Announcement Date: 2022-04-11
Announcement Type: PEA
Announcement Code: NI43-101
Company name: Spruce Ridge Resources Ltd.
Project name: Great Burnt
Location: Canada
Commodities: Gold,Copper
Highlight: PEA results incl. post-tax NPV (6%) of C$9.3M & IRR of 23.3%
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: This report was prepared to provide a National Instrument (“NI”) 43-101 Technical Report, updated Mineral Resource Estimate and Preliminary Economic Assessment of the copper and gold mineralization contained in the Great Burnt Copper-Gold Property (the “Property” or “Great Burnt Property”) in central Newfoundland (“NL”), Canada. Spruce Ridge Resources Ltd. (“Spruce Ridge”) owns 100% interest in the Great Burnt Property. 1.2 PROPERTY DESCRIPTION AND LOCATION Spruce Ridge’s Great Burnt Property is located in south-central Newfoundland, 75 km southwest of the City of Grand Falls-Windsor, NL and 56 km northwest of the Town of St. Alban’s, NL. The Property is 40 km southeast of Teck Resources Limited’s (“Teck”) past-producing Duck Pond CuZn Mine and 70 km southeast of the past-producing Buchans Mining Company Ltd. (“Buchans”) Cu-Zn-Pb-Ag-Au Deposit. This report provides updated NI 43-101 Mineral Resource Estimates for the Great Burnt Copper, North Stringer Zone and South Pond Copper-Gold Deposits on the Property. The Great Burnt Copper Deposit is located at Latitude 48° 22’ 33” N, Longitude 56° 08’ 04” W; UTM WGS84 Zone 21N 564,080 m E 5,358,450 m N; NTS 12A/08. The Property consists of one 165 ha mining lease (ML211) and four map-staked mining claims (27013M, 9881M, 20961M, and 6683M) covering 109 contiguous claim units, for a total area of 2,884 ha.
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