------------------
incl. 231.3 233.7 2.4 1067 64
---------------------------------------------------------------------------
incl. 231.3 231.6 0.3 2569 335
---------------------------------------------------------------------------
Drill core is cut in half using a diamond core saw, with one half sent for analysis and the other half retained for study. Samples are submitted to the Acccurassay Preparation laboratory in Gambo, NL. where they were prepped and then sent to their laboratory in Thunder Bay, ON for analysis for gold by fire assay with an AA finish and an ICP-30 technique for other elements. Some samples may also be analyzed for Hg using the ALHg1 technique. Values are checked by internal standards at the laboratory. Check sampling on holes 1 to 3 including the mineralized zone in hole 3 was carried out at Eastern Analytical Laboratories in Springdale NL., a recognized local laboratory, by fire assay (1/2 assay tonne) for Au and an ICP-11 technique for pathfinder elements including As and Sb, base metals and Ag. Values greater than 6 ppm Ag, the upper detection limit using the ICP method, were reanalyzed by a wet chemical method and an AA finish to give accurate assay values for Ag.
Plan maps of the drilling, the IP chargeability and resistivity and a compilation map for the property, plus pictures showing the drilling and the drill core, are also available 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) in NL and ON. 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.
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 company seeks Safe Harbour.
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