 |
| |   March 06, 2007
Pinetree Capital Ltd. Acquires Common Shares Of Universal Uranium Ltd.
|
| | Pinetree Capital Ltd., through a series of transactions ending on March 5, 2007, has acquired ownership of 2,945,000 common shares of Universal Uranium Ltd. through the facilities of the TSX Venture Exchange, representing approximately 8.3 per cent of the total issued and outstanding common shares of Universal as of March 5, 2007. As a result of this transaction, Pinetree held, as at March 5, 2007, a total of 3,695,000 common shares of Universal, representing approximately 10.4 per cent of all issued and outstanding common shares as at March 5, 2007.
These transactions were made for investment purposes, and Pinetree and each of its joint actors could increase or decrease their respective investments in Universal depending on market conditions or any other relevant factor. |
| |
| | March 01, 2007
30 Meters of 0.11% U308 Discovered at Two Time Zone
|
| | Highlights
- Higher grade intersection of 30m of 0.11% U3O8
- Wide zone of uranium mineralization intersected - 107m of 0.052% U3O8
- Highest grade intersection to date -- 3m of 0.312% U3O8 including 1.19% over 0.4m
March 1, 2007, Vancouver, BC./ Bridgewater, NS - Universal Uranium Ltd. (TSXV: UUL) and Silver Spruce Resources Inc. (TSXV: SSE) are pleased to announce that continued 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 wide zone of uranium mineralization intersected in the December diamond drilling program. Results have been received from one new drill hole, and the extension of another. The new hole, CMB-07-6, gives the highest grades and thickest widths discovered to date.
The drilling targeted a radioactive anomaly, the Two Time Zone. The best mineralization was located in DDH CMB-07-6 drilled under DDH CMB-06-5 at a 50 degree dip, intersecting the zone between 150m and 200m deep. This hole intersected 107m of 0.052% uranium oxide (U3O8) from 172m to 279m, including higher grade zones: 0.11% U3O8 over 30m from 172m to 302m including 0.312% U3O8 over 3.0m from 172m to 175m. This is the deepest intersection to date and indicates that the zone may be increasing in size and grade to depth. The host for the mineralization is an altered, brecciated and fractured felsic intrusive, monzonite to monzodiorite, which carries extensive chlorite, carbonate and hematite alteration.
"We are very excited by this new discovery," stated Lloyd Hillier, President and CEO of Silver Spruce. "These results further indicate the potential presence of a large economic uranium deposit on our ground."
At the start of the 2007 drill program, DDH CMB-06-5 was extended 85.4m from 140.2m to 225.6 m. Uranium mineralization was located in the interval between 170m and 195m giving three zones, two grading 0.02% to 0.03% U3O8 and the third zone graded 0.088% U3O8 over 3.4m from 180.8m to 184.2m.
The uranium zone appears to be near vertical to steeply dipping to the east at 75 to 80 degrees, indicating that drill intersections are probably one half to two thirds true width.
The zone has been traced over a 200m plus strike length from Line 1+25 N where CMB-06-2 gave 71.5m of 0.015% U3O8 to Line 0+50 S, where CMB-06-5 gave 59.2m of 0.024% U3O8. It appears to narrow to the north, where CMB-06-1 gave 15.8m of 0.033% U3O8. Stronger mineralization is located in the southern portion of the grid where anomalous soil geochemistry indicates the zone may continue under a small pond. A total of five shallow holes at -45 degrees dip, totaling 812m, tested the zone in December. The two holes reported on in this press release bring the total drilled to 1257 m in 6 drill holes. Diamond drilling is continuing and further results will be released as received.
Selected analytical values for the sections sampled are shown in the table below. A plan map of the drilling, plus a section through DDH's 3, 5 and 6, are shown on Silver Spruce's and Universal Uranium's websites.
TABLE 1
ANALYTICAL RESULTS
Diamond Drilling -- CMBNW Property -- Two Time Showing
DDH # |
From |
To |
Length
m |
% U3O8 |
lbs / ton
U3O8 |
CMB-06-1 |
41.7 |
57.5 |
15.8 |
0.0326 |
0.65 |
incl. |
41.7 |
44.8 |
3.1 |
0.0494 |
0.99 |
incl. |
42.9 |
43.6 |
0.7 |
0.14 |
2.8 |
incl. |
42.9 |
43.1 |
0.2 |
0.28 |
5.66 |
incl. |
51.3 |
53.3 |
2.0 |
0.0546 |
1.09 |
CMB-06-2 |
90.0 |
161.5 |
71.5 |
0.0148 |
0.30 |
“ |
126.2 |
126.6 |
0.4 |
0.104 |
2.08 |
“ |
136.1 |
139.9 |
3.8 |
0.0394 |
0.79 |
CMB-06-3 |
83.5 |
165.9 |
82.4 |
0.0211 |
0.42 |
“ incl. |
83.5 |
107.5 |
24.0 |
0.0404 |
0.81 |
“ incl. |
86.8 |
93.7 |
6.9 |
0.0561 |
1.12 |
“ |
100.8 |
102.4 |
1.6 |
0.13 |
2.6 |
“ |
106.1 |
107.5 |
1.4 |
0.13 |
2.6 |
“ |
159.8 |
161.9 |
2.1 |
0.0766 |
1.53 |
CMB-06-4 |
No |
Samples |
Taken |
|
|
CMB-06-5 |
44.0 |
103.2 |
59.2 |
0.0238 |
0.48 |
|
46.0 |
56.0 |
10.0 |
0.0417 |
0.83 |
|
97.2 |
97.5 |
0.3 |
0.1639 |
3.28 |
CMB-06-5 ext |
169.9 |
172.0 |
2.1 |
0.021 |
0.42 |
|
180.8 |
184.2 |
3.4 |
0.088 |
1.76 |
|
189.6 |
195.2 |
5.6 |
0.031 |
0.62 |
CMB-07-6 |
172.0 |
279.0 |
107.0 |
0.052 |
1.04 |
incl. |
172.0 |
202.0 |
30.0 |
0.11 |
2.2 |
incl. |
172.0 |
175.0 |
3.0 |
0.312 |
6.24 |
incl. |
177.3 |
173.7 |
0.4 |
1.19 |
23.8 |
and |
179.0 |
187.0 |
8.0 |
0.137 |
2.74 |
and |
192.0 |
198.0 |
6.0 |
0.143 |
2.86 |
|
303.0 |
307.0 |
4.0 |
0.05 |
1.0 |
All core showing significant scintillometer values was cut and analyzed. No samples were taken from CMB-06-4 since scintillometer values were low and felsic/mafic units were interfingered. 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 8,500 claims totaling more than 2,100 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.
For Further Information Contact:
UNIVERSAL URANIUM
HEAD OFFICE:
Clive Massey, CEO & Director
Phone: 604.662.3903
Fax: 604.662.3904
Email: 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
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. |
| |
| | February 06, 2007
Phase Two Drilling Begins at Two Time Zone
|
| | Universal Uranium Ltd. (TSX-V UUL) (the "Company") and its joint venture partner Silver Spruce Resources Inc. (TSXV: SSE), is are pleased to announce that diamond drilling has resumed on the Two Time Zone located on the CMBNW claim block east of Snegamook Lake in Labrador.
The fully winterized camp was expanded and reactivated early last week. Drilling began on Friday, February 2 with a total of 1,500 m of drilling scheduled for this second phase program. The first phase of drilling, completed in December 2006, consisted of 812 m.
"I am pleased to announce the start of this second phase of drilling on the Two Time Zone," stated Lloyd Hillier, President and CEO of Silver Spruce. "With our initial discovery of a wide zone of uranium in December, we are excited to aggressively follow-up with a more comprehensive drill program. Our first phase provided us with new information that we can use and build upon during this second phase."
The first phase of exploration drilling defined a wide zone of low grade uranium mineralization in three of five holes with the best mineralization located in DDH CMB-06-3, which gave 82.4 m of 0.021% uranium oxide (U3O8) from 83.5 m to 165.9 m, including two higher grade zones of 0.13% U3O8 over 1.6 m from 100.8 m to 102.4 m and 0.13% U3O8 over 1.4 m from 106.1 m to 107.5 m (see press release dated January 30, 2007). The host for the mineralization is a brecciated/fractured felsic intrusive, carrying extensive chlorite, carbonate and hematite alteration.
The zone extends over a 175 m length from Line 1+25 N to Line 0+50 S, remaining open to the south and possibly to the north. The second phase drill program will test the zone along strike and to depth. Results are expected by late March. |
| |
| | January 30, 2007
Wide Zone of Mineralization Discovered at Two Time Zone
|
| | NR07-03
- Higher grade values to 0.13% U3O8 over 1.6m, 0.28% U3O8 over 0.2m
- Wide zone of shallow uranium mineralization - up to 82m of 0.021% U3O8
January 30, 2007, Vancouver, BC. / Bridgewater, NS - Universal Uranium Ltd. (TSXV: UUL) and Silver Spruce Resources Inc. (TSXV: SSE) are pleased to announce that further analysis of drill core from the Two Time showing, located on the CMBNW claim block east of Snegamook Lake in Labrador, has defined a wide zone of low grade uranium mineralization in three of five holes. The best mineralization was located in DDH CMB-06-3, which gave 82.4m of 0.021% uranium oxide (U3O8) from 83.5m to 165.9m, including two higher grade zones of 0.13% U3O8 over 1.6m from 100.8m to 102.4m and 0.13% U3O8 over 1.4 m from 106.1m to 107.5m (see previous press release dated January 4, 2007). The host for the mineralization is a brecciated/fractured felsic intrusive, carrying extensive chlorite, carbonate and hematite alteration.
The zone extends over a 175m length from Line 1+25 N where CMB-06-2 gave 71.5m of 0.015% U3O8 from 90m to 161.5m to Line 0+50 S, where CMB-06-5 gave 59.2 m of 0.024% U3O8 from 44m to 103.2m. It remains open to the south and appears to narrow to the north, where CMB-06-1 gave 15.8m of 0.033% U3O8 from 41.7m to 57.5m including 0.28% U3O8 over 0.2m from 42.9 to 43.1m. The better mineralization is located in the southern portion of the grid where anomalous soil geochemistry indicates the zone may continue under a small pond. A total of five shallow holes at -45 degrees dip, totaling 812m, tested the zone.
"We are pleased with these continuing results which indicate that an extensive and strong uranium mineralized system exists on the property" states Lloyd Hillier, President & CEO of Silver Spruce Resources. "Further work is definitely warranted to evaluate this newly discovered zone which remains open."
The drilling targeted an anomalous radioactive zone, the Two Time Zone, covering an area of 300 meters by 50 meters. The locations of the drill holes and selected analytical values for the sections sampled are shown in Table 1 attached. A plan map of the drilling is shown on Silver Spruce's and Universal Uranium's websites. Further follow up by diamond drilling is planned as soon as permits are received, thought to be by the end of January. The drill remains on site and the fully winterized camp can be reactivated on short notice.
Core samples were halved by sawing, 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.
TABLE 1
ANALYTICAL RESULTS
Diamond Drilling -- CMBNW Property -- Two Time Showing
DDH # |
From |
To |
length |
% U 3O 8 |
lbs / ton
U 3O 8 |
CMB-06-1 |
41.7 |
57.5 |
15.8 |
0.0326 |
0.65 |
incl. |
41.7 |
44.8 |
3.1 |
0.0494 |
0.99 |
incl. |
42.9 |
43.1 |
0.2 |
0.14 |
2.8 |
incl. |
51.3 |
53.3 |
2.0 |
0.0546 |
1.09 |
CMB-06-2 |
90.0 |
161.5 |
71.5 |
0.0148 |
0.30 |
“ |
126.2 |
126.6 |
0.4 |
0.104 |
2.08 |
“ |
136.1 |
139.9 |
3.8 |
0.0394 |
0.79 |
CMB-06-3 |
83.5 |
165.9 |
82.4 |
0.0211 |
0.42 |
“ incl. |
83.5 |
107.5 |
24.0 |
0.0404 |
0.81 |
“ incl. |
86.8 |
93.7 |
6.9 |
0.0561 |
1.12 |
“ |
100.8 |
102.4 |
1.6 |
0.13 |
2.6 |
“ |
106.1 |
107.5 |
1.4 |
0.13 |
2.6 |
“ |
159.8 |
161.9 |
2.1 |
0.0766 |
1.53 |
CMB-06-4 |
No |
Samples |
Taken |
|
|
CMB-06-5 |
44.0 |
103.2 |
59.2 |
0.0238 |
0.48 |
|
46.0 |
56.0 |
10.0 |
0.0417 |
0.83 |
|
97.2 |
97.5 |
0.3 |
0.1639 |
3.28 |
All core showing significant scintillometer values has been cut and analyzed. No samples were taken from CMB-06-4 since scintillometer values were low and felsic/mafic units were interfingered although sampling is planned. The orientation of the zone and therefore the true width of the drill intersections remains unknown.
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 8,500 claims totaling more than 2,100 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 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:
UNIVERSAL URANIUM
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
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
The Company seeks Safe Harbour. |
| |
| | January 26, 2007
Universal Intersects Additional Mineralization During Phase II Drilling
|
| | News Release 07-02
Universal Uranium Ltd. (TSX-V UUL) (the "Company"), is pleased to announce the completion of eight holes (20,500 feet of drilling) in Phase II of the ongoing exploration program at the Lisbon Valley Property. These eight holes were the first ever drilled in the area. Holes 13, 14, 15, 16, and 17 intersected zones of enriched uranium content greater than 50 ppm at the base of the Chinle formation. The Chinle sandstones in the majority of areas tested by both phases of drilling have encountered reduced conditions necessary for the formation of sandstone hosted uranium deposits.
The addition of these five mineralized holes brings the total number of holes with mineralization in both Phases I and II to eleven with ten holes remaining to be drilled in Phase II. Our technical team feels confident that the potential exists for a uranium ore belt of magnitude to underlie our claim block on the eastern flank of the Lisbon Valley Anticline.
The data generated by this round of drilling will allow a more detailed and thorough understanding of the geological conditions that exist in this previously untested area. The results from both phases of drilling are currently being studied and will further define the favorable areas for mineralization on the downthrown eastern flank of the Lisbon Valley Anticline.
For all the latest news visit Universal's web site at:
www.universaluranium.com
TSX-V: UUL
Bill Galine
Investor Relations
T: 604 662 3903 x 107
F: 604 662 3904
Request Info Package:
E: info@universaluranium.com |
| |
| | January 04, 2007
Universal & Silver Spruce Intersect Mineralization
|
| | NR07-35
Universal Uranium Ltd. (TSX-V UUL) (the "Company"), is pleased to announce that they have intersected uranium mineralization in four of the five holes drilled in December on the Two Time Zone, located on the CMB Northwest claim block east of Snegamook Lake. A total of 812 meters were drilled during this program.
All four holes gave narrow zones grading over 0.1% uranium oxide (U3O8) within wider zones of lower grade mineralization. The best mineralization was located in the southern portion of the grid at drill hole CMB-06-3 where two sections graded 0.13% U3O8 over 1.6 meters from a depth of 100.8 to 102.4 meters, and over 1.4 meters, from a depth of 106.1 to 107.5 meters. The mineralized zone appears to be cut off to the north, possibly by faulting, but remains open to the south where anomalous soil geochemistry indicates the zone may continue under a small pond. Mineralization is associated with a brecciated/fractured felsic intrusive with extensive chlorite and hematite alteration that is at least 50 meters wide.
"We are pleased with these initial results which indicate that a strong uranium mineralized system exists on the property," stated Lloyd Hillier, President & CEO of Silver Spruce Resources. "The success of this early stage drill program shows that we are very likely close to a new uranium discovery."
The drilling targeted an anomalous radioactive zone, the Two Time Zone, covering an area of 300 meters by 50 meters. Channel/chip sampling in November gave anomalous values in all trenches with the highest grades located in Trench 5 which gave 0.032% U3O8 over five meters, including 0.051% U3O8 over one meter. Grades from the drilling are higher than those located in the trench/channel sampling. The locations of the drill holes and the selected analytical values for sections sampled are shown in the table below and the map can be viewed on the company website at: www.univeraluranium.com. The drill remains onsite in preparation for further drilling during the winter of 2007.
Analyses were performed by Activation Laboratories in Ancaster, Ontario, an approved, accredited laboratory, using the delayed neutron activation technique, which gives good 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.
ANALYTICAL RESULTS -- Selected Samples
Diamond Drilling -- CMBNW Property -- Two Time Zone
DDH # |
From |
To |
length |
% U 3O 8 |
CMB-06-1 |
41.7 |
44.8 |
3.1 |
0.0494 |
“ incl. |
42.9 |
43.1 |
0.2 |
0.14 |
“ |
44.8 |
47.2 |
2.4 |
0.0345 |
“ incl. |
44.8 |
46.3 |
1.5 |
0.0461 |
“ |
49.1 |
54.3 |
5.2 |
0.0347 |
“ incl. |
51.3 |
53.3 |
2.0 |
0.0546 |
“ |
67.6 |
67.8 |
0.2 |
0.0862 |
CMB-06-2 |
93.7 |
94.9 |
1.2 |
0.0304 |
“ |
126.2 |
126.6 |
0.4 |
0.104 |
“ |
136.1 |
139.9 |
3.8 |
0.0394 |
“ |
148.7 |
151.1 |
2.4 |
0.0277 |
CMB-06-3 |
86.8 |
90.5 |
3.7 |
0.0542 |
“ |
91.8 |
94.7 |
2.9 |
0.0525 |
“ |
100.8 |
102.4 |
1.6 |
0.13 |
“ |
106.1 |
107.5 |
1.4 |
0.13 |
“ |
159.8 |
161.9 |
2.1 |
0.0766 |
CMB-06-4 |
No |
Samples |
Taken |
|
CMB-06-5 |
46.0 |
46.5 |
0.5 |
0.089 |
“ |
48.9 |
49.4 |
0.5 |
0.067 |
|
52.6 |
53.6 |
1.0 |
0.0775 |
|
55.0 |
56.0 |
1.0 |
0.0577 |
|
73.2 |
73.8 |
0.6 |
0.0428 |
|
80.0 |
81.3 |
1.3 |
0.0437 |
|
84.2 |
85.1 |
0.9 |
0.0386 |
|
88.8 |
89.1 |
0.3 |
0.0636 |
|
89.5 |
90.1 |
0.6 |
0.0409 |
|
97.2 |
97.5 |
0.3 |
0.1639 |
|
102.8 |
103.2 |
0.4 |
0.0367 |
Samples were taken based on anomalous total count scintillometer values on individual core samples, away from any mass effect. Samples are not continuous and sampled/unsampled core, with lower scintillometer readings, lies between the sampled sections. All core samples in the vicinity of mineralized zones will be sent for analysis early in the new year to allow a calculation of total grades over the total drilled width of the zone. The orientation of the zone, and therefore the true width of the drill intersections, remains unknown at this time.
For all the latest news visit Universal's web site at:
www.universaluranium.com
TSX-V: UUL
Bill Galine
Investor Relations
Request Info Package:
T: 604 662 3903 x 107
F: 604 662 3904
E: info@universaluranium.com |
| |
| | January 04, 2007
Universal Uranium & Silver Spruce Resources Intersect Uranium Mineralization at Two Time Zone
|
| | Highlights
- Uranium mineralization intersected in four of five drill holes
- Values to 0.13 % U3O8 over 1.6 meters
January 4, 2007, Vancouver, BC & Bridgewater, NS -- Universal Uranium Ltd. (TSXV: UUL) and Silver Spruce Resources Inc. (TSXV: SSE) are pleased to announce that they have intersected uranium mineralization in four of the five holes drilled in December on the Two Time Zone, located on the CMB Northwest claim block east of Snegamook Lake. A total of 812 meters were drilled during this program.
All four holes gave narrow zones grading over 0.1% uranium oxide (U3O8) within wider zones of lower grade mineralization. The best mineralization was located in the southern portion of the grid at drill hole CMB-06-3 where two sections graded 0.13% U3O8 over 1.6 meters from a depth of 100.8 to 102.4 meters, and over 1.4 meters, from a depth of 106.1 to 107.5 meters. The mineralized zone appears to be cut off to the north, possibly by faulting, but remains open to the south where anomalous soil geochemistry indicates the zone may continue under a small pond. Mineralization is associated with a brecciated/fractured felsic intrusive with extensive chlorite and hematite alteration that is at least 50 meters wide.
"We are pleased with these initial results which indicate that a strong uranium mineralized system exists on the property," stated Lloyd Hillier, President & CEO of Silver Spruce Resources. "The success of this early stage drill program shows that we are very likely close to a new uranium discovery."
The drilling targeted an anomalous radioactive zone, the Two Time Zone, covering an area of 300 meters by 50 meters. Channel/chip sampling in November gave anomalous values in all trenches with the highest grades located in Trench 5 which gave 0.032% U3O8 over five meters, including 0.051% U3O8 over one meter. Grades from the drilling are higher than those located in the trench/channel sampling. The locations of the drill holes and the selected analytical values for sections sampled are shown in the table below and the map can be viewed on the company website at: www.univeraluranium.com. The drill remains onsite in preparation for further drilling during the winter of 2007.
Analyses were performed by Activation Laboratories in Ancaster, Ontario, an approved, accredited laboratory, using the delayed neutron activation technique, which gives good 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.
ANALYTICAL RESULTS -- Selected Samples
Diamond Drilling -- CMBNW Property -- Two Time Zone
DDH # From To length % U3O8
CMB-06-1 41.7 44.8 3.1 0.0494
" incl. 42.9 43.1 0.2 0.14
" 44.8 47.2 2.4 0.0345
" incl. 44.8 46.3 1.5 0.0461
" 49.1 54.3 5.2 0.0347
" incl. 51.3 53.3 2.0 0.0546
" 67.6 67.8 0.2 0.0862
CMB-06-2 93.7 94.9 1.2 0.0304
" 126.2 126.6 0.4 0.104
" 136.1 139.9 3.8 0.0394
" 148.7 151.1 2.4 0.0277
CMB-06-3 86.8 90.5 3.7 0.0542
" 91.8 94.7 2.9 0.0525
" 100.8 102.4 1.6 0.13
" 106.1 107.5 1.4 0.13
" 159.8 161.9 2.1 0.0766
CMB-06-4 No Samples Taken
CMB-06-5 46.0 46.5 0.5 0.089
" 48.9 49.4 0.5 0.067
52.6 53.6 1.0 0.0775
55.0 56.0 1.0 0.0577
73.2 73.8 0.6 0.0428
80.0 81.3 1.3 0.0437
84.2 85.1 0.9 0.0386
88.8 89.1 0.3 0.0636
89.5 90.1 0.6 0.0409
97.2 97.5 0.3 0.1639
102.8 103.2 0.4 0.0367
Samples were taken based on anomalous total count scintillometer values on individual core samples, away from any mass effect. Samples are not continuous and sampled/unsampled core, with lower scintillometer readings, lies between the sampled sections. All core samples in the vicinity of mineralized zones will be sent for analysis early in the new year to allow a calculation of total grades over the total drilled width of the zone. The orientation of the zone, and therefore the true width of the drill intersections, remains unknown at this time.
ABOUT THE CMB NORTHWEST PROPERTY
The CMB Northwest block is part of the Silver Spruce/Universal Uranium CMB/Seal Lake joint venture previously announced. Universal will earn 60% by spending 3 million over three years.
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 8,500 claims totaling more than 2,100 square kilometers, Silver Spruce is the second largest landholder in one of the world's premier emerging uranium districts. In the summer of 2006, a large-scale exploration program resulted in the first uranium discovery in early-stage follow-up of 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:
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
UNIVERSAL URANIUM
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 |
| |
| | December 19, 2006
Universal Signs Option Agreement with UraniumCore
|
| | NR 06-34
Universal Uranium Ltd. (TSX-V UUL) (the "Company"), is pleased to announce that it has signed an option agreement with UraniumCore Company (OTCBB: UCCO) whereby UraniumCore can earn a 60 percent interest in Universal's 88 unpatented claims in Colorado. The properties consist of 42 claims in Marshall Pass, Saguache County, and 46 claims in the Jamestown area of Boulder County.
Under the terms of the option agreement, UraniumCore can acquire a 60 percent interest in the properties by:
- Paying $100,000 in cash payments over a three-year period.
- Issuing and delivering to Universal Uranium certificates representing 1.2 million shares in the capital of UraniumCore;
- Incurring the following work commitments on the property of;
- US $200,000 on or before twelve months from the date of this agreement;
- An additional US $400,000 on or before 24 months from the date of the agreement;
- An additional US $500,000 on or before 36 months from the date of the agreement.
MARSHALL PASS PROPERTY
In the 1950's the Lookout Uranium mine, located within the Marshall pass claim blocks, mined 514 tons of ore grading 1.17% uranium, which produced 13,500 pounds of U308. The Marshall Pass Property is considered a favorable exploration target to host another mine similar to the nearby Pitch Mine, which produced 104,520 tons of ore with an average grade of 0.58% U308.
JAMESTOWN PROPERTY
The Jamestown claims cover the past producing Fairday Uranium Mine, which produced 182,679 lbs of U3O8 with an average grade of 0.44% from a tertiaryvein system. These claims are favorable exploration targets to discover adeposit similar to the Schwartzwalder Mine, Colorado's largest uranium mine,which produced in excess of 10.5 million pounds of U308 from six veins.
For all the latest news visit Universal's web site at:
www.universaluranium.com
TSX-V: UUL
Bill Galine
Investor Relations
Request Info Package:
T: 604 662 3903 x 107
F: 604 662 3904
E: info@universaluranium.com |
| |
| | December 18, 2006
Universal Closes $2 Million Flow Through Financing
|
| | Universal Uranium Ltd. (TSX-V UUL) (the "Company"), is pleased to announce that it has completed its previously announced brokered private placement. The Company has received gross proceeds of $2,025,000 on the private placement of 2,700,000 flow-through shares at a price of $0.75 per share through Haywood Securities Inc., as Agent, and the Mineral Fields Group.
The Company paid a cash commission equal to 7.5% of the gross proceeds of the private placement and a finance fee of 25,000 common shares, plus GST. In addition, the Company issued options entitling the holders to purchase up to 270,000 common shares of the Company at a price of $0.75 per share for a period of 12 months.
All securities issued by the Company pursuant to this private placement are subject to a four month hold period expiring on April 15, 2007.
The funds are intended to be used for general exploration expenditures on the Company's Newfoundland and Labrador projects, which will constitute Canadian Exploration Expenses (as defined in the Income Tax Act (Canada)) and will be renounced for the 2006 taxation year.
for all the latest news visit Universal's web site at:
www.universaluranium.com
TSX-V: UUL
Bill Galine T: 604 662 3903 x 107
Investor Relations F: 604 662 3904
Request Info Package: E: info@universaluranium.com |
| |
| | December 06, 2006
Silver Spruce & Universal Announce CMB Results & Drill Program
|
| | NR 06-32
Highlights
Two Time showing - Central Mineral Belt Northwest 2 anomaly
- Values to 5220 ppm (0.52%) U in soils
- Channel samples to 300 ppm (0.03%) U3O8 over 6 m
- Stream sediments to 117 ppm U
- Diamond drilling program currently underway
|
Universal Uranium Ltd. (TSX-V UUL) (the "Company"), is pleased to announce results from trenching/channel, soil and stream sediment sampling, on the Northwest property located in the Central Mineral Belt (CMB) of Labrador and the commencement of diamond drilling.
"We are very pleased to release these initial results and with the progress that we have made on this project," states Lloyd Hillier, President & CEO of Silver Spruce Resources. "With this initial testing done, drill targets identified and the winter drill program already underway, we are on track with our aggressive exploration program."
The work, carried out to define drill targets for the current drill program, took place over approximately two months and was completed in late October. Trenching/channel and soil sampling targeted an anomalous radioactive zone, the Two Time showing. This showing is a radioactive anomaly covering an area of 300 meters by 50 meters. Channel/chip sampling showed anomalous values in all trenches. The highest grades were located in Trench 5 which gave 0.032% U3O8 over five meters including 0.051% U3O8 over one meter. The host rock is a felsic intrusive which has been brecciated and fractured carrying red earthy hematite and a grey mineral, possibly uraninite, associated with the fractures. Other results include trench 1 - 0.021% U3O8 over 3m; trench 2 - 0.03% U3O8 over 4m; trench 3 - 0.022% U3O8 over 3m; trench 4 - 0.022% U3O8 over 3m; trench 6 - 0.012% U3O8 over 2m and the Cliff - 0.032% U3O8 over 6m.
A total of 322, mainly B horizon soil samples, were taken at 25m intervals on lines 25m apart over a 700m strike length, from lines 2 S to 5 N on the grid. In the southern part of the grid, 20 anomalous samples (background < 2 ppm) with values up to 532 ppm uranium (U) were located. Two trends were noted -- the strongest extending from Line 0+25 S to Line 1+00 S, with values ranging from 4.3 to 532 ppm U. The second lies along the possible southern extension of the mineralization in the trenches, extending from 1+00 S to 1+75 S with values ranging from 59.9 to 2.1 ppm U. Trench 6, the southern most trench on Line 0+25 S, was flanked to the east by two weakly anomalous samples of 3.4 and 3 ppm and to the west, by a value of 532 ppm. The sampling crew noted a "radioactive spring" near the high sample site. The small pond, which lies just south of the grid, gives a lake bottom anomaly of 49 ppm U which may be explained by uranium mineralization extending into the pond.
In the northern portion of the grid a total of 28 samples gave anomalous values (>2 ppm) ranging from 2.1 to 5220 ppm (0.5%) U, with six samples giving values greater than 50 ppm U. The only anomalous values found coincident with the trenched mineralization were on Lines 2+75 and 3 N just east of the baseline, where values from 4.9 to 700 ppm U were found. The three strongest values, all over 500 ppm U, were located on Lines 3, 3+25 and 3+50 N at 0+50 E, giving results of 700, 5220 and 674 ppm U, and lying on strike and down slope from the Cliffx showing (original Two Time). The anomalous zone can be traced from 2+75 to 4+50 N, at approximately 0+50 E, a distance of 175 m.
Results were also received for 46 stream sediment samples taken from streams draining into the Kanairiktok River and Snegamook Lake on the CMB NW claim blocks. A total of 13 were considered to be anomalous (> 20 ppm U) with samples varying from 1.4 to 117 ppm U. The two most anomalous streams were the two streams draining the ponds which lie to the south and southwest of the Two Time showing, where anomalous lake bottom values are found. The highest sample value (117 ppm U) is located in the vicinity of the soil anomalies on the southern part of the Two Time grid.
The soil and channel/chip results from the Two Time showing area have been used to establish drill targets for the Winter 2007 drill program, currently underway. In preparation for this program, the companies have established a winterized camp on the Kanairiktok River, approximately three kilometers from the showing, and have mobilized crews and drill equipment to the site.
Analyses were performed by Activation Laboratories in Ancaster, Ontario, an approved, accredited laboratory, using the delayed neutron activation technique, which gives good results for samples carrying up to one percent uranium.
For all the latest news visit Universal's web site at:
www.universaluranium.com
TSX-V: UUL
Bill Galine
Investor Relations
Request Info Package:
T: 604 662 3903 x 107
F: 604 662 3904
E: info@universaluranium.com |
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