 |
| |   August 27, 2007
Clive Massey Resigns as President and CEO of Universal Uranium Ltd.
|
| | Vancouver, British Columbia, August 27, 2007- Universal Uranium's board of directors regrets to announce that Clive Massey, president and chief executive officer, is leaving the company effective August 31st, 2007.
In the interim the board of directors will be responsible for the overall management of the company while the company seeks a suitable replacement. The board wishes Mr. Massey the best in his future endeavors.
Universal Uranium Ltd. 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.
ON BEHALF OF THE BOARD:
(signed) "Clive H. Massey," President
For further information contact:
Bill Galine Investor Relations
Telephone: (604) 662-3903
Email: bgaline@universaluranium.com |
| |
| | August 23, 2007
Universal Uranium Ltd. gives overview of short-term investments
|
| | Vancouver, British Columbia, August 23, 2007- Universal Uranium Ltd. (TSX-V: UUL) had invested, on recommendation of its investment advisor, $1.45 million (CDN) in short- term triple AAA-rated asset- backed commercial paper.
There is currently a sixty day hold on the funds and it has been confirmed that the trust is a subsidiary of Coventree Capital Group Inc. Coventree Capital announced on August 13th 2007, as a result of recent disruptions in the global credit markets, that it was unable to meet its repayment obligations until its liquidity providers finance such repayments.
Universal Uranium's operations have not been impacted, and the company advises that it has sufficient cash available to maintain all of its work programs while this matter is resolved.
Universal Uranium Ltd. 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.
ON BEHALF OF THE BOARD:
(signed) "Clive H. Massey," President
For further information contact:
Bill Galine Investor Relations
Telephone: (604) 662-3903
Email: bgaline@universaluranium.com |
| |
| | August 03, 2007
Silver Spruce, Universal Uranium & Bayswater Uranium Enter into Joint Venture
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| | Silver Spruce Resources Inc. and Universal Uranium Ltd. have jointly entered into a letter agreement with Bayswater Uranium Corp. dated effective July 20, 2007, whereby Bayswater has been granted an option to acquire a 50-per-cent interest in 34 mineral claims (8.5 square kilometres or 2,100 acres) located in the central mineral belt region of Labrador, Newfoundland, which is currently held 50 per cent by Silver Spruce and 50 per cent by Universal. The claims are covering a portion of, and adjoin, the Stipec River uranium trend of Bayswater in the historical central mineral belt uranium district in Labrador. Pursuant to the letter agreement, Bayswater is obligated to issue to Silver Spruce and Universal a total of 200,000 common shares (of which 100,000 shares will be issued to Silver Spruce and 100,000 shares will be issued to Universal unless otherwise agreed) and expend $100,000 upon the property by July 31, 2008.
Upon issuing the shares and making the required expenditures, Bayswater will be deemed to have exercised its option and acquired a 50-per-cent interest in the property, with Universal and Silver Spruce each holding a 25-per-cent interest in the property. A joint venture will then be formed between the parties with Bayswater acting as the operator.
The letter agreement is subject to the approval of the TSX Venture Exchange and the shares payable under the letter agreement, when issued of Bayswater, will be subject to a four-month hold period.
Bayswater has recently completed an airborne EM and magnetic survey over the Stipec River joint venture lands and is planning further prospecting, rock and soil sampling, and possibly drilling of favourable targets this year. In the news reported in Stockwatch July 12, 2007, Bayswater reported that: "The EM survey identified a 12-kilometre-long southwesterly trending conductive zone coincident with the Stipec River trend of uranium prospects (zone A, B, C, D and E). Numerous surface grab samples in 2006 from various prospects along this trend commonly assayed 0.1 per cent to 0.4 per cent U3O8." This favourable conductive zone occurs partly on the Stipec River joint venture land; however, the bulk of the favourable zone and all known uranium prospects are on claims in which Bayswater has a right to acquire a 100-per-cent interest from Longview Capital Partners Inc. under an option agreement. To date nine drill holes have been completed on the Stipec River zone A and E prospects on land subject to the Bayswater/Longview option. Assay results are pending from a number of radioactive zones identified in drill core from this drilling. |
| |
| | June 26, 2007
Detailed Sampling Discovers Highly Anomalous Lake Sediments on CMB JV Properties
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| | Highlights
- CMBNW block - values to 374 ppm uranium to the northeast of the Two Time showing area
- Jacques Lake block - values greater than 200 ppm uranium in two areas
June 26 2007, Vancouver, BC./ Bridgewater, NS - Universal Uranium Ltd. (TSXV: UUL) and Silver Spruce Resources Inc. (TSXV: SSE) are pleased to announce the results of detailed lake bottom geochemistry surveys on the CMB NW and Jacques Lake properties, part of the CMB joint venture.
The results indicate significant uranium anomalies on both properties. The CMBNW block returned values ranging from background (less than 17 ppm) to 374 ppm. Two significant anomalous areas were defined. The first area lies south of the Kanairikotok river and extends from the Near Miss showing continuing northeast to encompass the Two Time Zone and HF occurrence. The highest values, ranging from 6.5 to 374 ppm with 6 values greater than 100 ppm, are located further to the northeast in an unexplored area. In comparison, lake sediment values in the area of the Two Time showing, where drilling has defined an extensive zone of uranium mineralization, ranged from 9.8 to 44.9 ppm. The second area of anomalous samples was located to the north of Snegamook Lake, in the northwest portion of the property, with values ranging from 5.4 to 258 ppm and 3 values greater than 60 ppm. In this area an additional 56 claims were added to insulate the anomalous area as it is located near the boundary of the pre-existing CMBNW property.
At the Jacques Lake property values ranged from a high background of approximately 30 ppm, to 217 ppm. Two anomalous areas were defined. The first area lies to the north of Jacques Lake in the central / northeast portion of the property with values ranging from 14 to 207 ppm and 17 values greater than 50 ppm. The second area is located in the northwest corner of the property with values from 27 to 217 ppm and 2 values greater than 100 ppm.
Lloyd Hillier, President and CEO of Silver Spruce states: "The results of the lake bottom sediment sampling on the CMBNW block indicate the potential for continuity between the three known mineralized zones and the likelihood that mineralization may continue northeast to an unexplored area. We are also encouraged by the results from the Jacques Lake property and are optimistic that more uranium mineralization will be located as the summer work program continues."
Samples were analysed at Actlabs in Ancaster ON., by delayed neutron counting (DNC) for U and an ICP technique for other elements, the same techniques as for the government surveys which led to the staking of the properties. Government background uranium values for the area are less than 10 ppm. Plan maps of the lake sediment results for uranium are shown on Silver Spruce's and Universal Uranium's websites. Results for ICP remain pending.
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 43-10
ABOUT THE CMB NORTHWEST and JACQUES LAKE PROPERTIES
The CMBNW and JACQUES LAKE blocks are part of the Silver Spruce/Universal Uranium CMB joint venture previously announced.
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.
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 in Labrador and over 5000 claims in the CMB, 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 at the Two Time showing, 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.
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
Gordon Barnhill, CFO & Director
Phone: 902.527.5700
Fax: 902.527.5711
E-mail: gbarnhill@silverspruceresources.com
Web: www.silverspruceresources.com
INVESTOR RELATIONS
Sean Charland, Longview Capital Partners Inc.
Phone: 604.681.5755 ext. 291
E-mail: scharland@longviewcp.com
Web: www.longviewcp.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
UNIVERSAL URANIUM
HEAD OFFICE:
Clive Massey, CEO & Director
Phone: 604.662.3903
Fax: 604.662.3904
E-mail: cmassey@universaluranium.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. |
| |
| | June 21, 2007
32 meters of 0.103% U308 Discovered in Third Phase Drilling at Two Time Zone
|
| | Highlights
- Higher grade intersection of 32 m of 0.103% U3O8
- Narrow high grade intersections -- 2 m of 0.221 U3O8 and 1 m of 0.316% U3O8
- Wide zones of uranium mineralization intersected -- 109.2 m of 0.042% U3O8
June 21, 2007, Vancouver, BC. / Bridgewater, NS - Universal Uranium Ltd. (TSXV: UUL) and Silver Spruce Resources Inc. (TSXV: SSE) 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 Universal Uranium and Silver Spruce's websites.
ANALYTICAL RESULTS
Diamond Drilling -- CMBNW Property -- Two Time Showing
June 2007
DDH # |
From |
To |
Length
m |
% U3O8 |
lbs / ton
U3O8 |
CMB-07-13 |
136.2 |
232.7 |
96.5 |
0.042 |
0.84 |
incl. |
152.2 |
155.2 |
3.0 |
0.12 |
2.4 |
and |
161.2 |
168.2 |
7.0 |
0.11 |
2.2 |
incl. |
163.2 |
167.2 |
4.0 |
0.15 |
3.0 |
and |
222.5 |
225.5 |
3.0 |
0.167 |
3.34 |
incl. |
223.5 |
224.5 |
1.0 |
0.316 |
6.32 |
CMB-07-14 |
213.9 |
323.1 |
109.2 |
0.042 |
0.84 |
incl. |
264.6 |
296.6 |
32.0 |
0.103 |
2.06 |
incl. |
280.6 |
290.6 |
10.0 |
0.176 |
3.52 |
incl. |
285.6 |
287.6 |
2.0 |
0.221 |
4.42 |
and |
289.6 |
290.6 |
1.0 |
0.222 |
4.44 |
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 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.
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.
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:
UNIVERSAL URANIUM
HEAD OFFICE:
Clive Massey, CEO & Director
Phone: 604.662.3903
Fax: 604.662.3904
E-mail: cmassey@universaluranium.com
SILVER SPRUCE RESOURCES
HEAD OFFICE
Gordon Barnhill, CFO & Director
Phone: 902.527.5700
Fax: 902.527.5711
E-mail: gbarnhill@silverspruceresources.com
Web: www.silverspruceresources.com
INVESTOR RELATIONS
Sean Charland, Longview Capital Partners Inc.
Phone: 604.681.5755 ext. 291
E-mail: scharland@longviewcp.com
Web: www.longviewcp.com
INVESTOR RELATIONS
Bill Galine, Director of Corporate
Communications
Phone: 604.662.3903 ext. 106
E-mail: bgaline@universaluranium.com
Web: www.universaluranium.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
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. The Company seeks Safe Harbour. |
| |
| | June 15, 2007
Silver Spruce Resources Inc. And Universal Uranium Ltd. To Consolidate All Canadian Uranium Properties
|
| | Highlights
• Silver Spruce Resources Inc. and Universal Uranium Ltd. sign binding letter of intent.
• Universal Uranium Ltd. shareholders to receive one share in Silver Spruce Resources Inc. for every one share of Universal Uranium Ltd. held.
• Universal Uranium Ltd. to spin off US properties to its shareholders.
• Silver Spruce Resources Inc. to spin off all non-uranium properties to its shareholders.
June 15, 2007, Bridgewater, NS / Vancouver, BC --- Silver Spruce Resources Inc. (TSXV: SSE) and Universal Uranium Ltd. (TSXV: UUL) are pleased to announce that they have signed a binding letter of intent (the "Agreement") to consolidate all Canadian uranium properties pursuant to a plan of arrangement. This consolidation follows a discovery made by the joint venture partners announced March 1st on the Two Time Zone in the Labrador Central Mineral Belt.
Pursuant to the Agreement, Universal Uranium Ltd. with its Canadian uranium assets, will become a wholly owned subsidiary of Silver Spruce Resources Inc. Silver Spruce Resources Inc. shall be the 100% owner of all Canadian uranium assets belonging to both Universal Uranium Ltd. and Silver Spruce Resources Inc. The resulting entity will continue under the name "Silver Spruce Resources Inc." and its shares will continue to be listed and posted for trading on the TSX Venture Exchange as "SSE". Universal Uranium Ltd.'s U.S. assets will be spun out to shareholders as a new company. Silver Spruce Resources Inc. will also spin off its non-uranium properties and related assets to its shareholders in the form of a new "company". Silver Spruce Resources Inc., and its subsidiary, Universal Uranium Ltd., Boards of Directors after this consolidation will each consist of four members from Silver Spruce Resources Inc., four members from Universal Uranium Ltd. and one mutually agreed independent director.
In accordance with the Agreement, Universal Uranium Ltd. shareholders will receive one Silver Spruce Resources Inc. common share for every Universal Uranium Ltd. common share held, equal to 50% of Silver Spruce Resources Inc. on a fully diluted basis. Universal Uranium Ltd. warrant holders will receive a warrant of Silver Spruce Resources Inc. on the same terms and expiry of warrants currently held with Universal Uranium Ltd.
The immediate objective of both Silver Spruce Resources Inc. and Universal Uranium Ltd. is to finalize and execute definitive agreements reflecting the above as soon as possible. This definitive agreement will be subject to due diligence, compliance with all applicable legal, shareholder, TSX Venture and regulatory approvals and finalization in mutually satisfactory form of definitive agreements contemplated thereby. Closing is expected by October 31, 2007 subject to extension.
ABOUT UNIVERSAL URANIUM LTD.
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. Universal Uranium Ltd. is led by a highly skilled, experienced board and management team with significant successes in managing early stage mineral exploration companies.
ABOUT SILVER SPRUCE RESOURCES INC.
Silver Spruce Resources Inc. (TSXV: SSE) is a junior mining exploration company primarily focused on uranium in the Central Mineral Belt ("CMB") of Labrador, Canada. With over 5,000 claims totalling more than 1,250 square kilometres, Silver Spruce Resources Inc. is the second largest land holder in one of the world's premier emerging uranium districts. In the 12 months commencing summer 2006, Silver Spruce Resources Inc. is planning a large scale exploration program on its CMB and area properties at a cost of more than $2 million. With experienced development partners and strong financial backing, Silver Spruce Resources Inc. is emerging as a leading uranium explorer in Central Labrador.
For Further Information Contact:
UNIVERSAL URANIUM LTD.
Head Office:
Clive Massey, CEO & Director
Phone: 604.662.3903
Fax: 604.662.3904
Email: cmassey@universaluranium.com
INVESTOR RELATIONS
Bill Galine, Director of Corporate Communications
Phone: 604.662.3903 ext. 106
E-mail: bgaline@universaluranium.com
Web: www.universaluranium.com
SILVER SPRUCE RESOURCES INC.
Head Office:
Gordon Barnhill, CFO & Director
Phone: 902.527.5700
Fax: 902.527.5711
E-mail: gbarnhill@silverspruceresources.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.
Each Company seeks Safe Harbour. |
| |
| | May 15, 2007
Third Phase Drill Program Starts on CMB NW Property
|
| | - Drilling resumes at Two Time Zone, minimum 8,000 metre contract
- Lake sediment survey completed on Jacques Lake property
May 15, 2007, Vancouver, BC. / Bridgewater, NS - Universal Uranium Ltd. (TSXV: UUL) and Silver Spruce Resources Inc. (TSXV: SSE) 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 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.
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 landholder 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.
For Further Information Contact:
SILVER SPRUCE RESOURCES
HEAD OFFICE
Gordon Barnhill, CFO & Director
Phone: 902.527.5700
Fax: 902.527.5711
E-mail: gbarnhill@silverspruceresources.com
Web: www.silverspruceresources.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
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:
Clive Massey, CEO & Director
Communications
Phone: 604.662.3903
Fax: 604.662.3904
Email: cmassey@universaluranium.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. |
| |
| | April 25, 2007
Drilling to Resume at Two Time Zone, Minimum 8,000 Metre Drill Contract Awarded
|
| | Exploration Update
- Drilling to resume on Two Time Uranium Zone in early May
- Lake sediment survey completed on CMB NW property
- Lake sediment survey begins on Jacques Lake property
April 25, 2007, Vancouver, BC./ Bridgewater, NS- Universal Uranium Ltd. (TSXV: UUL) and Silver Spruce Resources Inc. (TSXV: SSE) are pleased to announce a minimum 8000 metre contract for diamond drilling on the Two Time Zone. The contract has been awarded to Lantech Drilling Ltd. of Dieppe, New Brunswick and mobilization to the CMB NW property is planned for early May. Lantech will use an "LDS-1000" drill rig with a depth capacity of 900 metres, to test the extensions of the Two Time Zone along strike and to depth. The definition/infill drilling on the Two Time Zone will target the known mineralization and give an indication of the size and grade of the zone. Drilling will also be carried out to the north and south of the zone along strike.
Two previous drilling campaigns on the Two Time Zone, in December 2006 and February 2007, intersected uranium mineralization in 11 of 12 drill holes and outlined a significant mineralized zone. This zone, which remains open along strike and to depth, was traced for 300 metres and to a depth of 250 metres. The zone had values of 0.11% U3O8 over 30 metres within a wider zone of mineralization containing 0.052% U3O8 over 107 metres (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.
Ground geophysical, prospecting and mapping surveys will be completed over the property mainly to the south of the Kanairiktok River. Work will commence once the snow melts and cut control lines can be established. In addition, proposals for a uranium ground survey (RadonEx), have been solicited for the mineralized area and along strike to both the north and south. The RadonEx survey is one of the most efficient ground radon surveying system available, with results available within days of planting the collection cups. "The new drilling program will move us closer to proving the presence of a large economic uranium deposit," Lloyd Hillier, President and CEO of Silver Spruce states. "In addition, the use of new exploration techniques such as the RadonEx survey, will give us the best and most efficient methods of evaluating our uranium properties in the CMB."
A detailed lake sediment sampling program has been completed over the entire CMB NW property, to follow up on the original government widely spaced, lake sediment anomalies. A total of 278 samples were collected and will be 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. Detailed lake sediment sampling on the Jacques Pond claim group located adjacent and to the north of the Aurora Energy Jacques Pond property, will begin this week.
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. |
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| | April 11, 2007
Universal Uranium and Silver Spruce Announce Further Significant Mineralization at Two Time Zone
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| | Highlights
- Wide zone of uranium mineralization intersected -- 147 m of 0.041% (0.82 lbs/ton) U3O8
- Higher grade intersections -- 11 m at 0.11% (2.2 lbs/ton) and 7 m at 0.12 % (2.4 lbs/ton) U3O8
April 11, 2007, Vancouver, BC / Bridgewater, NS---Universal Uranium Ltd. (TSXV: UUL) and Silver Spruce Resources Inc. (TSXV: SSE; Frankfurt: S6Q) are pleased to announce that further drilling at the Two Time Zone has expanded the wide zone of uranium mineralization reported in the March 1, 2007 press release. The second phase of drilling consisted of six holes totaling 2,442 meters and the results indicate that the previously discovered zone is potentially much larger than originally anticipated. A total of 3,254 meters have been drilled since December 2006.
The phase two drill program targeted the Two Time Zone, a radioactive anomaly, located on the CMBNW claim block, to the east of Snegamook Lake in central Labrador. Drill hole CMB-07-12, which targeted an area 50 m below the wide mineralized intersection in CMB-07-06 (107 m of 0.052% U3O8), intersected 147 m of 0.047% U3O8 including two intersections grading over 0.1% U3O8 : 0.11% over 11 m and 0.12% over 7 m. These mineralized intersections are the deepest to date and indicate the zone has good continuity to depth. 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, uranium rich, hematite breccia deposits such as the Olympic Dam deposit in Australia, the world's largest uranium deposit.
"We're excited by the wide mineralized intersections," stated Lloyd Hillier, President and CEO of Silver Spruce. "These latest results indicate the likelihood of an extensive, large, uranium deposit in the area."
The Two Time Zone has been traced over a 300 meter plus strike length by prospecting and near surface drilling, from the cliff (discovery) zone near 2+75 N, through CMB-06-1 at 2+25 N, which gave 15.8 m of 0.033% U3O8, to CMB-06-2 near 1+25 N which gave 71.5 m of 0.015% U3O8 to 0+50 S, where CMB-06-5 gave 59.2 m of 0.024% U3O8. It appears to narrow to the north, based on the results from CMB-06-1 but remains open. Two holes in the second phase drilling, CMB-07-10, located 75 m to the north of CMB-07-06 and 12 near 0+25 N, intersected 35 m of 0.026% U3O8 including a 4 m section of 0.104% U3O8. DDH CMB-07-11, also on 0+25 N, which targeted the zone 50 m below CMB-07-10, intersected a 35 m zone giving 0.034% U3O8, but was terminated at 378 m just prior to intersecting the, higher grade, main target zone, due to unfavorable ground conditions.
The zone appears to be near vertical to steeply dipping to the east at 75 to 80 degrees, indicating that drill intersections are probably two thirds true width. Further infill drilling is required to accurately determine the true width of the zone.
Modeling of the drill hole data with Surpac Xplorpac, shows the uranium zone has excellent strike and depth continuity and is open along strike and to depth. It also indicates a number of dextral, normal faults that have offset the zone along strike, including to the south where DDH CMB-07-7 did not intersect the mineralized zone although it did encounter uranium values (5 m of 0.061% U3O8) in a fault/shear structure. The mineralization appears to be stronger in the southern part of the zone, where it appears to be offset to the west. Anomalous soil and lake bottom geochemistry indicate the zone may continue to the south under a small pond.
A possible mineralized zone has been located approximately 2.5 km to the east-northeast of the Two Time zone by prospecting. The HF occurrence, an angular boulder giving a value of 0.114 % U3O8, was located in a stream just below a pond, during the fall prospecting / stream sediment sampling survey. Gridding and ground follow up is planned for this area as soon as field conditions permit.
A detailed lake sediment sampling survey is being carried out on the CMBNW property during the winter. This survey is designed to better localize anomalous areas for ground follow up in the summer program. Results will be released when they are received.
As a result of the positive results from the Phase II drilling on the Two Time zone, the JV partners have called for bids for an 8,000 meter drill contract to further define the Two Time Zone along strike and to depth. The drilling is also planned to allow testing of other areas of mineralization as they are defined, such as the newly discovered HF occurrence to the northeast. The drilling is planned to begin in late April to early May. In addition, line cutting, geochemical, geophysical, geological mapping and prospecting surveys will begin as soon as conditions permit, to aid in the delineation of the Two Time zone and other undiscovered / unevaluated zones in the area.
Selected analytical values for the drilling are shown in the table below. A plan map of the drilling to date, a section through DDH's 5, 6 and 12, and a plan showing proposed work areas on the CMBNW property for the summer of 2007 are shown on Silver Spruce's and Universal Uranium's websites.
TABLE 1
SELECTED ANALYTICAL RESULTS
Diamond Drilling - CMBNW Property - Two Time Showing
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DDH # From To Length U3O8
CMB-07- m % lbs/ton
---------------------------------------------------------------
07 207.0 212.0 5.0 0.061 1.22
incl. 208.0 211.0 3.0 0.097 1.94
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08 - lost in overburden
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08A 281.0 300.0 19.0 0.021 0.42
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09 123.0 132.0 9.0 0.021 0.42
---------------------------------------------------------------
10 163.0 198.0 35.0 0.026 0.52
incl. 192.0 196.0 4.0 0.104 2.08
---------------------------------------------------------------
11 231.0 266.0 35.0 0.034 0.68
incl. 242.0 257.0 15.0 0.044 0.88
Target zone at 266 m intruded by mafic dyke, hole lost at 378 m,
due to bad ground conditions
---------------------------------------------------------------
12 232.0 379.0 147.0 0.04 0.82
incl. 232.0 320.0 88.0 0.05 1.02
incl. 262.0 305.0 43.0 0.07 1.40
incl. 266.0 277.0 11.0 0.11 2.20
incl.. 299.0 306.0 7.0 0.12 2.40
--------------------------------------------------------------
All core showing significant 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. |
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| | April 03, 2007
Universal Uranium Ltd Completes Sixty-Per-Cent Earn In On Labrador Claims With Silver Spruce Resources
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| | Universal Uranium Ltd. has completed its 60-per-cent earn-in on the 6,517 claims in the Labrador Central mineral belt, held by Silver Spruce Resources. Under the terms of the property acquisition agreement dated Feb. 6, 2006, Universal Uranium has now completed its earn-in by spending a total of $2-million, as a result the company now owns 60 per cent of the joint venture with Silver Spruce owning the remaining 40 per cent. These claims are located in the Labrador Central mineral belt and are home to the recent discovery announced in Stockwatch March 1 at the Two Time zone which consisted of 30 metres of 0.11 per cent U308 with grades as high as 1.19 per cent. |
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