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SILVER SPRUCE REPORTS RESULTS FOR URANIUM IN LAKE SEDIMENTS LOBSTICK PROPERTY, WEST CENTRAL LABRADOR
SILVER SPRUCE REPORTS RESULTS FOR URANIUM IN LAKE SEDIMENTS LOBSTICK PROPERTY, WEST CENTRAL LABRADOR
About this update from Silver Spruce Resources Inc.
[{"type":"text","content":"\nSILVER SPRUCE REPORTS RESULTS FOR URANIUM IN LAKE SEDIMENTS LOBSTICK PROPERTY, WEST CENTRAL LABRADOR\n\n\n Apr. 27, 2010 (TheNewswire.ca) -- -values up 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-road accessible with power line crossing property- acquisition of claims to protect on strike extensionsApril 27, 2010 - Bridgewater, NS - Silver Spruce Resources Inc. (TSXV: SSE) reports that it has received the results of a lake sediment sampling survey carried out in March over the Lobstick uranium property, in west-central Labrador. The grassroots property covers anomalous government uranium in lake sediment values associated with structurally related uranium mineralization in felsic volcanic and intrusive units. The 1062 claim (265 km2) property was acquired by option and staking in October, 2009 after uranium mineralization was discovered by Innu prospectors Jean Pierre Ashini and Raphael Riche in the felsic volcanics / tuffs, during prospecting surveys supported by the company. The option agreement, to earn a 100% interest subject to a 2.0% NSR with a 1.0% buyback for $1.0M, 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. 29/09 for details).The property is located in the eastern Smallwood Reservoir area in west central Labrador and is road accessible, even in winter, 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.A total of 350 lake sediments, from 470 possible sites, were acquired under contract by Keats Global Exploration in March 2010. Results indicate significant uranium anomalies are associated with the felsic units and in most cases, crosscutting structural features, possible faults, in the northern, central and southern parts of the property. Background values are less than 5 ppm U with 113 values greater than background a...