December 1, 2009
Highlights
- values to 2.19% U3O8 from CMB East Property
- four new uranium zones - Jacques Lake and CMB Northeast properties with values to 0.46 % U3O8
December 1, 2009, Bridgewater, NS - Silver Spruce Resources Inc. is pleased to report on the results of exploration carried out in 2009 on the CMBJV property in central Labrador. The exploration was carried out by Silver Spruce's JV partner, Crosshair Exploration & Mining Corp. (NYSE Amex: CXZ) (TSX: CXX) ("Crosshair"), as the operator of the JV, during the summer and early fall of 2009 (see News release dated April 16, 2009). The project is a joint venture between Silver Spruce Resources (40 %) and Crosshair (60%).
Four new uranium targets were discovered during a geological mapping, prospecting and sampling program which evaluated airborne geophysical and ground geochemical anomalies located, but not explored, in previous years, on the Jacques Lake (2) (CMBJL) and CMB Northeast (2) (CMBNE) properties. It also confirmed high-grade mineralized float located by Silver Spruce in 2007 at the CMB East (CMBE) Property with a high value of 2.19% U3O8.
The CMBJL Property lies directly to the west of, and adjoins, the property containing the Jacques Lake Deposit of Fronteer Development ("Fronteer"). Crosshair's exploration outlined an area of mineralized granite float and bedrock called the South Brook zone where a total of 26 samples gave assays from 0.03% to 0.46% U3O8. The zone has been outlined by anomalous uranium float and bedrock occurrences over a 3 kilometre plus strike length. Exploration approximately 5.5 kilometres to the southeast of the South Brook Trend also outlined a uranium zone coincident with a two kilometre long, linear, airborne radiometric anomaly. This zone, where 9 of the 10 float samples assayed from 0.03% to 0.11% U3O8, is called the Running Man target.
Two new uranium showings were also discovered on the CMBNE Property. The first is hosted in altered granitic rocks and is called Big Bear, where four grab samples gave values from 0.02% to 0.10% U3O8. The showing occurs in a 1.25 kilometre long corridor of anomalous bedrock radioactivity near the contact of Aphebian-age, Aillik Group, felsic volcanic units and Helikian felsic intrusives. A second showing, the JJ, was located two kilometres west-southwest of Big Bear. It consists of magnetite-pyrite mineralization in felsic volcanic units that gave an assay of 0.127% U3O8 in one bedrock sample. The showing is associated with a cluster of airborne radiometric anomalies which occur at the intersection of interpreted faults, near the contact of Archean-age basement rocks and Aphebian-age felsic volcanic units of the Aillik Group.
At the CMBE Property, a value of 2.19% U3O8 was obtained in re-sampling of strongly altered and mineralized granitic float discovered by Silver Spruce in 2007. The area is located proximal to interpreted airborne magnetic features that appear to be associated with Fronteer's Jacques Lake trend and Deposit, which is located approximately 11 kilometres to the southwest.
"We are pleased with the success of the exploration program carried out by our JV partner, Crosshair Exploration, on the CMBJV properties in 2009, which has resulted in the discovery of four new, potentially significant uranium showings on the CMB Jacques Lake and Northeast properties and has reconfirmed high values at the CMB East Property." says Lloyd Hillier, President of Silver Spruce. "These new, highly prospective zones, which are in good geological settings and located near the proposed development of Fronteer's Michelin and Jacques Lake Deposits, will benefit from detailed follow-up exploration when activities resume at the CMBJV Project."
Additional work is warranted at the newly discovered zones on the CMB Jacques Lake, Northeast and East properties to trace and evaluate the mineralization located. This will consist of ground geochemical (soils) and geophysical surveys, trenching and further prospecting and mapping for the new uranium zones. Diamond drilling will follow if warranted.
Silver Spruce and Crosshair would like to thank the Newfoundland and Labrador Department of Natural Resources for the granting of Junior Exploration Assistance (JEAP) funding towards its exploration program at the CMB-JV Project.
All rock samples were analyzed, at Activation Laboratories laboratory in Ancaster, ON. after sample preparation at the Actlabs preparation facility in Goose Bay, Labrador. Uranium analysis was performed by the delayed neutron counting (DNC) method, while multi-element analysis is performed using Inductively Coupled Plasma Mass Spectrometry (ICP-MS). Samples that exceed the upper limit for uranium are re-assayed using X-ray fluorescence (XRF). Standard QA/QC techniques as described on the Crosshair website are carried out. Data for the CMBJV properties, including compilation maps, plus pictures of the area, are provided on the Silver Spruce website at silverspruceresources.com.
ABOUT SILVER SPRUCE
Silver Spruce is a junior exploration company with advanced gold/silver projects in Mexico and the island of Newfoundland, and base metal projects in central and western Newfoundland. The company was originally focused on uranium in the Central Mineral Belt (CMB) and elsewhere in Labrador, Canada and with continued interests in more than 6,000 claims totaling more than 1,500 square kilometers in Labrador, Silver Spruce remains the second largest landholder in one of the world's premier emerging uranium districts. This diversity makes Silver Spruce a leading explorer in Canada and Mexico.
This release has been approved by Peter M. Dimmell, P.Geo., VP Exploration for Silver Spruce Resources Inc., who is a Qualified Person (QP) as defined in National Instrument 43-101.
For Further Information Contact:
SILVER SPRUCE RESOURCES
HEAD OFFICE
Gordon Barnhill, CFO & Director
Phone: 902.527.5700
Fax: 902.527.5711
E-mail: gbarnhill@silverspruceresources.com
Web: www.silverspruceresources.com
INVESTOR RELATIONS
Hugh Oswald, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 243
Toll Free: 1.866.684.4743 ext. 243
E-mail: hugh@ascentacapital.com
Web: www.ascentacapital.com
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 company seeks Safe Harbour.
- values to 2.19% U3O8 from CMB East Property
- four new uranium zones - Jacques Lake and CMB Northeast properties with values to 0.46 % U3O8
December 1, 2009, Bridgewater, NS - Silver Spruce Resources Inc. is pleased to report on the results of exploration carried out in 2009 on the CMBJV property in central Labrador. The exploration was carried out by Silver Spruce's JV partner, Crosshair Exploration & Mining Corp. (NYSE Amex: CXZ) (TSX: CXX) ("Crosshair"), as the operator of the JV, during the summer and early fall of 2009 (see News release dated April 16, 2009). The project is a joint venture between Silver Spruce Resources (40 %) and Crosshair (60%).
Four new uranium targets were discovered during a geological mapping, prospecting and sampling program which evaluated airborne geophysical and ground geochemical anomalies located, but not explored, in previous years, on the Jacques Lake (2) (CMBJL) and CMB Northeast (2) (CMBNE) properties. It also confirmed high-grade mineralized float located by Silver Spruce in 2007 at the CMB East (CMBE) Property with a high value of 2.19% U3O8.
The CMBJL Property lies directly to the west of, and adjoins, the property containing the Jacques Lake Deposit of Fronteer Development ("Fronteer"). Crosshair's exploration outlined an area of mineralized granite float and bedrock called the South Brook zone where a total of 26 samples gave assays from 0.03% to 0.46% U3O8. The zone has been outlined by anomalous uranium float and bedrock occurrences over a 3 kilometre plus strike length. Exploration approximately 5.5 kilometres to the southeast of the South Brook Trend also outlined a uranium zone coincident with a two kilometre long, linear, airborne radiometric anomaly. This zone, where 9 of the 10 float samples assayed from 0.03% to 0.11% U3O8, is called the Running Man target.
Two new uranium showings were also discovered on the CMBNE Property. The first is hosted in altered granitic rocks and is called Big Bear, where four grab samples gave values from 0.02% to 0.10% U3O8. The showing occurs in a 1.25 kilometre long corridor of anomalous bedrock radioactivity near the contact of Aphebian-age, Aillik Group, felsic volcanic units and Helikian felsic intrusives. A second showing, the JJ, was located two kilometres west-southwest of Big Bear. It consists of magnetite-pyrite mineralization in felsic volcanic units that gave an assay of 0.127% U3O8 in one bedrock sample. The showing is associated with a cluster of airborne radiometric anomalies which occur at the intersection of interpreted faults, near the contact of Archean-age basement rocks and Aphebian-age felsic volcanic units of the Aillik Group.
At the CMBE Property, a value of 2.19% U3O8 was obtained in re-sampling of strongly altered and mineralized granitic float discovered by Silver Spruce in 2007. The area is located proximal to interpreted airborne magnetic features that appear to be associated with Fronteer's Jacques Lake trend and Deposit, which is located approximately 11 kilometres to the southwest.
"We are pleased with the success of the exploration program carried out by our JV partner, Crosshair Exploration, on the CMBJV properties in 2009, which has resulted in the discovery of four new, potentially significant uranium showings on the CMB Jacques Lake and Northeast properties and has reconfirmed high values at the CMB East Property." says Lloyd Hillier, President of Silver Spruce. "These new, highly prospective zones, which are in good geological settings and located near the proposed development of Fronteer's Michelin and Jacques Lake Deposits, will benefit from detailed follow-up exploration when activities resume at the CMBJV Project."
Additional work is warranted at the newly discovered zones on the CMB Jacques Lake, Northeast and East properties to trace and evaluate the mineralization located. This will consist of ground geochemical (soils) and geophysical surveys, trenching and further prospecting and mapping for the new uranium zones. Diamond drilling will follow if warranted.
Silver Spruce and Crosshair would like to thank the Newfoundland and Labrador Department of Natural Resources for the granting of Junior Exploration Assistance (JEAP) funding towards its exploration program at the CMB-JV Project.
All rock samples were analyzed, at Activation Laboratories laboratory in Ancaster, ON. after sample preparation at the Actlabs preparation facility in Goose Bay, Labrador. Uranium analysis was performed by the delayed neutron counting (DNC) method, while multi-element analysis is performed using Inductively Coupled Plasma Mass Spectrometry (ICP-MS). Samples that exceed the upper limit for uranium are re-assayed using X-ray fluorescence (XRF). Standard QA/QC techniques as described on the Crosshair website are carried out. Data for the CMBJV properties, including compilation maps, plus pictures of the area, are provided on the Silver Spruce website at silverspruceresources.com.
ABOUT SILVER SPRUCE
Silver Spruce is a junior exploration company with advanced gold/silver projects in Mexico and the island of Newfoundland, and base metal projects in central and western Newfoundland. The company was originally focused on uranium in the Central Mineral Belt (CMB) and elsewhere in Labrador, Canada and with continued interests in more than 6,000 claims totaling more than 1,500 square kilometers in Labrador, Silver Spruce remains the second largest landholder in one of the world's premier emerging uranium districts. This diversity makes Silver Spruce a leading explorer in Canada and Mexico.
This release has been approved by Peter M. Dimmell, P.Geo., VP Exploration for Silver Spruce Resources Inc., who is a Qualified Person (QP) as defined in National Instrument 43-101.
For Further Information Contact:
SILVER SPRUCE RESOURCES
HEAD OFFICE
Gordon Barnhill, CFO & Director
Phone: 902.527.5700
Fax: 902.527.5711
E-mail: gbarnhill@silverspruceresources.com
Web: www.silverspruceresources.com
INVESTOR RELATIONS
Hugh Oswald, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 243
Toll Free: 1.866.684.4743 ext. 243
E-mail: hugh@ascentacapital.com
Web: www.ascentacapital.com
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 company seeks Safe Harbour.
