|June 22, 2010|
Silver Spruce Reports on Activity on Claims with REE potential in Labrador
- Confidentiality agreement signed with Rare Earth Metals Inc. (RA) for Pope's Hill and RWM properties
- Due diligence work including ground work and airborne surveys to be carried out by RA in June / July
- Results pending for Lanthanum enriched rock samples from Straits property
June 22, 2010 - Bridgewater, NS - Silver Spruce Resources Inc. (TSXV: SSE) is pleased to announce that the company has signed a confidentiality agreement (CA) with Rare Earth Metals Inc. (TSXV:RA) for due diligence and possible option on the Pope's Hill and RWM rare earth element (REE) properties in Labrador. The Pope's Hill property lies on the Trans Labrador Highway (TLH), approximately 100 km to the west of Happy Valley -- Goose Bay, while the RWM, which covers the second highest heavy rare earth element (HREE) lake sediment value in Labrador on record, is located in the southern Red Wine Mountains, approximately 30 km from a road to the east of the Churchill Reservoir. The properties are 100% owned by Silver Spruce. The acquisition of these properties was announced in a News release on May 6, 2010.
Pope's Hill (PH)
The property consists of 62 claims (1,550 ha) located in the Pope's Hill area along the Trans Labrador Highway (TLH). Rock samples gave values up to 0.46% zirconium, 0.22% niobium, and 7.9% (TREE + yttrium) with HREEs up to 15% of the total rare-earth component. Three samples gave values > 1% (TREE + yttrium), including two (2) samples > 5%. Samples anomalous in REEs also showed elevated thorium values with the highest thorium and REE values coincident. The rock units are granitic gneisses of late Paleoproterozoic age, with some pegmatites.
RA is planning to carry out a due diligence property visit and sampling program during the early part of July.
The property consists of 32 claims (800 ha) and covers the second highest heavy rare earth element value, > 80 ppm HREE (includes europium, terbium, ytterbium and lutetium), in the government database for Labrador. The property lies in the southern Red Wine Mountains, approximately 30 km to the east of a road which provides access to the Churchill Reservoir area. The highly anomalous sample includes 210 ppm cerium, 240 ppm lanthanum, 11 ppm lutetium, 18 ppm rubidium, 48.9 ppm samarium, 12 ppm terbium, 14.5 ppm uranium and 62 ppm ytterbium plus elevated fluorine. Europium is background as are thorium and vanadium. Another lake sediment sample in the same area is also moderately anomalous in rare earth elements. No field work has been carried out.
RA plans to carry out an airborne survey (radiometric / magnetic) over the property as part of the airborne survey over their extensive property holdings, which include historical Beryllium, Niobium, REE and Zirconium showings, located to the north of the RWM property in the Red Wine Mountains.
The property consists of 505 claims (12,625 ha) in a number of licences. As summarized in a News Release dated May 27, 2010, data on rock, stream and lake samples taken during uranium exploration in 2007 and 2008 has been compiled and significant values in La and Th have been located. These include rock sample values up to 3,908 ppm La, 6,810 ppm Th and values up to 903 ppm La in lake and 392 ppm La in stream sediment samples. No follow up carried out and no other REE elements were analyzed. The pulps of most of these samples have been located and shipped to Activation Laboratories in Ancaster ON for analysis by a full REE package.
Results are pending and will be reported when received. This property is not covered by the RA CA.
Compilation maps showing the property locations, plus pictures of the Pope's Hill area can be viewed on the company website www.silverspruceresources.com.
Analyses on the Pope's Hill rock samples were carried out at the ACME Laboratories facility in Vancouver, BC after sample preparation at Eastern Analytical in Springdale, NL. They were analyzed by a REE package (Group 4B REE), which consists of a 0.2 g sample treated by a LiBO2 fusion followed by an ICPMS finish. All stream sediment, soil and rock analyses for the ST property were carried out at the Activation Laboratories (Actlabs) facility in Ancaster, Ontario after sample preparation at their preparation facility in Goose Bay. Uranium and other elements, including the REE (La) and Th, were analyzed by an ICP technique (AR ICP) with values in excess of 250 ppm uranium reanalyzed by delayed neutron counting (DNC) for uranium. No check sampling of these results has been carried out.
ABOUT SILVER SPRUCE
Silver Spruce is a junior exploration company originally focused on uranium in the Central Mineral Belt (CMB) and elsewhere in Labrador, Canada. With interests in more than 7,500 claims totaling more than 1,750 square kilometers in Labrador, Silver Spruce is the second largest landholder in one of the world's premier emerging uranium districts. The company also has gold/silver projects in Mexico and the island of Newfoundland, and rare earth element (REE) properties in Labrador, making Silver Spruce a leading explorer in Canada and Mexico.
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
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The Corporation seeks Safe Harbour.
You can view the Next News item: Tue Jul 6, 2010, Silver Spruce Reports on Results of Ree Analyses for Rock Samples Straits Property, Labrador
You can view the Previous News item: Thu May 27, 2010, Silver Spruce Reports on REE (Lanthanum) and Thorium Results - Straits Property, Labrador
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