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Silver Spruce Updates Exploration Activities:Big Easy, Lobstick, Rambler South Projects, NL
Silver Spruce Updates Exploration Activities:Big Easy, Lobstick, Rambler South Projects, NL
About this update from Silver Spruce Resources Inc.
[{"type":"text","content":"\nSilver Spruce Updates Exploration Activities:Big Easy, Lobstick, Rambler South Projects, NL\n\n\n Jul. 29, 2010 (TheNewswire.ca) -- -Trenching program underway on the Big Easy gold/silver property- highly silicified sedimentary units carrying disseminated pyrite located-Prospecting/soil geochemistry on the Rambler South (RS) gold/base metal property- Values up to 25.3 g/T Au with visible gold in rock samples from the Krissy trend (RS)-Airborne radiometric / magnetic survey completed on Lobstick uranium propertyJuly 29, 2010 - Bridgewater, NS - Silver Spruce Resources Inc. (TSXV: SSE) is pleased to provide an update on exploration activities for the summer of 2010. Projects being worked include the Big Easy gold/silver and the Rambler South gold/base metal properties, both on the island of Newfoundland and the Lobstick uranium property in Labrador. All of these projects are road accessible thereby making exploration cost efficient.Big Easy Gold/Silver PropertyThe 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 3 years. A yearly advance royalty payment of $20,000 per year, deducted from future NSR payments, is also payable from the 4th anniversary on.Trenching began on July 12 and was completed on July 20. The trenching targeted an area where prospecting had located an extensive area of Au/Ag anomalous angular boulders of silicified conglomerate. Seven (7) trenches, ranging from 20 to 60 meters in length, were excavated along a 700 meter strike length. Overburden varies 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 an extensive till cover. Five trenches (3 to 7), all 10 to 50 meters in length, exposed a zone 700 x 75 meters of epithermal style alteration consisting of intense silicification and pyritization, with some clay alteration (kaolinite ?). Bedrock in trenches 3, 4, 6 and 7 consists of intensely sheared to brecciated, silicified and pyritized conglomerate/sandstone, cut by banded quartz veins which range from a few millimeters to 20 centimeters. Pyrite is ubiquitous through the zone occurring as diss...