Business
Spruce Ridge Begins Drilling Nora Lake Gold Property
Spruce Ridge Begins Drilling Nora Lake Gold Property.
About this update from Homeland Nickel Inc
[{"type":"text","content":"\n\n\n\nNORFOLK COUNTY, ON, Oct. 25 /CNW/ - Spruce Ridge Resources Ltd.\n(SHL:TSX-V) today announced that it has begun a 2,000-metre drill program on\nthe Company's Nora Lake gold property which is located 20 kilometres south of\nKodiak Exploration's Hercules and Golden Mile gold discoveries.\n\n\nThe property is underlain by volcanic rocks of the Beardmore-Geraldton\ngreenstone belt, which produced 4.2 million ounces of gold from 17 separate\nmines between 1935 and 1971. Recent gold discoveries by Kodiak Exploration\nLtd. and Roxmark Mines Ltd., among others, have begun to draw attention to\nthis previously under-explored greenstone belt.\n\n\nThe Nora Lake mineralized zone consists of mafic volcanics cut by an\nirregular body of quartz porphyry; both rock types are intensely sheared,\ncarbonatized and silicified and cut by irregular quartz tourmaline veins, and\ncarry disseminated to heavy pyrite and arsenopyrite. The main stripped area\nexposes mineralization over a length of 130 metres and a width of at least\n44 metres. Additional stripping on strike to the east and west gives the zone\na minimum length of 240 metres.\n\n\nStripping in 2007 extended the main trench to the northwest and\nsouthwest, where a newly exposed contact zone of the porphyry intrusion was\nfound to be well mineralized with pyrite, arsenopyrite and free gold. Channel\nsampling gave an average of 17.43 grams of gold per tonne, within a 6-metre\nchannel that averaged 3.94 grams of gold per tonne.\n\n\n2005 and 2006 Channel Sample Highlights:\n- 5.93 g/t Au over 4.92 m, including 9.20 g/t Au over 2.46 m and\n 3.32 g/t Au over 3.08 m;\n- 6.62 g/t Au over 4.31 m, including 12.79 g/t Au over 2.15 m;\n- 0.92 g/t Au over 10.77 m, including 3.15 g/t Au over 1.54 m and\n 2.22 g/t Au over 2.15 m.\n\n\nTechnical information in this news release has been compiled and reviewed\nby Colin Bowdidge, Ph.D., P.Geo., a director of the Company and a Qualified\nPerson as defined in NI 43-101.\n\n\nAbout Spruce Ridge Resources Ltd.\n\n\nSpruce Ridge Resources Ltd. is a mineral exploration company focused on\nthe acquisition, exploration, and development of mineral resources, primarily\nuranium and gold. The Company has two prospective uranium properties in\nWestern Newfoundland, Canada: (i) the Deer Lake Basin uranium property and\n(ii) the Turner's Ridge uranium, lead and g...