Spruce Ridge Intersects 51 Metres Averaging 1.69 g/t Au at South Pond "B" Gold Zone
(TheNewswire)
April 6, 2022 – TheNewswire - Spruce Ridge Resources Ltd. (TSXV:SHL) (OTC:SRCGF) (“Spruce Ridge” or the “Company”) is pleased to announce gold assay results for all core samples from its 2021 diamond drilling program on the South Pond “B” gold zone, on its wholly-owned Great Burnt property in Central Newfoundland. The results feature wide intervals of gold, including: 51.00 metres averaging 1.69 grams of gold per tonne (g/t Au) in hole SP21-01, 15.00 metres of 2.36 g/t Au (including 4.00 metres of 5.29 g/t Au) in SP21-03, 21.20 metres of 1.75 g/t Au in SP21-08, 17.60 metres of 1.34 g/t Au in SP21-11 and 21.00 metres of 2.06 g/t Au in SP21-14. The lengths quoted are core lengths; true widths are estimated to be approximately 70% of core lengths.
The following table lists all drill intercepts over 1 gram of gold per tonne from the 2021 drill program.
|
GOLD ASSAY RESULTS FROM 2021 DRILLING |
|||||
|
Hole No. |
Inclination |
From |
To |
Core |
Au g/t |
|
SP21-01 |
-50° |
11.00 |
62.00 |
51.00 |
1.69 |
|
includes |
19.00 |
62.00 |
43.00 |
1.82 |
|
|
which includes |
50.00 |
61.00 |
11.00 |
3.19 |
|
|
and |
11.00 |
14.00 |
3.00 |
2.07 |
|
|
SP21-02 |
-60° |
no results >0.54 g/t |
|||
|
SP21-03 |
-50° |
12.00 |
13.00 |
1.00 |
2.11 |
|
and |
19.00 |
22.00 |
3.00 |
2.92 |
|
|
and |
53.00 |
68.00 |
15.00 |
2.36 |
|
|
includes |
54.00 |
58.00 |
4.00 |
5.29 |
|
|
which includes |
57.00 |
58.00 |
1.00 |
11.33 |
|
|
SP21-04 |
-60° |
48.00 |
52.00 |
4.00 |
1.84 |
|
SP21-05 |
-50° |
6.00 |
8.00 |
2.00 |
1.90 |
|
and |
11.00 |
12.30 |
1.30 |
2.19 |
|
|
and |
98.00 |
99.00 |
1.00 |
1.51 |
|
|
SP21-06 |
-65° |
13.00 |
14.85 |
1.85 |
1.08 |
|
SP21-07 |
-50° |
14.00 |
15.00 |
1.00 |
1.27 |
|
SP21-08 |
-50° |
65.80 |
87.00 |
21.20 |
1.75 |
|
includes |
65.80 |
81.00 |
15.20 |
2.20 |
|
|
includes |
65.80 |
76.00 |
10.20 |
2.82 |
|
|
SP21-09 |
-65° |
no significant assays |
|||
|
SP21-10 |
-50° |
10.00 |
11.00 |
1.00 |
1.04 |
|
SP21-11 |
-50° |
22.00 |
24.00 |
2.00 |
1.29 |
|
and |
33.00 |
34.00 |
1.00 |
1.44 |
|
|
and |
46.40 |
64.00 |
17.60 |
1.34 |
|
|
includes |
46.40 |
49.75 |
3.35 |
2.15 |
|
|
and includes |
53.70 |
57.90 |
4.20 |
2.48 |
|
|
SP21-12 |
-65° |
97.80 |
99.00 |
1.20 |
3.69 |
|
and |
112.00 |
113.00 |
1.00 |
2.31 |
|
|
SP21-13 |
-50° |
95.00 |
99.00 |
4.00 |
1.43 |
|
and |
105.00 |
106.00 |
1.00 |
1.24 |
|
|
SP21-14 |
-50° |
74.00 |
95.00 |
21.00 |
2.06 |
|
SP21-15 |
-65° |
no significant assays |
|||
|
SP21-16 |
-50° |
32.00 |
42.00 |
10.00 |
1.72 |
|
SP21-17 |
-75° |
no significant assays |
|||
|
SP21-18 |
-60° |
no assays >0.82 g/t Au |
|||
The South Pond “B” gold zone was discovered by BP minerals in 1987 while following up a soil geochemical anomaly, 9 kilometres north of the Great Burnt copper deposit. BP drilled it in 1987 and 1989. And Celtic Minerals also drilled four holes on it in 2001. It comprises two 500-metre long lenses of mineralization separated by a 200 metre stretch that gave no significant results in the BP drilling. Spruce Ridge’s 2021 drill program consisted of 3,047 metres in 19 holes, of which 18 tested the northern lens of the South Pond “B” zone.
Mineralization is hosted in bedded chert and silicified tuffs, with up to 25% of pyrrhotite, minor pyrite and chalcopyrite. ICP analyses, including copper, have not been received to date. The deposit is believed to be volcanogenic in origin. It is on strike with and contiguous to the South Pond “A” copper-gold zone, which has been cited by previous workers as a volcanogenic massive sulphide (VMS) deposit.
John A. Ryan, CEO stated “We find these results very encouraging. No mineral resource estimate has been made on the south Pond “B” gold zone, but the grades and widths from this program suggest that it could be a satellite operation to the Great Burnt copper deposit, for which we recently received a positive PEA. South Pond “B” clearly has the potential to add a significant number of gold ounces to the resource.”
Qualified Person and Technical Report
Colin Bowdidge, Ph.D., P.Geo. (ON and NL), Qualified Person as defined in NI43-101, has reviewed and approved the technical information in this news release. Mr. Bowdidge is a director and VP Exploration 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;
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the 19,175-hectare Foggy Pond property
In addition to its mineral assets, Spruce Ridge acquired leases with petroleum and natural gas rights, plus shut-in oil and gas wells, pipelines, and facilities, in the Unity area of southwestern Saskatchewan and is in the process of putting these assets back into production.
Spruce Ridge currently holds 5,594,955 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: spruceridgeresources@gmail.com
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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