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Northern Abitibi Shareholders Approve the Sale of Viking Gold Property to Spruce Ridge Resources
(via Thenewswire.ca) Norfolk County , Ontario - October 17, 2012 - Spruce Ridge Resources L...
About this update from Homeland Nickel Inc
[{"type":"text","content":"\nNorthern Abitibi Shareholders Approve the Sale of Viking Gold Property to Spruce Ridge Resources\n\n(via Thenewswire.ca)\n \n \nNorfolk County , Ontario - October 17, 2012 - Spruce Ridge Resources Limited (TSXV: SHL) (\"Spruce Ridge\") is pleased to report that the Shareholders of Northern Abitibi Mining Corp. (\"Northern Abitibi\") have approved the sale of their 100% owned Viking Gold Property to Spruce Ridge. The Viking project is surrounded on three sides by Spruce Ridge's Kramer property. We believe that two of the significant gold showings discovered to date on the Kramer property are extensions of mineralized systems on the Viking project. The Viking project is host to the Thor gold deposit which contains a NI 43-101 compliant resource estimate containing 98,000 ounces of gold at a grade of 0.95 grams per tonne in the indicated category and an additional 45,000 ounces of gold at 0.66 g/t in the inferred category. The deposit remains open for expansion, and there are several untested or partially explored targets on the property.\n\n \n \nDiamond drilling in 2010 by Spruce Ridge at the Whiskey Jack prospect, 500 meters northeast of the Thor gold deposit, returned up to 20.05 meters grading 1.12 g/t gold including 3.25 meters grading 5.42 g/t gold from rock units strongly resembling the Thor trend. Ongoing trenching and prospecting activities by Spruce Ridge has extended alteration and mineralization similar to the Whiskey Jack an additional 1.5 kilometers to the northeast in a strong structural corridor that remains open along strike. Results from ongoing exploration will be reported once they have been received and compiled.\n\n \n \nSpruce Ridge claims to the southwest of the Northern Abitibi lands occupy ground equally as prospective for additional discoveries and numerous soil and rock geochemical anomalies from previous workers are slated for follow up.\n\n \n \nA priority for Spruce Ridge will be the merging and interpretation of large datasets from both companies to ensure that all prospective targets are identified and prioritized for follow up prior to commencing the next round of diamond drilling.\n\n \n \nTerms of the Deal\n\n\n \nTo earn a 100% interest in the Viking project Spruce Ridge must pay $200,000 in staged cash payments over 12 months and issue up to 10 million Spruce Ridge shares. Upon regulatory an...