August 31, 2006
August 30, 2006 - Silver Spruce Resources Inc. (TSXV - SSE) is pleased to announce that it has begun ground follow up on the Central Mineral Belt ("CMB") uranium properties, using a helicopter supported, five man crew, which was mobilized to Postville, on the Labrador Coast, late last week. The follow up consists of prospecting using hand-held scintillometers on anomaly targets selected by our consultant, Ted Urquhart of Santiago, Chile. A total of 17 high priority targets have been defined on the CMB properties - 4 on Jacques Lake, 2 on CMB NW, 4 on CMB SE, 1 on CMB E and 6 on the CMB NE however many other lower priority targets are shown. The targets were selected on the basis of U/Th ratios, using the 95th percentile; total uranium, total field magnetics and geology. The maps for the areas, with the high priority targets shown, are available on the SSE website at www.silverspruceresources.com.
Fugro Airborne Surveys of Toronto, Ontario, completed the approximately 10,000 line km helicopter borne radiometric and magnetic survey of the CMB and Seal Lake ("SL") areas of Newfoundland and Labrador in early August, 2006. Line spacing was 100 m in the CMB and 200 m in SL. The 4,963 claims, totaling approximately 124,000 hectares or 1240 sq km, cover anomalous government uranium in lake sediment values ranging from 10 to 213 ppm against a background of approximately 5 ppm underlain by units that are favorable as hosts for uranium mineralization. They are the second largest claim holdings in the CMB and are being explored jointly with Universal Uranium Ltd. (TSX -- UUL) ("UUL") of Vancouver, BC. Under the terms of the UUL agreement, UUL can earn a 60-per-cent interest in the properties by spending $2-million on exploration over a three year period with SSE as the operator during the earn-in period.
Anomaly prioritization for ground follow up in the SL area continues. Targets in the CMB/SL area include: unconformity style uranium deposits along sedimentary contacts; IOCG type deposits, shear hosted uranium mineralization associated with felsic volcanism, similar to the Michelin deposit of Aurora Energy, and granite hosted deposits. The CMB properties lie along strike, and in proximity to, properties held by Aurora Energy Inc. (TSX -- AXU), Crosshair Exploration & Mining Corp. (TSX -- CXX) and the Santoy -- Monster Copper JV (TSX -- SAN).
This release has been approved by Peter Dimmell, P.Geo., Vice President of Exploration, who is a Qualified Person (QP) as defined in National Instrument 43-101.
ABOUT SILVER SPRUCE
Silver Spruce Resources Inc. (TSXV: SSE) is a junior mining exploration company primarily focused on uranium in the Central Mineral Belt (CMB) of Labrador, Canada. With over 5,000 claims totalling more than 1,250 square kilometres, Silver Spruce is the second largest land holder in one of the world's premier emerging uranium districts. In the 12 months commencing summer 2006, Silver Spruce is planning a large scale exploration program on its CMB and area properties at a cost of more than $2 million. With experienced development partners and strong financial backing, Silver Spruce is emerging as a leading uranium explorer in central Labrador.
FOR FURTHER INFORMATION, CONTACT:
HEAD OFFICE:
Gordon Barnhill, CFO & Director
Phone: 902.527.5700
Fax: 902.527.5711
E-mail: gbarnhill@sse-tsx.com
Web: www.sse-tsx.com
INVESTOR RELATIONS
Keir Reynolds, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 31
Toll Free: 1.866.684.4743 ext. 31
E-mail: francis@ascentacapital.com
Web: www.ascentacapital.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this Release.
click to enlarge:
Fugro Airborne Surveys of Toronto, Ontario, completed the approximately 10,000 line km helicopter borne radiometric and magnetic survey of the CMB and Seal Lake ("SL") areas of Newfoundland and Labrador in early August, 2006. Line spacing was 100 m in the CMB and 200 m in SL. The 4,963 claims, totaling approximately 124,000 hectares or 1240 sq km, cover anomalous government uranium in lake sediment values ranging from 10 to 213 ppm against a background of approximately 5 ppm underlain by units that are favorable as hosts for uranium mineralization. They are the second largest claim holdings in the CMB and are being explored jointly with Universal Uranium Ltd. (TSX -- UUL) ("UUL") of Vancouver, BC. Under the terms of the UUL agreement, UUL can earn a 60-per-cent interest in the properties by spending $2-million on exploration over a three year period with SSE as the operator during the earn-in period.
Anomaly prioritization for ground follow up in the SL area continues. Targets in the CMB/SL area include: unconformity style uranium deposits along sedimentary contacts; IOCG type deposits, shear hosted uranium mineralization associated with felsic volcanism, similar to the Michelin deposit of Aurora Energy, and granite hosted deposits. The CMB properties lie along strike, and in proximity to, properties held by Aurora Energy Inc. (TSX -- AXU), Crosshair Exploration & Mining Corp. (TSX -- CXX) and the Santoy -- Monster Copper JV (TSX -- SAN).
This release has been approved by Peter Dimmell, P.Geo., Vice President of Exploration, who is a Qualified Person (QP) as defined in National Instrument 43-101.
ABOUT SILVER SPRUCE
Silver Spruce Resources Inc. (TSXV: SSE) is a junior mining exploration company primarily focused on uranium in the Central Mineral Belt (CMB) of Labrador, Canada. With over 5,000 claims totalling more than 1,250 square kilometres, Silver Spruce is the second largest land holder in one of the world's premier emerging uranium districts. In the 12 months commencing summer 2006, Silver Spruce is planning a large scale exploration program on its CMB and area properties at a cost of more than $2 million. With experienced development partners and strong financial backing, Silver Spruce is emerging as a leading uranium explorer in central Labrador.
FOR FURTHER INFORMATION, CONTACT:
HEAD OFFICE:
Gordon Barnhill, CFO & Director
Phone: 902.527.5700
Fax: 902.527.5711
E-mail: gbarnhill@sse-tsx.com
Web: www.sse-tsx.com
INVESTOR RELATIONS
Keir Reynolds, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 31
Toll Free: 1.866.684.4743 ext. 31
E-mail: francis@ascentacapital.com
Web: www.ascentacapital.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this Release.
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