Business
Spruce Ridge Resources Ltd. Announces the Closing of the Acquisition of the Shamrock Nickel Property in Oregon
(TheNewswire) Toronto, Ontario – TheNewswire - April 26, 2024 – Spruc...
About this update from Homeland Nickel Inc
[{"type":"text","content":"Spruce Ridge Resources Ltd. Announces the Closing of the Acquisition of the Shamrock Nickel Property in Oregon\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Toronto, Ontario –\n \n \n TheNewswire -\n \n \n April 26, 2024 – Spruce Ridge Resources\nLtd.\n \n \n (\n \n \n “Spruce”\n \n \n or the\n \n \n “Company”\n \n \n )\n(TSXV:SHL) is pleased to announce that it has closed the acquisition\nof the Shamrock Nickel Sulphide Property (the “\n \n \n Property\n \n \n ”), located\nnear Medford in southwest Oregon, USA (the “\n \n \n Acquisition\n \n \n ”) (see\npress release dated March 11, 2024).\n \n \n \n \n Steve Balch, President and CEO, stated, “Spruce is\nincreasing its presence in the U.S. critical minerals market with the\nacquisition of an interesting nickel sulphide property where the\ngrades of nickel and copper are both over 1.0% and where the\nmineralization is open along strike and at depth. We do not yet know\nthe extent of the mineralization and there is no record of exploration\nsince the 1950s. We believe there are significant platinum group\nmetals present as well.”\n \n \n \n \n The acquisition terms were amended as disclosed\nbelow.\n \n \n \n \n Shamrock Property\n \n \n \n \n Information on the Property is taken from a National\nInstrument 43-101 –\n \n \n Standards of Disclosure for Mineral Projects\n \n \n (“\n \n \n NI 43-101\n \n \n ”) report prepared by D.E. Cameron for Northwest Nickel\nwith an effective date of March 1, 2023.\n \n \n \n \n The Property consists of 40 unpatented lode claims,\naccessible by paved road, covering approximately 758 acres and located\n20 miles northwest of Medford, Oregon.\n \n \n \n \n The area was first prospected in the early 1900s, when\na 60 ft-deep inclined shaft was excavated to intersect the main\nShamrock showing containing nickel (Ni), copper (Cu), cobalt (Co), and\nplatinum (Pt). Underground development occurred during 1949-50 by the\nU.S. Bureau of Mines (“\n \n \n USBM\n \n \n ”). USBM completed eleven diamond\ndrillholes totaling 3,419 ft and outlined a lens of nickel-copper\nsulphide 325 ft long, 200 ft deep and 3-25 ft thick. A 200-lb\ncomposite sample was submitted for metallurgy and assayed 1.3% Ni,\n1.1% Cu, 0.07% Co...