Drill Permit received for Mount Benedict Property
Airborne Radiometric Anomalies located on Makkovik River property
Highlights
Permit
received for drilling on Mount Benedict Property, T-649 and Super 7
showings
Three
high priority and eight moderate priority airborne targets on the
Makkovik River Property
February 26, 2008 - Bridgewater, NS -
Silver Spruce Resources Inc. (TSXV: SSE) is pleased to announce that
permits have been received from the Nunatsiavut Government for the
planned diamond drilling on the Mount Benedict property, T-649 and Super
Seven showings, in the eastern part of the Central Mineral Belt (CMB) of
Labrador. In addition, results from the airborne radiometric/magnetic
surveys carried out over the Makkovik River property in the fall of 2007,
by McPhar Geosurveys Ltd., indicate significant uranium anomalies that
will require follow up. Both properties are 100% owned by Silver Spruce
with 532 original claims in the Mount Benedict property subject to a 1.0%
NSR.
Mount Benedict Property
The permit for the pre-drilling work and diamond drilling for the T-649
and Super Seven showings, and the summer work program on the Mount
Benedict Property, was received on February 22. The permit requires a
public information session to be held in Makkovik at least two weeks
prior to the start of the program and this is in the planning stages. A
fully winterized camp has been established on a small lake approximately
50 kilometers to the south of Makkovik on Labrador Inuit Settlement Area
(LISA) lands. The T-649 and Super Seven showings, located in the summer
of 2007 during prospecting follow up of airborne surveys, are high-grade
uranium prospects. At the T-649, five grab samples taken across a 12 to
14 meter wide outcrop of hematite breccia, averaged 0.5% (10 lbs/ton)
U308 and boulders with values over 3.0% (60 lbs/ton) U308 were located
downstream of the showing. Values varying from a few hundred ppm to 1.0%
(20 lbs/ton) U308 were located at the Super 7 prospect in limited
sampling. The drilling, which is helicopter supported, is planned to
start around mid March once all gear has been mobilized to the area, and
all requirements under the permit, including the hiring of an
environmental monitor, have been met.
Makkovik River Property
A 560.5 line kilometer airborne radiometric/magnetic survey was flown in
a north-south direction at 100-meter line spacing by McPhar Geosurveys
Ltd. in September 2007. Three high-priority, eight moderate-priority and a number of lower
priority targets were “picked” by consultant, Ted Urquhart of
NuSense Geophysics (Santiago, Chile). They were selected on the basis of
U/Th ratios, using the 95th percentile with a minimum of 14 cps uranium,
total uranium and total field magnetics.
Prospecting surveys carried out in late August and early September of
2007, prior to the airborne survey, located uranium-bearing boulders
along a northeast trending zone, approximately 1,500 to 2,000 meters in
length in the west central part of the property. Mineralization is hosted
in sheared/hematitized extrusive and intrusive rocks with float samples
giving values from 0.049% to 0.733% U308. Some coincidence with the
airborne target picks is noted.
No follow up has been carried out. Detailed follow up work, consisting of
prospecting, geochemical, geophysical and geological ground surveys,
followed by trenching and drilling, if warranted, will be carried out in
the summer of 2008.
Results for the 2007 prospecting surveys and the uranium airborne picks
on the Makkovik River property and maps showing the planned drilling on
the Mount Benedict property are on the company’s website
(www.silverspruceresources.com).
About the Mount Benedict and Makkovik River Properties
The Mount Benedict Property is a large contiguous block of 4,057 claims
(1,014 square kilometers), located 30 to 70 kilometers southeast of
Makkovik. It is located in part, (10% to 15%), on Labrador Inuit Land
(LIL), which is controlled by the Nunatsiavut Government. The remaining
85% is on Labrador Inuit Settlement Area (LISA) lands, which are jointly
controlled by the Nunatsiavut and the Newfoundland Government. The claims
are 100% owned by Silver Spruce, subject to a 1.0% NSR payable on
production from 532 of the original 1,024 claims.
The Makkovik River property, consisting of 200 claims (50 square
kilometers), is located in the eastern part of the Central Mineral Belt,
30 kilometers to the east of Postville, on Labrador Inuit Settlement Area
(LISA) lands. It was acquired by staking in 2007 and is owned 100% by
Silver Spruce.