|November 26, 2007|
Update on Exploration - Snegamook Property, Labrador
- 189 ppm U308 (0.38 lbs/ton) over 24 meters including 1 meter of 0.1 % (2.06 lbs) - Two Time Trend
- Values to 0.15% U308 (3.07 lbs /ton) over 1 meter on Near Miss showing
- Strong untested RadonEx (radon gas) anomalies south and east of the Two Time Zone
November 26, 2007 - Bridgewater, NS - Silver Spruce Resources Inc. is pleased to provide an update on exploration work on its optioned Snegamook Lake Property, in the central mineral belt (CMB) of Labrador. Silver Spruce has an option to earn a 100% interest in the property subject to a 2% Net Smelter Return (NSR). The property lies to the south of, and is surrounded by, the CMBNW JV property (Silver Spruce, 40%/Universal Uranium, 60%) to the north, east and west, and to the north of a property held by Santoy Resources where drilling is ongoing.
RadonEx (radon gas) and soil geochemical surveys, prospecting, linecutting and a limited drilling program have been carried out. Preliminary work consisted of 34 kilometers of cut control lines, 1,100 B-horizon soil samples and a total of 2,225 RadonEx readings at 50 meter x 100 meter spacing over the eastern portion of the property (1,675 sites) and in the vicinity of the Near Miss showing (550 sites). A first pass drill program totaling six holes for 1,375 meters was also completed. Four holes (985 meters) tested RadonEx anomalies along a two-kilometer length of the Two Time Trend, approximately 1.5 kilometers to the south of the Two Time Zone and two drill-holes (390 meters) tested uranium mineralization at the Near Miss showing.
The four drill holes over a two-kilometer strike length along the Two Time Trend intersected intrusive and older gnessic rocks with sections of structurally controlled, brecciated monzodiorite, similar in style to the Two Time mineralization, which carried moderate to strong chlorite, hematite and carbonate alteration and uranium mineralization in holes SN-07-02 and SN-07-03. Values ranged from 50 to 1,034 ppm U308 with the best section averaging 189 ppm U308 (0.378 lbs/ton) over 24 meters, similar to values located in the Phase 1 drill program on the Two Time Zone itself. The mineralized zones are summarized in Table 1, following. Two holes, SN-07-01 and SN-07-04, did not locate any radioactivity or mineralization, however they appear to have missed the RadonEx anomalies they were designed to test, due to their direction and set up locations (see map on website).
Holes SNNM-07-01 and SNNM-0702, spaced 80 meters apart, targeted the Near Miss showing, a uranium-bearing hematitic breccia, located by prospecting in 2006. Both holes intersected one-meter intervals of uranium mineralization grading from 235 to 1,534 ppm U308. The mineralization is developed proximal to, or along the contact with, older Archean Gneiss.
The results from the first pass drilling are positive, confirming significant uranium mineralization is located on the property. In most cases, radon gas anomalies are associated with underlying uranium mineralization. Further drilling is planned when a drill rig becomes available. This drilling will target stronger untested radon gas anomalies, including the high-priority targets south and east of the Two Time Zone and to the north of the Near Miss showing. In addition, it will test uranium mineralization located in the first pass drilling and other areas where uranium mineralization has been located in bedrock.
|Snegamook Property - Summary of Drill Hole Results - 2007|
| Minimum Composite Width : 1.00|
| Maximum Internal Dilution: 100 ppm|
| Cutoff Criteria --> Field: U3O8 ppm Minimum Grade: 50 ppm|
lbs / ton
||No significant radioactivity
||No significant radioactivity
The RadonEx results highlight numerous areas with anomalous readings similar to or stronger than those outlined over the Two Time showing on the CMBNW JV property to the north. The strongest are located three kilometers east-southeast of the Two Time Zone, forming three north-northeast trending anomalies with strike lengths from 1,500 to 2,000 meters. Anomalies were also located over the Near Miss showing and along a structural lineament to the north. Most of these targets remain untested. Limited follow up prospecting in areas with anomalous radon gas values has located uranium mineralization in boulders and bedrock with values ranging from 225 to 5,000 ppm U308.
Approximately 1,100 B-horizon soil samples were collected in conjunction with the RadonEx surveys. Samples have been submitted to Activation Laboratories and results are pending.
Rock, core and soil sample analyses were carried out by Activation Laboratories in Ancaster, Ontario, an approved, accredited laboratory, using the delayed neutron activation technique (DNC), which gives accurate results for samples carrying up to 1.0% uranium and an ICP technique that gives good results for most other elements, including thorium. A quality assurance/quality control (QA/QC) program has been implemented to increase confidence in the results generated. The QA/QC program is described on the company's website together with a plan map showing the results of the work described in this news release.
Click to enlarge
ABOUT THE SNEGAMOOK PROPERTY
The Snegamook property, consisting of 86 claims (21.5 square kilometers), is subject to an option agreement with a group of Newfoundland-based prospectors. Silver Spruce can earn a 100 % interest in the property subject to a 2% NSR.
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 more than 13,100 claims totaling approximately 3,275 square kilometers in Labrador, Silver Spruce is the second largest landholder in one of the world's premier emerging uranium districts. Experienced partners and strong financial backing make Silver Spruce a leading uranium explorer in Canada.
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.
For Further Information Contact:
SILVER SPRUCE RESOURCES
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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