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Norfolk County , Ontario - January 16, 2013 - Spruce Ridge Resources Ltd (TSXV: SHL) ("Spruce Ridge") is pleased to announce that it has completed its first diamond drill hole on the Fletcher Junction gold property in the Walker Lane area, Mineral County, Nevada. The drill hole successfully penetrated the Aurora basalt and the gravel beds and intersected 324 metres of bedrock with alteration, and anomalous to highly anomalous pathfinder elements - silver, arsenic, antimony, mercury, and molybdenum - both of which typically form haloes for a few hundred metres around epithermal gold deposits similar to the adjacent Aurora mining district, which has produced approximately 2 million ounces of gold.
Diamond drill hole FJ14 was the first core hole drilled on the Fletcher Junction property. FJ1 to FJ13 were vertical reverse-circulation holes drilled by Nevada Exploration Inc., the optionor of the property, which were drilled a short distance into bedrock and established that alteration associated with anomalous concentrations of gold-related trace elements extended over several square kilometres under the lava and gravel cover. FJ14 is the first hole to test the depth extent of the newly discovered hydrothermal system. It was drilled to test a target defined by the VTEM(R) survey flown by Spruce Ridge in 2012. The target area is buried under gravels which are in turn covered with the 150,000 year-old Aurora basalt. The drill hole passed through 115 metres of basalt and 191 metres of gravel before entering bedrock, which continued for 324 metres to the end of the hole at 629.4 metres. The bedrock consisted of sedimentary rocks composed of eroded and re-deposited volcanic rocks, probably laid down in a lake in a subsiding basin in an active volcanic area. The rocks show clay alteration in several sections, as well as intervals of silicification and pyritization. Geochemical analyses indicated anomalous to highly anomalous values in silver, arsenic, antimony, mercury, and molybdenum, all of which are considered to be pathfinder elements that point to active gold-bearing hydrothermal systems. Both the alteration and the geochemical anomalies are of the type that are typically found within a few hundred metres of numerous other similar epithermal gold deposits located in the adjacent region and elsewhere in Nevada like Aurora, Bodie, Comstock, Sleeper and Midas.
Spruce Ridge plans to drill a second hole, FJ-15, on a target 600 metres to the west of the area tested by FJ14. It comprises a north-south fault structure interpreted from the VTEM(R) survey data, and is in the middle of a cluster of water samples with highly anomalous gold concentrations.
John A. Ryan, President of Spruce Ridge, commented "We are very encouraged by the results to date. We have established that we are looking at a buried complex of rocks of volcanic origin, with well-developed alteration and a geochemical signature that tells us gold may not be far away".
For additional information about the Fletcher Junction Project, the results to date and the continuing drilling program please visit:
http://www.nevadaexploration.com/investor_info/presentations/
Technical information in this news release has bee prepared and/or reviewed by Colin Bowdidge, Ph.D., P.Geo., a Qualified Person as defined in NI 43-101 and a director of the company.
About Spruce Ridge Resources
Spruce Ridge Resources is focused on exploring the Fletcher Junction gold property in Nevada and the Kramer gold property in western Newfoundland. It has two gold properties in the Beardmore-Geraldton greenstone belt of northwestern Ontario and two uranium properties in Newfoundland. Spruce Ridge also has a 50% joint venture with US Silver and Gold Inc. The property contains tailings with low grade gold and silver from the Drumlummon Mine in Montana.
For further information please contact John Ryan, President and CEO of Spruce Ridge Resources Ltd. at 519-428-5327 or email shiitakejr@gmail.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information, which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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