Business
SILVER SPRUCE REPORTS OPTION OF GOLD / SILVER PROPERTY AND RESULTS OF DRILLING AT RAMBLER SOUTH AND LAZYMAN PROPERTIES
SILVER SPRUCE REPORTS OPTION OF GOLD / SILVER PROPERTY AND RESULTS OF DRILLING AT RAMBLER SOUTH A...
About this update from Silver Spruce Resources Inc.
[{"type":"text","content":"\nSILVER SPRUCE REPORTS OPTION OF GOLD / SILVER PROPERTY AND RESULTS OF DRILLING AT RAMBLER SOUTH AND LAZYMAN PROPERTIES\n\n\n Apr. 27, 2010 (TheNewswire.ca) -- Highlights- Option of Big Easy, road accessible, gold / silver property - values to 997 ppb Au, 145 g/t Ag- values up to 3.5 g/t Au over 3 m including 6.5 g/t over 1.5 m and 149.6 g/t Ag over 1.5 m - SB zone diamond drilling Rambler South- value of 1.2 g/t Au over 1.5m - diamond drilling LazymanApril 27, 2010 - Bridgewater, NS - Silver Spruce Resources Inc. (TSXV: SSE) reports that it has optioned the Big Easy (BE) property, a gold / silver property in east central Newfoundland and has received the results for drilling programs on both the Lazyman (LZ) and Rambler South (RS) gold properties. The properties are discussed following.Big EasyThe 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:\n Cash Shares \nOn signing $ 20,000 350,000 \n1st anniversary $ 30,000 400,000 \n2nd anniversary $ 30,000 500,000 \n3rd anniversary $ 30,000 350,000 \nTotals: $110,000 1,600,000 \nA yearly, advance royalty payment, deducted from future NSR payments, of $20,000 per year, is also payable from the 4th anniversary on. The option agreement is subject to TSXV approval.A total of 37 rock samples have been taken by the vendors, most from angular boulders or rubbly outcrop. They are all intensely silicified, and show argillic alteration and finely disseminated sulphides (mainly pyrite). Samples of silicified sandstone and conglomerates are locally vuggy, with banded cherty to chalcedonic quartz. The mean and high values are: Au - 248 ppb with a high value of 997 ppb (1 g/t Au); Ag - 9.9 ppm with a high value of 145 ppm (145 g/t Ag). Fifteen (15) of the 37 samples gave values > 100 ppb including three (3) > 900 ppb Au. In silver (Ag), ten (10) samples gave > 10 ppm with five (5) > 20 ppm (20 g/t Ag). The results are encouraging and show that the extensive alteration zone consistently hosts anomalous gold and silver values. The highest Ag grades were located to the north of Bottle Pond and Henry's Pond in the north central part of the property. Gold values were highest near the north end of Henry's Po...