Spruce Ridge Resources Ltd V.SHL

NEWS...

[DrNo1962]

Finally some news. Hopefully the start of news flow. SHL.v also drilling Crawford VMS with private investors. Drilling was to start w/ permitting. 8.1M shares of CNC.v reason enough to buy at these levels IMO. Spruce Ridge Reports the Start of Updated Mineral Resource Estimate and PEA on Great Burnt Copper Property 2021-06-03 09:00 NT - News Release PUSLINCH, ON / ACCESSWIRE / June 3, 2021 / Spruce Ridge Resources Ltd. (TSX-V:SHL) (the "Company") is pleased to provide a summary of progress towards a Preliminary Economic Assessment (PEA) of the Great Burnt Copper Deposit in central Newfoundland. The PEA, which is being undertaken by P&E Mining Consultants Inc., will include an updated Mineral Resource Estimate and incorporate the results of metallurgical testing, and is expected to be complete by early Q4 2021. The updated Mineral Resource Estimate for the Great Burnt Copper Deposit, incorporating the results of the Company's 2020 diamond drilling program on the Great Burnt Main Zone, is expected to be completed by late June. Core samples from the 2020 diamond drilling program were sent to SGS in Lakefield, Ontario for beneficiation testing. Metallurgical testing by SGS, as well as external testwork using sorting technology, is now under way, with results expected by late July. CEO John Ryan stated "The price of copper continues to set new records, as the market starts to appreciate just how much electrification will have to take place to effect a major reduction in fossil fuel use. There really are no viable substitutes for copper in an all-electric world. Spruce Ridge anticipates that, subject to a positive PEA, we can look forward to taking advantage of those higher copper prices. The Great Burnt Copper Deposit has an average grade approximately 2.5% Cu as stated in the 2019 Mineral Resource Estimate, and there is a likelihood that the grade may increase when the 2020 drill results are included. We consider that the Great Burnt Copper Deposit has the potential to become a small, however, profitable producer in the coming years." Colin Bowdidge, Ph.D, P.Geo., Director and Officer is a "Qualified Person" under National Instrument 43-101 and the Vice President, Exploration of Spruce Ridge has reviewed and approved the technical contents of this press release. About Spruce Ridge Resources Ltd. Spruce Ridge holds a 100% interest in the Great Burnt Copper-Gold Property in Central Newfoundland which covers a series of copper gold rich VMS deposits. Spruce Ridge sold its interest in in the Crawford Nickel-Cobalt Sulphide project to Canada Nickel Company Inc. but retained ground which contains VMS and gold targets. Spruce Ridge holds 8,100,000 shares of Canada Nickel Company and 10,000,000 shares of Noble Mineral Exploration Inc. Spruce Ridge has an option agreement with Magna Terra Minerals Inc. on its Viking/Kramer gold properties in Western Newfoundland. For further information please contact: John Ryan, President & CEO Spruce Ridge Resources Ltd. Phone: [phone] Email: [e-mail]