|April 22, 2008|
Silver Spruce and Azimut Identify Highly Anomalous Lake Sediments and Radiometric Anomalies on Hudson Bay Uranium Project
- Lake sediment values to 1,950 ppm U3O8
- Anomalous Uranium radiometric anomalies on all three claim blocks
April 22, 2008 - Bridgewater, NS - Silver Spruce Resources Inc. (TSXV: SSE) is pleased to announce the results of the 2007 exploration program on the Hudson Bay uranium project located just to the east of Hudson Bay in northern Quebec. The property is held under an option agreement with Azimut Exploration (TSXV: AZM) (news release April 4, 2007).
The property covers strong, regional scale, government lake sediment anomalies in uranium and other geochemical pathfinders, including a peak value of 750 ppm uranium, located along a major structural boundary delineating the transition zone between the Minto and Bienville geological sub-provinces. The area is characterized by Archean intrusive rocks, as well as mafic and ultramafic units. Uranium values up to 1.31% U3O8 in a similar geological environment are known approximately 20 kilometers to the south, in an area where exploration is now pre-empted.
The 2007 exploration program consisted of detailed lake sediment surveys in the summer and airborne radiometric, magnetic and electromagnetic surveys carried out in the fall. The airborne radiometric results indicate a total of one Priority 1, eight Priority 2, and 50 Priority 3 targets. Exploration follow up in other areas, such as Labrador, has shown that even lower priority targets have to be followed up and can represent uranium mineralization.
The background for uranium in lake sediments in the area is less than 25 ppm. In Area A, a total of 12 samples were considered to be anomalous, in the range of 54 to 279 ppm uranium, with three greater than 100 ppm. These were found mostly in the west central and northwest, generally coincident with the Priority 1 and a series of Priority 2 radiometric anomalies. In Area B, a total of four samples give anomalous values of greater than 100 ppm, including an isolated value of 1,950 ppm located in the northeastern portion of the block. In the west-central area of Block B, weak, Priority 3 airborne radiometric anomalies are noted generally coincident with lake sediment values up to 365 ppm uranium. In Area C, the smallest block, where a total of six values greater than 100 ppm were located, three anomalous values of 161, 107 and 137 ppm uranium are generally coincident with a series of Priority 2 and 3 radiometric anomalies along north-west and north-east trends, possibly related to underlying structures or stratigraphy.
Follow up scintillometer prospecting and geochemistry will take place starting in mid-June utilizing a helicopter to be based in Umiujaq.
The detailed lake sediment sampling, a total of 293 samples, was carried out at an interval of approximately one sample per square kilometer under contract by IOS Services Géoscientifiques Inc. of Saguenay, Quebec, using a float equipped helicopter to sample most lakes within the claim blocks. Samples were air dried and then shipped to Activation Laboratories in Ancaster, Ontario, where they were analyzed by delayed neutron counting (DNC) and ICP-MS.
The airborne radiometric, magnetic and electromagnetic survey, totaling 1,489 line-kilometers, was carried out by McPhar Geosurveys, at a line spacing of 200 meters, in September 2007. The survey was flown at an average height of 74 meters using a spectrometer with a crystal of 8.4 liters. Ted Urquhart, a geophysical consultant based in Santiago, Chile, and a director of Silver Spruce, selected the following thresholds for the prioritization of the anomalies: Priority 1 - uranium with a signal of 27 counts above the noise envelope; Priority 2 - uranium with a signal of 21 counts above the noise envelope and Priority 3 - uranium with a signal of 15 counts above the noise envelope (using +/-6 counts from a 39 point filter). Anomalies associated with thorium or associated with extreme height were downgraded or eliminated using the raw uranium values as a guide.
ABOUT THE HUDSON BAY PROJECT
The Hudson Bay property consists of 537 claims (253 square kilometers) in three separate blocks located just to the east of Hudson Bay and 15 to 40 kilometers to the north of Umiujaq village and airport. Silver Spruce can acquire a 50% interest over a five-year period from Azimut and may acquire an additional 15% interest upon delivery of a bankable feasibility study. Azimut retains a 2% yellowcake royalty on any production from the property.
ABOUT SILVER SPRUCE
Silver Spruce Resources is a junior exploration company focused on uranium in the Central Mineral Belt (CMB) of Labrador and northern Quebec, base metals in central Newfoundland, Canada, and gold/silver in Mexico. With interests in more than 11,880 claims totaling more than 2,970 square kilometres in Labrador, Silver Spruce is the second largest landholder in one of the world's premier emerging uranium districts. The company is well funded with approximately $10 million in cash in the treasury.
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
Hugh Oswald, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 243
Toll Free: 1.866.684.4743 ext. 243
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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