SSE Silver Spruce Resources Inc

Silver Spruce Resources Inc. (TSX VENTURE:SSE) is pleased to update the status
of its various uranium (U) properties in Labrador. Uranium prices have remained
relatively low since the earthquake / tsunami in Japan in 2011; however most
observers expect prices to begin to rise in 2013 as demand for nuclear power,
particularly in Asia and India, continues to grow. 


"We remain bullish on the long-term outlook for uranium and are committed to our
excellent portfolio of properties in Labrador. To maintain our strong position
in the interim we have downsized our overall holdings to protect our most
prospective areas until prices rise and investor interest in uranium
strengthens,"says Peter Dimmell, President and CEO of Silver Spruce Resources. 


Silver Spruce owns a 100% interest in 942 claims (236 km2) in 5 uranium
properties in Labrador. They include - Snegamook (86), Double Mer (74), Straits
(397), Mount Benedict (377) and Jeanette Bay (8). The company also retains a 2%
net smelter return (NSR) on the Central Mineral Belt Joint Venture (CMBJV)
properties after dilution by continued exploration and expenditures by Crosshair
Energy (Crosshair), the operator. Uranium mineralization has also been located
on the 100% owned (optioned), road accessible, MRT property along the Trans
Labrador Highway just west of Goose Bay. 


CMBJV Project - The Two Time (TT) U deposit, located on the CMB northwest
property has an NI 43-101 indicated resource of 2.33 M lb. (1.82 MT at 0.058%
U3O8) and an additional inferred resource of 3.73 M lb. (3.16 MT at 0.053%
U3O8). The zone remains open along strike and at depth and Crosshair has
announced that it will continue exploration in 2012 to the south towards our
Snegamook property. The Firestone Showing, located 7 km to the southeast of the
TT Zone, gave 3.5m at 0.084% U3O8, including 0.5m of 0.519% U3O8 (DDH FS-11-007)
in limited drilling. Other U showings, which will also be further evaluated by
Crosshair in 2012, include the Jacques Lake and Northeast properties (see
attached map for locations:
http://media3.marketwire.com/docs/LabUProperties.pdf).


"The 2% NSR on the CMBJV properties means that Silver Spruce will benefit from
continued exploration on the TT zone and the other prospects in the JV area
without any further expenditures. Crosshair's 2012 work should also enhance the
prospectivity of our Snegamook property which lies along strike of the TT
deposit," Dimmell adds. 


Snegamook (SN) - located in the western part of the Central Mineral Belt (CMB)
the property hosts the Snegamook zone, on strike to the south of the TT zone and
the Near Miss prospect. Seventeen (17) drill holes on the Snegamook zone
intersected a 20-50m wide zone of U bearing, brecciated/altered monzodiorite
over a strike length of 300m, to a vertical depth of 200m, the same geological
setting as the TT Zone. The zones are shallow dipping and vary in width from
5-53m, with grades ranging from 225 to 771 ppm (0.023-0.077%) U3O8. The widest
section in SN-08-8 averages 206 ppm U308 (0.021% - 0.41 lb/ton) over 73m,
similar to values located in early drilling on the TT zone. The Near Miss zone
gives erratic U mineralization in hematized, brecciated, granitic to
monzodioritic units with one meter intervals grading from 113-2,117 ppm
(0.011-0.21%) U308 with the widest intersection averaging 213 ppm U308 (0.021%,
0.43 lb./ton) over 16m, including 1m at 0.21% (4.23 lb./ton) U308. Crosshair's
drilling on the TT is within a few hundred metres of the northern boundary of
the SN property, indicating the potential for the TT zone to continue onto the
SN property at depth. Further exploration is warranted along the TT-Snegamook
trend and in other prospects such as the Near Miss.


Mount Benedict (MB) - Located in the eastern part of the CMB, the property has
two significant U prospects, in the northern area of the property, the AT-649
and the T Super 7 zones.  




 AT-649 - Five representative grab samples, averaging 0.497% U3O8,define a 
 high grade U zone at least 10m wide and exposed in a small brook flowing  
 into Stag Bay. Float boulders downstream from the showing give values from
 0.06 to 3.37% U3O8,with three values greater than 1%. The host rock is a  
 moderately to strongly hematized felsic to mafic intrusive which is       
 fractured and veined with uraninite/pitchblende and magnetite. The high   
 grade zone has not been tested directly due to environmental regulations  
 which require a 50m set back from the brook. Nearby, diamond drilling     
 (1,262.9m in nine holes) has defined a zone of low grade mineralization   
 hosted in sheared and altered monzonite to monzodiorite. The zone varies  
 from 4 to 16m wide, giving U308 values of up to 598 ppm (0.06%, 1.2       
 lb./ton) over 1m and intersections of 4.3m at 0.025% at a vertical depth  
 of 40m.The zone was tested along a strike for 150m and to a vertical depth
 of 75m and remains open along strike and at depth.                        
                                                                           
 T Super 7 - Located 4.8 km to the southwest of AT-649, it carries U       
 mineralization in bedrock with values from 500 ppm (0.05%) to over 1% (20 
 lb/ton) U308. Tested by seven holes totalling 968 m, the drilling         
 indicated weak to moderate mineralization over good widths. Mineralization
 in DDH MBS7-08-5 is hosted in a northeast trending mylonite zone which    
 carries two separate mineralized zones: 27m (5-32m) at 138 ppm (0.014%)   
 U308and 22m (44-66m) at 278 ppm (0.028%) U308 in a highly altered felsic  
 intrusive or volcanic unit. An 8m wide, higher grade section, from 51 to  
 59m grades 444 ppm (0.044%) U308. Geological mapping indicates a minimum  
 strike length of 300m, remaining open along strike to the northeast and   
 southwest. Radon gas surveys give strong anomalies over a minimum 750m    
 strike length coincident with the zone. The mineralization is developed   
 along a major northeast trending structure which trends through, and is   
 associated with, the AT-649 mineralization. Further work, including       
 diamond drilling, is warranted along this trend.                          



Double Mer - Located on the north side of Lake Melville, the property is
characterized by a linear, 10 km long airborne radiometric anomaly. It hosts two
styles of U mineralization: 1) pegmatite-hosted and 2) structurally controlled
in brecciated and/or mylonitized zones in polydeformed gneisses. Early stage
prospecting (grab rock samples) located seventy-six (76) values greater than 500
ppm (0.05%) U3O8with forty-two (42) greater than 1,000 ppm (0.1%), seven over
the 95th percentile of 2,200 ppm (0.22%) and a high of 4,281 ppm (0.43%) U3O8.
Uranium in soil values up to 208 ppm (bg less than 10 ppm) and radon gas
anomalies occur over the mineralization, over widths up to 30m mainly in areas
associated with short, steep scarps characterized by breccia units.
Mineralization also occurs in a highly deformed pegmatite up to 40m, but
generally 5-10m wide which can be traced over a minimum strike length of 300m.
No follow-up trenching or drilling has been carried out.


Straits - The property, in the south Labrador coast area, hosts two significant
U showings plus a number of prospects. The BB Shot gives values up to 67,439 ppm
(6.7%) U3O8in outcrop along the contact between a weakly gneissic, fine-grained
granite and a pegmatite unit. The Bingo, approximately 3 km away, is associated
with the contact between a granite and an orthogneiss, and gives 17 anomalous
values (greater than 10 ppm U3O8), with a high value of 5,887 ppm (0.58 %) U3O8.
Mineralized zones are narrow, to a maximum of 1-2 m, but are generally 1 m or
less. No follow up has been carried out.


MRT - This property is located just to the north of the Trans Labrador Highway,
35 km to the west of Goose Bay. Originally staked for its rare earth element
(REE) potential, the property has yielded significant U values with limited U
exploration. Three outcrop samples gave values of 0.825%, 0.027% and 0.088%
U3O8. Seven prospecting grab samples, taken in the same general area during
exploration for REE mineralization in the summer of 2011, gave values greater
than 0.059% U3O8, including four greater than 0.12 % U3O8. The samples were
acquired in the southern part of the property along a 2 km trend not generally
coincident with the high REE values. The U potential of this road accessible
area clearly deserves follow-up work.  


This release has been approved by Peter M. Dimmell, P.Geo., President and CEO of
Silver Spruce Resources Inc., who is a Qualified Person (QP) in both NL and ON
as defined in National Instrument 43-101.


About Silver Spruce Resources Inc.

Silver Spruce is a diversified junior exploration company with a portfolio of
gold silver (Big Easy (with drilling planned in the near future)), rare earth
(Pope's Hill, Pope's Hill JV (with Great Western Minerals Group), MRT, RWM and
the Straits), and for the longer term, uranium (Snegamook, Double Mer, Mount
Benedict, Straits, MRT, CMBJV) projects in Newfoundland and Labrador. With
interests in more than 4,000 claims totalling more than 1,000 square kilometres
in Labrador, Silver Spruce is one of the largest landholders in one of the
world's premier emerging rare earth and uranium districts. For additional
information please visit the company's website - www.silverspruceresources.com.

Silver Spruce Resources (TSXV:SSE)
Historical Stock Chart
From Jun 2024 to Jul 2024

Silver Spruce Resources (TSXV:SSE)
Historical Stock Chart
From Jul 2023 to Jul 2024