(via Thenewswire.ca)
Norfolk 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.
The 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.
The 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 mineralizing processes. A 600 metre (2,000 feet) deep inclined diamond drill hole will test this intriguing target.
Another result of interpreting the VTEM(R) survey that was unexpected is that there is a continuous resistivity low in the bedrock running in a northerly direction from the Aurora mining district all the way through the Fletcher Junction property. It was initially anticipated that Fletcher Junction might be host to a mineralized cluster similar to that at the Aurora mining district. However, it now appears, on the basis of the geophysics, that there may be one continuous alteration system extending over 11 kilometres from the Aurora mining area to the north end of the Fletcher Junction property. Drill testing will of course be necessary to determine if this interpreted alteration system is associated with mineralization.
Technical information in this news release has bee prepared and/or reviewed by Colin Bowdidge, Ph.D., P.Geo., a Qualified Person as defined in NI 43-101 and a director of the company.
About Spruce Ridge Resources
Spruce Ridge Resources is focused on exploring the Fletcher Junction gold property in Mineral County, Nevada and the Kramer gold property in western Newfoundland. It has two gold properties in the Beardmore-Geraldton greenstone belt of northwestern Ontario, two uranium properties in Newfoundland and a 50% joint venture with US Silver & Gold Inc. The JV Property contains tailings with low grade gold and silver from the Drumlummon Mine in Montana.
For further information please contact:
John Ryan, President & CEO
Spruce Ridge Resources Ltd.
Phone: 519-428-5327
Email: shiitakejr@gmail.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information, which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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