June 14, 2007
- 21 airborne targets selected for ground follow up
- Fieldwork starts and acquisition of "protection" claims
June 14, 2007, Bridgewater, NS - Silver Spruce Resources Inc. (TSXV: SSE) is pleased to announce that summer field work, in follow up of the airborne survey carried out in 2006, has begun on the Straits Property, which consists of 896 claims (22,400 ha or 224 km2) and is located in southern Labrador, just to the north of the Straits of Belle Isle. An eight person field party is based in Mary's Harbour, on the Straits, and is using a helicopter to prospect and carry out detailed lake bottom sampling on the property.
The airborne survey over the property was completed in late summer 2006 with anomalies picked by geophysical consultant, Ted Urquhart in the early fall. A total of 21, moderate strength, airborne radiometric targets were selected for initial follow up. Targets were selected on the basis of the 95th percentile of U/Th ratios (with U values a minimum of 14 cps). Many other weaker anomalies also remain to be explained.
The Straits property covers uranium in lake sediment anomalies located by the GSC (OF 2790) with anomalous values ranging from 10 to 239 ppm against a background of approximately 5 ppm (97th percentile - 28 ppm) associated with Cu values over 75 ppm (99th percentile) against a background of <20 ppm, associated with a north-northwest trending fault structure. The anomalies are hosted in quartzofeldspathic rocks, thought to be derived from felsic volcanics, and associated alkali rich granitoids of the Pinware Formation of the Grenville Province in southern Labrador. The Newfoundland government has studied the area indicating an iron-oxide-copper-gold (IOCG) potential based on coincident anomalous Cu-Mo-U-Ag values in the lake sediments associated with supracrustal units (proterozoic felsic volcanics) localized in late faults or unconformities. No recorded follow up has evaluated these anomalies.
The original claims were staked by Silver Spruce, after being identified with the assistance of Alex Turpin, a local prospector. Pursuant to an agreement dated March 15, 2006 between Mr. Turpin and Silver Spruce, he will be paid $12,000 per year for three years, if the property is retained by Silver Spruce, for researching and outlining the staking and will also retain a one percent net smelter return (NSR) for production from the claims.
The company also announces the recent acquisition, by staking, of another 1,320 claim units (33,000 ha or 330 km2) in the area. The new claims are contiguous with the existing claims to the northeast, south and southeast. The claims were staked for "protection" after compilation and satellite remote sensing work indicated good potential for uranium mineralization, especially along the northeast trending unconformity contact in the southern part of the group.
Lloyd Hillier, President and CEO of Silver Spruce comments "We are extremely pleased to be able to announce the start of the 2007 field work in this area and are hopeful that this work will define more uranium mineralization in this part of Labrador."
The claim sketch and anomaly target selection is shown on the company's website at silverspruceresources.com. Results will be reported as they are received.
ABOUT SILVER SPRUCE
Silver Spruce Resources Inc. (TSXV: SSE) is a junior exploration company primarily focused on uranium in the Central Mineral Belt (CMB) and other areas of potential in Labrador, Canada. With interests in over 9,800 claims totaling approximately 2,500 square kilometres, Silver Spruce is the one of the largest landholder in one of the world's premier emerging uranium districts. The large ground position, experienced partners, and strong financial backing, make Silver Spruce a leading uranium explorer in Labrador.
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
Keir Reynolds, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 231
Toll Free: 1.866.684.4743 ext. 231
E-mail: keir@ascentacapital.com
Web: www.ascentacapital.com
INVESTOR RELATIONS
Sean Charland, Longview Capital Partners Inc.
Phone: 604.681.5755 ext. 291
E-mail: scharland@longviewcp.com
Web: www.longviewcp.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
The Company seeks Safe Harbour.
click to enlarge
- Fieldwork starts and acquisition of "protection" claims
June 14, 2007, Bridgewater, NS - Silver Spruce Resources Inc. (TSXV: SSE) is pleased to announce that summer field work, in follow up of the airborne survey carried out in 2006, has begun on the Straits Property, which consists of 896 claims (22,400 ha or 224 km2) and is located in southern Labrador, just to the north of the Straits of Belle Isle. An eight person field party is based in Mary's Harbour, on the Straits, and is using a helicopter to prospect and carry out detailed lake bottom sampling on the property.
The airborne survey over the property was completed in late summer 2006 with anomalies picked by geophysical consultant, Ted Urquhart in the early fall. A total of 21, moderate strength, airborne radiometric targets were selected for initial follow up. Targets were selected on the basis of the 95th percentile of U/Th ratios (with U values a minimum of 14 cps). Many other weaker anomalies also remain to be explained.
The Straits property covers uranium in lake sediment anomalies located by the GSC (OF 2790) with anomalous values ranging from 10 to 239 ppm against a background of approximately 5 ppm (97th percentile - 28 ppm) associated with Cu values over 75 ppm (99th percentile) against a background of <20 ppm, associated with a north-northwest trending fault structure. The anomalies are hosted in quartzofeldspathic rocks, thought to be derived from felsic volcanics, and associated alkali rich granitoids of the Pinware Formation of the Grenville Province in southern Labrador. The Newfoundland government has studied the area indicating an iron-oxide-copper-gold (IOCG) potential based on coincident anomalous Cu-Mo-U-Ag values in the lake sediments associated with supracrustal units (proterozoic felsic volcanics) localized in late faults or unconformities. No recorded follow up has evaluated these anomalies.
The original claims were staked by Silver Spruce, after being identified with the assistance of Alex Turpin, a local prospector. Pursuant to an agreement dated March 15, 2006 between Mr. Turpin and Silver Spruce, he will be paid $12,000 per year for three years, if the property is retained by Silver Spruce, for researching and outlining the staking and will also retain a one percent net smelter return (NSR) for production from the claims.
The company also announces the recent acquisition, by staking, of another 1,320 claim units (33,000 ha or 330 km2) in the area. The new claims are contiguous with the existing claims to the northeast, south and southeast. The claims were staked for "protection" after compilation and satellite remote sensing work indicated good potential for uranium mineralization, especially along the northeast trending unconformity contact in the southern part of the group.
Lloyd Hillier, President and CEO of Silver Spruce comments "We are extremely pleased to be able to announce the start of the 2007 field work in this area and are hopeful that this work will define more uranium mineralization in this part of Labrador."
The claim sketch and anomaly target selection is shown on the company's website at silverspruceresources.com. Results will be reported as they are received.
ABOUT SILVER SPRUCE
Silver Spruce Resources Inc. (TSXV: SSE) is a junior exploration company primarily focused on uranium in the Central Mineral Belt (CMB) and other areas of potential in Labrador, Canada. With interests in over 9,800 claims totaling approximately 2,500 square kilometres, Silver Spruce is the one of the largest landholder in one of the world's premier emerging uranium districts. The large ground position, experienced partners, and strong financial backing, make Silver Spruce a leading uranium explorer in Labrador.
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
Keir Reynolds, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 231
Toll Free: 1.866.684.4743 ext. 231
E-mail: keir@ascentacapital.com
Web: www.ascentacapital.com
INVESTOR RELATIONS
Sean Charland, Longview Capital Partners Inc.
Phone: 604.681.5755 ext. 291
E-mail: scharland@longviewcp.com
Web: www.longviewcp.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
The Company seeks Safe Harbour.