NORFOLK COUNTY, ON, Nov. 27 /CNW/ - Spruce Ridge Resources Ltd. (SHL:
TSX-V) today announced the first drill results returned from the 2,000-metre
program of shallow drilling underway at Nora Lake, where drill crews are
currently on the eighth hole. The Nora Lake property (89%-owned by Spruce
Ridge) lies in the Beardmore-Geraldton gold camp approximately 20 km south of
Kodiak Exploration Ltd.'s Hercules and Golden Mile gold discovery in northern
Assay results have now been received from drill hole No. 1 (NL-01-07)
which intersected an average of 5.896 g/t Au over 1.5 metres as part of a
wider section averaging 2.529 g/t Au over 4.7 metres. The mineralized interval
occurs at the contact between altered and sheared mafic volcanics and an
intrusive quartz-feldspar porphyry. The mineralization is associated with
quartz veining, pervasive silicification and heavily disseminated
arsenopyrite. More core samples are out for assaying and results are pending.
Further highlights from the first hole are presented below.
ASSAY RESULTS FROM DRILL HOLE NL-01-07
Hole No. From To metres Au g/t
NL-01-07 9.50 10.30 0.80 0.565
34.80 35.80 1.00 0.998
39.00 43.70 4.70 2.529
incl. 1.50 5.896
60.00 61.50 1.50 0.675
79.50 80.00 0.50 1.082
The Nora Lake 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 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.
As previously reported, 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 g/t Au over 1.2 metres, within
a 6.5-metre channel that averaged 3.94 g/t Au.
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 NI43-101. Widths of assayed samples are core lengths;
true widths will be determined after a planned second hole is drilled under
hole 1. Assays quoted in this news release were performed at Accurassay
Laboratories in Thunder Bay, Ontario using fire assay preparation on 30-gram
splits, followed by AA finish.
About Spruce Ridge Resources Ltd.
Spruce Ridge Resources Ltd. is a mineral exploration company engaged in
locating, acquiring and exploring for 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 at Knucklethumb, Spruce Hull Lake and Nora Lake. Shares outstanding
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; Cathy
Hume, CEO, CHF Investor Relations, Phone: (416) 868-1079 ext. 231, Email: