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Shamrock Property
Information on the Property is taken from a National Instrument 43-101 –Standards of Disclosure for Mineral Projects(“NI 43-101”) report prepared by
The Property consists of 40 unpatented lode claims, accessible by paved road, covering approximately 758 acres and located 20 miles northwest of
The area was first prospected in the early 1900s, when a 60 ft-deep inclined shaft was excavated to intersect the main Shamrock showing containing nickel (Ni), copper (Cu), cobalt (Co), and platinum (Pt). Underground development occurred during 1949-50 by the
Nickel-copper mineralization can be traced along strike for 1,500 ft north-south, 500 ft east-west and contains two mineralized lenses. Ultramafic rocks were intersected in drilling and consist predominantly of peridotite and related serpentinite, as well as norite and diorite. The best mineralization is present in a coarse-grained norite. Sulphide mineralization includes pyrrhotite, pentlandite, chalcopyrite and pyrite. A bulk flotation program recovered 92.3% of the Ni, 89.4% of the Cu and 51.3% of the Pt.
Acquisition Terms
Under the terms of the Acquisition, Spruce will acquire a 100% interest in the Property upon closing by:
transferring to Northwest Nickel 100,000 common shares in the capital of Canada Nickel Company Inc. (TSXV:CNC) held by Spruce;
making a
$10,000 cash payment to Northwest Nickel,issuing to Northwest Nickel an aggregate of 2,500,000 common shares in the capital of Spruce (TSXV:SHL); and
granting to Northwest Nickel a 2.0% net smelter returns royalty (NSR”) with the option to repurchase 50% of the NSR for consideration of
$1,000,000 .
The Acquisition is an arm's length transaction for the purposes of the policies of the
Additional technical information on the Property is available on the Company’s website.
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Figure 1 -= Location of the massive sulphide lenses and historic workings at Shamrock.
Qualified Person
About Spruce Ridge
Spruce Ridge is a Canadian-based mineral exploration company focused on critical metal resources with nickel projects in
http://www.spruceridgeresources.com
Cautionary Statement
Neither
This news release contains statements that constitute “forward-looking statements”. Forward-looking statements are statements that are not historical facts and include, but are not limited to, disclosure regarding possible events, that are based on assumptions and courses of action, and in certain cases, can be identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur, or the negative forms of any of these words and other similar expressions. Forward-looking statements include statements related to future plans for the Company, and other forward-looking information. Forward-looking statements are based on various assumptions including with respect to the anticipated actions of securities regulators, stock exchanges, and government entities, management plans and timelines, as well as results of operations, performance, business prospects and opportunities. Although the forward-looking statements contained in this news release are based upon what the management of the Company believes are reasonable assumptions on the date of this news release, such assumptions may prove to be incorrect. Forward-looking statements involve known and unknown risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether such results will be achieved. A number of factors could cause actual results, performance or achievements to differ materially from the results discussed in the forward-looking statements, including, but not limited to: an inability to develop and successfully implement exploration strategies; general business, economic, competitive, political and social uncertainties; the lack of available capital; impact of the evolving situation in
Contact
Phone: 905.407.9586
Email: steve@beci.ca
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