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Silver Spruce Provides Update on CMB Joint Venture Uranium Project Labrador, Canada
Feb. 8, 2011 (TheNewswire.ca) -- Highlights - three new uranium prospects discovered on the...
About this update from Silver Spruce Resources Inc.
[{"type":"text","content":"\nSilver Spruce Provides Update on CMB Joint Venture Uranium Project Labrador, Canada\n\n\n Feb. 8, 2011 (TheNewswire.ca) -- Highlights- three new uranium prospects discovered on the CMB JL (2) and CMB NE (1) JV properties- values up to 0.46% , 0.28% and 0.1% U3O8 in selected grab samples from the three new showingsFebruary 8th, 2011 - Bridgewater, NS - Silver Spruce Resources Inc. (TSXV: SSE) - is pleased to provide an update on the Central Mineral Belt Joint Venture (CMB JV) Uranium Project in central Labrador, Canada. The CMB JV Uranium Project is a joint venture with Crosshair Exploration and Mining (AMEX:CXZ) in which Silver Spruce retains a 37% ownership interest and Crosshair, as the operator, retains a 63% ownership interest.Geological mapping, prospecting and sampling programs were carried out in 2009 and 2010 to evaluate targets generated by airborne geophysical and ground geochemical surveys carried out in 2007 and 2008. New uranium showings were discovered and follow up exploration, including trenching and drilling, is planned for the summer of 2011. Two of the prospects, South Brook (SB) and Running Man (RM), are on the CMB-JL Property, which is located to the west of the Jacques Lake Deposit owned by Aurora Energy / Fronteer Development. Aurora Energy was recently purchased by Paladin Energy (OOTC:PALAF) from the Fronteer Development Group. (AMEX:FRG) Forty-six (46) samples from the SB prospect gave results ranging from 0.03% to 0.46% U3O8, averaging 0.11%. It is outlined by anomalous float and bedrock occurrences for approximately 3.5 kilometres (km). The RM prospect is located approximately 5.5 km southeast of the SB Showing, consisting of a 2 km long, linear airborne radiometric anomaly where 21 samples gave values from 0.03% to 0.28% U3O8. Both of these targets require significant follow-up exploration. The Big Bear (BB) prospect is located on the CMB-NE Property, approximately 20 km northeast of CMB-JL. It is a 1.25 km long corridor of anomalous bedrock radioactivity, hosted in altered granitic rocks which gave results ranging from 0.02% to 0.1% U3O8, averaging 0.06%.The 2011 summer exploration program will consist of prospecting / sampling, trenching and drilling on the three new prospects and the Two Time uranium deposit on the CMB-NW property which has an NI 43-101 indicated uranium resource of 2.33 million...