|January 09, 2006|
January 9, 2006 - Silver Spruce Resources Inc. (SSE-TSX-V) announces that it has now acquired 4963 claims (approximately 124,000 ha or 1240 sq. km.) in the Central Mineral Belt (CMB) of Labrador, Canada, to the southwest of Postville, making Silver Spruce Resources the second largest claimholder in this emerging uranium district. The properties cover anomalous uranium in lake sediment values ranging from 10 to 213 ppm against a background of approximately 5 ppm hosted in geological units which are favourable as hosts for uranium deposits
The claims of Silver Spruce Resources Inc. lie along strike, both to the east and west, of properties held by Aurora Energy Inc. (Fronteer / Altius group) and Crosshair Exploration and Mining Corp. These companies have reported significant uranium mineralization in known showings / deposits. At the Michelin deposit, discovered by Brinex in the 1960's and acquired by Aurora in 2003, values from the deepest hole yet drilled on the deposit, of 0.10 % U3O8 over a core length of 56.8 m including 0.21 % U3O8 over 14 m were announced in November. New showings, discovered through follow up of radiometric surveys carried out in 2004 has resulted in drill intersections of uranium mineralization at Otter Lake (1 % over 0.5 m) and Jacques Lake (0.10 % U3O8 over 9 m including 0.2 % U3O8 over 2.1 m), as reported in January, 2006. The Moran Lake property, which covers the "C zone" deposit, discovered by Shell Canada in 1976, with reported grade / tonnage (not 43-101 compliant) of approximately 500,000 tonnes at 0.1 % U3O8, was optioned by Crosshair in the spring of 2005. This company is presently gearing up for a drill program to test the historical deposits and new targets, generated by prospecting follow up of radiometric anomalies, located in the fall of 2005. For example, values averaging 0.35 % U3O8 were reported in December from five grab samples over an area of several hundred square metres located 18 km to the west of the "C zone".
Exploration by Silver Spruce in 2006 will follow the lead of the earlier explorers in the CMB and will consist of data compilation, airborne radiometrics and magnetics followed by prospecting, geological mapping and ground geophysics to evaluate targets located. Trenching and diamond drilling will evaluate mineralized showings located by the ground exploration.
This release has been approved by Peter Dimmell, P.Geo., Vice President of Exploration, who is a Qualified Person (QP) as defined in NI 43-101.
On behalf of the Board of Directors, Gordon Barnhill, CFO and Director. Telephone: (902) 527-5700, Fax: (902) 527-5711.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this Release. The Company seeks Safe Harbour.
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