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Spruce Ridge Expands the Size of Fletcher Junction Gold Property in Nevada and Signs Diamond Drilling Contract
(via Thenewswire.ca) Norfolk County , Ontario - October 23, 2012 - Spruce Ridge Resources L...
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[{"type":"text","content":"\nSpruce Ridge Expands the Size of Fletcher Junction Gold Property in Nevada and Signs Diamond Drilling Contract\n\n(via Thenewswire.ca)\n\n \nNorfolk County , Ontario - October 23, 2012 - Spruce Ridge Resources Limited (TSXV: SHL) (\"Spruce Ridge\") is pleased to announce that it has staked additional claims to extend the Fletcher Junction gold property in the Walker Lane mining area, Mineral County, Nevada. The property has been expanded from 2,386 acres to 5,023 acres to cover a prospective trend identified by the recent VTEM(R) airborne survey. The Company has signed a contract for a minimum of 5,000 feet of diamond drilling, with an expected start date by the end of October.\n\n \n \nThe Fletcher Junction claims were originally staked by Nevada Exploration Inc. (TSX-V:NGE), from which Spruce Ridge has optioned the property, with the right to earn up to 85% interest by making a total of $300,000 in payments and funding $2,600,000 in exploration of the property over a 4-year period and completing a feasibility report. Nevada Exploration identified the potential of the property after analysing groundwater samples from natural springs and water wells in the area, that contained highly anomalous gold. Bedrock in the area is covered by gravels, which are in turn covered by basalt lavas from the 250,000 year-old Aurora Crater volcano. Mineralized boulders were found in the gravels beyond the western limit of the lava cover, which yielded assay results up to 90.5 grams per tonne (g/t) of gold and 324 g/t silver, and these boulders have been interpreted as coming from hills that rise above the gravel beds but are still covered by lava. Limited, shallow, reverse-circulation drilling by Nevada Exploration intersected bedrock with alteration similar to that associated with gold-bearing mineralized systems in the surrounding area, with anomalous values in gold, arsenic and other pathfinder elements.\n\n \n \nFollowing its entering into the option agreement on the Fletcher Junction property, Spruce Ridge initiated a VTEM(R) airborne magnetic and electromagnetic survey. Interpretation of the airborne results showed a resistivity low in the bedrock, that may be caused by alteration that is potentially associated with gold mineralization. This resistivity low extends continuously from the north end of the survey area, southwards to the Auro...