|February 08, 2011|
Silver Spruce Provides Update on CMB Joint Venture Uranium Project Labrador, Canada
- three new uranium prospects discovered on the CMB JL (2) and CMB NE (1) JV properties
- values up to 0.46% , 0.28% and 0.1% U3O8 in selected grab samples from the three new showings
February 8th, 2011 - Bridgewater, NS - Silver Spruce Resources Inc. (TSXV: SSE) - is pleased to provide an update on the Central Mineral Belt Joint Venture (CMB JV) Uranium Project in central Labrador, Canada. The CMB JV Uranium Project is a joint venture with Crosshair Exploration and Mining in which Silver Spruce retains a 37% ownership interest and Crosshair, as the operator, retains a 63% ownership interest.
Geological mapping, prospecting and sampling programs were carried out in 2009 and 2010 to evaluate targets generated by airborne geophysical and ground geochemical surveys carried out in 2007 and 2008. New uranium showings were discovered and follow up exploration, including trenching and drilling, is planned for the summer of 2011. Two of the prospects, South Brook (SB) and Running Man (RM), are on the CMB-JL Property, which is located to the west of the Jacques Lake Deposit owned by Aurora Energy / Fronteer Development. Aurora Energy was recently purchased by Paladin Energy from the Fronteer Development Group. Forty-six (46) samples from the SB prospect gave results ranging from 0.03% to 0.46% U3O8, averaging 0.11%. It is outlined by anomalous float and bedrock occurrences for approximately 3.5 kilometres (km). The RM prospect is located approximately 5.5 km southeast of the SB Showing, consisting of a 2 km long, linear airborne radiometric anomaly where 21 samples gave values from 0.03% to 0.28% U3O8. Both of these targets require significant follow-up exploration. The Big Bear (BB) prospect is located on the CMB-NE Property, approximately 20 km northeast of CMB-JL. It is a 1.25 km long corridor of anomalous bedrock radioactivity, hosted in altered granitic rocks which gave results ranging from 0.02% to 0.1% U3O8, averaging 0.06%.
The 2011 summer exploration program will consist of prospecting / sampling, trenching and drilling on the three new prospects and the Two Time uranium deposit on the CMB-NW property which has an NI 43-101 indicated uranium resource of 2.33 million pounds (1.82 million tonnes grading 0.058% U3O8) and an additional inferred uranium resource of 3.73 million pounds (3.16 million tonnes grading 0.053% U3O8). The Two Time zone remains open along strike and to depth.
The company also has significant 100%-owned uranium properties in the eastern portion of the CMB including Mount Benedict, where the AT-649 and T- Super 7 showings are located, Tukialuk Bay, Jeanette Bay, and Lake Michael and the Double Mer property on the north shore of Lake Melville where seventy-six (76) grab samples gave values >500 ppm U3O8, with 42 >1,000 and 7 over the 95th percentile of 2,200 ppm and a maximum value of 0.43% U3O8 over a 10 km strike length of radiometric anomalies. No follow up trenching or drilling has been carried out.
Rock sample analyses were carried out at the Activation Laboratories (Actlabs) facility in Ancaster, Ontario after sample preparation at the Actlabs preparation facility in Goose Bay. Uranium and other elements were analyzed by multi-element ICP and delayed neutron counting (DNC) for uranium. Information on the CMBJV, and the 100 % owned uranium projects in Labrador, can be found on the Silver Spruce website at: www.silverspruceresources.com.
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 4,000 claims totaling more than 1,000 square kilometers in Labrador, Silver Spruce is one of the largest landholders in one of the world's premier emerging uranium and rare earth element (REE) districts. The company also has REE properties in Labrador - Pope's Hill, RWM and the Straits and gold/silver projects on the island of Newfoundland.
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.
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