Spruce Ridge Resources Begins Drilling the Great Burnt Copper/Gold Property in South Central Newfoundland
Spruce Ridge Resources Ltd.
7735 Leslie Road West, Puslinch, ON N0B 2J0
Telephone: (519) 822-5904, Fax: (519) 823-5090
PRESS RELEASE 2018 - 14 November 20, 2018
Spruce Ridge Resources Begins Drilling the Great Burnt Copper/Gold Property in South
Central Newfoundland
Wellington County, ON, November 20, 2018 – Spruce Ridge Resources Ltd. (TSXV: SHL) ("Spruce
Ridge” or the “Company”) is pleased to announce that drilling has begun on its 100% owned
Great Burnt copper -gold Volcanogenic Massive Sulphide (VMS) property in South Central
Newfoundland. The diamond drill program will comprise approximately 1,500 metres.
The current drill program will focus on two newly identified, previously untested EM anomalies
with similar charact eristics to the Great Burnt copper -gold deposit, as well as filling in gaps in
the historical drilling patterns on the Great Burnt deposit itself. John Ryan, Spruce Ridge’s
President and CEO commented: “ We look forward to the results of drill testing prev iously
overlooked anomalies on this exceptionally well mineralized property. Also, infill drill holes on
the Great Burnt Main Zone will help to firm up mineral resource estimates, provide additional
data on gold grades and provide material for metallurgical testing that will support a planned
Preliminary Economic Assessment (PEA) on the Great Burnt deposit.”
The newly identified anomalies come from a re-assessment of a 2007 helicopter-borne AeroTEM
survey flown for a previous operator over the Great Burnt property, by Steve Balch, P. Geo.,
President and founder of BECI, a geophysical services and development company. Re-
interpretation of the historical airborne data revealed a number of untested EM anomalies with
similar characteristics to the EM response of the Great Burnt copper -gold deposit. It also
identified areas that had been previously mapped as granite, which may be underlain by volcanic
and sedimentary rocks similar to those hosting known mineralized zones.
The Great Burnt Property is host to the road accessible Great Burnt copper -gold deposit. A
2015 NI 43- 101 technical report by P&E Mining Consultants identified Indicated Mineral
Resources in the Great Burnt Main and Lower Zones of 382,000 tonnes with an average grade
of 2.68% copper, plus Inferred Mineral Resources of 663,000 tonnes averaging 2.31% copper.
A “starter pit” identified by P&E includes an Indicated Mineral Resource of 237,000 tonnes at
2.51% copper. Historical drilling provides insufficient gold assay data to allow estimates of the
gold content of the Great Burnt deposit.
Subsequent to the 2015 resource estimates, drilling on the Great Burnt Main Zone by Spruce
Ridge has resulted in intersections up to 9.45% Cu, 0.36 g/t Au, 0.73% Zn and 8.5 g/t Ag over a
core length of 7.50 metres, including 3.00 metres of 19.30% Cu, 0.29 g/t Au, 1.60 % Zn and 16.7
g/t Ag in hole GB-16-8. The property is also host to locally significant gold mineralization that is
often closely associated with known zones of copper mineralization including the Great Burnt
Main Zone. The property covers a 19- kilometre strike length of favourable stratigraphy
containing numerous copper and gold occurrences, many of which have not been evaluated.
About Spruce Ridge Resources Ltd.
Spruce Ridge holds a 100% i nterest in the Great Burnt Copper/Gold Property in Central Newfoundland
which covers a series of copper ± gold rich VMS deposits. Spruce Ridge can earn up to 37.5% interest
with Noble Mineral Exploration Ltd. on its Crawford Township property which lies approximately 14
Kilometres north of the world class Kidd Creek zinc-copper-silver mine. 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 it s joint venture partner, a
private investor group, are currently drilling magnetic and EM anomalies in a complex of ultramafic and
mafic intrusive rocks that have been interpreted as prospective for nickel 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: 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 impli ed 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, delay s 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 c osts 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, capit al
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.