Silver Belt
Silver Spruce Leads the Uranium Boom in Labrador
When it comes to uranium exploration in Labrador, few companies offer scale and scope of Silver Spruce ResourcesA ™ € (TSX.V: SSE) Central Mineral Belt project (CMB).
Covering a total 13,100 claims and 3,275 km square of land Premier, one of Silver Spruce ™ € s applications (about 5,600) are subject to joint venture with Universal Uranium Ltd. (TSX.V: UUL). Universal is funding 60% of the exploration properties of Silver Spruce functioning as the operator. As such, this agreement is a good example of business model â € OPM "Other People € ™ s money. Universal shoulders Most of the exploration risk.
Labrador has been the subject of extensive exploration dams in the past â € "Voiseyâ € ™ s Bay is certainly the first example â € "but the surge in uranium prices over the past five years has led a frenzy of acquisition. In addition to the price of uranium, the large deposits delineated by Aurora Energy Resources Inc. (TSX: AXU) have demonstrated the immense potential of the region to host the ore mineralization of quality.
Since 2005, aurorae € ™ s drilling programs in the Michelin and Jacques Lake areas defined a combined resource of £ 5.34 million U3O8 measured and indicated resources of £ 52,540,000 U3O8. The total measured and indicated resources is £ 57,880,000 of U3O8, with an inferred resource of £ 38.03 million U3O8. This 95 + million pounds Resources ranks as one of the largest primary uranium deposits in the world.
Investors in Silver Spruce waiting impatiently to see if their companyâ € ™ s efforts are the same precious fruit. Silver Spruce € ™ s first resource calculation is expected before the end of first quarter 2008, and if the drilling results mean anything, it will be a great resource in the millions of pounds.
To this end, on November 26 Silver Spruce announced the results of its property option Snegamook Lake, which has clearly demonstrated the untapped potential of the region. The drilling consisted of six holes of drilling program totaling 1375 meters first pass. Results included 36 meters grading 149 ppm (0.3 lb / ton) and 24 m grading 186 ppm (0.38 lb / ton). Shorter intervals classified high of 1.22 lb / t to a peak of 3.07 lb / t Au over 1 meter. The Snegamook property covers 21.5 square kilometers.
The companyâ € ™ s recently completed $ 6.3 million financing certainly gives the financial strength necessary to begin serious and systematic development similar to work in Aurora Energya ™ € s deposits. The bid, led by Pacific International Securities as agent, has seen 5.5 million â € € œflow-through units placed at $ 1.15 per unit. Each unit is comprised of one common share and one warrant at a price of $ 1.75 which is good for 18 months.
Situated in Postville, Makkovik, Labrador, about 150 km north of Happy Valley-Goose Bay, a good part of the companyâ € ™ s operations are located near Aurora deposits.
The properties cover uranium in lake sediment anomalies located near the Newfoundland and Labrador. Anomalous values range from 8-98 ppm, with many in the range of 20-70 ppm, in a context of
Particularly promising is the â € € ZoneA œTwo time, 475 by 50 meters area just south of the river Kanairiktok, discovered by a combination of helicopter-born and the ground supported electronic measurement. Silver Spruce added a second drill to a crawl in support of a 43-101 compliant resource calculation which is compiled by Scott Wilson Roscoe Postle Associates.
"We continue to be impressed by the strength of the two uranium zone time," stated Lloyd Hillier, President and CEO of Silver Spruce. "We look forward to defining a resource to the area of the two times that will establish Silver Spruce and Universal Uranium that companies with significant uranium resources. We intend to break through the winter, taking advantage of access to snowmobiles, which should maintain our drilling costs down.
The time zone remains open both north and south along strike and at depth. Host mineralization is changed, brecciated and fractured intrusive, monzodiorite to diorite, chlorite broad, carbonate alteration, hematite and albite. Orientation mineralization appears to be almost vertical to steeply dipping.
Silver Spruce has a management team of stars that is directed by Lloyd Hillier President – Newfoundland and Labrador Entrepreneur of the Year in 2001.
Gordon Barnhill CFO was a senior officer with CanadaSquares € ™ s largest bank, and Peter Dimmell, Vice-President of Exploration, has had a distinguished career of 38 years as an exploration geologist involved in exploration and Mineral Canada, the United States and overseas. Senior Geologist Guy MacGillivray brings world class expertise in uranium exploration Relay spent with Eldorado Nuclear Limited and Shell Canada. Inc. (NYSE: RDS).
Other companies benefiting from varying degrees of success Exploration in the Central Mineral Belt include Bayswater Uranium (TSX.V: BAY), Crosshair Exploration and Mining (TSX.V: CXX), Longview Strategies Inc. (TSX: LV), Santoy Resources (TSX.V: SAN), Monster Uranium (TSX.H: MU) and private Tripple Uranium Resources.
Aurora Energy is studying the potential of the mine Michelin Jacques and deposits of the lake and build a factory on the site to process ore into uranium concentrate (yellowcake called). This development is called the Michelin project is located 140 km north of Happy Valley-Goose Bay, 40 km south of Postville, and 80 km south of Makkovik, Labrador.
This article for information purposes only and does not constitute a recommendation to buy or sell shares of any company mentioned in this document. It is based on sources deemed reliable, but no warranty as to the accuracy, express or implied. The opinions expressed in this article are those of the author, unless the statements are attributed to individuals other than the author, in this case, the opinions are those of the person to whom they are attributed.
About the Author
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