Universal Uranium Ltd. and Silver Spruce Resources Inc. Announce an Initial Mineral Resource Estimate at the Two Time Zone
29 Avril 2008 - 2:00PM
Marketwired
VANCOUVER, BRITISH COLUMBIA and BRIDGEWATER, NOVA SCOTIA and
Silver Spruce Resources Inc. (TSX VENTURE: SSE) are pleased to
announce an initial Mineral Resource estimate for the Two Time Zone
on the CMB NW property in the northwestern part of the Central
Mineral Belt of Labrador.
Scott Wilson Roscoe Postle Associates (Scott Wilson RPA) has
prepared a Mineral Resource estimate for the Two Time Zone using
drill hole data available as of February 4, 2008. The Two Time
drill hole database includes 40 diamond core holes (holes 1-23 and
25-41) totaling 10,928 metres, plus five surface trenches.
The Mineral Resources are contained within eight zones, D101
though D108. At a cut-off grade of 0.03% U3O8, Indicated Mineral
Resources are estimated to total 1.82 million tonnes grading 0.058%
U3O8 containing 2.33 million pounds U3O8. Inferred Mineral
Resources are estimated to total 3.16 million tonnes grading 0.053%
U3O8 containing 3.73 million pounds U3O8.
A set of cross sections and plan views were interpreted to
construct three-dimensional wireframe models at a cut-off grade of
0.03% U3O8, and a minimum true thickness of four metres. These
criteria reflect a potential underground bulk-mining scenario. High
U3O8 grades were cut to 0.3% U3O8 prior to compositing to two
metres. Variogram parameters were interpreted from two-metre
composited assay values. Block model U3O8 grades within the
wireframe models were estimated by ordinary kriging. Classification
into the Indicated and Inferred categories was guided by the drill
hole density, interpreted variogram ranges, and the apparent
continuity of the mineralized zones. See Table 1, following, for
details.
The Two Time Zone was discovered during ground follow up of a
regional radiometric survey in the fall of 2006 and was first
drilled in December 2006. Drilling continued through 2007 and the
resource definition program was completed on December 15, 2007. The
Two Time Zone, like most of the CMB NW property, lies outside of
lands administered by the Nunatsiavut government that are subject
to the recently announced moratorium on uranium development.
"We have come a long way since the discovery of the Two Time
uranium zone in the fall of 2006, and now have the first "newly
discovered" resource to be defined in the Central Mineral Belt
since the 1970s," stated Lloyd Hillier, President and CEO of Silver
Spruce. "These resources establish Universal Uranium and Silver
Spruce as companies with a significant uranium deposit at the Two
Time Zone. We look forward to increasing the size of the deposit
and making further discoveries as we continue our follow up
exploration."
Infill diamond drilling and drilling to test the strike
extensions and the down plunge extension of the Two Time Zone are
planned for the second quarter of 2008. A second drill will focus
on the Firestone Zone (see news release dated October 17, 2007) and
other regional targets that have been generated on the CMB NW
property.
Table 1 summarizes the Mineral Resources estimated by Scott
Wilson RPA. A table giving the significant results for the infill
drilling for holes CMB-07-25 to 41 and the plan maps and sections
for the drilling on the Two Time Zone can be viewed on the Silver
Spruce and Universal Uranium websites:
www.silverspruceresources.com and www.universaluranium.com.
TABLE 1
INDICATED MINERAL RESOURCES
-----------------------------------------------------------
Tonnage Grade Contained Metal
LENS (tonnes x 1,000) (% U3O8) (lbs U3O8 x 1,000)
-----------------------------------------------------------
D103 1,010 0.070 1,560
D101 500 0.039 430
D102 310 0.049 340
-----------------------------------------------------------
TOTAL 1,820 0.058 2,330
INFERRED MINERAL RESOURCES
-----------------------------------------------------------
Tonnage Grade Contained Metal
LENS (tonnes x 1,000) (% U3O8) (lbs U3O8 x 1,000)
-----------------------------------------------------------
D103 1,090 0.062 1,480
D104 180 0.035 140
D105 1,160 0.049 1,240
D106 120 0.045 120
D107 120 0.041 110
D108 490 0.058 640
-----------------------------------------------------------
TOTAL 3,160 0.053 3,730
Notes:
1. CIM definitions were followed for mineral resources.
2. The cut-off grade of 0.03% U3O8 was estimated using a U3O8
price of US$65/lb and assumed operating costs.
3. Grade-shell wireframes at 0.03% U3O8 and a minimum true
thickness of four metres were used to constrain the grade
interpolation.
4. High U3O8 grades were cut to 0.3% prior to compositing to
two-metre lengths.
5. Several blocks less than 0.03% U3O8 were included for
continuity or to expand the lenses to the four metre minimum
true thickness.
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.
ABOUT THE CMB NW PROPERTY
The CMB NW block is part of the Universal Uranium (UUL)/Silver
Spruce (SSE) CMB/Seal Lake joint venture previously announced. The
property is held 60% by UUL and 40% by SSE.
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
11,800 claims totaling approximately 2700 square kilometers in
Labrador, Silver Spruce is the second largest landholder in one of
the world's premier emerging uranium districts. Strong financial
backing and expertise in uranium exploration make Silver Spruce a
leading uranium explorer in Canada.
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.
This release has been approved by David Ross, P.Geo., Senior
Geologist with Scott Wilson RPA and Peter Dimmell, P.Geo., Vice
President of Exploration, Silver Spruce Resources Inc., both
Qualified Persons (QPs) 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: Silver Spruce Resources - Head Office Gordon Barnhill
CFO & Director (902) 527-5700 (902) 527-5711 (FAX) Email:
gbarnhill@silverspruceresources.com Website:
www.silverspruceresources.com Ascenta Capital Partners Inc. Hugh
Oswald Investor Relations (604) 684-4743 ext.243 or Toll Free:
1-866-684-4743 ext.243 Email: hugh@ascentacapital.com Website:
www.ascentacapital.com Universal Uranium - Head Office Ron Atlas
President (604) 662-3903 (604) 662-3904 (FAX) Email:
ratlas@universaluranium.com Universal Uranium Taylor Little
Investor Relations (604) 662-3903 ext. 107 Email:
tlittle@universaluranium.com Website: www.universaluranium.com
Universal Uranium Ltd. (TSXV:UUL)
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