|January 30, 2007|
Wide Zone of Uranium Mineralization Discovered at Two Time Zone
- Higher grade values to 0.13% U3O8 over 1.6m, 0.28% U3O8 over 0.2m
- Wide zone of shallow uranium mineralization - up to 82m of 0.021% U3O8
January 30, 2007, Bridgewater, NS / Vancouver, BC. - Silver Spruce Resources Inc. (TSXV: SSE) and Universal Uranium Ltd. (TSXV: UUL) are pleased to announce that further analysis of drill core from the Two Time showing, located on the CMBNW claim block east of Snegamook Lake in Labrador, has defined a wide zone of low grade uranium mineralization in three of five holes. The best mineralization was located in DDH CMB-06-3, which gave 82.4m of 0.021% uranium oxide (U3O8) from 83.5m to 165.9m, including two higher grade zones of 0.13% U3O8 over 1.6m from 100.8m to 102.4m and 0.13% U3O8 over 1.4 m from 106.1m to 107.5m (see previous press release dated January 4, 2007). The host for the mineralization is a brecciated/fractured felsic intrusive, carrying extensive chlorite, carbonate and hematite alteration.
The zone extends over a 175m length from Line 1+25 N where CMB-06-2 gave 71.5m of 0.015% U3O8 from 90m to 161.5m to Line 0+50 S, where CMB-06-5 gave 59.2 m of 0.024% U3O8 from 44m to 103.2m. It remains open to the south and appears to narrow to the north, where CMB-06-1 gave 15.8m of 0.033% U3O8 from 41.7m to 57.5m including 0.28% U3O8 over 0.2m from 42.9 to 43.1m. The better mineralization is located in the southern portion of the grid where anomalous soil geochemistry indicates the zone may continue under a small pond. A total of five shallow holes at -45 degrees dip, totaling 812m, tested the zone.
"We are pleased with these continuing results which indicate that an extensive and strong uranium mineralized system exists on the property" states Lloyd Hillier, President & CEO of Silver Spruce Resources. "Further work is definitely warranted to evaluate this newly discovered zone which remains open."
The drilling targeted an anomalous radioactive zone, the Two Time Zone, covering an area of 300 meters by 50 meters. The locations of the drill holes and selected analytical values for the sections sampled are shown in Table 1 attached. A plan map of the drilling is shown on Silver Spruce's and Universal Uranium's websites. Further follow up by diamond drilling is planned as soon as permits are received, thought to be by the end of January. The drill remains on site and the fully winterized camp can be reactivated on short notice.
Core samples were halved by sawing, 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.
Diamond Drilling -- CMBNW Property -- Two Time Showing
DDH # From To length % U3O8 lbs / ton
CMB-06-1 41.7 57.5 15.8 0.0326 0.65
incl. 41.7 44.8 3.1 0.0494 0.99
incl. 42.9 43.1 0.2 0.14 2.8
incl. 51.3 53.3 2.0 0.0546 1.09
CMB-06-2 90.0 161.5 71.5 0.0148 0.30
" 126.2 126.6 0.4 0.104 2.08
" 136.1 139.9 3.8 0.0394 0.79
CMB-06-3 83.5 165.9 82.4 0.0211 0.42
" incl. 83.5 107.5 24.0 0.0404 0.81
" incl. 86.8 93.7 6.9 0.0561 1.12
" 100.8 102.4 1.6 0.13 2.6
" 106.1 107.5 1.4 0.13 2.6
" 159.8 161.9 2.1 0.0766 1.53
CMB-06-4 No Samples Taken
CMB-06-5 44.0 103.2 59.2 0.0238 0.48
46.0 56.0 10.0 0.0417 0.83
97.2 97.5 0.3 0.1639 3.28
All core showing significant scintillometer values has been cut and analyzed. No samples were taken from CMB-06-4 since scintillometer values were low and felsic/mafic units were interfingered although sampling is planned. The orientation of the zone and therefore the true width of the drill intersections remains unknown.
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
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.
You can view the Next News item: Tue Feb 6, 2007, Phase Two Drilling Begins at Two Time Zone
You can view the Previous News item: Mon Jan 29, 2007, Silver Spruce Resources Inc. -- Executes Letter of Intent to Purchase 100% Interest in Gold Property in Mexico
You can return to the main News page, or press the Back button on your browser.