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Re: News - Thursday, August 30, 2007
Third Phase Drill Program Intersects 17m of 0.109% U3O8
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Highlights
- Drilling intersects 17m of 0.109% U3O8 (2.18 lbs/ton)
- Widest zone of mineralization located to date in drilling - 199 m at
0.026% U3O8 (0.52 lbs/ton)
- Two Time Zone strike length extended to 425m
- New mineralized areas located in float and outcrop with values to
0.93% U3O8 (18.6 lbs/ton)
- Radon Gas (RadonEx) surveys show significant potential mineralized
zones
August 30, 2007, Bridgewater, NS / Vancouver, BC. - Silver Spruce
Resources Inc. (TSXV: SSE) and Universal Uranium Ltd. (TSXV: UUL) are
pleased to announce further results of the continued third phase
drilling at the Two Time Zone and prospecting and Radon Gas (RadonEx)
surveys from the CMBNW claim block in central Labrador.
Results for holes CMB-07-15 to 20 are reported. The new holes continue
to expand and define the mineralization, along strike and to depth. The
best values were: CMB-07-16 - 192 m from 256 to 448 m, assaying 0.022%
U3O8 (0.44 lbs / ton) including 9 m from 286 m to 295 m at 0.127 (2.54
lbs/ton); CMB-07-18 - 17 m from 211 m to 228 m at 0.109% U3O8 (2.18 lbs
/ ton); and CMB-07-19 - 199 m at 0.026% U3O8 (0.52 lbs / ton) including
4 m from 299 m to 303 m at 0.129% U3O8 (2.58 lbs / ton). The drilling
was targeted to test the Two Time zone at depth to the south.
Mafic dikes disrupted the mineralized zone in hole 15, which tested the
zone at a vertical depth of 250 m under hole 14 on Section 0+00. The
hole stopped in the mineralized zone due to bad ground conditions. Hole
16 tested under hole 12 on Section 0+75 S, at a depth of approximately
250 m. It intersected a wide, lower grade section with narrow higher
grade zones and included mafic dike from 311 m to 329 m. Holes 17-19
were drilled as a fence on Section 1+25 S, 50 m to the south of drill
holes 5, 6, 12 and 16, on Section 0+75 S, to test the southern
extension of the zone from approximately 150 m to 250 m vertical depth.
All of these holes intersected wide zones (90 m plus) of lower grade
mineralization in the 0.02% to 0.03% U3O8 range with higher grade
intersections including 17 m of 0.109% U3O8 in Hole 18. Hole 19 which
gave the widest zone of mineralization to date, 199 m of 0.026% U3O8
was stopped while in mineralization due to mechanical difficulties.
Hole 20 was drilled to the west to test for a possible western offset
to the Two Time Zone mineralization. It did not intersect any
significant radioactivity and no samples were taken. Drilling is
continuing.
"We continue to be excited by the mineralization that we are finding on
the CMBNW property," stated Lloyd Hillier, President and CEO of Silver
Spruce. "Ongoing results indicate the strength of the uranium
mineralizing system and the increased potential for a large uranium
deposit on the property."
The zone has been traced over a strike length of approximately 425 m
from 2+75 N to 1+50 S and it remains open. 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 mineralization in the Two Time
Zone appears to be near vertical to steeply dipping. An estimate of
true widths cannot be established at this time.
RadonEx radon gas surveys have been utilized to trace uranium
mineralization on the CMBNW and Snegamook properties as a guide for
exploration. The non-invasive RadonEx technique uses a computer chip
based radon detector which is buried in the earth in the morning,
recovered in the late evening and then read in the night to give
results immediately. The technique, which relies on Radon gas escaping
from buried uranium mineralization, was tried on the Two Time and Near
Miss showings in the early summer as an orientation. Both surveys
detected and traced the mineralization giving confidence in the
technique. The survey has been successful in defining a trend of radon
anomalies, thought to represent uranium mineralization, along the Two
Time area and these anomalies are being tested by drilling.
The surveys have also shown a number of other mineralized structural
trends, particularly an east-northeast (ENE) trending zone, to the
south of the Two Time on the Snegamook property, which remain to be
tested. This survey has located significant anomalies, some much larger
and stronger than the anomaly over the TT zone. Prospecting, guided by
the RadonEx surveys, has located significant mineralization along these
trends.
In the prospecting surveys, 76 rock samples taken from float and
outcrop with scintillometer readings from a few hundred to > 10,000 cps
have been analyzed. Of these, five gave values > 0.5% U3O8 (10 lbs /
ton) and 31 gave values > 0.1% U3O8 (2 lbs / ton). The majority of
these samples were taken outside of known mineralized areas and
represent new areas of significant uranium mineralization. Most of the
anomalous samples are associated with major east-northeast (ENE) or
north-northwesterly (NNW) trending structures, the most significant of
which is a 12 km long east-northeast trending suture which extends from
the Near Miss showing across the Snegamook property, approximately 2.5
km south of the Two Time zone to the area of the highly anomalous lake
sediment values noted in the news release of June 26, 2007. The uranium
values are hosted in hematite bearing breccia zones close to the trace
of the structure and in pegmatitic zones to the north of it. Another
area, trending ENE and giving values up to 0.93% U3O8 (18.6 lbs/ton) in
float boulders and 0.4% U3O8 (8 lbs/ton) in outcrop is located in the
southeastern portion of the group. These samples are generally hematite
breccias and are related to alteration (carbonatization,
chloritization) in the host units. The Near Miss Showing, located in
the southwestern portion of the Snegamook property, gives values from
78 to 5000 ppm (0.008% to 0.5%) U3O8 in rock samples from outcrop and
also shows good coincidence with RadonEx radon gas anomalies. It has
not yet been drilled. Other rock samples have been taken and submitted
to the laboratory. These results are pending.
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. Selected analytical values for the drill
holes are shown in Table 1. A revised plan map of the drilling, a
compilation map showing the RadonEx anomalies, the anomalous rock
sample values and the associated structures plus a more detailed map
showing the RadonEx anomalies in the Two Time Trend area, are shown on
Silver Spruce's and Universal Uranium's websites.
TABLE 1 - ANALYTICAL RESULTS
Diamond Drilling - CMBNW Property - Two Time Showing -
DDH's CMB-07-15 to 20
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Length lbs/ton
DDH # From To m % U3O8 U3O8
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CMB-07-15 241 289 48 .011 0.22
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" incl. 259 270 11 0.029 0.58
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" 447 499 52 0.014 0.28
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CMB-07-16 256 448 192 0.022 0.44
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" incl. 267 311 44 0.045 0.9
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" incl. 286 295 9 0.127 2.54
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" incl. 349 354 5 0.10 2.0
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CMB-07-17 173 263 90 0.022 0.44
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" incl. 236 263 27 0.043 0.86
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" incl. 249 262 13 0.063 1.26
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" incl. 249 253 4 0.095 1.9
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" and 255 262 7 0.057 1.14
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CMB-07-18 198 326 128 0.028 0.56
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" incl. 205 228 23 0.089 1.78
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" incl. 211 228 17 0.109 2.18
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" incl. 216 228 12 0.134 2.68
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" incl. 305 310 7 0.08 1.6
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CMB-07-19 251 450 199 0.026 0.52
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" incl. 286 443 157 0.029 0.58
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" incl. 287 303 16 0.071 1.42
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" incl. 299 303 4 0.129 2.58
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CMB-07-20 No significant Scint readings
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No samples taken
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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.
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 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 HEAD OFFICE
Gordon Barnhill, CFO & Director Inc.
Phone: 902.527.5700
Fax: 902.527.5711
E-mail: gbarnhill@silverspruceresources.com
Web: www.silverspruceresources.com
UNIVERSAL URANIUM
HEAD OFFICE:
Ron Atlas, Chairman
Phone: 604.662.3903
Fax: 604.662.3904
INVESTOR RELATIONS
Keir Reynolds, Ascenta Capital Partners
Phone: 604.684.4743 ext. 231
Toll Free: 1.866.684.4743 ext. 231
E-mail: keir@ascentacapital.com
Web: www.ascentacapital.com
INVESTOR RELATIONS
Bill Galine, Director of Corporate
Communications
Phone: 604.662.3903 ext. 106
E-mail: bgaline@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.
View Maps in PDF Format:
http://www.silverspruceresources.com/i/pdf/2007-08-30_NRM1.pdf
http://www.silverspruceresources.com/i/pdf/2007-08-30_NRM2.pdf
http://www.silverspruceresources.com/i/pdf/2007-08-30_NRM3.pdf
View News Release in PDF Format:
http://www.silverspruceresources.com/i/pdf/2007-08-30_NRM.pdf
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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 Aug 30, 2007 at 7:10:29 AM Pacific Time
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