Update on Exploration - Snegamook Property, Labrador
Highlights
189 ppm U308 (0.38 lbs/ton) over 24 meters including
1 meter
of 0.1 % (2.06 lbs)
- Two Time Trend
Values to 0.15% U308 (3.07 lbs /ton) over 1 meter on Near Miss
showing
Strong untested RadonEx (radon gas) anomalies south and east of the Two
Time Zone
November 26, 2007 - Bridgewater, NS - Silver Spruce Resources Inc.
is pleased to provide an update on exploration work on its optioned
Snegamook Lake Property, in the central mineral belt (CMB) of Labrador. Silver
Spruce has an option to earn a 100% interest in the property subject to a
2% Net Smelter Return (NSR). The property lies to the south of, and is
surrounded by, the CMBNW JV property (Silver Spruce, 40%/Universal
Uranium, 60%) to the north, east and west, and to the north of a property
held by Santoy Resources where drilling is ongoing.
RadonEx (radon gas) and soil geochemical surveys, prospecting,
linecutting and a limited drilling program have been carried out. Preliminary
work consisted of 34
kilometers of cut control lines, 1,100 B-horizon
soil samples and a total of 2,225 RadonEx readings at 50 meter x 100 meter spacing
over the eastern portion of the property (1,675 sites) and in the
vicinity of the Near Miss showing (550 sites). A first pass drill program
totaling six holes for 1,375 meters was also completed. Four
holes (985 meters)
tested RadonEx anomalies along a two-kilometer length of the Two Time
Trend, approximately 1.5 kilometers to the south of the Two
Time Zone and two drill-holes (390 meters) tested uranium mineralization
at the Near Miss showing.
The four drill holes over a two-kilometer strike length along the Two
Time Trend intersected intrusive and older gnessic rocks with sections of
structurally controlled, brecciated monzodiorite, similar in style to the
Two Time 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 U308 with the
best section averaging 189 ppm U308 (0.378 lbs/ton) over 24 meters, similar
to values located in the Phase 1 drill program on the Two Time Zone
itself. The mineralized zones are summarized in Table 1, following. Two
holes, SN-07-01 and SN-07-04, did not locate any radioactivity or
mineralization, however they appear to have missed the RadonEx anomalies
they were designed to test, due to their direction and set up locations
(see map on website).
Holes SNNM-07-01 and SNNM-0702, spaced 80 meters apart,
targeted the Near Miss showing, a uranium-bearing hematitic breccia,
located by prospecting in 2006. Both holes intersected one-meter
intervals of uranium mineralization grading from 235 to 1,534 ppm U308. The
mineralization is developed proximal to, or along the contact with, older
Archean Gneiss.
The results from the first pass drilling are positive, confirming
significant uranium mineralization is located on the property. In most
cases, radon gas anomalies are associated with underlying uranium
mineralization. Further drilling is planned when a drill rig becomes
available. This drilling will target stronger untested radon gas
anomalies, including the high-priority targets south and east of the Two
Time Zone and to the north of the Near Miss showing. In addition, it will
test uranium mineralization located in the first pass drilling and other
areas where uranium mineralization has been located in bedrock.
TABLE 1
Snegamook Property - Summary of Drill Hole
Results - 2007
|
Minimum Composite Width : 1.00
|
Maximum
Internal Dilution: 100 ppm
|
Cutoff Criteria --> Field: U3O8
ppm Minimum Grade: 50 ppm
|
DDH#
|
Depth
From(m)
|
Depth
To (m)
|
Mineralized
Width
|
U3O8
ppm
|
U3O8
lbs / ton
|
SN-07-1
|
|
No significant radioactivity
|
|
|
|
SN-07-2
|
90
|
126
|
36
|
149
|
0.30
|
incl.
|
90
|
114
|
24
|
186
|
0.38
|
incl.
|
91
|
93
|
2
|
608
|
1.22
|
incl.
|
107
|
108
|
1
|
1034
|
2.06
|
SN-07-3
|
155
|
157
|
2
|
148
|
0.30
|
SN-07-4
|
|
No significant radioactivity
|
|
|
|
SNNM-07-01
|
44
|
45
|
1
|
572
|
1.14
|
SNNM-07-02
|
43
|
44
|
1
|
955
|
1.91
|
and
|
104
|
105
|
1
|
1533
|
3.07
|
and
|
107
|
108
|
1
|
234
|
0.47
|
The RadonEx results highlight numerous areas with anomalous readings
similar to or stronger than those outlined over the Two Time showing on
the CMBNW JV property to the north. The strongest are located three
kilometers east-southeast of the Two Time Zone, forming three
north-northeast trending anomalies with strike lengths from 1,500 to 2,000 meters. Anomalies
were also located over the Near Miss showing and along a structural
lineament to the north. Most of these targets remain untested. Limited
follow up prospecting in areas with anomalous radon gas values has
located uranium mineralization in boulders and bedrock with values
ranging from 225 to 5,000 ppm U308.
Approximately 1,100 B-horizon soil samples were collected in conjunction
with the RadonEx surveys. Samples have been submitted to Activation
Laboratories and results are pending.
Rock, core and soil sample analyses were carried out by Activation
Laboratories in Ancaster, Ontario, an approved, accredited laboratory,
using the delayed neutron activation technique (DNC), which gives
accurate results for samples carrying up to 1.0% uranium and an ICP
technique that gives good results for most other elements, including
thorium. A quality assurance/quality control (QA/QC) program has been
implemented to increase confidence in the results generated. The QA/QC
program is described on the company's website together with a plan map
showing the results of the work described in this news release.
About the Snegamook Property
The Snegamook property, consisting of 86 claims (21.5 square kilometers),
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.
About Silver Spruce
Silver Spruce Resources Inc. (TSXV: SSE) is a junior exploration company
primarily focused on uranium in the Central Mineral Belt (CMB) of
Labrador, Canada. With interests in more than 13,100 claims totaling
approximately 3,275 square kilometers in Labrador, Silver Spruce is the
second largest landholder in one of the world's premier emerging uranium
districts. Experienced partners and strong financial backing make 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.
For Further
Information Contact:
The
TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release. The Company seeks Safe Harbour.
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