August 30, 2007
Highlights
Results for holes CMB-07-15 to 20 are reported. The new holes continue to expand and define the mineralization, along strike and to depth. The best values were: CMB-07-16 - 192 m from 256 to 448 m, assaying 0.022% U3O8 (0.44 lbs / ton) including 9 m from 286 m to 295 m at 0.127 (2.54 lbs/ton); CMB-07-18 - 17 m from 211 m to 228 m at 0.109% U3O8 (2.18 lbs / ton); and CMB-07-19 - 199 m at 0.026% U3O8 (0.52 lbs / ton) including 4 m from 299 m to 303 m at 0.129% U3O8 (2.58 lbs / ton). The drilling was targeted to test the Two Time zone at depth to the south.
Mafic dikes disrupted the mineralized zone in hole 15, which tested the zone at a vertical depth of 250 m under hole 14 on Section 0+00. The hole stopped in the mineralized zone due to bad ground conditions. Hole 16 tested under hole 12 on Section 0+75 S, at a depth of approximately 250 m. It intersected a wide, lower grade section with narrow higher grade zones and included mafic dike from 311 m to 329 m. Holes 17-19 were drilled as a fence on Section 1+25 S, 50 m to the south of drill holes 5, 6, 12 and 16, on Section 0+75 S, to test the southern extension of the zone from approximately 150 m to 250 m vertical depth. All of these holes intersected wide zones (90 m plus) of lower grade mineralization in the 0.02% to 0.03% U3O8 range with higher grade intersections including 17 m of 0.109% U3O8 in Hole 18. Hole 19 which gave the widest zone of mineralization to date, 199 m of 0.026% U3O8 was stopped while in mineralization due to mechanical difficulties. Hole 20 was drilled to the west to test for a possible western offset to the Two Time Zone mineralization. It did not intersect any significant radioactivity and no samples were taken. Drilling is continuing.
"We continue to be excited by the mineralization that we are finding on the CMBNW property," stated Lloyd Hillier, President and CEO of Silver Spruce. "Ongoing results indicate the strength of the uranium mineralizing system and the increased potential for a large uranium deposit on the property."
The zone has been traced over a strike length of approximately 425 m from 2+75 N to 1+50 S and it remains open. The host for the mineralization is an altered, brecciated and fractured intrusive, monzodiorite to diorite, with extensive chlorite, carbonate and hematite alteration. The orientation of mineralization in the Two Time Zone appears to be near vertical to steeply dipping. An estimate of true widths cannot be established at this time.
RadonEx radon gas surveys have been utilized to trace uranium mineralization on the CMBNW and Snegamook properties as a guide for exploration. The non-invasive RadonEx technique uses a computer chip based radon detector which is buried in the earth in the morning, recovered in the late evening and then read in the night to give results immediately. The technique, which relies on Radon gas escaping from buried uranium mineralization, was tried on the Two Time and Near Miss showings in the early summer as an orientation. Both surveys detected and traced the mineralization giving confidence in the technique. The survey has been successful in defining a trend of radon anomalies, thought to represent uranium mineralization, along the Two Time area and these anomalies are being tested by drilling.
The surveys have also shown a number of other mineralized structural trends, particularly an east-northeast (ENE) trending zone, to the south of the Two Time on the Snegamook property, which remain to be tested. This survey has located significant anomalies, some much larger and stronger than the anomaly over the TT zone. Prospecting, guided by the RadonEx surveys, has located significant mineralization along these trends.
In the prospecting surveys, 76 rock samples taken from float and outcrop with scintillometer readings from a few hundred to > 10,000 cps have been analyzed. Of these, five gave values > 0.5% U3O8 (10 lbs / ton) and 31 gave values > 0.1% U3O8 (2 lbs / ton). The majority of these samples were taken outside of known mineralized areas and represent new areas of significant uranium mineralization. Most of the anomalous samples are associated with major east-northeast (ENE) or north-northwesterly (NNW) trending structures, the most significant of which is a 12 km long east-northeast trending suture which extends from the Near Miss showing across the Snegamook property, approximately 2.5 km south of the Two Time zone to the area of the highly anomalous lake sediment values noted in the news release of June 26, 2007. The uranium values are hosted in hematite bearing breccia zones close to the trace of the structure and in pegmatitic zones to the north of it. Another area, trending ENE and giving values up to 0.93% U3O8 (18.6 lbs/ton) in float boulders and 0.4% U3O8 (8 lbs/ton) in outcrop is located in the southeastern portion of the group. These samples are generally hematite breccias and are related to alteration (carbonatization, chloritization) in the host units. The Near Miss Showing, located in the southwestern portion of the Snegamook property, gives values from 78 to 5000 ppm (0.008% to 0.5%) U3O8 in rock samples from outcrop and also shows good coincidence with RadonEx radon gas anomalies. It has not yet been drilled. Other rock samples have been taken and submitted to the laboratory. These results are pending.
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. Selected analytical values for the drill holes are shown in Table 1. A revised plan map of the drilling, a compilation map showing the RadonEx anomalies, the anomalous rock sample values and the associated structures plus a more detailed map showing the RadonEx anomalies in the Two Time Trend area, are shown on Silver Spruce's and Universal Uranium's websites.
TABLE 1 - ANALYTICAL RESULTS
Diamond Drilling - CMBNW Property - Two Time Showing - DDH's CMB-07-15 to 20
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 12,500 claims totaling approximately 3,100 square kilometers in Labrador, Silver Spruce is the second largest landholder in one of the world's premier emerging uranium districts. With experienced partners and strong financial backing, Silver Spruce is emerging as a leading uranium explorer in Canada.
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.
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.
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
UNIVERSAL URANIUM
HEAD OFFICE
Ron Atlas, Chairman
Phone: 604.662.3903
Fax: 604.662.3904
INVESTOR RELATIONS
Bill Galine, Director of Corporate
Communications
Phone: 604.662.3903 ext. 106
E-mail: bgaline@universaluranium.com
Web: www.universaluranium.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
The Company seeks Safe Harbour.
- Drilling intersects 17m of 0.109% U3O8 (2.18 lbs / ton)
- Widest zone of mineralization located to date in drilling - 199 m at 0.026% U3O8 (0.52 lbs/ton)
- Two Time Zone strike length extended to 425m
- New mineralized areas located in float and outcrop with values to 0.93% U3O8 (18.6 lbs/ton)
- Radon Gas (RadonEx) surveys show significant potential mineralized zones
Results for holes CMB-07-15 to 20 are reported. The new holes continue to expand and define the mineralization, along strike and to depth. The best values were: CMB-07-16 - 192 m from 256 to 448 m, assaying 0.022% U3O8 (0.44 lbs / ton) including 9 m from 286 m to 295 m at 0.127 (2.54 lbs/ton); CMB-07-18 - 17 m from 211 m to 228 m at 0.109% U3O8 (2.18 lbs / ton); and CMB-07-19 - 199 m at 0.026% U3O8 (0.52 lbs / ton) including 4 m from 299 m to 303 m at 0.129% U3O8 (2.58 lbs / ton). The drilling was targeted to test the Two Time zone at depth to the south.
Mafic dikes disrupted the mineralized zone in hole 15, which tested the zone at a vertical depth of 250 m under hole 14 on Section 0+00. The hole stopped in the mineralized zone due to bad ground conditions. Hole 16 tested under hole 12 on Section 0+75 S, at a depth of approximately 250 m. It intersected a wide, lower grade section with narrow higher grade zones and included mafic dike from 311 m to 329 m. Holes 17-19 were drilled as a fence on Section 1+25 S, 50 m to the south of drill holes 5, 6, 12 and 16, on Section 0+75 S, to test the southern extension of the zone from approximately 150 m to 250 m vertical depth. All of these holes intersected wide zones (90 m plus) of lower grade mineralization in the 0.02% to 0.03% U3O8 range with higher grade intersections including 17 m of 0.109% U3O8 in Hole 18. Hole 19 which gave the widest zone of mineralization to date, 199 m of 0.026% U3O8 was stopped while in mineralization due to mechanical difficulties. Hole 20 was drilled to the west to test for a possible western offset to the Two Time Zone mineralization. It did not intersect any significant radioactivity and no samples were taken. Drilling is continuing.
"We continue to be excited by the mineralization that we are finding on the CMBNW property," stated Lloyd Hillier, President and CEO of Silver Spruce. "Ongoing results indicate the strength of the uranium mineralizing system and the increased potential for a large uranium deposit on the property."
The zone has been traced over a strike length of approximately 425 m from 2+75 N to 1+50 S and it remains open. The host for the mineralization is an altered, brecciated and fractured intrusive, monzodiorite to diorite, with extensive chlorite, carbonate and hematite alteration. The orientation of mineralization in the Two Time Zone appears to be near vertical to steeply dipping. An estimate of true widths cannot be established at this time.
RadonEx radon gas surveys have been utilized to trace uranium mineralization on the CMBNW and Snegamook properties as a guide for exploration. The non-invasive RadonEx technique uses a computer chip based radon detector which is buried in the earth in the morning, recovered in the late evening and then read in the night to give results immediately. The technique, which relies on Radon gas escaping from buried uranium mineralization, was tried on the Two Time and Near Miss showings in the early summer as an orientation. Both surveys detected and traced the mineralization giving confidence in the technique. The survey has been successful in defining a trend of radon anomalies, thought to represent uranium mineralization, along the Two Time area and these anomalies are being tested by drilling.
The surveys have also shown a number of other mineralized structural trends, particularly an east-northeast (ENE) trending zone, to the south of the Two Time on the Snegamook property, which remain to be tested. This survey has located significant anomalies, some much larger and stronger than the anomaly over the TT zone. Prospecting, guided by the RadonEx surveys, has located significant mineralization along these trends.
In the prospecting surveys, 76 rock samples taken from float and outcrop with scintillometer readings from a few hundred to > 10,000 cps have been analyzed. Of these, five gave values > 0.5% U3O8 (10 lbs / ton) and 31 gave values > 0.1% U3O8 (2 lbs / ton). The majority of these samples were taken outside of known mineralized areas and represent new areas of significant uranium mineralization. Most of the anomalous samples are associated with major east-northeast (ENE) or north-northwesterly (NNW) trending structures, the most significant of which is a 12 km long east-northeast trending suture which extends from the Near Miss showing across the Snegamook property, approximately 2.5 km south of the Two Time zone to the area of the highly anomalous lake sediment values noted in the news release of June 26, 2007. The uranium values are hosted in hematite bearing breccia zones close to the trace of the structure and in pegmatitic zones to the north of it. Another area, trending ENE and giving values up to 0.93% U3O8 (18.6 lbs/ton) in float boulders and 0.4% U3O8 (8 lbs/ton) in outcrop is located in the southeastern portion of the group. These samples are generally hematite breccias and are related to alteration (carbonatization, chloritization) in the host units. The Near Miss Showing, located in the southwestern portion of the Snegamook property, gives values from 78 to 5000 ppm (0.008% to 0.5%) U3O8 in rock samples from outcrop and also shows good coincidence with RadonEx radon gas anomalies. It has not yet been drilled. Other rock samples have been taken and submitted to the laboratory. These results are pending.
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. Selected analytical values for the drill holes are shown in Table 1. A revised plan map of the drilling, a compilation map showing the RadonEx anomalies, the anomalous rock sample values and the associated structures plus a more detailed map showing the RadonEx anomalies in the Two Time Trend area, are shown on Silver Spruce's and Universal Uranium's websites.
Diamond Drilling - CMBNW Property - Two Time Showing - DDH's CMB-07-15 to 20
| DDH # | From | To | Length m |
% U 3O 8 | lbs / ton U 3O 8 |
| CMB-07-15 | 241 | 289 | 48 | .011 | 0.22 |
| “ incl. | 259 | 270 | 11 | 0.029 | 0.58 |
| “ | 447 | 499 | 52 | 0.014 | 0.28 |
| CMB-07-16 | 256 | 448 | 192 | 0.022 | 0.44 |
| “ incl. | 267 | 311 | 44 | 0.045 | 0.9 |
| “ incl. | 286 | 295 | 9 | 0.127 | 2.54 |
| “ incl. | 349 | 354 | 5 | 0.10 | 2.0 |
| CMB-07-17 | 173 | 263 | 90 | 0.022 | 0.44 |
| “ incl. | 236 | 263 | 27 | 0.043 | 0.86 |
| “ incl. | 249 | 262 | 13 | 0.063 | 1.26 |
| “ incl. | 249 | 253 | 4 | 0.095 | 1.9 |
| “ and | 255 | 262 | 7 | 0.057 | 1.14 |
| CMB-07-18 | 198 | 326 | 128 | 0.028 | 0.56 |
| “ incl. | 205 | 228 | 23 | 0.089 | 1.78 |
| “ incl. | 211 | 228 | 17 | 0.109 | 2.18 |
| “ incl. | 216 | 228 | 12 | 0.134 | 2.68 |
| “ incl. | 305 | 310 | 7 | 0.08 | 1.6 |
| CMB-07-19 | 251 | 450 | 199 | 0.026 | 0.52 |
| “ incl. | 286 | 443 | 157 | 0.029 | 0.58 |
| “ incl. | 287 | 303 | 16 | 0.071 | 1.42 |
| “ incl. | 299 | 303 | 4 | 0.129 | 2.58 |
| CMB-07-20 | No | significant | Scint | readings | |
|
No | samples | taken |
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.
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 12,500 claims totaling approximately 3,100 square kilometers in Labrador, Silver Spruce is the second largest landholder in one of the world's premier emerging uranium districts. With experienced partners and strong financial backing, Silver Spruce is emerging as a leading uranium explorer in Canada.
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.
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.
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
UNIVERSAL URANIUM
HEAD OFFICE
Ron Atlas, Chairman
Phone: 604.662.3903
Fax: 604.662.3904
INVESTOR RELATIONS
Bill Galine, Director of Corporate
Communications
Phone: 604.662.3903 ext. 106
E-mail: bgaline@universaluranium.com
Web: www.universaluranium.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
The Company seeks Safe Harbour.
