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Silver Spruce Reports on IP Results and Geological Interpretation Big Easy Gold Silver Property, NL
Silver Spruce Reports on IP Results and Geological Interpretation Big Easy Gold Silver Property, NL
About this update from Silver Spruce Resources Inc.
[{"type":"text","content":"\nSilver Spruce Reports on IP Results and Geological Interpretation Big Easy Gold Silver Property, NL\n\n\n Nov. 3, 2010 (TheNewswire.ca) -- Highlights-IP geophysics over highly silicified sedimentary units carrying disseminated pyrite with gold/silver values shows anomalies extending through the grid-Epithermal, sinter type, banded quartz veins noted in mapping-Drilling planned for early 2011November 3, 2010 - Bridgewater, NS - Silver Spruce Resources Inc. (TSXV: SSE) is pleased to provide the results of an induced polarization (IP) geophysical survey and geological interpretation on the road accessible, Big Easy gold/silver property on the island of Newfoundland. 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, 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 time domain IP survey, contracted to Eastern Geophysics Ltd, was carried out in early October and covered 7 lines (173 to 189 N) spaced mostly 200 m apart for a total of 8.9 line kilometers using a dipole-dipole array and an electrode spacing of 75 m to n=6. It covered the altered (silicified) / mineralized area, defined by prospecting and trenching surveys carried out in the summer (see News Releases dated October 14, August 6 and July 29, 2010), which extends in a north-northwesterly direction, over an area of > 1 km by 300 to 500 m wide, narrowing to the north and south. Ponds in the central portion of the grid made it impossible to survey in these areas.The results were interpreted by Gerard Lambert, a geophysical consultant with excellent knowledge of IP surveying, who is based in Quebec. His conclusions are: 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 gri...