Sunday, June 1, 2025

Latest

Spruce Ridge Amends Option Agreement On Two Newfoundland Properties

Spruce Ridge Resources (TSXV: SHL) this morning announced that it has amended an option agreement related to its Viking and Kramer properties, located near White Bay, Newfoundland. The original agreements date back to February 2016, wherein Spruce Ridge agreed to option out the properties to Anaconda Mining.

The amended option arrangement has now been assigned to that of Magna Terra Minerals (TSXV: MTT), following a transaction that saw Magna Terra acquire the interest in the property from Anaconda. The company has since initiated an exploration program focused on the larger Viking and Great Northern properties, which Spruce Ridge’s Viking and Kramer properties are a part of.

The amended option agreement is focused on the exploration of the properties, enabling Magna Terra to focus on the current and historic mineral resources on site. The Viking property hosts a historical indicated mineral resource of 63,000 ounces of gold at a grade of 2.09 grams per tonne, plus inferred resources of 20,000 ounces at 1.79 grams per tonne gold.

Under the terms of the option agreement, Magna Terra can acquire a 100% interest in the properties via paying a total of $300,000 over four periods ending February 15, 2023. Up to 50% of this figure can be paid through the issuance of common share units, with each unit containing one common share and one half of a purchase warrant. The company will also retain a 0.5% net smelter royalty on the Viking Property, and a 2.0% net smelter royalty on the Kramer property.

Spruce Ridge Resources last traded at $0.075 on the TSX Venture.


FULL DISCLOSURE: Spruce Ridge Resources is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Spruce Ridge Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

Leave a Reply

Video Articles

Alamos Gold Q1 Earnings: The Inside Scoop

Cerrado Gold Q4 Earnings: The Turnaround is Working

B2GOLD Q1 Earnings: Revenue Up, Production & Cash Flow Decline

Recommended

Canadian Copper: The $172M Combined Strategy PEA

ESGold Begins Concentration Tests Ahead Of First Production

Related News

Kirkland Lake Gold: Analyst Price Targets Lowered Due To Disappointing Guidance

Kirkland Lake Gold (TSX: KL) recently announced 2021 operating guidance and their production profile visibility...

Thursday, December 17, 2020, 02:19:00 PM

Radisson Mining: High-Grade Gold Discoveries At O’Brien Project

On October 7, Radisson Mining Resources Inc. (TSXV: RDS), a gold exploration company, announced bonanza-grade gold...

Saturday, October 10, 2020, 01:56:00 PM

Gold Mining Exploration in Idaho is Heating Up

The Deep Dive is currently doing due diligence on Lodge Resources (CSE: LDG), which just...

Saturday, April 25, 2020, 11:53:42 AM

Gold Rush 2020: The Excitement Has Begun

The images are burned in many of our imaginations. The Klondike. The California Gold Rush....

Saturday, July 18, 2020, 08:30:00 AM

Superior Gold To Raise $15.0 Million Through Bought Deal

Superior Gold (TSXV: SGI) this morning announced that it will be conducting a bought deal...

Tuesday, October 13, 2020, 09:13:18 AM