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SSE Silver Spruce Resources Inc

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Last Updated: 01:00:00
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Share Name Share Symbol Market Type
Silver Spruce Resources Inc TSXV:SSE TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.01 0.01 0.015 0.01 0.01 0.01 5,000 01:00:00

Silver Spruce Reports Results of Diamond Drilling Krissy Trend-Rambler South Property, NL

14/07/2011 2:00pm

Marketwired Canada


Silver Spruce Resources Inc. (TSX VENTURE:SSE)(FRANKFURT:S6Q) is pleased to
report that it has received the results for the recent diamond drilling on the
Krissy Trend on the road accessible, Rambler South gold property in northeastern
Newfoundland.


A 10 hole drill program, in holes RSKT-11-1 to 10, totaling 924 m, tested the
Krissy gold zone in May 2011 (News release June 1, 2011) over an 850 m strike
length from Line 25 E (RSKT-11-1) to 16+50 E (RSKT-11-8). Drill holes RSKT-11-1
to 5 tested the zone in the vicinity of lines 24 and 25 E, where trenching /
channel sampling in the fall of 2010 gave results up to 5.2 g/T over 4.6 m
including 10.3 g/T over 2 m (news release Oct. 21, 2010). Drill holes RSKT-11-6,
8 and 9 tested shear systems on lines 16+50 to 18+50 E, to the west of the Gull
Pond (GP) access road and to the north of the VG bearing Krissy boulder. The
other two holes, RSKT-11-7 and RSKT-11-10 tested a VLF-EM trend to the north of
the assumed location of the Krissy shear on Line 17 E and the Krissy shear on L
20 E, respectively.


Drill holes RSKT-11-2 to 5 which tested the Krissy zone under the trench in the
L 24 E area at 20 m intervals intersected gold values in all holes with two
significant intersections of 1.07 g/T over 4.6 m including 3.1 g/T over 1.2 m in
RSKT-11-3 and 10.5 g/T over 1.75 m, including 31.9 g/T over 0.5 m in RSKT-11-4.
Significant Cu and Ag values are associated with the gold mineralization. Drill
hole RSKT-11-8 on Line 16+50E, intersected the Krissy shear to the west of the
road, up ice of the Krissy boulder location, giving 2.9 g/T over 0.9 m. This is
the first discovery of gold mineralization in place to the west of the road, up
ice of the VG bearing Krissy boulder. Earlier drill holes in the 1990s and
trenches in 2010 tested areas to the north and south of the gold intersection
with negative results. The results indicate that the Krissy gold bearing shear
zone extends at least 800 m, from 16+50 E to 24+20E, remaining open to the west
and tested only by 1 drill hole to the east on Line 25 E. Significant
intersections are shown in the Table following.


The Krissy shear lies along the contact between quartz porphyry (to the north)
and mafic volcanics of the Pacquet Harbour Group (to the south) in the Line 22
to 25 E area to the east of the GP road. It is not well defined to the west of
the GP road as it has not been exposed by trenching. Mineralization / alteration
consists of recrystallized quartz veining carrying variable sulphides, mainly
pyrite with variable chalcopyrite and minor bornite, galena and visible gold
(VG) in the sericite schists along the contact in both the mafics and quartz
porphyry. Trenching in 2010 defined the Krissy shear in the area between 23+43
to 24+30 E in trenches 1 to 3, over a strike length of 90 m and previous work
had located significant gold mineralization in the L 22 E area with values up to
12.5 g/T over 1.5 m in channels and 9.96 g/T over 0.5 m in drilling. The zone
dips to the north at approximately 70-80 degrees and minor fold structures in
trench 1, indicate a vertical plunge for the "pods" of mineralization. 


The company also reports the results of prospecting on the Brass Buckle Trend in
the southern part of the property. Company personnel spent three days evaluating
gold in soil anomalies with values up to 637 ppb. Four grab samples taken from
mineralized (pyritic) quartz veins in quartz porphyry (2) and mafic volcanics
with minor pyrite and chalcopyrite gave two significant values of 7173 and 6908
ppb Au from the quartz veins in the porphyry. The porphyry units are linear and
extend along the Brass Buckle Trend.


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.


Drill core was sawed in half using a diamond saw by company personnel, with one
half retained and the other half sent to the Eastern Analytical laboratory in
Springdale, NL. a recognized local laboratory, for analysis for gold (1/2 assay
tonne) by fire assay and an ICP-11 technique for other elements.




                          Significant Assay Values                          
                  Krissy Trend Diamond Drilling - May 2011                  
 -------------------------------------------------------------------------
 DDH #           From          To Length        Au      Ag      Pb      Cu
 -------------------------------------------------------------------------
                                       m       ppb     g/t       %       %
 -------------------------------------------------------------------------
 -------------------------------------------------------------------------
 RSKT-11-1         No significant values                                  
 -------------------------------------------------------------------------
 RSKT-11-2       24.0        26.9    2.9       852     nsv     nsv     nsv
 -------------------------------------------------------------------------
 RSKT-11-3       16.0        20.6    4.6      1069                        
 -------------------------------------------------------------------------
 incl.           16.0        17.2    1.2      3096                        
 -------------------------------------------------------------------------
 incl.           16.8        17.2    0.4      5168     3.0     nsv    0.20
 -------------------------------------------------------------------------
 RSKT-11-4        8.9       10.65   1.75    10,513                        
 -------------------------------------------------------------------------
 incl.            9.6        10.1    0.5    31,945    20.3    1.86    0.28
 -------------------------------------------------------------------------
 RSKT-11-5        6.3         6.8    0.5      1209     nsv     nsv     nsv
 -------------------------------------------------------------------------
 and              9.2         9.9    0.7       686       "       "       "
 -------------------------------------------------------------------------
 RSKT-11-6         No significant values                                  
 -------------------------------------------------------------------------
 RSKT-11-7         No significant values                                  
 -------------------------------------------------------------------------
 RSKT-11-8        6.8         7.7    0.9      2921   10.74     nsv    0.77
 -------------------------------------------------------------------------
 RSKT-11-9       57.6        59.0    1.4       788     nsv     nsv     nsv
 -------------------------------------------------------------------------
 RSKT-11-10      19.8        20.5   0.25      1187    11.1    0.02    1.15
 -------------------------------------------------------------------------
     Note: ND - non detect; NSV - no significant values; Ag - 0.5 g/t is    
                              detection limit;                              
  intersections reported are core lengths - estimated approximately 70-80 % 
                                 true widths                                



Maps showing the location of the property plus plan maps for the trenching and
drilling can be viewed on the company website at www.silverspruceresources.com.


This release has been approved by Peter M. Dimmell, P.Geo., President and CEO of
Silver Spruce Resources Inc., who is a Qualified Person (QP) in both NL and ON
as defined in National Instrument 43-101. 


ABOUT SILVER SPRUCE

Silver Spruce is a junior exploration company originally focused on uranium in
the Central Mineral Belt (CMB) and elsewhere in Labrador, Canada. With interests
in more than 4,000 claims totaling more than 1,000 square kilometers in
Labrador, Silver Spruce is one of the largest landholders in one of the world's
premier emerging uranium and REE districts. The company has rare earth element
(REE) properties in Labrador - Pope's Hill, Pope's Hill JV (with Great West
Minerals Group), MRT, RWM and the Straits and gold/silver projects (Big Easy,
Rambler S.) on the island of Newfoundland.


The company seeks Safe Harbour.

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