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Spruce Ridge Resources Announces Revocation of Cease Trade Order and Provides Property Update
TORONTO, Aug. 04, 2023 (GLOBE NEWSWIRE) -- Spruce Ridge Resources Ltd. (“Spruce Ridge” or the “Company”) (TSX-V: SHL) is pleased to announce that on August 4th,
About this update from Homeland Nickel Inc
[{"type":"text","content":" TORONTO, Aug. 04, 2023 (GLOBE NEWSWIRE) -- Spruce Ridge Resources Ltd. (“Spruce Ridge” or the “Company”) (TSX-V: SHL) is pleased to announce that on August 4th, 2023 the Ontario Securities Commission (the “OSC”) granted a full revocation of the failure-to-file cease-trade order (the “CTO”) issued against the Company on September 2, 2022. The Company had been subject to the CTO for failure to meet the deadlines to file the annual audited financial statements, CEO and CFO certifications, and management discussion and analysis (the “Annual Filings”). The Company completed the filing of the Annual Filings on March 2, 2023. The Company also filed financial statements and management’s discussion and analysis for the interim periods ended July 31, 2022, October 31, 2022, and January 31, 2023. After a review of the Company’s continuous disclosure record by the OSC, the Company has also been advised of its failure to file the letter from the former auditor, and the statement of executive compensation for the year ended April 30, 2022. Copies of all these filings have now been filed and are available under the Company’s SEDAR+ profile at www.sedarplus.ca. Spruce Ridge is working actively with the TSX Venture Exchange to revoke the trading halt imposed on its common shares. The timing and success of this application is currently unknown, but the Company is working diligently to ensure that its securities resume trading as soon as possible. The Company confirms that its business has not changed and that the Company remains active and well financed with all properties in good standing. Update on Great Burnt Technical Report The Company wishes to comment on its disclosure found in Technical Report entitled “Updated Mineral Resource Estimate, and Preliminary Economic Assessment (PEA) Of The Great Burnt Copper-Gold Property, Central Newfoundland” (the “Report”) as requested by the OSC. Page 127 of the Report lists the formula: CuEq% = Cu% + (Au g/t x 0.687). The Company notes that the value 0.687 (not specifically defined in the Report) is the ratio between 1 gram of gold to 1% Cu net of recovery and payables, and at $3.62/lb Cu at 95% recovery and 95% payable would be worth approximately US$73.03 per 1%. At $1,650/oz Au at 95% recovery and 98% payable it would be worth approximately US$49.39 per gram. The ratio between $49.39/$72.03 resu...