Spruce Ridge Begins Magnetic Gradiometer Survey Over Recently Acquired Property in Newfoundland
Spruce Ridge Resources Ltd.
7735 Leslie Road West, Puslinch, ON N0B 2J0
Telephone (519) 822-5904
Spruce Ridge Begins Magnetic Gradiometer Survey Over Recently Acquired Property in
Newfoundland
Spruce Ridge Resources Ltd. (TSX- V SHL) - (“Spruce Ridge” or the “Company”) is pleased to announce
the beginning of Magnetic Gradiometer Survey over newly acquired property (See news release dated
September 14, 2021) which is contiguous to the current Great Burnt Copper-Gold Property.
T
he newly acquired claims cover a large, previously unexplored area underlain by Lower Paleozoic
siliciclastic rocks, similar to those hosting recently discovered gold deposits on the Queensway Project of
New Found Gold Corp. and the Moosehead Project of Sokoman Minerals Corp. Re- interpretation of
province-wide airborne magnetic data has indicated previously undocumented structural complexity ,
including a regional-scale fold and possible crustal -scale fault structures similar to the structures that are
now known to localize gold mineralization in Central Newfoundland . The fold feature may cause the
mineralized horizon containing the Great Burnt copper deposit and the South Pond gold and copper -gold
zones to be repeated on the western limb. Local magnetic anomalies have been interpreted as possible
ophiolite slivers along a northeast-trending structure that may be similar to the GRUB line.
Figure 1: Spruce Ridge Resources Great Burnt Lake Property with Highlighting of Newly Acquired Claims.
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 recently acquired certain mineral
leases with petroleum and natural gas rights, plus oil and gas wells, pipelines and facilities in the Unity area
of southwestern Saskatchewan. Included in the purchase are 793 ha of petroleum and natural gas rights
from surface to the base of the Mannville Group with an average working interest of 84%. The purchase
includes 5 active oil wells, 10 suspended oil and gas wells, heavy oil facilities, pipelines, and an active
PRESS RELEASE 2021-23 November 29, 2021
produced water disposal well. In 2020, Spruce Ridge Resources sold its interest in the Crawford Nickel -
Cobalt Sulphide project to Canada Nickel Company Inc . and currently holds 5,594,995 common shares .
Magna Terra Minerals Inc. has optioned the Viking/Kramer gold properties in Western Newfoundland.
For further information please contact:
John Ryan, President and CEO
Spruce Ridge Resources Ltd.
Phone: 519-822-5904
Email: [email protected]
Forward-Looking Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined i n the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release. 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 term s 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 unc ertainties. 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 lim ited to, the intention to complete the transactions, and the
Company’s objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward- looking
information include, but are not limited t o an inability to com plete the t ransactions, failure to identify mineral resources, failure to
convert estimated mineral resources to reserves, delays in obtaining or failures to obtain required regulatory, 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, i nflation,
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 Co mpany’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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of an y of the
securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United
States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended
(the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of,
U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securi ties
laws, or an exemption from such registration requirements is available.