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Re: News - Tuesday, May 15, 2007
Third Phase Drill Program Starts on CMB NW Property
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- 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:
Head Office
Gordon Barnhill, CFO & Director
Phone: 902.527.5700
Fax: 902.527.5711
E-mail: gbarnhill@sse-tsx.com
Web: www.silverspruceresouces.com
Investor Relations
Keir Reynolds, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 231
Toll Free: 1.866.684.4743 ext. 231
E-mail: keir@ascentacapital.com
Web: www.ascentacapital.com
Sean Charland, Longview Capital Partners Inc.
Phone: 604.681.5755 ext. 291
E-mail: scharland@longviewcp.com
Web: www.longviewcp.com
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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Copyright (c) 2007 SILVER SPRUCE RESOURCES INC. (SSE) All rights
reserved. For more information visit our website at
http://www.silverspruceresources.com/ or send
mailto:info@silverspruceresources.com
Message sent on Tue May 15, 2007 at 10:17:51 AM Pacific Time
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