Spruce Ridge Begins Access Trail to South Pond “B” Gold Zone
Spruce Ridge Resources Ltd.
7735 Leslie Road West, Puslinch, ON N0B 2J0
Telephone: (519) 822-5904
PRESS RELEASE 2021 - 13 July 16, 2021
Spruce Ridge Begins Access Trail to South Pond “B” Gold Zone
Puslinch, Ontario, July 16, 2021 – Spruce Ridge Resources Ltd. (TSX -V: SHL) (the “Company”) is pleased to
announce that work has begun on the access trail from Great Burnt Main Zone to South Pond “B” Gold Zone and
continues on to the South Pond “A” Copper/Gold Zone. Once the trail reaches the South Pond “B” Gold Zone drill
sites will be cleared and drilling will commence.
R
esults of historical drilling on the South Pond “B” Zone by BP Minerals in 1987 and 1989 included the following:
27.25 metres averaging 1.06 grams of gold per tonne (g/t Au) in hole GB87-08, 4.33 metres of 4.43 g/t Au in GB87-
12 and 17.13 metres of 1.11 g/t Au in GB89-06. The map below shows the locations and gold intersections in the
BP drill holes.
C
EO John Ryan stated “Spruce Ridge’s decision to carry out additional diamond drilling on the South Pond “B”
Gold Zone is a timely one. Recent discoveries by New Found Gold Corp., Sokoman Minerals Corp. and others,
have highlighted the potential of the Paleozoic sedimentary and intrusive rocks of Central Newfoundland to host
substantial zones of high-grade gold. Questions remain about the results of the BP Minerals drill programs in the
1980s, which used ICP analysis for gold, instead of the more popular, and more reliable fire assay procedure. We
did some re- analysis of BP’s archived core in 2016, which showed that the ICP method appeared to have
understated the gold content of samples previously analyzed by BP. A single row of historical drill holes with gold
values over a length of over a kilometre is a good starting point to work towards defining a gold deposit.”
T
echnical material in this news release has been prepared and/or reviewed for accuracy by Colin Bowdidge, Ph.D.,
P.Geo., a Qualified Person as defined in National Instrument 43- 101 and Vice- president of Exploration for the
Company.
A
cknowledgments
S
pruce Ridge acknowledges the financial support of the junior exploration assistance program, department of
natural resources and government of Newfoundland and Labrador
S
tock Options Granted
T
he Company, subject to regulatory approval is granting six million incentive stock options to certain officers,
directors, consultants and employees of the company to purchase up to a total of six million common shares of the
company at a price of 15 cents per common share for a period of five years. The options vest immediately and are
subject to a four-month hold period from the date of grant.
A
bout Spruce Ridge Resources Ltd.
S
pruce 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:
J
ohn Ryan, President & CEO
Spruce Ridge Resources Ltd.
Phone: 519-822-5904
Email: [email protected]
Forward-Looking Statements
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,
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 estim ates and the other risks involved in the mineral exploration and development industry, an
inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited
to the effects of COVID -19 on the price of commo dities, capital market conditions, restriction on labour and
international travel and supply chains, 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.