Spruce Ridge Resources Begins 2022 Drilling at South Pond Copper-Gold Property

2022-07-19 05:30:59

July 19, 2022 – TheNewswire – Spruce Ridge Resources Ltd. (TSXV:SHL) (OTC:SRCGF) (“Spruce Ridge” or the “Company”) is pleased to announce it is preparing for a diamond drilling program of up to 6,000 metres on the South Pond copper and gold deposits on its 100 percent owned Great Burnt property in south-central Newfoundland. Equipment is being mobilized, and drilling is expected to start in mid-August.

The South Pond “A” copper-gold zone was discovered and drilled in the early 1950s, by the Buchans Mining division of Asarco. It was followed by a second drilling program in 1969-70.  At the time, there was little interest in gold, and their drill core was only assayed for copper. In 1986-89, BP-Selco had acquired the property, and they assayed the core, which had been archived at the Buchans mine site, for gold. The discovery hole, SP-01 intersected a 34.14 metre core length of 0.60% Cu and 0.48 grams per tonne (g/t) Au, including 1.46 metres of 3.68% Cu and 1.83 g/t Au. Among other intersections was hole SP-29, which cut a core length of 5.18 metres at 2.77% Cu and 1.23 g/t Au. The “A” Zone was traced by drilling for a length of 450 metres, although the deepest mineralized intersection was only 84 metres below surface.  In 2002, Celtic Minerals drilled a single 250-metre hole.

The 2021 PEA on the Great Burnt project (see news release of February 23rd , 2022) included Mineral Resource estimates.  The Indicated Resource of the South Pond “A” Zone is 214,000 tonnes @ 1.26% Cu and 1.21 g/t Au, and the Inferred Resource is 145,000 tonnes @ 1.07% Cu and 1.02 g/t Au.

Our experience at the Great Burnt copper deposit was that modern drilling yielded, on average, significantly (20 to 30 percent) higher grades than was reported from small-core, non-wireline holes drilled in the 1960s.  This is because, in the historic drill holes, core recoveries in the mineralized zone were poor, and the sulphide minerals are believed to have been ground up and preferentially lost. New drilling on the South Pond “A” Zone could show a similar increase in grades.

The South Pond “B” gold zone was discovered by BP-Selco in 1987 by following up a soil geochemical anomaly, and was drill tested over a strike length of 1.3 kilometres. Spruce Ridge carried out a 3,000 metre drill program on the north half of the “B” Zone in late 2021.  Results were reported in the news release of April 6, 2022.  They included a 51 metre core length of 1.69 g/t Au (including 3.19 g/t au over 11 metres) in hole SP21-01 and 21 metres of 2.06 g/t Au in hole SP21-14.

In addition to testing the South Pond “A” and “B” zones, the 2022 drill program will include three holes on the Great Burnt copper deposit.  Two will be large-core (HQ) holes to provide material for additional metallurgical testing, and one will re-enter and deepen hole GB20-02, which may have stopped short of its target.

John A. Ryan, CEO stated “The 2022 program at Great Burnt and South Pond is a continuation of our strategy of expanding resources, firming up resources and advancing the project’s economic potential.  Receiving a positive PEA for Great Burnt has encouraged us to press forward with exploration and development.  Copper is considered to be a critical metal; demand is inevitably going to keep increasing as the world moves towards the future all-electric society, and the gold is just a bonus”.

Acknowledgments

Spruce Ridge acknowledges the financial support of the junior exploration assistance program, department of natural resources and government of Newfoundland and Labrador.

Colin Bowdidge, Ph.D., P.Geo. and Eugene Puritch, P.Eng., Fec, CET, Qualified Persons as defined in NI43-101, have reviewed and approved the technical information in this news release. Mr. Bowdidge is a director and VP Exploration of Spruce Ridge and Mr. Puritch is independent of Spruce Ridge.

About Spruce Ridge Resources Ltd.

Spruce Ridge holds a 100% interest in 26,640 hectares in Central Newfoundland, including:

  • the 2,890-hectare Great Burnt VMS copper-gold property; 

  • the 4,575-hectare Pipestone nickel prospect and; 

  • the 19,175-hectare Foggy Pond property 

In addition to its mineral assets, Spruce Ridge currently has two oil wells in production in Unity Saskatchewan.

Spruce Ridge currently holds 5,767,495 shares of Canada Nickel Company Inc. and 10,000,000 shares of Noble Mineral Exploration Inc.

For further information please contact:

John Ryan, President and CEO

Spruce Ridge Resources Ltd.

Phone: 519-822-5904

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Forward-Looking Statements

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.  This News Release includes certain “forward-looking statements” which are not comprised of historical facts.  Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations.  Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the intention to complete the transactions, and the Company’s objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to an inability to complete the transactions, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, delays in obtaining or failures to obtain required regulatory, governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

 


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