Aug. 13, 2013 - Bridgewater, NS - Silver Spruce Resources Inc. (TSXV: SSE) is pleased to update results of ongoing exploration on the Big Easy, epithermal, low sulphidation gold/silver zone in eastern Newfoundland. The Company owns 100% of the Big Easy property, subject to advance royalty payments of $20,000 per year and a 3% NSR on any production, of which 1.5% can be bought for $1.5 M. The Company is looking for a JV partner for the project and/or to access financing for further exploration and development.
Although exploration has been limited due to lack of funds in 2013, some significant developments have happened this summer through field visits generated by interest in the property at both the Cordilleran Roundup in Vancouver in January and the PDAC convention in Toronto in early March, and subsequent re-examination of the drill core. They include:
- Sinter (hot spring banding) indicating the paleo surface, is found in subcrop in Trench 6, the furthest south that the zone has been tested by drilling in DDH BE-11-1, although no sinter was intersected in this hole.
- Quartz/adularia veins are located near surface in drill holes BE-12-9, BE-12-10 and BE-12-11, the furthest north in the 2012 drilling and over 500 m to the south of DDH BE-11-6, the next drill hole to the north;
- Angular quartz/adularia vein float (picture attached) has been located approximately 100 m to the north of BE-12-11, an area with no diamond drilling.
- Boiling textures, bladed quartz after calcite (picture attached), are noted in surface float approximately 300 m to the north of BE-12-11 in an area not tested by drilling and also in drill hole BE-11-5, to the west, on the same drill section as
The results show that the Big Easy zone is a "classic" low sulphidation, epithermal, system and although very old, dated at around 570 Ma, is relatively pristine and undeformed. Significant gold and silver values have been located -- values up to 7.9 g/T Au and 130 g/T Ag over 1.2 m in DDH BE-11-12 and 335 g/T Ag and 2.5 g/T Au over 0.25 m in a QA vein in DDH BE-11-7. The boiling textures indicate that we are at or near the required level for bonanza style gold/silver values, typically 3-600 m below the surface (or paleosurface in our case) where the sinter is being formed by the hot springs.
Quartz/Adularia vein float
Boiling Textures in QA vein float
The President and CEO of Silver Spruce, Peter Dimmell, says "We are continuing to move the Big Easy project forward even in these difficult times as we feel it is a classic low sulphidation epithermal system with "bonanza grade" possibilities. Our focus continues to be to either raise money for continued exploration if markets improve or get a joint venture for the Big Easy property and we are hopeful that this will happen over the next few months".
Maps and other pictures showing the locations, for the above noted areas and the diamond drilling, are 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 Silver Spruce Resources Inc.
Silver Spruce is a diversified junior exploration company with a significant, road accessible, low sulphidation, epithermal, gold/silver property in eastern Newfoundland, which has potential for bonanza grades in both gold and silver -- the Big Easy, and for the longer term, a portfolio of uranium (Snegamook, A7 (Fishawk Lake), Double Mer, Mount Benedict, CMBJV) and rare earth (Pope's Hill, Pope's Hill JV (w/ Great Western Minerals Group), Straits) projects in Labrador. Information on the company can be found on the Silver Spruce website at www.silverspruceresources.com.
For further information:
Gordon Barnhill, CFO & Director
Silver Spruce Resources Inc.