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Silver Spruce Options U/ REE property on the Pope’s Hill Trend Trans Labrador Highway, Labrador
Feb. 17, 2011 (TheNewswire.ca) -- Highlights - values to 0.82% U, 8.9% REE+Y in separate ou...
About this update from Silver Spruce Resources Inc.
[{"type":"text","content":"\nSilver Spruce Options U/ REE property on the Pope’s Hill Trend Trans Labrador Highway, Labrador\n\n\n Feb. 17, 2011 (TheNewswire.ca) -- Highlights- values to 0.82% U, 8.9% REE+Y in separate outcrop grab samples-Property consists of 59 claims along the TLH which extend 3 km to the north of the highway-Located approximately 50 km to the east of the original Pope's Hill Property, 35 km from Goose BayFebruary 17, 2011 - Bridgewater, NS - Silver Spruce Resources Inc. (TSXV: SSE) is pleased to announce that the company has optioned the MRT property, of 59 claims (1,475 ha), from two Innu Prospectors, Jean Pierre (Napes) Ashini and Raphael Dominic Riche. The property is located along and to the north of the Trans Labrador Highway (TLH), approximately 35 km from Goose Bay. Terms of the agreement to earn a 100% interest subject to a 2.5% NSR with a buyback of 1.5% for $1.5M, are as follows:Cash Shares Work CommitmentOn signing: $15,000 100,0001st anniversary $25,000 150,0002nd Anniversary $40,000 250,000 $250,000Total $80,000 500,000 $250,000In addition, advance royalty payments of $10,000 per year are payable from the 4th anniversary on and there is an area of influence (AOI) of 2 km, from the existing property boundary, whereby any claims staked by either party become part of the agreement. The agreement is subject to the approval of the TSX-V exchange.The property was acquired after prospecting by the vendors, located three (of 10) samples carrying significant REE values of 8.95%, 0.26% and 0.28% TREE+Y in an area never before evaluated for REEs. The highest value gives values of 2.79% La, 4.26% Ce, 0.4% Pr, 1.26% Nd and 0.11% Sm with 0.23% Th, 37 ppm U. Uranium values range from 1.1 to 747 ppm, averaging 113 ppm. Other REEs and Y are weakly anomalous. The samples were selected using a scintillometer to locate areas of higher radioactivity.A due diligence visit by the author in winter conditions in January, 2011 was not successful in duplicating the REE results with a maximum of 0.1 % TREEs +Y located in one sample, however significant U values were found in the three samples taken. The samples were also acquired using a scintillometer to locate areas of higher radioactivity.Values were, respectively, 0.825% U, 930 ppm Th; 234 ppm U, 72 ppm Th; and 744 ppm U, 288 ppm Th with U/Th ratios varying from 8 to 3. The due ...