SHL:CC - Spruce Ridge Begins 2022 Drilling at South Pond Copper-Gold Property

(TheNewswire)

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 diamonddrilling program of up to 6,000 metres on the South Pond copper andgold deposits on its 100 percent owned Great Burnt property insouth-central Newfoundland. Equipment is being mobilized, and drillingis expected to start in mid-August.

The South Pond “A” copper-gold zone was discoveredand drilled in the early 1950s, by the Buchans Mining division ofAsarco. It was followed by a second drilling program in 1969-70.  Atthe time, there was little interest in gold, and their drill core wasonly assayed for copper. In 1986-89, BP-Selco had acquired theproperty, and they assayed the core, which had been archived at theBuchans mine site, for gold. The discovery hole, SP-01 intersected a34.14 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 otherintersections was hole SP-29, which cut a core length of 5.18 metresat 2.77% Cu and 1.23 g/t Au. The “A” Zone was traced by drillingfor a length of 450 metres, although the deepest mineralizedintersection was only 84 metres below surface.  In 2002, CelticMinerals drilled a single 250-metre hole.

The 2021 PEA on the Great Burnt project (see newsrelease 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 theInferred Resource is 145,000 tonnes @ 1.07% Cu and 1.02 g/t Au.

Our experience at the Great Burnt copper deposit wasthat modern drilling yielded, on average, significantly (20 to 30percent) higher grades than was reported from small-core, non-wirelineholes drilled in the 1960s.  This is because, in the historic drillholes, core recoveries in the mineralized zone were poor, and thesulphide minerals are believed to have been ground up andpreferentially lost. New drilling on the South Pond “A” Zone couldshow

a similar increase in grades.

The South Pond “B” gold zone was discovered byBP-Selco in 1987 by following up a soil geochemical anomaly, and wasdrill tested over a strike length of 1.3 kilometres. Spruce Ridgecarried out a 3,000 metre drill program on the north half of the“B” Zone in late 2021.  Results were reported in the news releaseof April 6, 2022.  They included a 51 metre core length of 1.69 g/tAu (including 3.19 g/t au over 11 metres) in hole SP21-01 and 21metres 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 theGreat Burnt copper deposit.  Two will be large-core (HQ) holes toprovide material for additional metallurgical testing, and one willre-enter and deepen hole GB20-02, which may have stopped short of itstarget.

John A. Ryan, CEO stated “The 2022 program at GreatBurnt and South Pond is a continuation of our strategy of

expanding resources, firming up resources and advancingthe project’s economic potential.  Receiving a positive PEA forGreat Burnt has encouraged us to press forward with exploration anddevelopment.  Copper is considered

to be a critical metal; demand is inevitably going tokeep increasing as the world moves towards the future all-electricsociety, and the gold is just a bonus”.

Acknowledgments

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

Colin Bowdidge, Ph.D., P.Geo. andEugene Puritch, P.Eng., Fec, CET, Qualified Persons as defined inNI43-101, have reviewed and approved the technical information in thisnews release . Mr. Bowdidge isa director and VP Exploration of Spruce Ridge and Mr. Puritch isindependent of Spruce Ridge.

About Spruce Ridge Resources Ltd.

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

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

• the 4,575-hectare Pipestone nickel prospectand;

• the 19,175-hectare Foggy Pond property

In addition to its mineral assets, Spruce Ridgecurrently has two oil wells in production inUnity Saskatchewan.

Spruce Ridge currently holds 5,767,495 shares of CanadaNickel Company Inc. and 10,000,000 shares of Noble Mineral ExplorationInc.

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 itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.  This News Release includes certain"forward-looking statements" which are not comprised ofhistorical facts.  Forward-looking statements include estimates andstatements that describe the Company’s future plans, objectives orgoals, including words to the effect that the Company or managementexpects a stated condition or result to occur. Forward-lookingstatements may be identified by such terms as “believes”,“anticipates”, “expects”, “estimates”, “may”,“could”, “would”, “will”, or “plan”. Sinceforward-looking statements are based on assumptions and address futureevents and conditions, by their very nature they involve inherentrisks and uncertainties. Although these statements are based oninformation currently available to the Company, the Company providesno assurance that actual results will meet management’sexpectations.  Risks, uncertainties and other factors involved withforward-looking information could cause actual events, results,performance, prospects and opportunities to differ materially fromthose expressed or implied by such forward-looking information.Forward looking information in this news release includes, but is notlimited to, the intention to complete the transactions, and theCompany’s objectives, goals or future plans. Factors that couldcause actual results to differ materially from such forward-lookinginformation include, but are not limited to an inability to completethe transactions, failure to identify mineral resources, failure toconvert estimated mineral resources to reserves, delays in obtainingor failures to obtain required regulatory, governmental, environmentalor other project approvals, political risks, inability to fulfill theduty to accommodate First Nations and other indigenous peoples,uncertainties relating to the availability and costs of financingneeded in the future, changes in equity markets, inflation, changes inexchange rates, fluctuations in commodity prices, delays in thedevelopment of projects, capital and operating costs varyingsignificantly from estimates and the other risks involved in themineral exploration and development industry, and those risks set outin the Company’s public documents filed on SEDAR. Although theCompany believes that the assumptions and factors used in preparingthe forward-looking information in this news release are reasonable,undue reliance should not be placed on such information, which onlyapplies as of the date of this news release, and no assurance can begiven that such events will occur in the disclosed time frames or atall. The Company disclaims any intention or obligation to update orrevise any forward-looking information, whether as a result of newinformation, future events or otherwise, other than as required bylaw.

This news release does notconstitute an offer to sell or a solicitation of an offer to buy norshall there be any sale of any of the securities in any jurisdictionin which such offer, solicitation or sale would be unlawful, includingany of the securities in the United States of America. The securitieshave not been and will not be registered under the United StatesSecurities Act of 1933, as amended (the “1933 Act”) or any statesecurities laws and may not be offered or sold within the UnitedStates or to, or for account or benefit of, U.S. Persons (as definedin Regulation S under the 1933 Act) unless registered under the 1933Act and applicable state securities laws, or an exemption from suchregistration requirements is available.

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