Business
Spruce Ridge to Drill Two Uranium Properties in Newfoundland
Spruce Ridge to Drill Two Uranium Properties in Newfoundland.
About this update from Homeland Nickel Inc
[{"type":"text","content":"\n\n\n\nNORFOLK COUNTY, ON, April 12 /CNW/ - Spruce Ridge Resources Ltd.\n(SHL:TSX-V) is pleased to announce that it will be drilling two uranium\nproperties in Newfoundland this spring.\n\n\nNorth Brook Property - Deer Lake Basin\n\n\n--------------------------------------\n\n\nThe North Brook exploration will include up to 2,100 meters of drilling.\nThe drilling will test the anomalous radioactivity which was located over a\nlength of 798 metres in intermittent outcrops in the banks of North Brook (see\nnews releases dated October 25th and November 1st, 2006). Radiometric readings\nover the mineralized area ranged from 6 to more than 100 times background.\nSeven samples which were assayed by the Saskatchewan Research Council\ncontained .078% to 3.73% U(3)O8 (equivalent to 1.6 lbs/ton to 74.6 lbs/ton).\nThe near surface mineralization occurs in a 1 metre thick band of grey,\nflat-lying sediment with pyrite and chalcopyrite. The outcrop samples\ncollected from the riverbank are weathered and may have experienced depletion\nof some of their original uranium content by leaching.\n\n\nSpruce Ridge's land holdings in the Deer Lake Basin consist of 2,174\nclaims or 55,350 hectares.\n\n\nDetermination Zone - Turner's Ridge\n\n\n-----------------------------------\n\n\nThe Turner's Ridge exploration will include up to 600 metres of drilling.\nThe Determination Zone was found in outcrop over an area of 110 metres by 22\nmetres during follow-up of radiometric anomalies located by an airborne\nmagnetic/EM/gamma-ray spectrometer survey flown in the summer of 2006. Eleven\nsamples returned assay results from 0.043% to 0.274% U(3)O8, with an average\nof 0.156% U(3)O8 or 3.12 lbs/ton (see news release dated January 9th, 2007).\nAnomalous gold and nickel values are associated with the mineralization. The\nhost rock appears to be a felsic pyroclastic rock affected by intense clay\nalteration. The principal alteration mineral has been identified by\nreflectance spectroscopy as illite which is one of the commonest alteration\nminerals associated with unconformity-related uranium mineralization in the\nAthabasca Basin of Saskatchewan. The discovery of the Determination Zone has\nshown this structural corridor to be prospective for uranium mineralization in\npre-Carboniferous basement rocks, possibly related to the Carboniferous\nunconformity.\n\n\...