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Spruce Ridge Resources Signs Implementation Agreement for Consolidation and Spin-out of Crawford Nickel Project to Canada Nickel Company Inc.
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About this update from Homeland Nickel Inc
[{"type":"text","content":"Spruce Ridge Resources Signs Implementation Agreement for Consolidation and Spin-out of Crawford Nickel Project to Canada Nickel Company Inc.Not for distribution to U.S. newswire services or for release, publication, distribution or dissemination directly, or indirectly, in whole or in part, in or into the United StatesPUSLINCH, ON / ACCESSWIRE / November 28, 2019 / Spruce Ridge Resources Limited (TSXV:SHL) (\"Spruce Ridge\" or \"the Company\") today announced that further to the letter of intent signed by the Company as announced on October 1, 2019, the Company has entered into the definitive agreement for that transaction on the same basis.John Ryan, Spruce Ridge President and CEO commented: \"We are pleased that Mark Selby will lead Canada Nickel Company to advance the Crawford Nickel-Sulphide project in a dedicated nickel company. Mr. Selby has considerable experience in the global nickel industry, including development of the Dumont Nickel deposit.\" \"This transaction allows Spruce Ridge to aggressively work the Great Burnt Copper and Gold property in Newfoundland with a plan to carry out an infill drilling program with a view to firming up the resource (see news release dated October 29, 2019 where Spruce Ridge announced an Updated Mineral Resource Estimate) prior to carrying out a planned PEA.\"Great Burnt Underground Mineral Resource Estimate at 0.90% CuEq Cut-Off(1-5)ClassificationTonnes(k)Cu%Aug/tCuEq%CuMlbsAukozCuEqMlbs Great Burnt DepositIndicated5502.66Nil2.6632.3Nil32.3Inferred5722.41Nil2.4130.4Nil30.4 South Pond \"A\" DepositIndicated2191.261.011.956.17.19.4Inferred2031.090.981.764.96.47.9 TotalIndicated7692.260.292.4638.47.141.7Inferred7752.060.262.2435.36.438.31. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues, although Spruce Ridge is not aware of any such issues. 2. The Inferred Mineral Resource in this estimate has a lower level of confidence that that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration. 3. Th...