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Silver Spruce Updates Fall Exploration: Big Easy, Rambler South, Popes Hill, Lobstick Projects, NL
Silver Spruce Updates Fall Exploration: Big Easy, Rambler South, Popes Hill, Lobstick Projects, NL
About this update from Silver Spruce Resources Inc.
[{"type":"text","content":"\nSilver Spruce Updates Fall Exploration: Big Easy, Rambler South, Popes Hill, Lobstick Projects, NL\n\n\n Oct. 14, 2010 (TheNewswire.ca) -- -IP geophysics on the Big Easy gold/silver property over highly silicified sedimentary units carrying disseminated pyrite with gold/silver values in preparation for drilling-Trenching program locates VG on the Rambler South (RS) gold/base metal property - Krissy trend-Follow up exploration completed on Lobstick uranium/REE propertyOctober 14, 2010 - Bridgewater, NS - Silver Spruce Resources Inc. (TSXV: SSE) is pleased to provide an update on exploration activities for the early fall of 2010. Projects being explored include the Big Easy gold/silver and the Rambler South gold/base metal properties, both on the island of Newfoundland and the Lobstick uranium and Popes Hill rare earth element (REE) properties 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 payable from the 4th anniversary on.An Induced Polarization (IP) survey, contracted to Eastern Geophysics, is underway covering the altered (silicified) / mineralized area as defined by the prospecting and trenching surveys carried out in the summer (see News Releases dated July 29, 2010 and August 6, 2009). A dipole-dipole array, using a dipole spread of 50 m, is being used to define the margins of the assumed fault bounded zone and to define mineralized (i.e. highly chargeable) or strongly silicified (ie highly resistive) zones within the large alteration/mineralized zone which extends in a north-northwesterly direction, over an area of 1.7 km by 300 to 500 m wide, narrowing to the north and south. Results will be interpreted by a geophysical consultant with recommendations for drill testing of anomalies, later this fall or over winter, made in the report. The results will be released when received.Rambler South Gold/Base Metal PropertyThe Rambler South property, located on th...