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Silver Spruce Defines Large, Strong, Altered / Mineralized Zone Big Easy Property, NL
Silver Spruce Defines Large, Strong, Altered / Mineralized Zone Big Easy Property, NL
About this update from Silver Spruce Resources Inc.
[{"type":"text","content":"\nSilver Spruce Defines Large, Strong, Altered / Mineralized Zone Big Easy Property, NL\n\n\n Aug. 26, 2010 (TheNewswire.ca) -- Highlights-Trenching program defines altered (silicified) / mineralized (pyritic) zone carrying anomalous gold / silver values over an area of 1.7 km long by 300-500 m wide-High value of 2 g/T over 1 m in the channel samplesAugust 26, 2010 - Bridgewater, NS - Silver Spruce Resources Inc. (TSXV: SSE) is pleased to provide the results of the trenching and prospecting program carried out on the road-accessible, Big Easy property in July, 2010.The 121 claim (30 km2) property, located near Thorburn Lake in east-central Newfoundland, was optioned from prospectors Alex Turpin and Colin Kendall. The option agreement allows Silver Spruce to earn a 100% interest in the property for total cash payments of $110,000 plus the issuance of 1.6M shares to be paid over three years, subject to a 3% NSR with a 1.5% buyback for $1.5M A yearly advance royalty payment of $20,000 per year, deducted from future NSR payments, is also payable from the 4th anniversary on.The trenching program targeted an area where prospecting had located an extensive area of Au/Ag anomalous angular boulders of silicified sandstone and conglomerate. Values up to 997 ppb (1 g/t) Au and 145 ppm (145 g/t) Ag were located in the early prospecting surveys (News release - April 27, 2010).Seven (7) trenches, ranging from 20 to 60 meters long, were excavated along a 700 meter strike length with overburden depths from less than 1 meter to greater than 6 meters. The first two trenches, both 45 to 60 meters long, failed to reach bedrock due to extensive till cover. Five trenches (numbers 3 to 7), all 10 to 50 meters long, exposed a zone 700 x 75 meters of epithermal style alteration consisting of intense silicification and pyritization, with some clay alteration. Bedrock in trenches 3, 4, 6 and 7 consists of intensely sheared to brecciated, silicified and pyritized conglomerate/sandstone, cut by finely banded quartz veins which range from a few millimeters to 20 centimeters in width. Pyrite is ubiquitous through the zone occurring as disseminated grains, blebs and micro stringers, ranging from 2% to 25% and averaging 5%. Bedrock in Trench 5, which gave the highest gold value, is composed of large white to grey, cherty to chalcedonic quartz vein, 1.5 meters w...