SHL:CC - 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 coresamples from its 2021 diamond drilling program on the South Pond“B” gold zone, on its wholly-owned GreatBurnt property in Central Newfoundland. The results feature wideintervals 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 4.00metres of 5.29 g/t Au ) in SP21-03, 21.20 metres of 1.75 g/t Au in SP21-08, 17.60metres of 1.34 g/t Au in SP21-11 and 21.00 metres of 2.06 g/t Au inSP21-14 . The lengths quoted are core lengths;true widths are estimated to be approximately 70% of corelengths.
The following table lists all drill intercepts over 1gram 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 BPminerals in 1987 while following up a soil geochemical anomaly, 9kilometres north of the Great Burnt copper deposit. BP drilled it in1987 and 1989. And Celtic Minerals also drilled four holes on it in2001. It comprises two 500-metre long lenses of mineralizationseparated by a 200 metre stretch that gave no significant results inthe BP drilling. Spruce Ridge’s 2021 drill program consisted of3,047 metres in 19 holes, of which 18 tested the northern lens of theSouth Pond “B” zone.
Mineralization is hosted in bedded chert and silicifiedtuffs, 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 onstrike with and contiguous to the South Pond “A” copper-gold zone,which has been cited by previous workers as a volcanogenic massivesulphide (VMS) deposit.
John A. Ryan, CEO stated “We find these results veryencouraging. No mineral resource estimate has been made on the southPond “B” gold zone, but the grades and widths from this programsuggest that it could be a satellite operationto the Great Burnt copper deposit, for which we recently received apositive PEA. South Pond “B” clearly has the potential to add asignificant number of gold ounces to the resource.”
Qualified Person andTechnical Report
Colin Bowdidge, Ph.D., P.Geo. (ONand NL), Qualified Person as defined in NI43-101, has reviewed andapproved 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 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 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”. 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.
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