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Re: News - Thursday, June 21, 2007
32 meters of 0.103% U308 Discovered in Third Phase Drilling at
Two Time Zone
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Highlights
- Higher grade intersection of 32 m of 0.103% U3O8
- Wide zones of uranium mineralization intersected -- 109.2 m of 0.042%
U3O8
- Narrow high grade intersections -- 2 m of 0.221 U3O8 and 1 m of
0.316% U3O8
June 21, 2007, Bridgewater, NS / Vancouver, BC. - Silver Spruce
Resources Inc. (TSXV: SSE) and Universal Uranium Ltd. (TSXV: UUL) are
pleased to announce that the third phase drilling at the Two Time Zone,
located on the CMBNW claim block to the east of Snegamook Lake in
central Labrador, has further defined the uranium mineralization
intersected in the December 2006 and the February/March 2007 diamond
drilling programs. Results have been received from two drill holes
(CMB-07-13 and 14).
The new holes continue to expand and define the mineralization, along
strike and to depth.
The drilling is targeting the Two Time uranium zone. The best
mineralization, 109.2 m of 0.042% uranium oxide (U3O8) (0.84 lbs / ton)
from 213.9 to 323.1 m, including 32 m at 0.103% U3O8 (2.06 lbs / ton)
from 264.6 to 296.6 m, was located in DDH CMB-07-14 drilled on section
0+00. Section 0+00 is 50 m to the north of Section 0+50 S, which gave
significant intersections in CMB-07-6 (see news release dated March 1,
2007) of 107 m of 0.052% (U3O8) (1.04 lbs/ton) from 172 to 279 m,
including higher grade zones: 0.11% U3O8 (2.2 lbs / ton) over 30 m from
172 to 302 m including 0.312% U3O8 (6.24 lbs / ton) over 3.0 m from 172
to 175 m.
The higher grade intersections in CMB-07-14 are at a depth of
approximately 200 m. As on Section 0+50 S, the zone appears to increase
in grade to depth as at CMB-07-13, approximately 50 m ahead of
CMB-07-14, which intersected the zone at approximately 150 m depth,
gave 0.042% (0.84 lbs / ton) over 96.5 m from 136.2 to 232.7, including
0.11% U3O8 (2.2 lbs / ton) over 7 m from 161.2 to 168.2 m.
The host for the mineralization is an altered, brecciated and fractured
felsic intrusive, monzonite to monzodiorite, which carries extensive
chlorite, carbonate and hematite alteration. The mineralized zone
appears to be near vertical to steeply dipping indicating that drill
intersections are probably one half to two thirds true width.
"We continue to be excited by these results," stated Lloyd Hillier,
President and CEO of Silver Spruce. "The results indicate the strength
of the uranium mineralized system and the potential for a major uranium
deposit on the CMBNW property."
The zone has been traced over a 200 m plus strike length from Line 1+25
N where CMB-06-2 gave 71.5 m of 0.015% U3O8 to Line 0+50 S, where
CMB-06-5 gave 59.2 m of 0.024% U3O8. It appears to narrow to the north,
where CMB-06-1 gave 15.8 m of 0.033% U3O8. Stronger mineralization is
located in the southern portion of the grid where anomalous soil and
lake sediment geochemistry indicates the zone may continue under a
small pond. Diamond drilling is continuing and further results will be
released as received.
Selected analytical values for the sections sampled are shown in Table
1. A plan map of the drilling, plus new Section 0+00 through DDH's 13
and 14, are shown on Silver Spruce's and Universal Uranium's websites.
TABLE 1
ANALYTICAL RESULTS
Diamond Drilling - CMBNW Property - Two Time Showing
June 2007
All core showing significant total count scintillometer values was cut
and analyzed. Core samples were halved by sawing on site, with one half
sent for analysis and the other half retained for further study.
Analyses were performed by Activation Laboratories in Ancaster,
Ontario, an approved, accredited laboratory, using the delayed neutron
activation technique, which gives accurate results for samples carrying
up to one percent uranium.
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 NORTHWEST 2 PROPERTY
The CMB northwest 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 over 9,500 claims totaling approximately
2,400 square kilometers, Silver Spruce is the second largest landholder
in one of the world's premier emerging uranium districts. A large-scale
exploration program on the company's properties in the summer of 2006
resulted in the first uranium discovery in October from 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.
PLAN OF ARRANGEMENT
Under the terms of the previously announced June 15th, 2007 plan of
arrangement Universal Uranium Ltd. and Silver Spruce Resources have
agreed to consolidate all Canadian uranium properties into one company.
Universal Uranium shareholders (as of the record date) will receive
one share in Silver Spruce Resources Inc and one share in a new
corporation created by spinning out Universal Uranium's US properties.
For Further Information Contact:
SILVER SPRUCE RESOURCES
HEAD OFFICE INVESTOR RELATIONS
Gordon Barnhill, CFO & Director Keir Reynolds, Ascenta Capital Partners
Inc.
Phone: 902.527.5700 Phone: 604.684.4743 ext. 231
Fax: 902.527.5711 Toll Free: 1.866.684.4743 ext. 231
E-mail: gbarnhill@silverspruceresources.com E-mail:
keir@ascentacapital.com
Web: www.silverspruceresources.com Web: www.ascentacapital.com
INVESTOR RELATIONS
Sean Charland, Longview Capital Partners Inc.
Phone: 604.681.5755 ext. 291
E-mail: scharland@longviewcp.com
Web: www.longviewcp.com
UNIVERSAL URANIUM
HEAD OFFICE: INVESTOR RELATIONS
Clive Massey, CEO & Director Bill Galine, Director of Corporate
Communications
Phone: 604.662.3903 Phone: 604.662.3903 ext. 106
Fax: 604.662.3904 E-mail: bgaline@universaluranium.com
E-mail: cmassey@universaluranium.com Web: www.universaluranium.com
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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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 Thu Jun 21, 2007 at 8:07:59 AM Pacific Time
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