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Spruce Ridge Resources Ltd.
Summary
| Project: | Great Burnt | |
|---|---|---|
| Deposit: | Great Burnt | |
| Location: | Canada | |
| Commodities: | Copper-Gold | |
| Date: | 1/23/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing PEA | |
| Report details: | 23-1-2019: Spruce Ridge Resources Ltd. announces an Exploration/Drilling Update report for its Great Burnt deposit at the Great Burnt project. Drilling results incl. 20.94m @ 6.21% Cu, 0.54% Zn, 0.040% Co, 0.09g/t Au, 7.0g/t Ag from 95.76m. Puslinch, Onta | |
| Resources: | (Resource): 47Kt @ 1.77% Cu, 1.61g/t Au (Ind.) and 191Kt @ 1.55% Cu, 1.06g/t Au (Inf.) | |
| 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 first five diamond drill holes in a 10-hole program on its wholly-owned Great Burnt CopperGold 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 20.94 metres of 6.21% copper (Cu), including a 6.98 metre section grading 10.71 % Cu in drill hole GB18-05. The massive to semimassive sulphide mineralization also carries low values in gold, silver, zinc and cobalt. The following table summarizes the results for the first five drill holes. Location of 2018 diamond drilling and historical drilling can be found at the end of this news release. 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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