Update
on 2007 Exploration - CMBNW Property
Highlights
- 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:
- A 1.2-kilometer long anomaly with coincident
radon gas anomalies, to the north of the Two Time Showing.
- 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.
- 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.
- 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.