Spruce Ridge Resources Begins Drilling the Crawford Property
WELLINGTON COUNTY, November 15,2018 - Spruce Ridge Resources Ltd. (TSXV: SHL) ("SpruceRidge") is pleased to announce that drilling has begun on their optionedproperty in Crawford Township, Ontario.The diamond drill program will be approximately 2,000 metres.
The first drill hole isplanned to be 600 metres deep and will test the strongest portion of a 3,000metre long magnetic anomaly within an interpreted ultramafic and maficintrusive complex covering an area of approximately 3.5 by 2.0 kilometres,estimated from recently completed airborne geophysical surveys.An airborne gravity survey using the Falconsystem was recently carried out by Noble Minerals Inc., the Optionor of theCrawford property.A helicopter-borneelectromagnetic and magnetic survey also covered the area.
The presence ofultramafic and mafic intrusive rocks is confirmed by limited diamond drillingperformed in the 1960s.Ultramafic-maficcomplexes are favourable sites for nickel ± copper ± cobalt ± platinum-groupelements (PGEs).The primary target ofthe upcoming drill program is a magnetic anomaly peak and closely associated1400-metre long EM conductor.Anartificial intelligence (AI) assessment of combined geological and geophysicaldata confirmed the favourable interpretation of the ultramafic-mafic intrusivecomplex as a target for nickel mineralization, as well as highlighting VMS-typetargets elsewhere on the Crawford property (see news release of July 16th,2018).
The Crawford propertyis crossed from south to north by provincial highway 655.The target area is 42 kilometres by road fromthe centre of Timmins, and it is 17 kilometres north of the Kidd Creekzinc-copper-silver mine, which has been in continuous operation for 50 years,producing in excess of 100 million tonnes of ore, making it one of the largestVMS mines in Canada and in the world.The Timmins mining camp has produced more gold than any other miningdistrict in Canada, over 70 million ounces to date.Gold mining commenced in 1909 and continuestoday, with new discoveries being made in response to new exploration programs.The target area for the present drillingprogram is within 1,500 metres of highway 655.
Despite being so closeto a major mining camp, the Crawford property has seen relatively littlehistorical exploration.It is in theAbitibi Clay Belt; outcrops are essentially non-existent, making conventionalprospecting impossible.The clay andtill cover is up to 60 metres thick, and the clay interfered with earlyelectromagnetic survey systems, creating false anomalies and distorting bedrockconductive responses so that anomalies often appeared in the wrong place.Modern electromagnetic methods have largelyovercome the clay effects and enable definition of drill targets under thickoverburden.Magnetic and gravity surveysare also unaffected by clay and have played a major role in defining the currentexploration targets.
- 30 -
About Spruce Ridge Resources
Spruce Ridge Resources has a 100% interest intheGreat Burnt Copper/Gold Property in Central Newfoundland which covers a seriesof copper ± gold rich VMS deposits including the Great Burnt Main Deposit. Potentialhigh-grade starter pit identified with 237,000 tonnes at 2.51% copper(undiluted) at the Great Burnt Zone.Management considers that an open pit with processing at a customfacility should have low capex requirements.It also has a 50% joint venture with Americas Silver Corp. onproperty that contains tailings with low grade gold and silver from theDrumlummon Mine in Montana and an agreement with Anaconda Mining wherebyAnaconda acquired from Spruce Ridge the Viking and Kramer gold properties innorthwestern Newfoundland.The Vikingproperty is host to the Thor Deposit which has combined Indicated and Inferredresources totaling 83,000 ounces of gold at an average grade of 2.09 and 1.79g/t Au respectively at a 1.0 g/t Au cutoff.
Neither TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSX VentureExchange) accepts responsibility for the adequacy or accuracy of this release. Thetechnical material in this news release has been prepared and/or reviewed byColin Bowdidge, Ph.D., P.Geo., a Qualified Person as defined in NationalInstrument 43-101.No information isavailable on sample preparation, security, analytical procedures or QA/QCprotocols used by INCO in its 1965 drilling program on the Crawford property
For further information please contact:
John Ryan,President & CEO
Spruce Ridge Resources Ltd.
Phone:519-822-5904
Email: shiitakejr@gmail.com
CAUTIONARY STATEMENT:This News Release includes certain"forward-looking statements" whichare not comprised of historical facts.Forward-looking statements include estimates and statements thatdescribe the Company's future plans, objectives or goals, including words tothe effect that the Company or management expects a stated condition or resultto 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 assumptionsand address future events and conditions, by their very nature they involveinherent risks and uncertainties. Although these statements are based oninformation currently available to the Company, the Company provides noassurance that actual results will meet management's expectations.Risks, uncertainties and other factors involvedwith forward-looking information could cause actual events, results,performance, prospects and opportunities to differ materially from thoseexpressed or implied by such forward-looking information. Forward lookinginformation in this news release includes, but is not limited to, the Company'sobjectives, goals or future plans, statements regarding exploration results,potential mineralization, the estimation of mineral resources, exploration andmine development plans, timing of the commencement of operations and estimatesof market conditions. Factors that could cause actual results to differmaterially from such forward-looking information include, but are not limitedto failure to identify mineral resources, failure to convert estimated mineralresources to reserves, the inability to complete a feasibility study whichrecommends a production decision, the preliminary nature of metallurgical testresults, delays in obtaining or failures to obtain required governmental,environmental or other project approvals, political risks, inability to fulfillthe duty to accommodate First Nations and other indigenous peoples,uncertainties relating to the availability and costs of financing needed in thefuture, 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 estimates and the otherrisks involved in the mineral exploration and development industry, and thoserisks set out in the Company's public documents filed on SEDAR. Although theCompany believes that the assumptions and factors used in preparing theforward-looking information in this news release are reasonable, undue relianceshould not be placed on such information, which only applies as of the date ofthis news release, and no assurance can be given that such events will occur inthe disclosed time frames or at all. The Company disclaims any intention orobligation to update or revise any forward-looking information, whether as aresult of new information, future events or otherwise, other than as requiredby law.
SOURCE: Spruce Ridge Resources Ltd.
