June 21, 2007
Highlights
- Higher grade intersection of 32 m of 0.103% U3O8
- Wide zones of uranium mineralization intersected -- 109.2 m of 0.042% U3O8
- Narrow high grade intersections -- 2 m of 0.221 U3O8 and 1 m of 0.316% U3O8
June 21, 2007, Bridgewater, NS / Vancouver, BC. - Silver Spruce Resources Inc. (TSXV: SSE) and Universal Uranium Ltd. (TSXV: UUL) are pleased to announce that the third phase drilling at the Two Time Zone, located on the CMBNW claim block to the east of Snegamook Lake in central Labrador, has further defined the uranium mineralization intersected in the December 2006 and the February/March 2007 diamond drilling programs. Results have been received from two drill holes (CMB-07-13 and 14).
The new holes continue to expand and define the mineralization, along strike and to depth.
The drilling is targeting the Two Time uranium zone. The best mineralization, 109.2 m of 0.042% uranium oxide (U3O8) (0.84 lbs / ton) from 213.9 to 323.1 m, including 32 m at 0.103% U3O8 (2.06 lbs / ton) from 264.6 to 296.6 m, was located in DDH CMB-07-14 drilled on section 0+00. Section 0+00 is 50 m to the north of Section 0+50 S, which gave significant intersections in CMB-07-6 (see news release dated March 1, 2007) of 107 m of 0.052% (U3O8) (1.04 lbs/ton) from 172 to 279 m, including higher grade zones: 0.11% U3O8 (2.2 lbs / ton) over 30 m from 172 to 302 m including 0.312% U3O8 (6.24 lbs / ton) over 3.0 m from 172 to 175 m.
The higher grade intersections in CMB-07-14 are at a depth of approximately 200 m. As on Section 0+50 S, the zone appears to increase in grade to depth as at CMB-07-13, approximately 50 m ahead of CMB-07-14, which intersected the zone at approximately 150 m depth, gave 0.042% (0.84 lbs / ton) over 96.5 m from 136.2 to 232.7, including 0.11% U3O8 (2.2 lbs / ton) over 7 m from 161.2 to 168.2 m.
The host for the mineralization is an altered, brecciated and fractured felsic intrusive, monzonite to monzodiorite, which carries extensive chlorite, carbonate and hematite alteration. The mineralized zone appears to be near vertical to steeply dipping indicating that drill intersections are probably one half to two thirds true width.
"We continue to be excited by these results," stated Lloyd Hillier, President and CEO of Silver Spruce. "The results indicate the strength of the uranium mineralized system and the potential for a major uranium deposit on the CMBNW property."
The zone has been traced over a 200 m plus strike length from Line 1+25 N where CMB-06-2 gave 71.5 m of 0.015% U3O8 to Line 0+50 S, where CMB-06-5 gave 59.2 m of 0.024% U3O8. It appears to narrow to the north, where CMB-06-1 gave 15.8 m of 0.033% U3O8. Stronger mineralization is located in the southern portion of the grid where anomalous soil and lake sediment geochemistry indicates the zone may continue under a small pond. Diamond drilling is continuing and further results will be released as received.
Selected analytical values for the sections sampled are shown in Table 1. A plan map of the drilling, plus new Section 0+00 through DDH's 13 and 14, are shown on Silver Spruce's and Universal Uranium's websites.
TABLE 1
ANALYTICAL RESULTS
Diamond Drilling - CMBNW Property - Two Time Showing
June 2007
All core showing significant total count scintillometer values was cut and analyzed. Core samples were halved by sawing on site, with one half sent for analysis and the other half retained for further study. Analyses were performed by Activation Laboratories in Ancaster, Ontario, an approved, accredited laboratory, using the delayed neutron activation technique, which gives accurate results for samples carrying up to one percent uranium.
This release has been approved by Peter Dimmell, P.Geo., Vice President of Exploration, Silver Spruce Resources Inc., who is a Qualified Person (QP) as defined in National Instrument 43-101.
ABOUT THE CMB NORTHWEST 2 PROPERTY
The CMB northwest block is part of the Silver Spruce/Universal Uranium CMB/Seal Lake joint venture previously announced.
ABOUT SILVER SPRUCE
Silver Spruce Resources Inc. (TSXV: SSE) is a junior exploration company primarily focused on uranium in the Central Mineral Belt (CMB) of Labrador, Canada. With over 9,500 claims totaling approximately 2,400 square kilometers, Silver Spruce is the second largest landholder in one of the world's premier emerging uranium districts. A large-scale exploration program on the company's properties in the summer of 2006 resulted in the first uranium discovery in October from early stage follow up of the airborne surveys. With experienced partners and strong financial backing, Silver Spruce is emerging as a leading uranium explorer in Labrador.
ABOUT UNIVERSAL URANIUM
Universal Uranium Ltd. (TSXV:UUL) is a publicly held Canadian uranium exploration company focused on acquiring, exploring and developing uranium properties located in favorable geo-political climates. The company is led by a highly skilled, experienced board and management team with significant successes in managing early stage mineral exploration companies.
PLAN OF ARRANGEMENT
Under the terms of the previously announced June 15th, 2007 plan of arrangement Universal Uranium Ltd. and Silver Spruce Resources have agreed to consolidate all Canadian uranium properties into one company. Universal Uranium shareholders (as of the record date) will receive one share in Silver Spruce Resources Inc and one share in a new corporation created by spinning out Universal Uranium's US properties.
For Further Information Contact:
SILVER SPRUCE RESOURCES
HEAD OFFICE
Gordon Barnhill, CFO & Director
Phone: 902.527.5700
Fax: 902.527.5711
E-mail: gbarnhill@silverspruceresources.com
Web: www.silverspruceresources.com
INVESTOR RELATIONS
Keir Reynolds, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 231
Toll Free: 1.866.684.4743 ext. 231
E-mail: keir@ascentacapital.com
Web: www.ascentacapital.com
INVESTOR RELATIONS
Bill Galine, Director of Corporate
Communications
Phone: 604.662.3903 ext. 106
E-mail: bgaline@universaluranium.com
Web: www.universaluranium.com
INVESTOR RELATIONS
Sean Charland, Longview Capital Partners Inc.
Phone: 604.681.5755 ext. 291
E-mail: scharland@longviewcp.com
Web: www.longviewcp.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. The Company seeks Safe Harbour.
- Higher grade intersection of 32 m of 0.103% U3O8
- Wide zones of uranium mineralization intersected -- 109.2 m of 0.042% U3O8
- Narrow high grade intersections -- 2 m of 0.221 U3O8 and 1 m of 0.316% U3O8
June 21, 2007, Bridgewater, NS / Vancouver, BC. - Silver Spruce Resources Inc. (TSXV: SSE) and Universal Uranium Ltd. (TSXV: UUL) are pleased to announce that the third phase drilling at the Two Time Zone, located on the CMBNW claim block to the east of Snegamook Lake in central Labrador, has further defined the uranium mineralization intersected in the December 2006 and the February/March 2007 diamond drilling programs. Results have been received from two drill holes (CMB-07-13 and 14).
The new holes continue to expand and define the mineralization, along strike and to depth.
The drilling is targeting the Two Time uranium zone. The best mineralization, 109.2 m of 0.042% uranium oxide (U3O8) (0.84 lbs / ton) from 213.9 to 323.1 m, including 32 m at 0.103% U3O8 (2.06 lbs / ton) from 264.6 to 296.6 m, was located in DDH CMB-07-14 drilled on section 0+00. Section 0+00 is 50 m to the north of Section 0+50 S, which gave significant intersections in CMB-07-6 (see news release dated March 1, 2007) of 107 m of 0.052% (U3O8) (1.04 lbs/ton) from 172 to 279 m, including higher grade zones: 0.11% U3O8 (2.2 lbs / ton) over 30 m from 172 to 302 m including 0.312% U3O8 (6.24 lbs / ton) over 3.0 m from 172 to 175 m.
The higher grade intersections in CMB-07-14 are at a depth of approximately 200 m. As on Section 0+50 S, the zone appears to increase in grade to depth as at CMB-07-13, approximately 50 m ahead of CMB-07-14, which intersected the zone at approximately 150 m depth, gave 0.042% (0.84 lbs / ton) over 96.5 m from 136.2 to 232.7, including 0.11% U3O8 (2.2 lbs / ton) over 7 m from 161.2 to 168.2 m.
The host for the mineralization is an altered, brecciated and fractured felsic intrusive, monzonite to monzodiorite, which carries extensive chlorite, carbonate and hematite alteration. The mineralized zone appears to be near vertical to steeply dipping indicating that drill intersections are probably one half to two thirds true width.
"We continue to be excited by these results," stated Lloyd Hillier, President and CEO of Silver Spruce. "The results indicate the strength of the uranium mineralized system and the potential for a major uranium deposit on the CMBNW property."
The zone has been traced over a 200 m plus strike length from Line 1+25 N where CMB-06-2 gave 71.5 m of 0.015% U3O8 to Line 0+50 S, where CMB-06-5 gave 59.2 m of 0.024% U3O8. It appears to narrow to the north, where CMB-06-1 gave 15.8 m of 0.033% U3O8. Stronger mineralization is located in the southern portion of the grid where anomalous soil and lake sediment geochemistry indicates the zone may continue under a small pond. Diamond drilling is continuing and further results will be released as received.
Selected analytical values for the sections sampled are shown in Table 1. A plan map of the drilling, plus new Section 0+00 through DDH's 13 and 14, are shown on Silver Spruce's and Universal Uranium's websites.
TABLE 1
ANALYTICAL RESULTS
Diamond Drilling - CMBNW Property - Two Time Showing
June 2007
DDH # |
From |
To |
Length |
% U3O8 |
lbs / ton |
CMB-07-13 |
136.2 |
232.7 |
96.5 |
0.042 |
0.84 |
incl. |
152.2 |
155.2 |
3.0 |
0.12 |
2.4 |
and |
161.2 |
168.2 |
7.0 |
0.11 |
2.2 |
incl. |
163.2 |
167.2 |
4.0 |
0.15 |
3.0 |
and |
222.5 |
225.5 |
3.0 |
0.167 |
3.34 |
incl. |
223.5 |
224.5 |
1.0 |
0.316 |
6.32 |
CMB-07-14 |
213.9 |
323.1 |
109.2 |
0.042 |
0.84 |
incl. |
264.6 |
296.6 |
32.0 |
0.103 |
2.06 |
incl. |
280.6 |
290.6 |
10.0 |
0.176 |
3.52 |
incl. |
285.6 |
287.6 |
2.0 |
0.221 |
4.42 |
and |
289.6 |
290.6 |
1.0 |
0.222 |
4.44 |
All core showing significant total count scintillometer values was cut and analyzed. Core samples were halved by sawing on site, with one half sent for analysis and the other half retained for further study. Analyses were performed by Activation Laboratories in Ancaster, Ontario, an approved, accredited laboratory, using the delayed neutron activation technique, which gives accurate results for samples carrying up to one percent uranium.
This release has been approved by Peter Dimmell, P.Geo., Vice President of Exploration, Silver Spruce Resources Inc., who is a Qualified Person (QP) as defined in National Instrument 43-101.
ABOUT THE CMB NORTHWEST 2 PROPERTY
The CMB northwest block is part of the Silver Spruce/Universal Uranium CMB/Seal Lake joint venture previously announced.
ABOUT SILVER SPRUCE
Silver Spruce Resources Inc. (TSXV: SSE) is a junior exploration company primarily focused on uranium in the Central Mineral Belt (CMB) of Labrador, Canada. With over 9,500 claims totaling approximately 2,400 square kilometers, Silver Spruce is the second largest landholder in one of the world's premier emerging uranium districts. A large-scale exploration program on the company's properties in the summer of 2006 resulted in the first uranium discovery in October from early stage follow up of the airborne surveys. With experienced partners and strong financial backing, Silver Spruce is emerging as a leading uranium explorer in Labrador.
ABOUT UNIVERSAL URANIUM
Universal Uranium Ltd. (TSXV:UUL) is a publicly held Canadian uranium exploration company focused on acquiring, exploring and developing uranium properties located in favorable geo-political climates. The company is led by a highly skilled, experienced board and management team with significant successes in managing early stage mineral exploration companies.
PLAN OF ARRANGEMENT
Under the terms of the previously announced June 15th, 2007 plan of arrangement Universal Uranium Ltd. and Silver Spruce Resources have agreed to consolidate all Canadian uranium properties into one company. Universal Uranium shareholders (as of the record date) will receive one share in Silver Spruce Resources Inc and one share in a new corporation created by spinning out Universal Uranium's US properties.
For Further Information Contact:
SILVER SPRUCE RESOURCES
HEAD OFFICE
Gordon Barnhill, CFO & Director
Phone: 902.527.5700
Fax: 902.527.5711
E-mail: gbarnhill@silverspruceresources.com
Web: www.silverspruceresources.com
INVESTOR RELATIONS
Keir Reynolds, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 231
Toll Free: 1.866.684.4743 ext. 231
E-mail: keir@ascentacapital.com
Web: www.ascentacapital.com
INVESTOR RELATIONS
Bill Galine, Director of Corporate
Communications
Phone: 604.662.3903 ext. 106
E-mail: bgaline@universaluranium.com
Web: www.universaluranium.com
INVESTOR RELATIONS
Sean Charland, Longview Capital Partners Inc.
Phone: 604.681.5755 ext. 291
E-mail: scharland@longviewcp.com
Web: www.longviewcp.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. The Company seeks Safe Harbour.
