Business
Silver Spruce Reports on Airborne Radiometric / Magnetic Survey and Lake Sediment Results
Silver Spruce Reports on Airborne Radiometric / Magnetic Survey and Lake Sediment Results
About this update from Silver Spruce Resources Inc.
[{"type":"text","content":"\nSilver Spruce Reports on Airborne Radiometric / Magnetic Survey and Lake Sediment Results\n\n\n Sep. 14, 2010 (TheNewswire.ca) -- Highlights-Uranium, Uranium/Thorium and total count radiometric anomalies located in felsic volcanic units proximal to the Napes uranium showing and in intrusives associated with regional structures-Lake sediments show:-values to 37 ppm U3O8 hosted in felsic volcanics/tuffs, similar rocks to the Aillik Group, host for the Michelin deposit in the CMB of Labrador, good coincidence with radiometrics-values to 248 ppm La indicating good potential for rare earth element (REE) mineralizationSept. 14, 2010 - Bridgewater, NS - Silver Spruce Resources Inc. (TSXV: SSE) reports that it has received the results for a combined airborne radiometric / magnetic survey over the Lobstick uranium property, in west-central Labrador. The property covers anomalous government uranium in lake sediment values associated with structurally related uranium mineralization in felsic volcanic and intrusive units. The 1,062 claim (265 km2) property was acquired by option and staking in October 2009 after uranium mineralization was discovered in the felsic volcanics/tuffs by Innu prospectors Jean Pierre (Napes) Ashini and Raphael Riche during a prospecting survey supported by the company. The option agreement, to earn a 100% interest subject to a 2% NSR with a 1% buyback for $1M, totals $40,000 and 600,000 shares over 2 years. In addition, a yearly advance royalty payment, deducted from future NSR payments, of $10,000 per year, is payable from the 4th anniversary on (see News Release dated Oct. 29, 2009).The property is located in the eastern Smallwood Reservoir area and is road accessible year round via the Lobstick Road which cuts across the area and provides access to the various dams associated with the reservoir. A powerline also extends through the area and a communication tower is located in the area of the showing. The area lies outside of the area subject to the Nunatsiavut Government moratorium on uranium mine development in lands subject to the Innu of Labrador land claim.The two grab samples found in October 2009, carry minor disseminated pyrite and an unknown grey metallic and show yellow uranophane staining with field scintillometer readings up to 4,500 counts per second (cps). Values of 1,120 ppm (2.23 lbs/ton) and 5...