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Spruce Ridge Resources Ltd.
Summary
| Project: | Great Burnt | |
|---|---|---|
| Deposit: | Great Burnt | |
| Location: | Canada | |
| Commodities: | Copper-Zinc-Cobalt-Gold-Silver | |
| Date: | 2/1/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing PEA | |
| Report details: | 1-2-2019: Spruce Ridge Resources Ltd. announces an Exploration/Drilling Update report for its Great Burnt deposit at the Great Burnt project. Drilling results incl. 9.97m @ 7.45% cu, 0.43% Zn, 0.034% Co, 0.081g/t Au, 4.5g/t Ag from 104.56m. Puslinch, Onta | |
| Resources: | ||
| CP/QP: | [Overall Report]: Colin Bowdidge (Internal) | |
| ABSTRACT: | Puslinch, Ontario - Spruce Ridge Resources Ltd. (TSX-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 drilling 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 airborne EM survey, and retrieving samples for future metallurgical study prior to a planned Preliminary 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 for 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. 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 release 2018-01 of January 23, 2019), GB18-06 was drilled to test the zone between two sections where there had been no previous infill drilling. GB18-07 and 18-08 were drilled to test possible down-dip extensions of the Lower Zone. GB18-09 and -10 were drilled to test for a possible extension 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 recalculation 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 Mineral Resource of 237,000 tonnes at 2.51% Cu. | |
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