|July 05, 2007|
Silver Spruce Resources Announces Rock Sample Results and Completion of First Pass Exploration -- Straits Property
- 5 samples with values greater than 500 ppm (0.05% or 1 lb/ton) U3O8
- 3 samples with values greater than 0.1% (2 lbs/ton), high value of 0.26% U3O8
July 5, 2007, Bridgewater, NS - Silver Spruce Resources Inc. (TSXV: SSE) is pleased to announce that preliminary results from summer field work has located a number of uranium mineralized areas on the Straits Property which is located in southern Labrador, to the north of the Straits of Belle Isle.
Results from the first 44 rock samples submitted have given 19 values greater than 100 ppm (0.01%) U3O8, including five values > 500 ppm (0.05% or 1 lb/ton) and 3 values > 0.1%, with a high value of 0.26% U3O8. This area has never previously been explored for uranium.
The prospecting/geological mapping was carried out on the original 896 claim (22,400 ha or 224 km2) block in follow up to the airborne survey carried out in 2006 (see news release dated June 14, 2007) by a helicopter supported field party, based in Mary's Harbour, Labrador. A total of 21 moderate strength airborne radiometric targets were selected for initial follow up. Targets were selected on the basis of the 95th percentile of U/Th ratios (with U values a minimum of 14 cps).
Three main areas of mineralization have been defined to date. They are:
1) Henley Harbour NE -- an 800-1,100 m radiometric anomaly, heavily forested and till covered, which gave one value of 439 ppm U3O8 from the only sample acquired. Host rocks are aplites, mafic intrusives (gabbros), gneisses and pegmatites. Soils have been acquired over this target;
2) WD showing -- a cluster of large boulders of orthogneiss or paragneiss showing strong uranophane staining within a 600-800 m long radiometric anomaly which gave values from 92 to 1,391 ppm (0.14%, 2.8 lbs/ton) U3O8, with three of four samples > 400 ppm U3O8;
3) LP showing -- a large, irregular, pegmatite dike which can be traced for a few hundred metres which gives erratic values from 10 samples, varying from 38 ppm to 2,650 ppm (0.26%, 5.2 lbs/ton) U3O8, with 6 samples > 100 ppm and 2 > 2,000 ppm.
The samples were analyzed at Actlabs in Ancaster ON, for U by delayed neutron counting (DNC) and an ICP technique for other elements. Results for the ICP remain pending. Samples are also being analyzed for Th and these results also remain pending.
An additional 40 to 50 rock samples have been submitted to the laboratory for analysis. Some of the targeted radiometric anomalies with minimal outcrop have also been soil sampled to test for uranium. A total of 219 lake sediment samples have been acquired over the entire claim group, including the 1,320 new claims announced in the news release of June 14. They have been submitted to the Actlabs preparatory laboratory in Happy Valley -- Goose Bay and will be analyzed at the Actlabs laboratory in Ancaster ON. by delayed neutron counting (DNC) for U and an ICP technique for other elements, the same technique as for the government surveys which led to the staking of the properties.
Lloyd Hillier, President and CEO of Silver Spruce comments "We are extremely pleased with these preliminary results which indicate significant uranium mineralization exists in this part of Labrador and we look forward to continued follow up once all results have been received."
The 44 rock sample locations and targeted airborne anomalies are shown on the company's website at silverspruceresources.com. Further results for the rock, lake sediments and soils will be reported as they are received. Follow up, consisting of gridding, soil geochemistry, prospecting, geological mapping and geophysical surveys will be carried out on the property once all results have been received.
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 SILVER SPRUCE
Silver Spruce Resources Inc. (TSXV: SSE) is a junior exploration company primarily focused on uranium in the Central Mineral Belt (CMB) and other areas of potential in Labrador, Canada. With interests in over 9,800 claims totaling approximately 2,500 square kilometres, Silver Spruce is the one of the largest landholder in one of the world's premier emerging uranium districts. The large ground position, experienced partners, and strong financial backing, make Silver Spruce a leading uranium explorer in Labrador.
For Further Information Contact:
SILVER SPRUCE RESOURCES HEAD OFFICE
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. The Company seeks Safe Harbour.
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