Spruce Ridge Intersects 27.2 Metres of 8.02% Copper at Great Burnt

PUSLINCH, ON / ACCESSWIRE / December 21, 2020 / Spruce Ridge Resources Ltd. (TSXV:SHL) ("Spruce Ridge" or the "Company") is pleased to announce the completion of a 22-hole, 3100-metre program of infill diamond drilling on its wholly-owned Great Burnt copper deposit in central Newfoundland. Core from drill hole GB20-05 was selected for assaying on a priority basis because it included sections of unusually high grade copper mineralization. The hole intersected 27.2 metres averaging 8.02% Cu, including 7.75 metres of 16.88% Cu, which in turn included 2.0 metres of 21.25% Cu.

Core from drill hole GB20-20 was also selected for assaying on a priority basis because it includes sections of high grade copper mineralization over 20.65 metres.

CEO John Ryan stated "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".

The following table gives the intervals for the copper grade averages, plus the zinc and gold values associated with the copper intersections. True widths are estimated to be about 60 percent of the core lengths:

Assays were performed at Eastern Analytical Ltd. in Springdale, NL. Eastern Analytical is a Canadian-owned assay laboratory with ISO 17025 accreditation.

Technical information in this news release was prepared and/or reviewed by Colin Bowdidge, Ph.D., a director of the Company and a Qualified Person as the term is defined in National Instrument 43-101.

Acknowledgments

Spruce Ridge acknowledges the financial support of the junior exploration assistance program, department of natural resources and government of Newfoundland and Labrador.

About Spruce Ridge Resources Ltd.

Spruce Ridge holds a 100% interest in the Great Burnt Copper-Gold Property in Central Newfoundland which covers a series of copper ± gold rich VMS deposits. Spruce Ridge sold its interest in in the Crawford Nickel-Cobalt Sulphide project to Canada Nickel Company Inc. but retained ground which contains VMS and gold targets. Spruce Ridge holds 8,100,000 shares of Canada Nickel Company and 10,000,000 shares of Noble Mineral Exploration Inc. Spruce Ridge has an option agreement with Magna Terra Minerals Inc. on its Viking/Kramer gold properties in Western Newfoundland.

For further information please contact:

John Ryan, President and CEO
Spruce Ridge Resources Ltd.
Phone: 519-822-5904
Email: [email protected]

CAUTIONARY STATEMENT: This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information 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, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, 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, capital and operating costs varying significantly from estimates 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.

SOURCE: Spruce Ridge Resources Limited