Spruce Ridge Resources Ltd.
Why Spruce Ridge?
- High grade copper discovery - April 26, 2016, Spruce Ridge drills 7.5 metres of 9.45% copper, including 3 metres of 19.3% copper;
- A volcanogenic massive sulphide (VMS) deposit with an Indicated Resources of 430,000 tonnes at 2.48% Cu and Inferred Resources of 820,000 tonnes at 2.10% Cu* and open at depth;
- High-grade starter pit with 237,000 tonnes at 2.51% Cu (undiluted) with the potential of $11.3 million net cash flow;
- Road accessible property, 40 km SE of Teck's operating Duck Pond Cu-Zn Mine and 2,000 tpd concentrator;
- Substantial exploration potential including South Pond "B" Gold Zone and End Zone (high grade copper boulders);
- 100% interest in mining lease and 5 contiguous mineral licenses covering 148 claim units with an area of 4,065 ha, lease subject to 2% NSR.
* The mineral resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines. The mineral resources are currently NOT NI43-101 compliant. At the present time an independent QP has completed a site visit, verification of assay values, verification of tenure, and other requirements necessary for a NI43-101 report are in progress. Pavey Ark is in process of completing the steps to make the mineral resources compliant.
Source: http://spruceridgeresources.com/why-spruce-ridge.php
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