NORFOLK COUNTY, ONTARIO / ACCESSWIRE / March 28, 2014 / Spruce Ridge Resources Limited (TSXV: SHL) ("Spruce Ridge") is pleased to announce the results of its winter diamond drilling program carried out on the Kramer gold property in western Newfoundland. The highlight of the program was a high grade gold-bearing vein cut by drill hole KR13-17 which assayed 25.441 grams of gold per tonne (g/t Au) over a core length of 0.50 metres. The Kramer property is contiguous with the Thor-Viking gold property that Spruce Ridge acquired from Northern Abitibi Mining Corp. in 2013 (see news release 2013-07 dated December 13th, 2013).
The drilling program comprised 14 holes totaling 2,051.8 metres. Eight holes totaling 1,389.5 metres were drilled to test the Kramer Northeast mineralized zone over a length of 300 metres. A further six holes totaling 662.3 metres tested the Kramer East zone over a length of 175 metres.
Mineralization encountered in the winter drill program is associated with widespread alteration and quartz stockwork development in Precambrian granitic intrusive rocks. However, the mineralization is probably of Paleozoic age, since it is also developed locally in Cambrian sedimentary rocks that overlie the Precambrian granites. Mineralization appears to preferentially favour fine-grained phases of granite although it is present in all varieties of the intrusive complex.
Every drill hole encountered widespread alteration, and at least one section (with up to a maximum of 13 separate intervals) of mineralization assaying over 0.1 g/t Au. Several drill holes encountered wide sections of alteration and low-grade gold mineralization, the widest being 13.00 metres averaging 0.168 g/t Au in hole KR13-27. The high grade vein in hole KR13-17 has a different character in that it carried galena and free gold, which distinguishes it from the more extensive lower grade material, which carries only pyrite. Similar veins with galena as well as chalcopyrite are present at the Thor zone, which has a 43-101 compliant mineral resource of 98,000 ounces indicated grading 0.95 g/t Au plus 45,000 ounces inferred at 0.66 g/t Au, as well as at the Whisky Jack and original Kramer discoveries on the Kramer property.
With the latest drill results, gold mineralization on the Kramer-Thor-Viking trend has now been found over a length of 4.3 kilometres, and the trend is open in both directions. The exploration work to date by current and previous explorers is continuing to outline a potentially district scale system of intrusion related/hosted gold mineralization, a target which globally is known to host many multimillion ounce gold deposits. Future work will include incorporating data from the Kramer and Thor-Viking properties into a single database, exploring for possible extensions of the mineralized trend, and determining, as far as possible, what controls the localization of the higher grade gold-bearing intervals.
Spruce Ridge would like to acknowledge and thank the government of Newfoundland and Labrador for its financial contribution under the Junior Exploration Assistance program ("JEA"). Spruce Ridge will receive a minimum grant of $86,500 for exploration work conducted on the Company's Kramer/Viking gold project.
Technical information in this news release has been prepared and/or reviewed by Colin Bowdidge, Ph.D., P.Geo., a director of Spruce Ridge Resources Ltd. and a Qualified Person as defined in NI43-101. Assays quoted in this news release were performed by Accurassay Laboratories Ltd. in Gambo, Newfoundland using fire assay preparation on 30-gram splits with atomic absorption finish. Accurassay is a Canadian-owned laboratory with ISO/IEC 17025 accreditation. Widths of mineralized intervals quoted in this news release are core lengths. The geometry of the mineralized zones is not well understood and true widths are unknown.
For further information please contact:
John Ryan, President & CEO
Spruce Ridge Resources Ltd.
Phone: 519-428-5327
Email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information, which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied 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 and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs 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 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.
SOURCE: Spruce Ridge Resources Limited