Spruce Ridge Resources (TSXV: SHL) this morning announced that it is intending to immediately commence a 3,000 metre drill program at its Great Burnt Copper Deposit in central Newfoundland. The company has indicated that the drill program will be focused on firming up the current mineral resource estimate at the copper property.
The Great Burnt Copper Deposit project currently has an indicated mineral resource estimate of 550,000 tonnes of 2.66% Copper, with contained copper coming in at 32.3 million pounds, while also having an inferred resource of 30.4 million pounds (572,000 tonnes) of 2.41% Copper. This data was recently strengthened in 2018 following an infill drill program, which intersected greater widths and higher copper grades than nearby historical holes.
The company also plans to conduct drilling on its South Pond Copper-Gold deposits, which is located 11 kilometres away. Spruce Ridge will be working under an existing exploration permit at Great Burnt, while applying for a new permit to make an access trail to that of the South Pond deposit, as well as to conduct additional drilling on the South Pond “A” and “B” copper-gold and gold deposits.
The South Pond “A” deposit has indicated resources of 219,000 tonnes of 1.26% copper and 1.01 g/t gold, and inferred resources of 203,000 tonnes of 1.09% copper and 0.98 g/t gold.
The company has also indicated that it intends to perform preliminary testing on archived drill cores from the Great Burnt Deposit to conduct a preliminary economic assessment. This will determine the viability of mining the copper deposit.
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.
The Grocery Grift: Why Toronto and New York Are About to Light Taxpayer Money on Fire