NORFOLK COUNTY, ON, Oct. 9 /CNW/ - Spruce Ridge Resources Ltd.
(SHL:TSX-V) today announced that it has signed an option agreement to acquire
a 100% interest subject to 3% NSR in the Knucklethumb gold property located in
Oboshkegan Township, Thunder Bay mining division. The property consists of 18
mineral claims covering 4,640 acres, contiguous with the Company's 3,920 acre
Spruce Hull Lake property for a total property holding of 8,560 acres.
The Knucklethumb property, located 55 kilometres north of Jellicoe,
Ontario, contains seven documented gold occurrences over a 4 kilometre strike
length. The mineralization is associated with two parallel, east-northeast
trending shear structures. Carbonate, chlorite and kyanite alteration is also
present in and around the mineralized zones. Previous exploration between 1997
and 2005 by Cameco Gold and Kodiak Exploration relied rather heavily on
geophysical surveys, and included only limited amounts of stripping and
diamond drilling of the exposed gold occurrences. Spruce Ridge intends to
carry out an aggressive stripping program to determine the extent of the gold
mineralization, with channel sampling to determine grades and widths on
surface. It is anticipated that this will be followed by diamond drilling of
the most prospective areas.
To earn 100% interest the Company must:
a) i) pay $25,000 upon execution of the agreement;
ii) pay $25,000 at the first anniversary;
iii) pay $25,000 at the second anniversary, and
b) i) pay advance royalty payments of $25,000 annually beginning the
third anniversary, and
c) Make exploration and development expenditures as per the following
i) $150,000 by the first anniversary
ii) $250,000 by the second anniversary, and
iii) $400,000 by the third anniversary
Technical information in this news release has been prepared and/or
reviewed by Colin Bowdidge, Ph.D., P.Geo., a director of the Company and a
Qualified Person as defined in NI43-101.
About Spruce Ridge Resources Ltd.
Spruce Ridge Resources Ltd. is a mineral exploration company focused on
the acquisition, exploration, and development of mineral resources, primarily
uranium and gold. The Company has two prospective uranium properties in
Western Newfoundland, Canada: (i) the Deer Lake Basin uranium property and
(ii) the Turner's Ridge uranium, lead and gold property approximately 30
kilometres to the north. The Company also has two prospective gold properties
in Northern Ontario at Spruce Hull Lake and Nora Lake.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
For further information:
For further information: John Ryan, President & CEO, Spruce Ridge
Resources Ltd., Phone: (519) 428-5327, Email: email@example.com; Kelly
Cody, Account Manager, CHF Investor Relations, Phone: (416) 868-1079 ext. 223,