BRIDGEWATER, NOVA SCOTIA--(Marketwired - Aug 13, 2013) -
Editors Note: There are 2 photos associated with this release.
Silver Spruce Resources Inc. (TSX VENTURE:SSE)(S6Q.F) is pleased to update results of ongoing exploration on the Big Easy, epithermal, low sulphidation gold/silver zone in eastern Newfoundland. The Company owns 100% of the Big Easy property, subject to advance royalty payments of $20,000 per year and a 3% NSR on any production, of which 1.5% can be bought for $1.5 M. The Company is looking for a JV partner for the project and/or to access financing for further exploration and development.
Although exploration has been limited due to lack of funds in 2013, some significant developments have happened this summer through field visits generated by interest in the property at both the Cordilleran Roundup in Vancouver in January and the PDAC convention in Toronto in early March, and subsequent re-examination of the drill core. They include:
| (1) | Sinter (hot spring banding) indicating the paleo surface, is found in subcrop in Trench 6, the furthest south that the zone has been tested by drilling in DDH BE-11-1, although no sinter was intersected in this hole. |
| (2) | Quartz/adularia veins are located near surface in drill holes BE-12-9, BE-12-10 and BE-12-11, the furthest north in the 2012 drilling and over 500 m to the south of DDH BE-11-6, the next drill hole to the north; |
| (3) | Angular quartz/adularia vein float (picture attached) has been located approximately 100 m to the north of BE-12-11, an area with no diamond drilling. |
| (4) | Boiling textures, bladed quartz after calcite (picture attached), are noted in surface float approximately 300 m to the north of BE-12-11 in an area not tested by drilling and also in drill hole BE-11-5, to the west, on the same drill section as BE-12-11. |
The results show that the Big Easy zone is a "classic" low sulphidation, epithermal, system and although very old, dated at around 570 Ma, is relatively pristine and undeformed. Significant gold and silver values have been located - values up to 7.9 g/T Au and 130 g/T Ag over 1.2 m in DDH BE-11-12 and 335 g/T Ag and 2.5 g/T Au over 0.25 m in a QA vein in DDH BE-11-7. The boiling textures indicate that we are at or near the required level for bonanza style gold/silver values, typically 3-600 m below the surface (or paleosurface in our case) where the sinter is being formed by the hot springs.
The President and CEO of Silver Spruce, Peter Dimmell, says, "We are continuing to move the Big Easy project forward even in these difficult times as we feel it is a classic low sulphidation epithermal system with 'bonanza grade' possibilities. Our focus continues to be to either raise money for continued exploration if markets improve or get a joint venture for the Big Easy property and we are hopeful that this will happen over the next few months."