|February 21, 2008|
Update on 2007 Exploration - CMBNW Property
- Strong airborne radiometric anomalies located to the north of Snegamook Lake
- Gravity anomalies associated with Two Time mineralization and other mineralized areas
- Strong uranium in soil geochemistry and rock sample values in untested areas
February 21, 2008 - Bridgewater, NS / Vancouver, BC - Silver Spruce Resources Inc. (TSXV: SSE) and Universal Uranium Ltd. (TSXV: UUL) are pleased to provide an update on the 2007 exploration program on the CMBNW JV property, where the Two Time uranium zone is located. The 2007 work included an infill/definition drilling program for a resource calculation on the Two Time Zone; an airborne radiometric and magnetic survey over an area to the north of Snegamook Lake; an air gravity survey over the Kanairiktok River area, including the Two Time Zone and the adjoining Snegamook property to the south; and prospecting, geological mapping, RadonEx soil gas surveys, soil geochemistry and trenching/sampling in selected areas.
Two drills completed the resource definition program at the Two Time Zone on December 15, 2007. The drilling was carried out for an NI 43-101 compliant resource estimate being carried out by Scott Wilson Roscoe Postle Associates Inc. (SWRPA). As of December 31, 2007, a total of 11,190.6 meters in DDHs 1 to 41, had been drilled on the CMBNW property. Forty of these holes (1-23 and 25-41), for a total of 10,922.6 meters, tested the Two Time Zone and one hole, CMB-07-24, tested a RadonEx soil gas anomaly to the north of the zone. The diamond drilling data will be reported with the resource estimate, within the next couple of weeks. Drilling is planned to resume in the first quarter of 2008 with one drill carrying out further infill drilling and evaluating extensions of the Two Time Zone to depth and on strike. The second drill will focus on the Firestone Zone (see news release dated October 17, 2007) and other targets that have been generated on the CMBNW property.
Trenching/sampling was carried out on the Two Time Zone as part of the exploration required for the resource estimate. Deep overburden prevented complete coverage; however, a total of 113 bedrock channel samples were sawed from the bedrock at one meter intervals from five trenches. Weakly to moderately radioactive hematitized/brecciated monozodiorite was exposed over lengths of 10 to 35 meters in the trenches with U308 assays as follows: Trench 1 -- 5 meters at 166 ppm; Trench 2 -- 4 meters at 285 ppm; Trench 3 -- 6 meters of 166 ppm; Trench 4 -- 13 meters of 266 ppm; and Trench 5 -- 10 meters of 161 ppm. The highest grade located was six meters of 395 ppm U308 from Trench 4. The trenching confirmed and expanded the previous trenching, carried out in 2006, exposing weakly to moderately radioactive sections of brecciated monozodiorite. Results are comparable to the previous sampling, and with extensive uranophane noted in near surface drill holes, suggest near surface leaching of uranium in the upper portion of the Two Time Zone.
The airborne radiometric/magnetic survey was carried out over an area to the north of Snegamook Lake by McPhar Airborne Surveys in a north-south direction at a line spacing of 100 meters. A total of 885 line kilometers were flown. Four high priority, 16 moderate priority and a number of lower priority targets were "picked" by consultant Ted Urquhart of NuSense Geophysics (Santiago, Chile). They were selected on the basis of U/Th ratios, using the 95th percentile with a minimum of 14 cps uranium; total uranium; total field magnetics; and geology. The higher priority targets are mainly located in the northern and southern portions of the area flown. They are associated with anomalous lake sediment geochemistry (values up to 258 ppm U) in the north and areas shown to be radiometrically anomalous by Brinex in the 1970s in the south. The uranium map, with the targets shown, can be viewed on the Silver Spruce and Universal Uranium websites. The lake sediment results were published in a news release dated June 26, 2007.
The air gravity survey was carried out by Bell Aerospace of Houston, Texas. It was flown at a one-kilometer line spacing for 10 kilometers in an east-west direction, covering the Kanairiktok River area of the CMBNW property including the Two Time Zone area and extending to the south of the river over the Snegamook Property, 100%-owned by Silver Spruce. This survey showed a number of gravity features, both positive and negative, some of which appear to be associated with the Two Time mineralization, and possible extensions to the north and south. Positive gravity areas away from the zone to the west and northeast appear to reflect intrusive bodies as shown on the magnetic and geological maps. Coincidence of positive gravity anomalies with mineralized occurrences is also shown in the northeastern portion of the property. No geophysical/geological interpretation by a geophysical consultant has been carried out on this data to date.
A total of 2,120 B horizon soil samples were collect over selected areas to the east and north of the Two Time Zone. Samples were analyzed for uranium and other elements. Values in uranium range from 0.1 to 130 ppm, with a mean value of 2 ppm. No other elements gave significant anomalous values. The results highlight four uranium anomalous areas as follows:
1) A 1.2-kilometer long anomaly with coincident radon gas anomalies, to the north of the Two Time Showing.
2) An area approximately 2.5 km to the east of the Two Time Showing, associated with radon gas anomalies and/or near areas of untested uranium mineralization in bedrock.
3) An area 4.5 km to the east-northeast of the Two Time Zone where uranium values ranging from 6.9 to 116 ppm were located over a 700-meter long zone which remains open to the north and east. Mineralized outcrop/boulders of hematite breccia giving values ranging from 0.07 to 0.30 % U308 have been located in the area.
4) Sporadic values up to 32 ppm on a small grid in the southeastern part of the property, covering the extension of a structural lineament carrying uranium mineralization on an adjoining property.
Rock sample results, from regional prospecting and more detailed follow up based on RadonEx and soil geochemistry, indicate a number of prospective areas, primarily in the northeastern and southeastern portions of the property. Geological mapping indicates a structural association of the mineralized areas with northwest and northeast trending structures. Uranium bearing hematite breccia zones have been identified along these structures some of which are in excess of 6.5 kilometers long.
Trenching on showings outside of the Two Time area was curtailed due to thick overburden and the onset of winter conditions in late October. Three channel samples were taken at one meter intervals from poorly exposed outcrop in the western part of the Firestone showing. The samples are pervasively hematitized/oxidized breccia which gave values of 60,160 and 300 ppm U308. As at the Two Time Zone, uranium mineralization at the Firestone prospect has undergone surface leaching as shown by uranophane on fractures.
All of the mineralized zones discovered during the 2007 field season will be targeted by the 2008 drill campaign.
"We have come a long way since the discovery of the Two Time uranium zone in the fall of 2006 and the first drilling program completed in December 2006," stated Lloyd Hillier, President and CEO of Silver Spruce. "We look forward to the definition of an NI 43-101 compliant resource that will establish Silver Spruce and Universal Uranium as companies with a significant uranium deposit at the Two Time Zone. We also look forward to further discoveries as we continue our follow up exploration."
All uranium analyses are performed by Activation Laboratories in Ancaster, Ontario, an approved, accredited laboratory, using the delayed neutron activation technique (DNC), which gives accurate results for samples carrying up to 1.0% uranium. In addition, samples are analyzed using an ICP technique that gives good results for most other elements, including Thorium. A quality assurance/quality control (QA/QC) program, described on the companies' websites, has been implemented by the Silver Spruce/Universal Uranium joint venture to increase confidence in the results generated.
Plan maps and sections for the drilling on the Two Time Zone, the radiometric picks for the Snegamook North airborne survey, the air gravity results and a compilation map showing the RadonEx, soil, geochemical and rock sample results are shown on the Silver Spruce and Universal Uranium websites at www.silverspruceresources.com and www.universaluranium.com.
ABOUT THE CMBNW PROPERTY
The CMBNW 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 interests in more than 13,100 claims totaling approximately 3,275 square kilometers in Labrador, Silver Spruce is the second largest landholder in one of the world's premier emerging uranium districts. Experienced partners and strong financial backing make Silver Spruce 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., a Qualified Person (QP) as defined in National Instrument 43-101.
For Further Information Contact:
SILVER SPRUCE RESOURCES
Gordon Barnhill, CFO & Director
Hugh Oswald, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 243
Toll Free: 1.866.684.4743 ext. 243
Ron Atlas, President
Bill Galine, Director of 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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