February 6, 2007
February 6, 2007, Bridgewater, NS / Vancouver, BC. - Silver Spruce Resources Inc. (TSXV: SSE) and Universal Uranium Ltd. (TSXV: UUL) are pleased to announce that diamond drilling has resumed on the Two Time Zone located on the CMBNW claim block east of Snegamook Lake in Labrador.
The fully winterized camp was expanded and reactivated early last week. Drilling began on Friday, February 2 with a total of 1,500 m of drilling scheduled for this second phase program. The first phase of drilling, completed in December 2006, consisted of 812 m.
"I am pleased to announce the start of this second phase of drilling on the Two Time Zone," stated Lloyd Hillier, President and CEO of Silver Spruce. "With our initial discovery of a wide zone of uranium in December, we are excited to aggressively follow-up with a more comprehensive drill program. Our first phase provided us with new information that we can use and build upon during this second phase."
The first phase of exploration drilling defined a wide zone of low grade uranium mineralization in three of five holes with the best mineralization located in DDH CMB-06-3, which gave 82.4 m of 0.021% uranium oxide (U3O8) from 83.5 m to 165.9 m, including two higher grade zones of 0.13% U3O8 over 1.6 m from 100.8 m to 102.4 m and 0.13% U3O8 over 1.4 m from 106.1 m to 107.5 m (see press release dated January 30, 2007). The host for the mineralization is a brecciated/fractured felsic intrusive, carrying extensive chlorite, carbonate and hematite alteration.
The zone extends over a 175 m length from Line 1+25 N to Line 0+50 S, remaining open to the south and possibly to the north. The second phase drill program will test the zone along strike and to depth. Results are expected by late March.
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 8,500 claims totaling more than 2,100 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 in 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.
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.silverspruceresouces.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
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. The Company seeks Safe Harbour.
The fully winterized camp was expanded and reactivated early last week. Drilling began on Friday, February 2 with a total of 1,500 m of drilling scheduled for this second phase program. The first phase of drilling, completed in December 2006, consisted of 812 m.
"I am pleased to announce the start of this second phase of drilling on the Two Time Zone," stated Lloyd Hillier, President and CEO of Silver Spruce. "With our initial discovery of a wide zone of uranium in December, we are excited to aggressively follow-up with a more comprehensive drill program. Our first phase provided us with new information that we can use and build upon during this second phase."
The first phase of exploration drilling defined a wide zone of low grade uranium mineralization in three of five holes with the best mineralization located in DDH CMB-06-3, which gave 82.4 m of 0.021% uranium oxide (U3O8) from 83.5 m to 165.9 m, including two higher grade zones of 0.13% U3O8 over 1.6 m from 100.8 m to 102.4 m and 0.13% U3O8 over 1.4 m from 106.1 m to 107.5 m (see press release dated January 30, 2007). The host for the mineralization is a brecciated/fractured felsic intrusive, carrying extensive chlorite, carbonate and hematite alteration.
The zone extends over a 175 m length from Line 1+25 N to Line 0+50 S, remaining open to the south and possibly to the north. The second phase drill program will test the zone along strike and to depth. Results are expected by late March.
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 8,500 claims totaling more than 2,100 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 in 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.
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.silverspruceresouces.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
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. The Company seeks Safe Harbour.