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Spruce Ridge to Drill Prime Targets Identified By VTEM Survey at Fletcher Junction Gold Property, Mineral County, Nevada
(via Thenewswire.ca) Norfolk County , Ontario - October 3, 2012 - Spruce Ridge Resources Li...
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[{"type":"text","content":"\nSpruce Ridge to Drill Prime Targets Identified By VTEM Survey at Fletcher Junction Gold Property, Mineral County, Nevada\n\n(via Thenewswire.ca)\n\n \nNorfolk County , Ontario - October 3, 2012 - Spruce Ridge Resources Limited (TSXV: SHL) (\"Spruce Ridge\") is pleased to report that the Company has received results of an airborne VTEM(R) time-domain electromagnetic survey over the Fletcher Junction property in the Walker Lake mining area of Nevada. Interpretation of the survey results has defined a series of targets, and diamond drilling to test selected targets is planned to start in October. The company is currently evaluating bids from drill contractors.\n\n\n \n \n\n\n \nThe Fletcher Junction property covers the northern extension of a mineralized trend that produced over 1.9 million ounces of gold in the Aurora mining district. However, bedrock on the property is covered with gravel, which is in turn covered with basaltic lavas that were erupted about 250,000 years ago from the Aurora Crater. Nevada Exploration Inc., the optionee of the property, from which Spruce Ridge can earn up to 85% interest by making $300,000 in payments, funding $2,600,000 in exploration over a 4-year period, and completing a feasibility report, recognized the potential of the property due to highly anomalous gold contents of water in natural springs seeping out from under the lava cover. Nevada Exploration Inc. has developed sophisticated sampling and analytical techniques to analyse natural waters for gold, and has used this technology to assemble a portfolio of properties on the basis of gold-in-water anomalies. In addition to the gold anomalies in water the Fletcher Junction property, mineralized, angular quartz float was found on the gravel terrace along the western edge of the lavas, which yielded assays of up to 90.5 grams per tonne (g/t) of gold and 324 g/t silver. A limited amount of reverse-circulation drilling by Nevada Exploration has intersected bedrock and confirmed the presence of alteration and anomalous gold, silver and pathfinder element values.\n\n\n \n \n\n\n \nThe first target to be drill tested is an interpreted paleo-hill, or bedrock high that appears to rise above the gravel layer, although it is still covered by lava. It has clearly been resistant to erosion, possibly due to silicification, which may be related to minerali...