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Spruce Ridge Resources Completes Viking Property Purchase With Northern Abitibi Mining Corp.
(via Thenewswire.ca) Norfolk County , Ontario - December 13, 2013 - Spruce Ridge Resourc...
About this update from Homeland Nickel Inc
[{"type":"text","content":"Spruce Ridge Resources Completes Viking Property Purchase With Northern Abitibi Mining Corp.(via Thenewswire.ca)\n\n \nNorfolk County , Ontario - December 13, 2013 - Spruce Ridge Resources Limited (TSXV: SHL) (\"Spruce Ridge\") is pleased to announce that it has completed a shares for debt transaction after receiving the approval of the TSX Venture Exchange. Pursuant to the option agreement with Northern Abitibi Mining Corp. (\"Northern Abitibi - TSXV:NAI\"), Spruce Ridge elected to issue up to 50% of the final cash payment of $100,000 by issuing 1,000,000 Shares at $0.05 per Share. Spruce Ridge also issued 5,000,000 shares to Northern Abitibi at $0.05 per share to complete the purchase. The Common Shares will be subject to a four month hold period expiring on April 15, 2014.\n\n \n \nSpruce Ridge has now paid Northern Abitibi $150,000 cash and issued 11,000,000 common shares. The Viking Property is subject to a 2% to 4% sliding scale net smelter royalty held by Altius Resources Inc.\n\n \n \nSpruce Ridge now owns 100% of the Viking Property. Viking is host to widespread intrusion hosted gold mineralization including NI 43-101 compliant resources at Viking of 98,000 ounces gold indicated (0.95 g/t gold average grade) and 45,000 ounces gold inferred (0.66 g/t gold average grade) and features multiple high grade intercepts including 4.8 meters grading 41.4 g/t gold. The deposit remains open for expansion and additional untested targets remain on the property. The adjoining 100% owned Kramer Property hosts similar and possibly linked mineralization highlighted by drill intercepts of 20.05 meters grading 1.12 g/t gold including 3.25 meters grading 5.42 g/t gold. Locally strong grades including 45.16 g/t gold over a 1.0 meter channel suggest that potentially significant, higher grade shoots, similar to the adjacent Viking Property, also exist on the Kramer Property. The mineralization at Kramer has been intermittently exposed and tested over a minimum 7 kilometer strike length and remains open.\n\n \n \nTechnical information in this news release was prepared and/or reviewed by Tim Froude, P.Geo., a Qualified Person as defined in NI43-101\n\n \n \nAbout Spruce Ridge Resources \n\n \n \nSpruce Ridge Resources is focused on exploring the Kramer/Viking gold property in western Newfoundland. It also has a gold property in the Beardmore-Ge...