|December 19, 2006|
Silver Spruce Resources Announces the Discovery of a New Mineralized Zone
December 19, 2006, Bridgewater, Nova Scotia - Silver Spruce Resources Inc. (TSXV: SSE) is pleased to announce the discovery of a new mineralized zone, the Near Miss showing, on the optioned Snegamook Lake property, located in the Central Mineral Belt (CMB) of Labrador.
The Near Miss showing has given total count values greater than 10,000 in sub-angular boulders and outcrop covering an area approximately 100 by 30 meters in limited prospecting and sampling. The rock units, fractured / brecciated felsic intrusive units, are similar to those at the Two Time showing, which is located 4 km to the northeast on the CMB NW block, and carry visible yellow staining thought to be uranophane. A total of 12 grab samples were taken from the area with five samples giving values greater than 0.1% uranium oxide (U3O8) and four other samples giving values greater than 0.02% U3O8, ranging from 0.0007% to 0.14% U3O8.
"We are excited about this new mineralized, radioactive zone," said Lloyd Hillier, President and CEO of Silver Spruce. "These initial tests have confirmed the presence of uranium at Near Miss and expanded the number of radioactive zones on our properties. Our success to date, with limited follow up, speaks to the quality of our projects."
The results from the Near Miss showing are promising and warrant further testing by gridding, geochemistry and scintillometer surveys, which will be carried out as part of the spring exploration program.
Analyses were performed by Activation Laboratories in Ancaster, Ontario, an approved, accredited laboratory, using the delayed neutron activation technique, which gives good results for samples carrying up to 1% uranium.
This release has been approved by Peter Dimmell, P.Geo., Vice President of Exploration, Silver Spruce Resources Inc., who is a Qualified Person (QP) as defined in National Instrument 43-101.
ABOUT THE SNEGAMOOK PROPERTY
The Snegamook Lake claim block is an 86 claim (2,150 ha) property located just to the southeast of Snegamook Lake, on NTS 13 K/11 and is optioned from the Turpin-Crocker Group. Silver Spruce can earn a 100% interest in the property, subject to a 2% NSR, by payment of $24,000 and 60,000 shares over three years.
ABOUT SILVER SPRUCE
Silver Spruce Resources Inc. (TSXV: SSE) is a junior mining exploration company focused primarily on uranium in the Central Mineral Belt (CMB) of Labrador, Canada. With over 8,551 claims totaling more than 2,100 square kilometers, Silver Spruce is the second largest landholder in one of the world's premier emerging uranium districts. Silver Spruce owns approximately 3,000 of the claims 100 percent while approximately 5,500 are joint ventured. A large-scale exploration program on the Company's properties in Labrador began in the summer of 2006; results have been encouraging with the first uranium discovery occurring in October. With strong financial backing, Silver Spruce is emerging as a leading uranium explorer in Labrador.
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.
You can view the Next News item: Thu Jan 4, 2007, Silver Spruce Resources & Universal Uranium Intersect Uranium Mineralization at Two Time Zone
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