BRIDGEWATER, NOVA SCOTIA -- (Marketwire) -- 02/28/13 -- Silver Spruce Resources Inc. (TSX VENTURE: SSE)(FRANKFURT: S6Q) is pleased to report on preliminary mineralogical studies of diamond drill core from the road-accessible, low sulphidation, Big Easy gold/silver prospect in eastern Newfoundland. The Big Easy (BE) prospect is an extensive, altered (silicified) system that covers an area of approximately 1.7 kilometres by up to 300 metres wide that was drilled in 2011 and 2012, with 12 drill holes over a 1.2 km strike length, giving significant gold (Au) and silver (Ag) values in a number of holes (news releases Aug. 16, 2012, June 7, 2011), defining a low sulphidation, epithermal gold/silver system. The ET Zone, 3.5 kilometres to the south of the Big Easy, traced over a minimum strike length of 400 metres, appears to be an extension of the same system, and is untested by drilling (news releases Dec. 11/12, January 3, 2013).
Mineralogical studies are being carried out at Memorial University of Newfoundland (MUN) under the supervision of Dr. Graham Layne, Associate Professor of Earth Sciences, as part of a research grant from the Research and Development Council (RDC) of Newfoundland and Labrador Geo EXPLORE program, with contributions from a B.Sc. thesis by Matthew Clarke. It has included petrological examination of polished sections to identify the minerals, with follow up by scanning electron microscope (SEM) equipped with backscattered electron (BSE) imaging and energy dispersive x-ray (EDX) detectors. Selected samples from the 2012 drill program (DDH BE-12-9 to 11), as well as samples from a section in DDH BE-11-3 that assayed 6 g/T Au, 174 g/T Ag over 1.5 m, were studied. The main goal of this preliminary work was to gain insight to the precious metal mineralogy associated with the various styles and generations of veining and brecciation in the drill core.
Native silver (Ag), electrum (Au/Ag), acanthite (Ag2S) and unidentified silver-sulfide-selenide (Ag-S-Se) minerals are noted, mainly in "ginguro" bands (narrow erratic black bands) in banded silica (quartz) veins. The Ag-S-Se minerals occur as very fine disseminations (2-3 microns) enclosed within pyrite (FeS2), while the native silver, electrum and acanthite are found as discrete polyminerallic grains up to 30 microns in size, averaging 10-15 microns. A sample of core from the brecciated, gold/silver rich section in DDH BE-11-3 showed one 200 micron grain of pyrite with native Ag, electrum and acanthite in fractures, which is different from numerous smaller pyrite grains in the same polished section - indicating that it may have been re-emplaced from another zone deeper in the system during the periodic re-activation of the boiling / hot spring system. The native Ag-electrum-acanthite mineral assemblage is also associated with well preserved boiling textures (bladed features - quartz after calcite) as shown in a sample from DDH BE-12-10.
"The mineral assemblages and vein textures are characteristic of an epithermal, low sulphidation, gold/silver system, like many others world-wide, especially Nevada (Sleeper, Round Mountain) and Japan (Hishikari), where silver selenide minerals are found. The brecciated zone in DDH BE-11-3, with the isolated grain showing different characteristics from the rest of the grains may indicate better potential for Bonanza grades, typical of these systems, at depth" says Peter Dimmell, President / CEO of Silver Spruce. "We are committed to further exploration of this obviously well mineralized system, especially to depth".
Photomicrographs of the thin sections showing the various silver minerals, the native silver and electrum, plan maps showing the airborne magnetic and VLF-EM survey results, the location and results of the prospecting and stream sediment surveys, plus plan maps and a summary of the drilling; compilation maps of the property; and pictures showing the drilling, drill core and other exploration on the property are shown on the Silver Spruce website at www.silverspruceresources.com .
This release has been approved by Peter M. Dimmell, P.Geo., President & CEO of Silver Spruce Resources Inc., who is a Qualified Person (QP) in NL and ON as defined in National Instrument 43-101.
About the Big Easy Property
The road accessible, 294 claim (73.5 square kilometre) property, located near Thorburn Lake in eastern Newfoundland, was optioned from prospectors Alex Turpin and Colin Kendall. The agreement, to earn 100% interest subject to a 3% NSR with a 1.5% buyback for $1.5 M, is for a total of $110,000 plus 1.6 M shares over three years. A yearly advance royalty payment of $20,000 per year, deducted from future NSR payments, is payable from the fourth anniversary on.
About Silver Spruce Resources Inc.
Silver Spruce is a diversified junior exploration company with a portfolio of gold/silver (Big Easy), uranium (Snegamook, A7 (Fishawk Lake), Double Mer, Mount Benedict, CMBJV) and rare earth (Pope's Hill, Pope's Hill JV (w/ Great Western Minerals Group), Straits) projects in Newfoundland and Labrador. With interests in more than 1,000 claims totalling more than 250 km2 in Labrador, Silver Spruce is one of the largest landholders in one of the world's premier emerging rare earth and uranium districts.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The company seeks Safe Harbour.
Gordon Barnhill, CFO & Director
Silver Spruce Resources Inc.
Investor and media relations:
Pilot Communications Inc.
709.753.0794 ext 31
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