January 4, 2007
Bridgewater, NS & Vancouver, BC -- Silver Spruce Resources Inc. (TSXV: SSE) and Universal Uranium Ltd. (TSXV: UUL) are pleased to announce that they have intersected uranium mineralization in four of the five holes drilled in December on the Two Time Zone, located on the CMB Northwest claim block east of Snegamook Lake. A total of 812 meters were drilled during this program.
All four holes gave narrow zones grading over 0.1% uranium oxide (U3O8) within wider zones of lower grade mineralization. The best mineralization was located in the southern portion of the grid at drill hole CMB-06-3 where two sections graded 0.13% U3O8 over 1.6 meters from a depth of 100.8 to 102.4 meters, and over 1.4 meters, from a depth of 106.1 to 107.5 meters. The mineralized zone appears to be cut off to the north, possibly by faulting, but remains open to the south where anomalous soil geochemistry indicates the zone may continue under a small pond. Mineralization is associated with a brecciated/fractured felsic intrusive with extensive chlorite and hematite alteration that is at least 50 meters wide.
"We are pleased with these initial results which indicate that a strong uranium mineralized system exists on the property," stated Lloyd Hillier, President & CEO of Silver Spruce Resources. "The success of this early stage drill program shows that we are very likely close to a new uranium discovery."
The drilling targeted an anomalous radioactive zone, the Two Time Zone, covering an area of 300 meters by 50 meters. Channel/chip sampling in November gave anomalous values in all trenches with the highest grades located in Trench 5 which gave 0.032% U3O8 over five meters, including 0.051% U3O8 over one meter. Grades from the drilling are higher than those located in the trench/channel sampling. The locations of the drill holes and the selected analytical values for sections sampled are shown in the table below and the map can be viewed on the company website at: www.silverspruceresources.com. The drill remains onsite in preparation for further drilling during the winter of 2007.
Analyses were performed by Activation Laboratories in Ancaster, Ontario, an approved, accredited laboratory, using the delayed neutron activation technique, which gives good 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.
ANALYTICAL RESULTS -- Selected Samples
Diamond Drilling -- CMBNW Property -- Two Time Zone
Samples were taken based on anomalous total count scintillometer values on individual core samples, away from any mass effect. Samples are not continuous and sampled/unsampled core, with lower scintillometer readings, lies between the sampled sections. All core samples in the vicinity of mineralized zones will be sent for analysis early in the new year to allow a calculation of total grades over the total drilled width of the zone. The orientation of the zone, and therefore the true width of the drill intersections, remains unknown at this time.
ABOUT THE CMB NORTHWEST 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. In the summer of 2006, a large-scale exploration program resulted in the first uranium discovery in early-stage follow-up of 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.
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All four holes gave narrow zones grading over 0.1% uranium oxide (U3O8) within wider zones of lower grade mineralization. The best mineralization was located in the southern portion of the grid at drill hole CMB-06-3 where two sections graded 0.13% U3O8 over 1.6 meters from a depth of 100.8 to 102.4 meters, and over 1.4 meters, from a depth of 106.1 to 107.5 meters. The mineralized zone appears to be cut off to the north, possibly by faulting, but remains open to the south where anomalous soil geochemistry indicates the zone may continue under a small pond. Mineralization is associated with a brecciated/fractured felsic intrusive with extensive chlorite and hematite alteration that is at least 50 meters wide.
"We are pleased with these initial results which indicate that a strong uranium mineralized system exists on the property," stated Lloyd Hillier, President & CEO of Silver Spruce Resources. "The success of this early stage drill program shows that we are very likely close to a new uranium discovery."
The drilling targeted an anomalous radioactive zone, the Two Time Zone, covering an area of 300 meters by 50 meters. Channel/chip sampling in November gave anomalous values in all trenches with the highest grades located in Trench 5 which gave 0.032% U3O8 over five meters, including 0.051% U3O8 over one meter. Grades from the drilling are higher than those located in the trench/channel sampling. The locations of the drill holes and the selected analytical values for sections sampled are shown in the table below and the map can be viewed on the company website at: www.silverspruceresources.com. The drill remains onsite in preparation for further drilling during the winter of 2007.
Analyses were performed by Activation Laboratories in Ancaster, Ontario, an approved, accredited laboratory, using the delayed neutron activation technique, which gives good 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.
Diamond Drilling -- CMBNW Property -- Two Time Zone
DDH # |
From |
To |
length |
% U 3O 8 |
CMB-06-1 |
41.7 |
44.8 |
3.1 |
0.0494 |
“ incl. |
42.9 |
43.1 |
0.2 |
0.14 |
“ |
44.8 |
47.2 |
2.4 |
0.0345 |
“ incl. |
44.8 |
46.3 |
1.5 |
0.0461 |
“ |
49.1 |
54.3 |
5.2 |
0.0347 |
“ incl. |
51.3 |
53.3 |
2.0 |
0.0546 |
“ |
67.6 |
67.8 |
0.2 |
0.0862 |
CMB-06-2 |
93.7 |
94.9 |
1.2 |
0.0304 |
“ |
126.2 |
126.6 |
0.4 |
0.104 |
“ |
136.1 |
139.9 |
3.8 |
0.0394 |
“ |
148.7 |
151.1 |
2.4 |
0.0277 |
CMB-06-3 |
86.8 |
90.5 |
3.7 |
0.0542 |
“ |
91.8 |
94.7 |
2.9 |
0.0525 |
“ |
100.8 |
102.4 |
1.6 |
0.13 |
“ |
106.1 |
107.5 |
1.4 |
0.13 |
“ |
159.8 |
161.9 |
2.1 |
0.0766 |
CMB-06-4 |
No |
Samples |
Taken |
|
CMB-06-5 |
46.0 |
46.5 |
0.5 |
0.089 |
“ |
48.9 |
49.4 |
0.5 |
0.067 |
|
52.6 |
53.6 |
1.0 |
0.0775 |
|
55.0 |
56.0 |
1.0 |
0.0577 |
|
73.2 |
73.8 |
0.6 |
0.0428 |
|
80.0 |
81.3 |
1.3 |
0.0437 |
|
84.2 |
85.1 |
0.9 |
0.0386 |
|
88.8 |
89.1 |
0.3 |
0.0636 |
|
89.5 |
90.1 |
0.6 |
0.0409 |
|
97.2 |
97.5 |
0.3 |
0.1639 |
|
102.8 |
103.2 |
0.4 |
0.0367 |
Samples were taken based on anomalous total count scintillometer values on individual core samples, away from any mass effect. Samples are not continuous and sampled/unsampled core, with lower scintillometer readings, lies between the sampled sections. All core samples in the vicinity of mineralized zones will be sent for analysis early in the new year to allow a calculation of total grades over the total drilled width of the zone. The orientation of the zone, and therefore the true width of the drill intersections, remains unknown at this time.
ABOUT THE CMB NORTHWEST 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. In the summer of 2006, a large-scale exploration program resulted in the first uranium discovery in early-stage follow-up of 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.
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