Spruce Ridge Intersects 9.97 Metres of 7.45% Copper at Great Burnt Project South-Central Newfoundland
Spruce Ridge Resources Ltd.
7735 Leslie Road West, Puslinch, ON N0B 2J0
Telephone (519) 822-5904; Fax (519) 823-5090
Spruce Ridge Intersects 9.97 Metres of 7.45% Copper at Great Burnt Project
South-Central Newfoundland
Puslinch, Ontario - Spruce Ridge Resources Ltd. (T SX-V: SHL) is pleased to announce that it has
received the results of the last five diamond drill holes in a 10-hole program on its wholly-owned Great
Burnt Copper-Gold Project in Newfoundland. The dr illing was targeted at the Great Burnt Main Zone,
with a view to filling gaps between previous drill holes , testing for possible extensions of the Main Zone,
testing a newly identified target from a 2007 airb orne EM survey, and retrieving samples for future
metallurgical study prior to a planned Pr eliminary Economic Assessment (PEA). Results include 9.97
metres of 7.45% copper (Cu), including a 5.03 metre section grading 11.42 % Cu in drill hole GB18-
06. The massive to semi-massive sulphide mineralization also carries low values in gold, silver, zinc and
cobalt. The following table summarizes the results fo r all ten holes of the 2018 program. Location of
2018 diamond drilling and historical drilling can be found at the end of this news release.
Hole No. From
(metres)
To
(metres)
Core
Length
Cu
(%)
Zn
(%)
Co
(%)
Au
(g/t)
Ag
(g/t)
GB18-01
Includes
And
5.33
7.00
24.58
14.54
10.00
26.87
9.21
3.00
2.29
1.34
2.24
1.37
0.02
0.03
0.08
0.009
0.016
0.028
0.011
0.015
0.028
0.4
0.9
0.7
GB18-02 No significant mineralization
GB18-03
And
Includes
84.17
97.54
103.11
88.96
106.17
106.17
4.79
8.63
3.06
0.68
1.81
3.44
0.03
0.03
0.04
0.009
0.016
0.007
0.016
0.015
0.033
0.3
0.6
1.3
GB18-04 47.80 51.80 4.00 4. 42 0.33 0.030 0.06 2.8
GB18-05
Includes
95.76
100.35
116.70
107.33
20.94
6.98
6.21
10.71
0.54
0.90
0.040
0.060
0.09
0.14
7.0
11.8
GB18-06
Includes
104.56
106.80
114.53
111.83
9.97
5.03
7.45
11.42
0.43
0.57
0.034
0.042
0.081
0.094
4.5
6.2
GB18-07 No significant mineralization
GB18-08 No significant mineralization
GB18-09
And
39.26
73.70
57.26
81.85
18.00
8.15
0.23
019
0.01
0.01
0.005
0.006
0.016
0.021
0.4
0.2
GB18-10 31.00 33.40 2.40 0. 19 0.06 0.003 0.084 1.0
Much of the previous drilling on the Great Burnt Main Zone was carried out on sections with a regular 61-
metre (200 feet) spacing. Like drill holes GB18- 03, -04 and -05 (see press re lease 2018-01 of January
23, 2019), GB18-06 was drilled to test the zone betwe en two sections where there had been no previous
infill drilling. GB18-07 and 18 -08 were drilled to test possible down-d ip extensions of the Lower Zone.
GB18-09 and -10 were drilled to test for a possible ext ension of the low-grade Stringer Zone to the south
and down-dip. Both holes cut disseminated to locally stringery mineralization with lower grades than the
Stringer Zone average.
PRESS RELEASE 2019-02 January 30, 2019
“The results of GB18-05 and GB18-06, combined with the other holes drilled into the Great Burnt Main
Zone in 2016 and 2018, lead us to suspect that a reca lculation of the mineral resource could possibly
lead to a significant increase in the copper grade” stated John A. Ryan, CEO of Spruce Ridge.
The road-accessible Great Burnt copper-gold deposit comprises three separate zones of volcanogenic
massive sulphide (VMS) mineralization: The Main, Lower and Stringer Zones. A 2015 NI43-101 technical
report by P&E Mining Consultants identified Indicated Mineral Resources in the Main and Lower Zones of
382,000 tonnes with an average grade of 2.68% Cu, plus Inferred Mineral Resources of 663,000 tonnes
averaging 2.31% Cu. A “starter pit” outlined by P&E includes an Indicated Mine ral Resource of 237,000
tonnes at 2.51% Cu.
The majority of the drilling that outlined the Great Burnt deposit was carried out by Asarco between 1950
and 1971, and core was not assayed for gold. Addi tional drilling by Celtic Minerals in 2001-2002 did
include assaying for gold and zinc. Four holes drilled into the Main Zone by Spruce Ridge in 2016 yielded
intercepts including (in hole GB16-09) 5.75 metres of 6.68% Cu, 0.94% Zn, 0.871 g/t Au and 6.20 g/t Ag
and (in hole GB16-08) 7.50 metres of 9.45% Cu, 0.73% Zn, 0.364 g/t Au and 8.50 g/t Ag. There is
however insufficient information to estimate average grades for metals other than copper.
In addition to the Great Burnt copper-gold deposit, t he 3,700-hectare property covers the South Pond “A”
Zone, 15 kilometres to the north, with an Indicated Mineral Resource of 47,000 tonnes at 1.38% Cu, plus
an Inferred Mineral Resource of 166,000 tonnes of 1.30% Cu. Re-analysis of core in 1987 indicated
potentially significant grades of gold in the South Pond “A” zone; again the data are insufficient to include
a gold grade in resource estimates. The South Pond “B” Zone has been drill tested over a 1.2 kilometre
length, with results including a 28.00 metre core lengt h of 1.16 g/t Au and a 4.33 metre core length of
4.75 g/t Au.
The 2018 diamond drilling program at Great Burnt was carried out under the supervision of Brian Willett,
P.Geo. The NQ-size core was quartered with a diamond saw; one quarter was sent for analysis, one
quarter was retained as a witness, and half core was placed in vacuum-sealed bags to preserve its
freshness for future metallurgical te sting. Analyses were performed by Eastern Analytical of Springdale,
NL. Gold was determined by fire assay on 30-gram sp lits; all other elements were analysed by ICP after
aqua regia digestion, and overlimit analyses (i.e. ov er 1% Cu, 0.22% Zn, 0.055% Co and 6 g/t Ag) were
repeated using assay procedures. Eastern Analytical is certified to ISO/IEC 17025 with accreditation to
the assay methods used.
Acknowledgments
Spruce Ridge would like to thank the Government of Newfoundland and Labrador for approving the Great
Burnt Program for 2018 JEA funding.
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. In 2015, Spruce Ridge optioned its
Viking/Kramer gold properties in Western Newfoundland to Anaconda Mining Inc. The Company also has
a 50% joint venture with Americas Silver Corporation on property that contains tailings with low grade
gold and silver from the Drumlummon Mine in Montana. Spruce Ridge and its joint venture partner, a
private investor group, are current ly drilling magnetic and EM anomalies in a complex of ultramafic and
mafic intrusive rocks that have been interpreted as prospective for nick el mineralization, on the optioned
Crawford property 45 kilometres north of Timmins, Ontario.
Colin Bowdidge, Ph.D, P.Geo., a "Qualified Person" as defined in National Instrument 43-101, and a
director of the Company, has prepared and/or reviewed the technical contents of this press release.
For further information please contact:
John Ryan, President and CEO
Spruce Ridge Resources Ltd.
Phone: 519-822-5904
Email: [email protected]
Cautionary Statement
Neither TSX Venture Exchange nor its Regulati on Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of th is release. No stock exchange, securities commission or othe r
regulatory authority has approved or disapproved the information contained herein.
The foregoing information may contain forward-looking statements relating to the future performance of Spruce Ridge Resources
Ltd. Forward-looking statements, specific ally those concerning future performance, are subject to certain risks and uncertaint ies,
and actual results may differ materially from the Company’s plans and expectations. Thes e plans, expectations, risks and
uncertainties are detailed herein and from time to time in t he filings made by the Company with the TSX Venture Exchange and
securities regulators. Spruce Ridge Resources Ltd. does not a ssume any obligation to update or revise its forward-looking
statements, whether as a result of new information, future events or otherwise.