|September 12, 2006|
Discovery of Mineralized Zone / Acquisition Of Claims CMB NW Area - Central Mineral Belt, Labrador
September 12, 2006 - Silver Spruce Resources Inc. (SSE) is pleased to announce that it has located an anomalous radioactive zone in the course of ground follow up on airborne targets on the CMB NW claim group. Radiometric target CMB NW 2, one of those described in the press release of August 14, 2006, which is located to the south of the Kanairiktok River, has been located as a strongly radioactive zone on the ground, over an area of approximately 300 by 50 m. Scintillometer values from 20 locations over the 300 m long length of the zone, which trends approximately N-S (see map at www.silverspruceresources.com under the heading "Latest News"), range from > 10,000 to 2700 cps over outcrop, with seven samples giving > 10,000 cps using the GRS 110 scintillometer which measures total counts per second of gamma radiation. The zone remains open in all directions. The host rock is a felsic intrusive which has been brecciated and fractured with red earthy hematite and a grey mineral, possibly uraninite, associated with the fractures. Uranophane, a yellow alteration product of uranium, has been tentatively identified in the field. Twenty rock samples from these sites have been sent to Activation Laboratories in Ancaster, ON to be analysed for U and related elements on a rush basis. Results are pending and will be reported as soon as they are received.
The discovery of the zone has prompted the acquisition of 600 claims (150 sq km), tied on to the north and west of the original CMB NW block. The new claims protect the northern extension of the anomalous area plus a series of airborne radiometric anomalies located by Brinex and partners in the 1970's, which lie just to the north of Snegamook Lake. The first 300 claims, tied on to the north of the original CMB NW block, were flown by Fugro Airborne surveys as an extension of the earlier radiometric / magnetic survey, in the last week. These results are pending. Ground follow up will take place once the data has been received by Fugro and anomaly prioritization has been completed.
The newly acquired claims form part of SSE / UUL joint venture and are subject to the agreement between the two companies which covers the CMB and Seal Lake areas. Under the terms of the agreement, Universal can earn a 60-per-cent interest in the properties by spending $2-million on exploration over a three year period with Silver Spruce as the operator during the earn-in period. This release has been approved by Peter Dimmell, P.Geo., Vice President of Exploration, who is a Qualified Person (QP) as defined in National Instrument 43-101.
ABOUT SILVER SPRUCE
Silver Spruce Resources Inc. (TSXV: SSE) is a junior mining exploration company primarily focused on uranium in the Central Mineral Belt (CMB) of Labrador, Canada. With over 5,000 claims totalling more than 1,250 square kilometres, Silver Spruce is the second largest land holder in one of the world's premier emerging uranium districts. In the 12 months commencing summer 2006, Silver Spruce is planning a large scale exploration program on its CMB and area properties at a cost of more than $2 million. With experienced development partners and strong financial backing, Silver Spruce is emerging as a leading uranium explorer in central Labrador.
FOR FURTHER INFORMATION, CONTACT:
Gordon Barnhill, CFO & Director
Keir Reynolds, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 31
Toll Free: 1.866.684.4743 ext. 31
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this Release.
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