Business
Spruce Ridge Terminates Option Agreement on the Fletcher Junction Gold Property in Nevada and Will Now Focus on the Kramer/Viking Gold Property in Newfoundland
(via Thenewswire.ca) Norfolk County , Ontario - September 30, 2013 - Spruce Ridge Resour...
About this update from Homeland Nickel Inc
[{"type":"text","content":"\nSpruce Ridge Terminates Option Agreement on the Fletcher Junction Gold Property in Nevada and Will Now Focus on the Kramer/Viking Gold Property in Newfoundland(via Thenewswire.ca)\n\n \nNorfolk County , Ontario - September 30, 2013 - Spruce Ridge Resources Ltd (TSXV: SHL) (\"Spruce Ridge\") announces that it has terminated the option agreement on the Fletcher Junction gold property in Nevada. The second diamond drill hole at Fletcher Junction (FJ15) gave results very similar to the first hole (FJ14); gravels overlying bedrock contained locally anomalous gold. The bedrock, which (also like FJ14) comprised a sedimentary sequence composed of reworked pyroclastic and epiclastic volcanic rocks, was assayed where there were signs of silica-sulphide mineralization, and these sections yielded only minimal gold values, but did contain anomalous silver, arsenic, mercury, molybdenum and antimony, all pathfinder elements for epithermal gold systems, and all very similar to the concentrations in FJ14. The results do not lead to a simple vector indicating which direction to go towards the gold source; following up these indications would have entailed a multi-hole core drilling program, with each hole approximately 2,000 feet deep. The Company would require considerable funding to meet its commitments and the dilution to existing shareholders would be significant.\n\n \n \nManagement has concluded that further drilling on the Kramer-Viking project in Newfoundland would have a better chance of generating economically significant results, for a small fraction of the budget. The Kramer - Viking Project is host to significant 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 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 th...