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SILVER SPRUCE REPORTS RESULTS OF CHANNEL SAMPLING KRISSY TREND; RAMBLER SOUTH PROPERTY, NL
SILVER SPRUCE REPORTS RESULTS OF CHANNEL SAMPLING KRISSY TREND; RAMBLER SOUTH PROPERTY, NL
About this update from Silver Spruce Resources Inc.
[{"type":"text","content":"\nSILVER SPRUCE REPORTS RESULTS OF CHANNEL SAMPLING KRISSY TREND; RAMBLER SOUTH PROPERTY, NL\n\n\n Oct. 21, 2010 (TheNewswire.ca) -- Highlights- channel samples w/ significant gold values up to 7.3 g/T over 3.1 m and 10.3 g/T over 2 m- visible gold (VG) noted in the eastern trench (trench 10-1)- Krissy shear zone located over an 800 m strike length - open along strike to east and westOctober 21, 2010 - Bridgewater, NS - Silver Spruce Resources Inc. (TSXV: SSE) reports that it has received the results for channel samples taken in trenches on the Krissy Trend on the road accessible, Rambler South gold property in northeastern Newfoundland (news releases Oct. 14 and July 29, 2010).The property totals 101 claims (2,250 ha) and was optioned from Northeast Exploration Services, Krinor Resources Inc. and Peter Dimmell (PMD). Terms to earn a 100% interest, subject to a 2.5% NSR with a 1.0% buyback for $1.5 M, are: total payments of $95,000, issuance of 1.05M shares and a work commitment of $500,000 by the end of the second year. In addition, a yearly advance royalty payment, deducted from future NSR payments, of $10,000 per year, is payable from the 4th anniversary on.Five trenches (RS10-1 to 5) tested the Krissy shear zone, as defined by a VLF-EM fraser filter anomaly, over an 800 m strike length from 16+50 to 24+30 E from trench 1 in the east in the L 24 E area to Trench 5 in the west at 16+50 E. Channel cuts, taken at approximate 5 m intervals, using a Quikcut diamond saw, varied from 0.35 to 6.8 m in length with individual samples from 0.1 to 1.6 m in length.The shear zone was exposed in all trenches as sericite schist and foliated / sheared mafic volcanics, in contact with quartz porphyry, carrying variable amounts of recrystallized quartz veins with associated pyrite, copper (chalcopyrite, chalcocite, bornite) and lead (galena) mineralization. Quartz porphyry content diminishes to the west where the foliated units are mostly chlorite schists with minor, narrow, recrystallized quartz veins with minor scattered sulphides, pyrite and chalcopyrite, and magnetite and the northern contact of the shear zone is a massive gabbro unit. The shear system is boudinaged throughout with \"pinch and swell\" structures along the trend, giving \"pods\" of more intensive alteration, quartz veining and mineralization separated by areas with little al...