Business
Spruce Ridge Resources Announces Agreement with RAB Capital Holdings to Acquire Nickel Assets in Oregon
TORONTO, Nov. 16, 2023 (GLOBE NEWSWIRE) -- Spruce Ridge Resources Ltd. (“Spruce” or the “Company”) (TSXV: SHL) is pleased to announce that it has entered into a
About this update from Homeland Nickel Inc
[{"type":"text","content":" TORONTO, Nov. 16, 2023 (GLOBE NEWSWIRE) -- Spruce Ridge Resources Ltd. (“Spruce” or the “Company”) (TSXV: SHL) is pleased to announce that it has entered into a share purchase agreement (the “Agreement”) with RAB Capital Holdings Limited (“RAB Capital”), an arm’s length party of the Company, dated November 10, 2023 for the acquisition (the “Transaction”) of all the issued and outstanding securities of RFN Holdings Limited (“RFN”). RFN is the holder of an 80% interest in Homeland Nickel Corporation (“HLN”), which holds a portfolio of mining claims in Oregon that comprise the Red Flat Property (“Red Flat”) and the Cleopatra Property (“Cleopatra” and, collectively with Red Flat, the “Properties”), as well as an interest in some secondary deposits in the vicinity of the Properties (the “Deposits”). Steve Balch, interim President and CEO, stated, “Spruce is poised to enter the U.S. critical minerals market with two important properties containing significant resources of nickel with further expansion potential. We have now signed the definitive agreement to complete the acquisition. Together, Cleopatra and Red Flat have resources equivalent to over 1 billion pounds of nickel.” Cleopatra and Red Flat are nickel laterites with resources identified in soil and rock. The most recent work included unpublished NI 43-101 reports (“Evaluation of the Cleopatra Ni/Co Property Mining Potential, Curry County, Oregon, U.S.A.”, A.J. Rancourt, 2009 and “Evaluation of the Red Flat Ni/Co Property Mining Potential, Curry Country, Oregon, U.S.A”, A.J. Rancourt, 2009) which identified total inferred resources at Cleopatra of 39.5 Mt grading 0.93% Ni and at Red Flat of 18.8 Mt grading 0.84% Ni both using a 0.7% Ni cut-off. While the resources were described as total inferred, resources were classified in the measured, indicated, and inferred categories for both properties. Additional mineralization is known to occur at depth at a lower grade. Total tonnage could also increase substantially by using a lower cut-off grade. The properties are road accessible. Cobalt is also present. The historical resources are considered reliable as they were based on a substantial base of previous work with updated confirmation drilling, trenching, and assaying. Neither report included the assay certificates from the follow-up work. These certificates have since been obt...