Spruce Ridge Begins Drilling Nora Lake Gold Property
Thu Oct 25, 4:27 PM
ca.news.finance.yahoo.com
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) Knucklethumb.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
Contacts
John Ryan
President & CEO
Spruce Ridge Resources Ltd.
Phone: (519) 428-5327
Email: spruceridge@sympatico.ca
Kelly Cody
Account Manager
CHF Investor Relations
Phone: (416) 868-1079 ext. 223
Email: kelly@chfir.com |
