Spruce Ridge Resources Ltd.
Spruce Ridge Reports Value of Marketable Securities as at February 19, 2021
PUSLINCH, ON / ACCESSWIRE / February 22, 2021 / Spruce Ridge Resources Ltd. (TSXV:SHL) ("Spruce Ridge" or the "Company") is pleased to report the value of its marketable securities as at market close on Friday February 19, 2021.
The value of the marketable securities based on 148,364,764 shares outstanding is $0.2217 per share. Spruce Ridge shares closed at $0.185 per share on February 19, 2021. Spruce Ridge holds 100% interest, subject to a 2% net smelter returns royalty, in the Great Burnt property in Central Newfoundland. The table below shows Mineral Resource estimates made after the 2018 drill program. In news releases dated December 21 and December 24, 2020, the Company released the results of two drill holes in the 3,114 metre, 22-hole program carried out in the fall of 2020 on the Great Burnt copper deposit, for which assays were done on a rush basis. Final assay results have now been received and will be released as soon as they have been compiled. A new Mineral Resource estimate is planned, as well as metallurgical testwork and a Preliminary Economic Analysis (PEA) for the Great Burnt copper deposit. Last week copper prices climbed above US$4 per pound for the first time since September 2011.
The Company also has approximately $2,000,000 in cash. Spruce Ridge holds these marketable securities for investment purposes. Spruce Ridge may in the future take such actions in respect of these holdings as deemed appropriate in light of the circumstances then existing, including the distribution to Spruce Ridge shareholders of all or a portion of these holdings, or one or more sales of all or a portion of these holdings in the open market or in privately negotiated transactions to one or more purchasers. Spruce Ridge has 2,100,000 free trading Canada Nickel (CNC) shares. The balance of 6,000,000 shares is held in escrow with 1,500,000 shares to be released in August 2021, February and August 2022 and the final 1,500,000 shares to be released in February 2023. Spruce has 10,000,000 free trading shares of Noble Mineral Exploration (NOB) and 5,000,000 warrants with a $0.15 exercise price.
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.
Source: http://spruceridgeresources.com/docs/news/nr-feb-22-2021.pdf
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