|December 06, 2006|
Silver Spruce Resources & Universal Uranium Announce Central Mineral Belt Results and Start of Drill Program
Two Time showing - Central Mineral Belt Northwest 2 anomaly
- Values to 5220 ppm (0.52%) U in soils
- Channel samples to 300 ppm (0.03%) U3O8 over 6 m
- Stream sediments to 117 ppm U
- Diamond drilling program currently underway
December 6, 2006, Bridgewater, NS, Vancouver, BC - Silver Spruce Resources Inc. (TSXV: SSE) and Universal Uranium Inc. (TSXV: UUL) are pleased to announce results from trenching/channel, soil and stream sediment sampling, on the Northwest property located in the Central Mineral Belt (CMB) of Labrador and the commencement of diamond drilling.
"We are very pleased to release these initial results and with the progress that we have made on this project," states Lloyd Hillier, President & CEO of Silver Spruce Resources. "With this initial testing done, drill targets identified and the winter drill program already underway, we are on track with our aggressive exploration program."
The work, carried out to define drill targets for the current drill program, took place over approximately two months and was completed in late October. Trenching/channel and soil sampling targeted an anomalous radioactive zone, the Two Time showing. This showing is a radioactive anomaly covering an area of 300 meters by 50 meters. Channel/chip sampling showed anomalous values in all trenches. The highest grades were located in Trench 5 which gave 0.032% U3O8 over five meters including 0.051% U3O8 over one meter. The host rock is a felsic intrusive which has been brecciated and fractured carrying red earthy hematite and a grey mineral, possibly uraninite, associated with the fractures. Other results include trench 1 - 0.021% U3O8 over 3m; trench 2 - 0.03% U3O8 over 4m; trench 3 - 0.022% U3O8 over 3m; trench 4 - 0.022% U3O8 over 3m; trench 6 - 0.012% U3O8 over 2m and the Cliff - 0.032% U3O8 over 6m.
A total of 322, mainly B horizon soil samples, were taken at 25m intervals on lines 25m apart over a 700m strike length, from lines 2 S to 5 N on the grid. In the southern part of the grid, 20 anomalous samples (background < 2 ppm) with values up to 532 ppm uranium (U) were located. Two trends were noted -- the strongest extending from Line 0+25 S to Line 1+00 S, with values ranging from 4.3 to 532 ppm U. The second lies along the possible southern extension of the mineralization in the trenches, extending from 1+00 S to 1+75 S with values ranging from 59.9 to 2.1 ppm U. Trench 6, the southern most trench on Line 0+25 S, was flanked to the east by two weakly anomalous samples of 3.4 and 3 ppm and to the west, by a value of 532 ppm. The sampling crew noted a "radioactive spring" near the high sample site. The small pond, which lies just south of the grid, gives a lake bottom anomaly of 49 ppm U which may be explained by uranium mineralization extending into the pond.
In the northern portion of the grid a total of 28 samples gave anomalous values (>2 ppm) ranging from 2.1 to 5220 ppm (0.5%) U, with six samples giving values greater than 50 ppm U. The only anomalous values found coincident with the trenched mineralization were on Lines 2+75 and 3 N just east of the baseline, where values from 4.9 to 700 ppm U were found. The three strongest values, all over 500 ppm U, were located on Lines 3, 3+25 and 3+50 N at 0+50 E, giving results of 700, 5220 and 674 ppm U, and lying on strike and down slope from the Cliffx showing (original Two Time). The anomalous zone can be traced from 2+75 to 4+50 N, at approximately 0+50 E, a distance of 175 m.
Results were also received for 46 stream sediment samples taken from streams draining into the Kanairiktok River and Snegamook Lake on the CMB NW claim blocks. A total of 13 were considered to be anomalous (> 20 ppm U) with samples varying from 1.4 to 117 ppm U. The two most anomalous streams were the two streams draining the ponds which lie to the south and southwest of the Two Time showing, where anomalous lake bottom values are found. The highest sample value (117 ppm U) is located in the vicinity of the soil anomalies on the southern part of the Two Time grid.
The soil and channel/chip results from the Two Time showing area have been used to establish drill targets for the Winter 2007 drill program, currently underway. In preparation for this program, the companies have established a winterized camp on the Kanairiktok River, approximately three kilometers from the showing, and have mobilized crews and drill equipment to the site.
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.
ABOUT THE CMB NORTHWEST 2 PROPERTY
The CMB northwest block is part of the Silver Spruce/Universal Uranium Ltd. CMB/Seal Lake joint venture previously announced. Under the terms of this agreement, Universal Uranium can earn a 60 percent interest in the properties by spending $2-million on exploration over a three year period. During the earn-in period, Silver Spruce will act as the operator.
ABOUT SILVER SPRUCE
Silver Spruce Resources Inc. (TSXV: SSE) is a junior mining exploration company primarily focused on uranium in the Central Mineral Belt (CMB) of Labrador, Canada. With over 5,000 claims totaling more than 1,250 square kilometers, Silver Spruce is the second largest landholder in one of the world's premier emerging uranium districts. A planned large-scale exploration program on the Company's CMB and area properties began in the summer of 2006; Results have been encouraging with the first uranium discovery occurring in October shortly after follow up of the airborne survey began. With experienced development partners and strong financial backing, Silver Spruce is emerging as a leading uranium explorer in central 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:
Gordon Barnhill, CFO & Director
Keir Reynolds, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 231
Toll Free: 1.866.684.4743 ext. 231
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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