SRCGF - Spruce Ridge Completes Airborne Survey over Foggy Pond Gold Property
(TheNewswire)
Spruce Ridge Resources Ltd. (TSX-V SHL) - (“SpruceRidge” or the “Company”) is pleased toannounce it has completed a high resolution airborne magneticgradiometer survey over its “Foggy Pond” gold and base-metalsproperty (see Figure 1) covering an area of 19,175 ha from 767 claimswhich are contiguous to the Company’s Great Burnt Copper-GoldProperty.
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 like the structures that are now known to localizegold mineralization in Central Newfoundland. The fold feature maycause the mineralized horizon containing the Great Burnt copperdeposit and the South Pond gold and copper-gold zones to be repeatedon a western limb. Local magnetic anomalies have been interpreted aspossible ophiolite slivers along a northeast-trending structure thatmay be like the GRUB line crossing New Found Gold’s property.
Figure 1: Spruce Ridge Resources Great Burnt LakeProperty with Highlighting of Newly Acquired Claims.
Preliminary results from the high-resolution magnetic survey confirmthe presence of geologic features that appear to be folds intersectedby faults in an area of complex geology that does not match thepublished geology maps. The new survey (Figure 2a) is compared tothe regional magnetic data available from the Newfoundland Government(Figure 2b).
John Ryan, CEO of Spruce Ridge Resources stated “Thisarea of Newfoundland has seen little or no historic exploration. Farther east New Found Gold has discovered high-grade gold. To thenorth is a series of base metal deposits including the historicBuchans mining district and Tally Pond deposit. Directly to our eastis the recently staked Pipestone Nickel Property, which completes our26,640-hectare claim holdings in Newfoundland. Our next step will beground follow-up with prospecting, mapping, and sampling of thenumerous targets we have identified. Work to commence in Q2 of2022.”
Figure 2: The recently acquired high-resolutionmagnetic survey is compared to regional government magneticdata.
Colin Bowdidge, Ph.D., P.Geo., aQualified Person as defined in NI43-101 and a director and VicePresident – Exploration of Spruce Ridge, has reviewed and approvedthe technical information in this news release .
About Spruce Ridge Resources Ltd.
Spruce Ridge holds a 100% interest in 26,640 hectaresin Central Newfoundland, including:
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the 2,890-hectare Great Burnt VMS copper-gold property,for which an updated mineral resource estimate and PEA are expected inthe new year;
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the 4,575-hectare Pipestone nickel prospect, whichcovers the long linear magnetic anomaly on the east side of figure 2;and
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the 19,175-hectare Foggy Pond property, the subject ofthis news release.
In addition to its mineral assets, Spruce Ridge acquired leases with petroleum and natural gasrights, plus shut-in oil and gas wells, pipelines, and facilities, inthe Unity area of southwestern Saskatchewan. and is in the process ofputting these assets back into production.
Spruce Ridge currently holds 5,594,955 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”. Since forward-lookingstatements are based on assumptions and address future events andconditions, by their very nature they involve inherent risks anduncertainties. Although these statements are based on informationcurrently available to the Company, the Company provides no assurancethat actual results will meet management’s expectations. Risks,uncertainties and other factors involved with forward-lookinginformation could cause actual events, results, performance, prospectsand opportunities to differ materially from those expressed or impliedby such forward-looking information. Forward looking information inthis news release includes, but is not limited to, the intention tocomplete the transactions, and the Company’s objectives, goals orfuture plans. Factors that could cause actual results to differmaterially from such forward-looking information include, but are notlimited to an inability to complete the transactions, failure toidentify mineral resources, failure to convert estimated mineralresources to reserves, delays in obtaining or failures to obtainrequired regulatory, governmental, environmental or other projectapprovals, political risks, inability to fulfill the duty toaccommodate First Nations and other indigenous peoples, uncertaintiesrelating to the availability and costs of financing needed in thefuture, changes in equity markets, inflation, changes in exchangerates, fluctuations in commodity prices, delays in the development ofprojects, capital and operating costs varying significantly fromestimates and the other risks involved in the mineral exploration anddevelopment industry, and those risks set out in the Company’spublic documents filed on SEDAR. Although the Company believes thatthe assumptions and factors used in preparing the forward-lookinginformation in this news release are reasonable, undue reliance shouldnot be placed on such information, which only applies as of the dateof this news release, and no assurance can be given that such eventswill occur in the disclosed time frames or at all. The Companydisclaims any intention or obligation to update or revise anyforward-looking information, whether as a result of new information,future events or otherwise, other than as required by law.
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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