NORFOLK COUNTY, ON, Oct. 25 /CNW/ - Spruce Ridge Resources Ltd.
(SHL:TSX-V) today announced that it has begun a 2,000-metre drill program on
the Company's Nora Lake gold property which is located 20 kilometres south of
Kodiak Exploration's Hercules and Golden Mile gold discoveries.
The property is underlain by volcanic rocks of the Beardmore-Geraldton
greenstone belt, which produced 4.2 million ounces of gold from 17 separate
mines between 1935 and 1971. Recent gold discoveries by Kodiak Exploration
Ltd. and Roxmark Mines Ltd., among others, have begun to draw attention to
this previously under-explored greenstone belt.
The Nora Lake mineralized zone consists of mafic volcanics cut by an
irregular body of quartz porphyry; both rock types are intensely sheared,
carbonatized and silicified and cut by irregular quartz tourmaline veins, and
carry disseminated to heavy pyrite and arsenopyrite. The main stripped area
exposes mineralization over a length of 130 metres and a width of at least
44 metres. Additional stripping on strike to the east and west gives the zone
a minimum length of 240 metres.
Stripping in 2007 extended the main trench to the northwest and
southwest, where a newly exposed contact zone of the porphyry intrusion was
found to be well mineralized with pyrite, arsenopyrite and free gold. Channel
sampling gave an average of 17.43 grams of gold per tonne, within a 6-metre
channel that averaged 3.94 grams of gold per tonne.
2005 and 2006 Channel Sample Highlights:
- 5.93 g/t Au over 4.92 m, including 9.20 g/t Au over 2.46 m and
3.32 g/t Au over 3.08 m;
- 6.62 g/t Au over 4.31 m, including 12.79 g/t Au over 2.15 m;
- 0.92 g/t Au over 10.77 m, including 3.15 g/t Au over 1.54 m and
2.22 g/t Au over 2.15 m.
Technical information in this news release has been compiled and reviewed
by Colin Bowdidge, Ph.D., P.Geo., a director of the Company and a Qualified
Person as defined in NI 43-101.
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 three prospective gold
properties in Northern Ontario: (i) Spruce Hull Lake, (ii) Nora Lake and (iii)
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: firstname.lastname@example.org; Kelly
Cody, Account Manager, CHF Investor Relations, Phone: (416) 868-1079 ext. 223,