Silver Spruce and Universal Uranium hit in Labrador

Vancouver – Drilling by joint venture partners Silver Spruce Resources (SSE-V, SSEBF-O) and Universal Uranium (UUL-V, UULFF-O) intersected significant uranium mineralization on its Northwest claim package in Labradors Central Mineral Belt.

Hole CMB-07-6 on the Two Time zone cut a wide mineralized zone returning a 107 metres (from 172 metres downhole depth) grading 0.052% U₃O₈ including a 30-metre higher-grade section averaging 0.11% U₃O₈.

With the intersection being the deepest encountered to date, the excited partners are hypothesizing the zone could be increasing in both size and grade at depth.

Uranium mineralization is hosted within a brecciated and fractured felsic intrusive suite (monzonite to monzodiorite) with extensive chlorite, carbonate and hematite alteration. The mineralized zone appears near vertical to steeply-east dipping; likely indicating drill intercepts are about one-half to two-thirds of true width.

The JV partners have traced the zone across more than 200 metres of strike with indications it narrows toward the north. Stronger grades have been encountered to the south where soil geochemistry indicates it may continue beneath a pond.

The Two Time zone was recently discovered by follow-up ground surveys on previous airborne radiometric anomalies discovered in the region.

Universal Uranium is earning a 60% interest in the CMB project JV for $2 million in exploration expenditures over three years while Silver Spruce remains project operator during the earn-in period.

Advanced resource definition on Aurora Energy Resources (AXU-T, AUEGF-O) Michelin and Jacques Lake uranium deposits, about 100 km east of the JVs discovery, has attracted a large amount of exploration interest to the region.

Following announcement of the significant uranium intercept, shares of Silver Spruce soared 128% to close up 73 at $1.30 apiece on trading volume of 2.7 million while Universal rallied 111% to close at $1.10 per share, up 58, on 8.7 million shares of volume.