- Spruce Ridge Resources is gearing up to acquire nickel assets in Oregon through a share purchase agreement with RAB Capital Holdings
- The company will acquire all of the issued and outstanding shares of RFN Holdings, which is an 80 per cent holder of Homeland Nickel
- Homeland Nickel holds a portfolio of nickel mining claims in Oregon, including the Red Flat Property and the Cleopatra Property
- Shares of Spruce Ridge Resources are unchanged at C$0.055
Spruce Ridge Resources (TSXV:SHL) is set to acquire nickel assets in Oregon through a share purchase agreement with RAB Capital Holdings.
The company stated in a news release it will acquire all of the issued and outstanding shares of RFN Holdings, which is an 80 per cent holder of Homeland Nickel.
Homeland Nickel holds a portfolio of nickel mining claims in Oregon including the Red Flat Property and the Cleopatra Property.
Cleopatra and Red Flat are nickel laterites with resources identified in soil and rock. Most recent work at the properties includes unpublished NI 43-101 reports. They identified resources at Cleopatra of 39.5Mt grading 0.93 per cent nickel and 18.8 Mt grading 0.84 per cent nickel at Red Flat. Cobalt was also identified.
“Spruce is poised to enter the U.S. critical minerals market with two important properties containing significant resources of nickel with further expansion potential,” Steve Balch, interim CEO of Spruce Ridge Resources, said in a statement. “We have now signed the definitive agreement to complete the acquisition. Together, Cleopatra and Red Flat have resources equivalent to over 1 billion pounds of nickel.”
Historic resources at the properties are deemed reliable as a result of previous work done, including updated confirmation drilling, trenching and assaying.
Spruce Ridge Resources is focusedon acquiring, exploring and developing mineral resources, primarily copper and gold.
Shares of Spruce Ridge Resources are unchanged at C$0.055.
Join the discussion: Find out what everybody’s saying about this stock on the Spruce Ridge Resources Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.