Spruce Ridge Resources (TSXV: SHL) this morning announced that it has completed a 3,100 metre drill program consisting of 22 drill holes in total. The program was conducted at the firms flagship Great Burnt copper deposit in central Newfoundland, with highlights from the program being 27.2 metres of 8.02% copper.
Assays from just a single hole were reported this morning as a result of delays from the lab. The hole, GB20-05, was conducted on a priority basis due to certain zones showing high grades of copper mineralization. In addition to the highlighted figure above, the intersection included 7.75 metres of 16.88% copper, and 2.0 metres of 21.25% copper.
|From (m)||To (m)||Core Length||Cu (%)||Zn (%)||Au (g/t)|
|161.9||189.1||27.2 m||8.02% Cu||0.32% Zn||0.07 g/t Au|
|171.85||179.60||7.75 m||16.88% Cu||0.74% Zn||0.12 g/t Au|
|174.85||176.85||2.00 m||21.25% Cu||0.91% Zn||0.19 g/t Au|
“This remarkable drill hole confirms how variable are the grade and thickness of the Great Burnt Main Zone. It also reaffirms our suspicion that the 1960s-vintage historical drill holes on the deposit may have understated the grade because they were drilled with standard drilling and EX core, and drill logs indicate poor core recovery in the mineralized zone. When all the assays are in from the 2020 program, we plan to revise the Mineral Resource estimate for the Great Burnt Main Zone, and prepare a Preliminary Economic Analysis (PEA) so we can move towards pre-production development.”John Ryan, CEO of Spruce Ridge Resources
Spruce Ridge Resources last traded at $0.105 on the TSX Venture.
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