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Silver Spruce Reports on Metallics Assays Rambler South Gold Property Plans for 2010 Exploration
Silver Spruce Reports on Metallics Assays Rambler South Gold Property Plans for 2010 Exploration
About this update from Silver Spruce Resources Inc.
[{"type":"text","content":"\nSilver Spruce Reports on Metallics Assays Rambler South Gold Property Plans for 2010 Exploration\n\n\n Feb. 25, 2010 (TheNewswire.ca) -- Highlights- Metallics assays from diamond drilling enhance gold values - SB and Krissy trends- Staking increases the size of the Rambler property to 101 claims- Staking increases the size of the road accessible Lobstick U property to over 1000 claimsFebruary 25, 2010 - Bridgewater, NS - Silver Spruce Resources Inc. (TSXV: SSE) is pleased to release an update on exploration activities and plans for 2010. Additionally, the company is pleased to provide metallics assay results on drill core and details on the acquisition of claims on the Rambler South property and on the Lobstick U property in Labrador as well as information on the termination of the option agreement on the Calvin's Landing property.Rambler South Gold / Base Metal Property, NewfoundlandThe Rambler South property, located on the Baie Verte peninsula of north central Newfoundland, now totals 101 claims (2,525 ha) with the original 56 claims optioned from Northeast Exploration Services, Krinor Resources Inc. and Peter Dimmell (PMD). Terms of the option to earn a 100% interest, subject to a 2.5% NSR with a 1.0% buyback for $1.5 M, over 3 years are: payments totalling $95,000; issuance of 1.05 M shares; a work commitment of $500,000 by the end of the second year; a yearly advance royalty payment, deducted from future NSR payments, of $10,000 per year (payable from the 4th anniversary on). The added claims become part of the agreement as they lie within the area of interest.The drill program which took place in September of 2009 was designed to test the SB gold in till anomaly and the Krissy, shear hosted, gold zone. The drill program ended with a total of 542 m in 7 holes completed (RS-09-1 to 5 and KT-09-1, 2)(News releases dated July 16, Sept. 10, Sept. 30, Oct. 22, and Dec. 8, 2009). In the SB zone, gold intersections up to 1.4 g/t over 17.5 m, including 9.99 g/T over 0.7 m, in RS-09-3 were located, hosted in a quartz/chlorite breccia, with recrystallized quartz fragments, cemented by fine grained chlorite carrying disseminated pyrite and minor chalcopyrite. A metallics analyses of the core sample that ran 9.99 g/t gave 10.7 g/t, a small increase that confirmed the high grade of this sample. Overburden Drilling Management work ind...