NEWS OUT Spruce Ridge Resources Commences Diamond Drilling Program at Great Burnt – South Pond Copper - Gold Project, Newfoundland
Spruce Ridge Resources Commences Diamond Drilling Program at Great Burnt – South Pond Copper - Gold Project, Newfoundland
Wellington County, Ontario (FSCwire) - Spruce Ridge Resources Limited (TSXV: SHL) ("Spruce Ridge”) is pleased to announce that it has commenced diamond drilling operations at the 100% owned Great Burnt – South Pond copper-gold project which covers a series of copper ± gold rich VMS deposits in south-central Newfoundland.
The Property is host to NI 43-101 compliant mineral resources including Indicated Resources of 442,000 tonnes at 2.50% Cu (24.4 million lbs of Cu) plus Inferred Resources of 829,000 tonnes at 2.11% Cu (38.5 million lbs of Cu) at a 1.0% Cu cut-off at the Great Burnt Copper Deposit.
The company is also planning a revised resource estimate for the South Pond “A” zone after resampling and assaying of historical drill core revealed significant gold content in addition to the copper, which was the only metal assayed for in the 1950s when the zone was originally discovered (see Spruce Ridge news release of November 26, 2015).
The 2016 Phase 1 program will focus on drill testing high priority, coincidental airborne EM +/- soil geochemical +/- geological targets that were not drill tested by previous property owners and that lie within 1.5 kilometers of the Great Burnt Main Zone (GBMZ). A total of 2000 meters are planned in six to eight holes located north of the GBMZ, with most targets lying along the same stratigraphic horizon that hosts the GBMZ. The current program will also recover sufficient core from the GBMZ to facilitate metallurgical testing ahead of a planned Preliminary Economic Evaluation. The program is expected to last from 4 to 6 weeks.
About Spruce Ridge Resources
Spruce Ridge Resources has a 100% interest in the Great Burnt Copper/Gold Property in Central Newfoundland which covers a series of copper ± gold rich VMS deposits. The Property is host to NI 43-101 compliant mineral resources including Indicated Resources of 442,000 tonnes at 2.50% Cu (24.4 million lbs of Cu) plus Inferred Resources of 829,000 tonnes at 2.11% Cu (38.5 million lbs of Cu) at a 1.0% Cu cut-off at the Great Burnt Copper Deposit. Spruce recently optioned its Viking/Kramer gold properties in Western Newfoundland to Anaconda Mining Inc. It also has a gold property in the Beardmore-Geraldton greenstone belt of northwestern Ontario and a 50% joint venture with Americas Silver Corporation (formerly Scorpio Mining Corporation) on property that contains tailings with low grade gold and silver from the Drumlummon Mine in Montana.
Timothy Froude, P. Geo., a "Qualified Person" under National Instrument 43-101 has reviewed and approved the technical contents of this press release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
John Ryan, President & CEO
Spruce Ridge Resources Ltd.
Phone: 519-822-5904
Email: shiitakejr@gmail.com
CAUTIONARY STATEMENT: This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements regarding exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/SpruceR02232016.pdf
Source: Spruce Ridge Resources Limited (TSX Venture:SHL)
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Source: Filing Services Canada (Feb 23, 2016 13:03:00 EST)
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