|May 15, 2007|
Third Phase Drill Program Starts on CMB NW Property
- Drilling resumes at Two Time Zone, minimum 8,000 metre contract
- Lake sediment survey completed on Jacques Lake property
May 15, 2007, Bridgewater, NS / Vancouver, BC. - Silver Spruce Resources Inc. (TSXV: SSE) and Universal Uranium Ltd. (TSXV: UUL) are pleased to announce that the minimum 8,000 metre contract for diamond drilling on the Two Time Zone has begun. Mobilization to the site by the contractor Lantech Drilling Ltd. of Dieppe, New Brunswick, was completed on May 12 and drilling began on May 13.
The drilling is designed to test the Two Time Zone to depth and along strike with the aim of defining a uranium resource by late summer. Infill and definition drilling at 50 metre centres will define the size and grade of the zone while drilling to the north and south along strike will determine the extent of the zone.
Two previous drilling campaigns on the Two Time Zone, in December 2006 and February 2007, intersected uranium mineralization in 11 of 12 widely spaced drill holes outlining a significant mineralized zone. The zone, which remains open along strike and to depth, was traced for 300 metres and to a depth of 250 metres. Values of 0.11% U3O8 over 30 metres within a wider zone of mineralization containing 0.052% U3O8 over 107 metres was located (refer to news release dated March 1, 2007).
The uranium mineralization is hosted in an altered, brecciated and fractured, felsic intrusive, of monzonitic to monzodioritic composition, which carries extensive hematite, chlorite, and carbonate. The zone appears similar to large, iron oxide copper gold (IOCG) style, hematite breccia deposits, such as Olympic Dam in Australia, the world's largest uranium deposit.
"This third phase drill program will better define the Two Time Zone, and potentially allow us to build a National Instrument 43-101 compliant resource by late summer," stated Lloyd Hillier, President and CEO of Silver Spruce Resources.
A detailed lake sediment sampling program has been completed on the Jacques Lake property to follow up on the widely spaced, lake sediment anomalies originally defined by government surveys. A total of 234 samples were collected and have been sent to Activation Laboratories in Ancaster, Ontario, to be analyzed for uranium content by delayed neutron counting (DNC) and other elements by inductively coupled plasma (ICP). Results will be reported when received.
The CMBNW and Jacques Lake properties are located in the Central Mineral Belt of Labrador, and lie along strike, and in proximity to, properties held by Aurora Energy Inc., Crosshair Exploration and Mining and the Santoy/Monster Copper JV. The CMB is one of the most active uranium exploration areas in Canada, driven by the success of Aurora Energy on its Michelin and Jacques Lake deposits, where approximately 100 million pounds of uranium have been defined (Aurora news release, February 13, 2007.)
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 JV PROPERTIES
The CMB NW and Jacques Lake blocks are part of the Silver Spruce/Universal Uranium Ltd. CMB/Seal Lake joint venture previously announced. Under the terms of this agreement, Universal Uranium has earned a 60 percent interest in the properties by spending $2 million on exploration. Silver Spruce retains 40 percent of the project and is the operator of the joint venture.
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 interests in over 8,500 claims totaling more than 2,100 square kilometres, Silver Spruce is the one of the largest landholders in one of the world's premier emerging uranium districts. A large-scale exploration program in the summer of 2006 resulted in the first uranium discovery in October (Two Time zone) 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:
Gordon Barnhill, CFO & Director
Keir Reynolds, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 231
Toll Free: 1.866.684.4743 ext. 231
Sean Charland, Longview Capital Partners Inc.
Phone: 604.681.5755 ext. 291
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this Release. Silver Spruce seeks safe harbour.
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