|May 23, 2007|
Silver Spruce Drilling at Mother Lode Gold Property
May 23, 2007, Bridgewater, NS--Silver Spruce Resources Inc. (TSXV: SSE) is pleased to announce that it is drilling a minimum 700 metre program on the Mother Lode gold property, located on the Burin Peninsula in southeastern Newfoundland. The drilling began on May 10th and should be completed by the end of the month. The property was optioned by Silver Spruce in January, 2006 (see news release dated January 6, 2006). Silver Spruce can earn a 100 percent interest in the property, subject to a two percent Net Smelter Return.
Silver Spruce's main focus continues to be uranium exploration in the Central Mineral Belt of Labrador. The company is currently completing an intensive exploration program including: a minimum 8,000m drill program that will lead to the company's first-ever uranium resource calculation.
Prospecting, geological mapping and grab and float sampling of mineralized, altered units at Mother Lode have given sporadic gold assays with values varying from non detectable to 25 grams per tonne. Hand-trenching in 2004-2005 and excavator trenching of altered outcrop and soil anomalies in 2006 resulted in the discovery of altered zones within the volcanic units carrying gold values in disseminated sulphide mineralization. The trenching confirmed earlier grab sample assays and resulted in the extension of known mineralized zones. Mineralization grading from anomalous (a few hundred ppb) in the sheared, mineralized units to 6.39 g/t over 2.4m in boudinaged, interflow iron formation was located. Assays were generally in the hundred ppb to one to two grams per tonne gold over widths from one to two metres maximum.
The drill program is designed to evaluate the mineralized zones utilizing short holes to test the down dip/plunge extent of mineralization. A number of longer, 250m holes, will test the possibility of structurally repeated intervals at greater depth in the main area of the grid on the Turpin Zone. Gold is associated with fine to very fine disseminated pyrite mineralization (up to 15%) in sheared and altered, chloritized, sericitized and silicified volcanic units.
The host rocks are mafic volcanics, gabbros and volcaniclastic sediments of the Burin Ultramafic Belt, which have been sheared and altered over an area of approximately 200m across strike and 300-400m along strike. The mineralized zones are boudinaged, dip steeply to the northwest and appear to plunge to the southwest, possibly controlled by strong isoclinal folding. No drilling has been carried out in this area prior to the Silver Spruce work.
Mineralized intervals will be sawed and one half of the sample shipped to Eastern Analytical Laboratories, in Springdale, NL for analysis for gold by fire assay, using a one assay tonne sample and 30 element ICP analyses. The other half of the sample will be retained for further study. Results will be reported as received.
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 exploration company primarily focused on uranium in the Central Mineral Belt (CMB) of Labrador, Canada. With interests in over 8,500 claims totaling more than 2,100 square kilometres, Silver Spruce is the one of the largest landholders in one of the world's premier emerging uranium districts. A large-scale exploration program in the summer of 2006 resulted in the first uranium discovery in October (Two Time zone) in early stage follow up of the airborne surveys. With experienced partners and strong financial backing, Silver Spruce is emerging as a leading uranium explorer in Labrador.
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
Sean Charland, Longview Capital Partners Inc.
Phone: 604.681.5755 ext. 291
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this Release. Silver Spruce seeks safe harbour.
You can view the Next News item: Thu Jun 14, 2007, Silver Spruce Announces Start of 2007 Summer Follow up
You can view the Previous News item: Tue May 15, 2007, Third Phase Drill Program Starts on CMB NW Property
You can return to the main News page, or press the Back button on your browser.