Acquisition of Extension Claims and Planned Diamond Drilling -
Pope's Hill REE Property Trans Labrador Highway, South-Central Labrador
Highlights
- acquisition of 360 claims (90 km2) on eastern extension of the Pope's
Hill REE trend
- drilling planned, testing the MP REE showing area, to start week of
January 31, 2011
January 28, 2011 - Bridgewater,
NS - Silver Spruce Resources Inc. (TSXV: SSE) is pleased to
announce that it has acquired another 360 claims on the eastern extension
of the Pope's Hill REE trend located on the Trans Labrador Highway (TLH) in
south central Labrador. The claims cover lanthanum/cerium lake sediment
anomalies in the Newfoundland government database plus structural features
defined by government geological mapping and are contiguous with claims
already held either as 100% owned properties or as 50/50 JV properties. The
100% owned property, with the newly staked claims included, now totals
1,708 claims (approx. 425 km2). One licence of 21
claims becomes part of the 50/50 JV announced earlier (News release November
30, 2010) as it lies within the area of influence of the JV properties.
This increases the number of claims now in the JV to a total of 512 claims.
A contract for 1,000 m in approximately 15 diamond drill holes has been
given to Cabo Drilling of Springdale, NL. The
drilling program, designed to test geophysical and coincident prospecting
targets in the area of the bedrock pit (MP showing) should start the week
of January 31, with mobilization to Labrador planned for late in the week
of January 24.
The PH trend extends across the Pope's Hill area, approximately 100 km from
Goose Bay on the TLH, along and parallel to the Churchill River. The
original claims cover REE mineralization located in October (see news
release dated October 28, 2010) where all samples gave anomalous TREE+Y
values with 16 > 5%, and 5 > 10% with a high value of 24% TREE+Y,
averaging 5.73% for the 31 samples, which included seven "host
rock" samples, with values in the 0.1 - 0.4% range. Rock units are
mapped by government surveys as granitic to mafic
gneisses of late Paleoproterozoic age. Linear monzonite bodies, possibly related to a major
structure, lie just to the north and south, along strike, of the
mineralized area. Syenites and/or granitic units
of peralkaline affinity have been noted.
Compilation maps showing the property locations, the geophysical results
and a picture of the bedrock pit can be viewed on the company website at www.silverspruceresources.com.
All 2010 rock analyses
were done at the Activation Laboratories (Actlabs)
facility in Ancaster, Ontario after sample
preparation at their facility in Goose Bay. The analysis is by their Code 8
REE package which uses a lithium borate fusion and
then analysis by either ICP or ICP-MS. Values were checked by Actlabs using internal standards.
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 4000 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 districts. The company also has rare earth
element (REE) properties in Labrador - Pope's Hill, RWM and the Straits and
gold/silver projects on the island of Newfoundland making Silver Spruce a
leading explorer in Canada.
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
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 Corporation seeks Safe Harbour.