RE:CNC SIZEABLE STAKEHOLDER SHL HALTEDTurns out, there were serious issues with management over there. The CEO is out and has been replaced by our VP Exploration as Intrim President and CEO. The entire board of directors has been sacked and re-constituted. It also mentions there were press releases regarding properties that SHL may not have the required mineral licences,and the claims on their pipestone nickel project have expired due to lack of assessment work.
John Ryan has resigned as President and CEO of the Company, and Mr. Steve Balch has been appointed as President and CEO of Spruce on an interim basis. Mr. Ryan continues as a consultant to assist with an orderly transition. Mr. Ryan commented, “I am pleased to welcome the new Board and I look forward to working with the new management.”
Property Update
Spruce Ridge announces that assessment reports for three mineral licences covering its South Pond Copper-Gold Property within Spruce’s Great Burnt Property (2,890 ha) located in Central Newfoundland are being filed after the applicable deadlines. The Company has held the mineral claims since 1999. Acceptance of the late filing has been requested from the Newfoundland and Labrador Mineral Lands Division. The South Pond Copper-Gold Property was most recently discussed by the Company in its news release of July 19, 2022. Shareholders are advised that the exploration results discussed in that news release (and in prior news releases) relate to a property area for which Spruce may no longer have the required mineral licenses.
The Great Burnt Copper Zone is contained in a separate mining lease and remains in good standing.
The mineral claims covering the Pipestone nickel prospect (4,575 ha) have expired due to lack of sufficient assessment work required to keep the claims in good standing. This property was not under active exploration.