|October 15, 2007|
Third Phase Drill Program Update
- Scott Wilson Roscoe Postle Associates contracted to prepare a resource estimate for the Two Time Zone
- Strike length of Two Time zone extended to 475 metres
October 15, 2007, Bridgewater, NS / Vancouver, BC - Silver Spruce Resources Inc. (TSXV: SSE) and Universal Uranium Ltd. (TSXV: UUL) are pleased to announce further results from the third phase of drilling at the Two Time Zone.
The drilling was targeted to test the extension of the Two Time Zone to the south to conclude phase three exploration drilling prior to definition drilling working toward a resource calculation for the deposit. These last holes of the phase three program were drilled at depth to the south (CMB-07-21, 22), in the central area of the deposit (CMB-07-23) and testing a RadonEx anomaly, 600 metres to the north and west of the deposit (CMB-07-24).
Drilling on the southern extension of the Two Time Zone (CMB-07-21, 22) encountered significant intervals of low-grade uranium mineralization, with CMB-07-21 intersecting mineralization between 175 to 210 metres vertical and CMB-07-22 intersecting mineralization from 225 to 275 metres vertical. Modeling of the drill-hole data indicates that the mineralized zone should continue to the southwest, plunging at 30 to 50 degrees, approximately 70 metres below the trace of CMB-07-22. Hole CMB-07-23, in the central part of the zone, which targeted the down dip extension of mineralization encountered in holes CMB-07-10 and CMB-07-11, intersected a thick mafic dyke, which disrupted the main mineralized zone.
CMB-07-21 was drilled at Azimuth 070, dip -45, 50 metres to the west of CMB-07-20, to a total depth of 482 metres. The hole "scissored" back to the east, under CMB-07-20 which did not intersect mineralization. A mineralized zone assaying 0.027% U3O8, was intersected from 299 to 347 metres (48 metres). The best value within the zone was 0.089% over 2.0 metres. CMB-07-22, at Azimuth 070, dip-58, collared from same setup as CMB-07-21, was drilled to a total depth of 448 metres. An intersection averaging 0.011% U3O8 was encountered from 314 to 357 metres (43 metres). The best values within the zone were 0.054% over 2.0 metres, including 0.082% over 1.0 metre. CMB-07-23, drilled at Azimuth 070, dip -63, to total depth of 468 metres, tested the north central portion of the zone and was drilled from the same set up as CMB-07-11. A 77 metre wide mafic dike, from 341 to 418 metres, interrupts the main portion of the mineralized zone. Mineralization above and below the dike was weak and erratic. CMB-07-24 was drilled at Azimuth 070 and dip -45, to a total depth of 225 metres, six hundred metres to the northwest of the Two Time zone. It was designed to test coincident Radon Gas (RadonEx) and stream sediment anomalies. No significant mineralization was encountered; however, favorable brecciated/hematitized felsic host rocks were intersected over the entire length of the hole.
The Two Time zone has been traced over a strike length of approximately 475 metres, from 2+75 N to 2+00 S, and remains open to the north and south along strike and to depth. 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 the mineralization appears to be near vertical to steeply dipping; however, an estimate of true widths cannot be established at this time.
A representative from Roscoe Postle has been on site to initiate the resource definition program of trenching and diamond drilling, leading to a National Instrument 43-101 compliant resource estimate at the Two Time Zone. The definition drilling program of approximately 3,000 metres has begun using one drill with an additional drill planned to be added in late October. Plans are to have the definition drilling completed prior to the Christmas break and the resource estimate completed in the first quarter of 2008.
A map detailing the revised drill plan for the Two Time Zone can be viewed on Silver Spruce's and Universal Uranium's websites.
ABOUT THE CMB PROPERTIES
The CMB properties are 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
Gordon Barnhill, CFO & Director
Keir Reynolds, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 231
Toll Free: 1.866.684.4743 ext. 231
Ronald Atlas, Chairman of the Board
Bill Galine / Taylor Little, Corporate Communications
Phone: 604.662.3903 ext. 106
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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