Three drills working on Snegamook Property;
Camp construction complete on
Mount Benedict Property
Highlights
- 3,000-4,000-meter diamond drill
program using three drills in progress on Snegamook Property
- Camp construction completed on
Mount Benedict Property
February 12, 2008 - Bridgewater, NS - Bridgewater,
NS - Silver Spruce Resources Inc. (TSXV: SSE) is pleased to update
shareholders on the ongoing 2008 diamond drilling program on the
Snegamook Property in the western portion of the Central Mineral Belt of
Labrador. Silver Spruce has an option to earn a 100% interest in the
Snegamook Property, subject to a 2% Net Smelter Return (NSR).
Diamond drilling is targeting coincident airborne radiometric and strong
untested radon gas anomalies, including high-priority targets south and
east of the Two Time Zone and to the north of the Near Miss showing. In
addition, it is testing uranium mineralization located in the 2007 first
pass drilling (1,375 meters in six holes), and other uranium mineralized
areas discovered by prospecting.
Four of the holes drilled in 2007 (985 meters) tested the Two Time Trend
over a two-kilometer strike length, approximately 1.5 kilometers to the
south of the Two Time Zone on the CMBNW property. The drilling intersected
intrusive and older gnessic rocks with sections of structurally
controlled, brecciated monzodiorite, similar in style to the Two Time
Zone mineralization, which carried moderate to strong chlorite, hematite
and carbonate alteration and uranium mineralization in holes SN-07-02 and
SN-07-03. Values ranged from 50 to 1,034 ppm U3O8,
with the best section averaging 189 ppm U3O8 (0.378
lbs/ton) over 24 meters. This is similar to values located during the
Phase 1 drill program on the Two Time Zone itself.
Two holes (390 meters), SNNM-07-01 and SNNM-0702, spaced 80 meters apart,
targeted the Near Miss showing, a uranium-bearing hematite breccia,
located by prospecting in 2006. Both holes intersected one-meter
intervals of uranium mineralization grading from 235 to 1,534 ppm U3O8.
The mineralization is developed proximal to, or along the contact with,
older Archean Gneiss.
Drilling to date in 2008, totaling 1,414 meters, has tested the Near Miss
showing with four drill holes -- SNNM-08-3 to 7 for a total of 807 meters
and anomalies along the southerly trend of the Two Time zone -- SN-08-5
to 7 for 607 meters. All holes drilled to date have
intersected zones of radioactivity as defined by total count scintillometer.
Core samples from the holes have been sent for analysis and results are
pending.
A third drill, recently mobilized to the property, will test anomalies
away from the known mineralized trends.
Mount Benedict Property
A camp has being established on a small lake approximately 50
kilometers to the south of Makkovik on Labrador Inuit Settlement Area
(LISA) lands. This camp will support the planned winter drilling program
on the T-649 and Super 7 showings and summer exploration on the remainder
of the Mount Benedict property. Work in 2007 resulted in the discovery of
two significant high-grade uranium prospects, the T-649, where five grab
samples averaged 0.5% (10 lbs/ton) U3O8 and
boulders with values over 3% (60 lbs/ton) U3O8.
Both showings are located on Labrador Inuit (LIL) lands and an
archeological assessment has been completed and submitted to the
Nunatsiavut government. Work permits for the winter drilling on both
prospects and the summer exploration, have been submitted to both the
Nunatsiavut and Newfoundland and Labrador governments and are currently
pending.
About the Snegamook and Mount Benedict Properties
The Snegamook property, consisting of 86 claims (21.5 square
kilometers), is surrounded by the CMBNW JV property to the north, west
and east and the Santoy "Fishhawk Lake" property to the south.
It is subject to an option agreement with a group of Newfoundland-based
prospectors. Silver Spruce can earn a 100% interest in the property
subject to a 2% NSR. It is located outside of lands owned by the
Nunatsiavut government, on lands subject to the Innu Land Claim.
The Mount Benedict Property is a large contiguous block of 3,695 claims
(924 square kilometers), located from 30 to 70 kilometers southeast of
Makkovik in the eastern portion of the Central Mineral Belt. It is
located, in part (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 2% NSR payable on any production from 532 of
the claims.
About Silver Spruce
Silver Spruce Resources Inc. (TSXV: SSE) is a junior exploration
company focused on uranium in the Central Mineral Belt (CMB) of Labrador,
Canada and gold/silver in Mexico. With interests in approximately
11,000 claims totaling more than 2,500 square kilometers in Labrador,
Silver Spruce is the second largest landholder in one of the world's
premier emerging uranium districts. The exposure to gold/silver
opportunities in Mexico and base metals in central Newfoundland, gives
the company some diversification without losing its uranium focus. Strong
financial backing makes Silver Spruce a leading uranium 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 more information on the Company and its projects, please refer to the
website, www.silverspruceresources.com.