SRCGF - Spruce Ridge Begins Magnetic Gradiometer Survey Over Recently Acquired Property in Newfoundland
(TheNewswire)
November 29, 2021 - TheNewswire - Spruce Ridge Resources Ltd. (TSXV:SHL) (OTC:SRCGF) (“Spruce Ridge” or the“Company”) is pleased to announce thebeginning of Magnetic Gradiometer Survey over newly acquired property(See news release dated September 14, 2021) which is contiguous to thecurrent Great Burnt Copper-Gold Property.
The newly acquired claims cover a large, previouslyunexplored area underlain by Lower Paleozoic siliciclastic rocks,similar to those hosting recently discovered gold deposits on theQueensway Project of New Found Gold Corp. and the Moosehead Project ofSokoman Minerals Corp. Re-interpretation of province-wide airbornemagnetic data has indicated previously undocumented structuralcomplexity, including a regional-scale fold and possible crustal-scalefault structures similar to the structures that are now known tolocalize gold mineralization in Central Newfoundland. The foldfeature may cause the mineralized horizon containing the Great Burntcopper deposit and the South Pond gold and copper-gold zones to berepeated on the western limb. Local magnetic anomalies have beeninterpreted as possible ophiolite slivers along a northeast-trendingstructure that may be similar to the GRUB line.
Figure 1: Spruce Ridge Resources Great Burnt LakeProperty with Highlighting of Newly Acquired Claims.
Colin Bowdidge, Ph.D, P.Geo.,Director and Officer is a "Qualified Person" under NationalInstrument 43-101 and the Vice President, Exploration of Spruce Ridgehas reviewed and approved the technical contents of this pressrelease.
About Spruce Ridge Resources Ltd.
Spruce Ridge holds a 100% interest in the Great BurntCopper-Gold Property in Central Newfoundland which covers a series ofcopper ± gold rich VMS deposits. Spruce Ridge recently acquired certain mineral leases with petroleum and naturalgas rights, plus oil and gas wells, pipelines and facilities in theUnity area of southwestern Saskatchewan. Included in the purchase are793 ha of petroleum and natural gas rights from surface to the base ofthe Mannville Group with an average working interest of 84%. Thepurchase includes 5 active oil wells, 10 suspended oil and gas wells,heavy oil facilities, pipelines, and an active produced water disposalwell. In 2020, Spruce Ridge Resources sold itsinterest in t he Crawford Nickel-Cobalt Sulphideproject to Canada Nickel Company Inc . and currently holds5,594,995 common shares. Magna Terra MineralsInc. has optioned the Viking/Kramer gold properties in WesternNewfoundland.
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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