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Silver Spruce Reports on AGM Results and Exploration Plans at Big Easy
|By Marketwired .
|May 29, 2014 07:00 AM EDT
BRIDGEWATER, NOVA SCOTIA -- (Marketwired) -- 05/29/14 -- Silver Spruce Resources Inc. (TSX VENTURE: SSE) is pleased to report on the results of shareholder voting at the 2014 annual general meeting (AGM) held in Bridgewater, NS on May 6, 2014 and to give an update on exploration plans for the Big Easy Au/Ag property for 2014.
AGM - A total of 11 shareholders were present either in person or by telephone at SSE's office in Bridgewater. All items recommended by management were ratified by the shareholders as follows:
% Voted For % Voted Against
Reappoint Auditor 100%
Stock Consolidation 85.9% 14.1%
Ratify all Actions 93.4% 6.6%
Other Business 83.8% 16.2%
Lloyd Hillier 98.34% 1.66%
Gordon Barnhill 98.34% 1.66%
Peter Dimmell 98.34% 1.66%
Ted Urquhart 98.83% 1.17%
Rob Gillis, a director of SSE since April 2009, did not stand for re-election due to work commitments. Silver Spruce wishes to thank Rob for his guidance and contributions to the company over the past 5 years.
Planned 2014 Exploration
The company is planning to move forward with exploration on the road accessible, Big Easy epithermal, low sulphidation, Au/Ag property, in eastern Newfoundland, in the summer and fall of 2014. Proposed work includes continued prospecting along the Big Easy trend, follow up soil geochemistry, prospecting and sampling on the ET zone, grid extension to the south to the ET zone from the Big Easy zone and a Phase 3 diamond drilling program to test the Big Easy system at depth, below 250 m vertical, where the bonanza Au/Ag veins are thought to lie. The budget for the planned exploration is in the $300,000 range and is contingent on financing. A Junior Exploration Assistance (JEA) grant for the maximum $100,000 has been applied for through the Newfoundland and Labrador Department of Natural Resources. This grant, if approved, is contingent on matching funding to be raised through either a private placement or a joint venture on the property.
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 including 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 quartz adularia vein in DDH BE-11-7, have been located. Banded colloidal silica (hot spring deposits) found in outcrop in two areas, 600 m apart, and bladed textures (indicative of boiling?) in drill holes and surface samples indicate that we are at or near the paleosurface and above the level that bonanza style gold/silver values should be located, typically 250-500 m below the surface (or paleosurface), where the hot springs are found. Two drilling programs, in 2011 and 2012, located significant Au/Ag mineralization and associated alteration over a 1 km strike length but have not tested the Big Easy zone to depth.
Silver Spruce Compliance with the Canada Anti-Spam Legislation (CASL)
With changes in CASL taking effect on July 1, 2014 Silver Spruce is reminding its e-mail recipients that they are receiving e-mail because they are currently subscribed to the Silver Spruce Resources Inc. e-mail list. At the bottom of each e-mail you receive from us there is a clearly marked unsubscribe link. Should you no longer wish to receive e-mail from us, simply click that link and you will be automatically removed from our list.
About Silver Spruce Resources Inc.
Silver Spruce is a diversified junior exploration company with a significant, road accessible, low sulphidation, epithermal, gold/silver property in eastern Newfoundland, which has potential for bonanza grades in both gold and silver - the Big Easy, and for the longer term, a portfolio of 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 Labrador.
Shareholders and other interested parties can view our Information Circular, and our financial statements on www.sedar.com or on our website at www.silverspruceresources.com. Information including pictures from our projects, including Big Easy, can also be found on the Silver Spruce website.
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.
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