NORFOLK COUNTY, ON, Nov. 27 /CNW/ - Spruce Ridge Resources Ltd. (SHL: TSX-V) today announced the first drill results returned from the 2,000-metre program of shallow drilling underway at Nora Lake, where drill crews are currently on the eighth hole. The Nora Lake property (89%-owned by Spruce Ridge) lies in the Beardmore-Geraldton gold camp approximately 20 km south of Kodiak Exploration Ltd.'s Hercules and Golden Mile gold discovery in northern Ontario.
Assay results have now been received from drill hole No. 1 (NL-01-07) which intersected an average of 5.896 g/t Au over 1.5 metres as part of a wider section averaging 2.529 g/t Au over 4.7 metres. The mineralized interval occurs at the contact between altered and sheared mafic volcanics and an intrusive quartz-feldspar porphyry. The mineralization is associated with quartz veining, pervasive silicification and heavily disseminated arsenopyrite. More core samples are out for assaying and results are pending. Further highlights from the first hole are presented below.
ASSAY RESULTS FROM DRILL HOLE NL-01-07
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Intercept
Hole No. From To metres Au g/t
NL-01-07 9.50 10.30 0.80 0.565
34.80 35.80 1.00 0.998
39.00 43.70 4.70 2.529
incl. 1.50 5.896
60.00 61.50 1.50 0.675
79.50 80.00 0.50 1.082
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The Nora Lake property is underlain by volcanic rocks of the Beardmore-Geraldton greenstone belt, which produced 4.2 million ounces of gold from 17 separate mines between 1935 and 1971. Recent gold discoveries by Kodiak Exploration Ltd. and Roxmark Mines Ltd., among others, have begun to draw attention to this previously under-explored belt. The Nora Lake mineralized zone consists of mafic volcanics cut by an irregular body of quartz porphyry; both rock types are intensely sheared, carbonatized and silicified and cut by irregular quartz tourmaline veins, and carry disseminated to heavy pyrite and arsenopyrite. The main stripped area exposes mineralization over a length of 130 metres and a width of at least 44 metres. Additional stripping on strike to the east and west gives the zone a minimum length of 240 metres.
As previously reported, stripping in 2007 extended the main trench to the northwest and southwest, where a newly exposed contact zone of the porphyry intrusion was found to be well mineralized with pyrite, arsenopyrite and free gold. Channel sampling gave an average of 17.43 g/t Au over 1.2 metres, within a 6.5-metre channel that averaged 3.94 g/t Au.
Technical information in this news release has been compiled and reviewed by Colin Bowdidge, Ph.D., P.Geo., a director of the Company and a Qualified Person as defined in NI43-101. Widths of assayed samples are core lengths; true widths will be determined after a planned second hole is drilled under hole 1. Assays quoted in this news release were performed at Accurassay Laboratories in Thunder Bay, Ontario using fire assay preparation on 30-gram splits, followed by AA finish.
About Spruce Ridge Resources Ltd.
Spruce Ridge Resources Ltd. is a mineral exploration company engaged in locating, acquiring and exploring for mineral resources, primarily uranium and gold. The Company has two prospective uranium properties in Western Newfoundland, Canada: (i) the Deer Lake Basin uranium property and (ii) the Turner's Ridge uranium, lead and gold property approximately 30 kilometres to the north. The Company also has three prospective gold properties in Northern Ontario at Knucklethumb, Spruce Hull Lake and Nora Lake. Shares outstanding are 22,114,182.
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