VANCOUVER, BRITISH COLUMBIA and BRIDGEWATER, NOVA SCOTIA and
Silver Spruce Resources Inc. (TSX VENTURE: SSE) 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 collected 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 analysed 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 UNIVERSAL URANIUM
Universal Uranium Ltd. (TSX VENTURE: 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.
ABOUT SILVER SPRUCE
Silver Spruce Resources Inc. (TSX VENTURE: 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.
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.
The company seeks Safe Harbour.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Universal Uranium Ltd. - Head Office Ron Atlas
President (604) 662-3903 (604) 662-3904 (FAX) Email:
ratlas@universaluranium.com Universal Uranium Ltd. - Investor
Relations Taylor Little Investor Relations (604) 662-3903 ext. 107
Email: tlittle@universaluranium.com Website:
www.universaluranium.com Silver Spruce Resources Inc. - Head Office
Gordon Barnhill CFO & Director (902) 527-5700 (902) 527-5711
(FAX) Email: gbarnhill@silverspruceresources.com Website:
www.silverspruceresources.com Silver Spruce Resources Inc. -
Investor Relations Hugh Oswald Ascenta Capital Partners Inc. (604)
684-4743 ext.243 or Toll Free: 1-866-684-4743 ext.243 Email:
hugh@ascentacapital.com Website: www.ascentacapital.com
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