|October 12, 2006|
Silver Spruce Resources Completes Phase I Exploration Program & Establishes Winterized Camp
Vancouver, British Columbia-- Silver Spruce Resources (TSX: SSE) is pleased to announce that it has completed a follow up exploration program on the anomalous radioactive zone CMB NW 2 target in the Central Mineral Belt (CMB) of Labrador. Silver Spruce has also established a fully winterized camp on the south bank of the Kanairiktok River to be used as a base for further work in the area. A late fall/early winter drill program has been proposed to test the mineralization at the CMB NW 2 target.
The work for the Phase I exploration program consisted of gridding, soil geochemistry, and hand trenching. A baseline was emplaced at 340 degrees extending northward for 350m (0 to 3+50 N) from the west side of the "helicopter landing" bog extending into the Kanairiktok River valley for approximately 100m and to the south, 225m (0 to 2+25 S), to a small pond. Lines were flagged to the east and west of the baseline 150 to 200m, for soil geochemistry and scintillometer surveys. The southern portion of the grid (0--2+25 S) was soil sampled (B horizon) at 25m intervals on 25m lines. The B horizon soil profile is well developed on this well drained area. A total of 114 samples were taken.
Six hand dug trenches were emplaced across the mineralized radioactive zone over a strike length of approximately 350m and across a width of 30-50m. The trenches were targeted using anomalous scintillometer readings. In addition, the rock face, which gave the original highly radioactive readings and the airborne anomaly, was chip sampled. A total of 86 channel/chip samples were taken (4126-4211). The trenches were dug to bedrock and then sawed using a hand held diamond saw, with samples chipped out using a chisel at 1m intervals. A description of the trenches and scintillometer results follows:
Trench 1 -- 0+87.5 N; Samples 4126-34 (9); 200 to > 10 K, generally 500 to 2 K cps.
Trench 2 -- 1+25 N; Samples 4135-42 (8); 200 -- 4200, generally > 1K cps
Trench 3 -- 1+65 N; Samples 4205-11 (7); 200 to 3900, generally 1-3 K cps
Trench 4 -- 2+05 N; Samples 4170-98 (29); 200 to 3600, generally 500-1500 cps.
Trench 5 -- 2+45 N, Samples 4143-50 (8); 800-9700, generally 1-2 K cps
Trench 6 -- 0+75 S, Samples 4199-4204 (6); no scintillometer readings taken
Cliff face -- 2+75 N, Samples 4151-69 (19), no scintillometer readings taken
All samples have been shipped to Activation Laboratories in Ancaster, ON. for analysis for uranium and results are currently pending.
The CMB NW area is part of the Universal Uranium/Silver Spruce Resources joint venture. Under the terms of this agreement, Universal Uranium can earn a 60-percent interest in the properties by spending $2-million on exploration over a three year period with Silver Spruce acting as the operator during the earn-in period.
This release has been approved by Peter Dimmell, P.Geo., 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.
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.
On behalf of the Board of Directors, Gordon Barnhill, CFO and Director.
FOR FURTHER INFORMATION, CONTACT:
Gordon Barnhill, CFO & Director
Keir Reynolds, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 231
Toll Free: 1.866.684.4743 ext. 231
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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