|January 08, 2008|
2008 Winter Program Begins on Snegamook and Mount Benedict Properties
- Camp construction underway on Mount Benedict property in support of a planned winter drill program to test T-649 and Super 7 showings
- Follow up diamond drilling on the Snegamook Property
January 8, 2008 - Bridgewater, NS - Silver Spruce Resources Inc. (TSXV: SSE) is pleased to announce that the 2008 winter exploration programs on the Mount Benedict and Snegamook properties in the central mineral belt (CMB) of Labrador have begun. Both properties are 100-percent owned by Silver Spruce. Crews were mobilized to both areas this week.
Mount Benedict Property
A camp is being established on a small lake approximately 50 kilometers to the south of Makkovik on Labrador Inuit Settlement Area (LISA) lands. This camp will support the planned winter drilling program on the T-649 and Super 7 showings and summer exploration on the remainder of the Mount Benedict property. Work on the Mount Benedict property during 2007 led to the discovery of two significant high-grade uranium prospects, the T-649 where five grab samples averaged 0.5% (10 lbs/ton) U308 and boulders with some values over 3% (60 lbs/ton) U308 were found; and the Super 7, with some values over
1.0% (20 lbs/ton) U308. Both showings are located on LIL (Labrador Inuit) lands.
An archeological assessment of the area has been completed and submitted to the Nunatsiavut government and a work proposal to drill test both prospects in the first quarter of 2008 was submitted to both the Nunatsiavut and Newfoundland and Labrador governments.
Crews have been mobilized to the Kanairiktok camp, located just to the east of Snegamook Lake and near the Snegamook property. Diamond drilling will target strong untested radon gas anomalies, including 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 2007 first pass drilling (1,375 meters in six holes), and other uranium mineralized areas discovered by prospecting. Four of the 2007 drill holes (985 meters) tested the Two Time Trend over a two-kilometer strike length, approximately 1.5 kilometers to the south of the Two Time Zone, on the CMBNW property to the north. The drilling 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. 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. Two holes (390 meters), SNNM-07-01 and SNNM-0702, spaced 80 meters apart, targeted the Near Miss showing, a uranium-bearing hematite 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.
ABOUT THE MOUNT BENEDICT AND SNEGAMOOK PROPERTIES
The Mount Benedict Property is a large contiguous block of 3,695 claims (924 square kilometers), located from 30 to 70 kilometers southeast of Makkovik. It is located in part, (15 percent), on Labrador Inuit Land (LIL), which is controlled by the Nunatsiavut Government. The remaining 85 percent is on Labrador Inuit Settlement Area (LISA) lands, which are jointly controlled by the Nunatsiavut and the Newfoundland Government. The claims are 100-percent owned by Silver Spruce, subject to a one percent NSR payable on any production from 532 of the claims.
The Snegamook property, consisting of 86 claims (21.5 square kilometers), is surrounded by the CMBNW JV property to the north, west and east and the Santoy "Fishhawk Lake" property to the south. It is subject to an option agreement with a group of Newfoundland-based prospectors. Silver Spruce can earn a 100-percent interest in the property subject to a 2 percent NSR. It is located outside of lands owned by the Nunatsiavut government, on lands subject to the Innu Land Claim.
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
Jamie Mathers, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 236
Toll Free: 1.866.684.4743 ext. 236
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 31, 2008, Silver Spruce Options Double Mer Property to High Tide Resources
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