Spruce Ridge Resources Ltd. Acquires Mining Claims at Eight Dollar Mountain in Oregon
Toronto, March 18, 2024 - Spruce Ridge Resources Ltd. ("Spruce" or the "Company") (TSXV: SHL) is pleased to announce that it has staked several mining claims at Eight Dollar Mountain, an area containing nickel laterite located in southwest Oregon, USA. Steve Balch, President and CEO stated, "Eight Dollar should be considered a grass-roots property, but we know it contains nickel laterite from historic exploration. We now have four properties in Oregon, two with historical nickel resources (Cleopatra and Red Flat), one with nickel sulphide intersections in drillcore (Shamrock) and now more nickel laterite at Eight Dollar. We also retain our interest in the Great Burnt Copper and South Pond Copper and Gold properties in Newfoundland, currently under option to Benton Resources, and are one of Benton's largest shareholders."
Eight Dollar
Eight Dollar is located in Josephine County, southwest Oregon just west of the town of Selma. A total of 115 mining claims were staked totaling 962 ha (2,376 ac) covering most of the west side of the mountain. Information on Eight Dollar dates to 1942 when it was explored by the Freeport Sulfur Company. The area contains several discovery pits and shallow shafts. Over the years, discovery pits were enlarged, and access roads installed with some bulk samples taken by backhoe. The area was assessed as recently as 2018 by the Department of Geology and Mineral Inventories (DOGAMI). Commodities include nickel, cobalt, and molybdenum. Several occurrences of nickel laterite have been mapped over a wide area at Eight Dollar including within the claims staked by Spruce.
Qualified Person
Stephen J. Balch, P.Geo. (ON), the Company's President and CEO and a "Qualified Person" under National Instrument 43-101, has reviewed and approved the technical content of this press release.
About Spruce Ridge
Spruce Ridge is a Canadian-based mineral exploration company focused on critical metal resources with nickel projects in Oregon, United States and copper projects in Newfoundland, Canada. The Company also holds a significant portfolio of mining securities including 3.6 million shares of Canada Nickel Company Inc. (TSX-V:CNC), 10.0 million shares of Noble Mineral Exploration Inc. (TSX-V:NOB), 15.0 million shares of Benton Resources Inc. (TSX-V:BEX) and 2.5 million shares of Magna Terra Minerals Inc. (TSX-V:MTT). Spruce's common shares trade on the TSX Venture Exchange under the symbol "SHL". More detailed information can be found on the Company's website at:
http://www.spruceridgeresources.com
Contact
Stephen Balch, President & CEO
Phone: 905.407.9586
Email: steve@beci.ca
Cautionary Statement
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. 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 Ukraine on the business of the Company; and other risks detailed from time-to-time in the Company's ongoing filings with securities regulatory authorities, which filings can be found at www.sedarplus.ca. The Company cannot assure readers that actual results will be consistent with these forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements in this press release. These forward-looking statements are made as of the date of this news release and the Company disclaims any intent or obligation to update any forward-looking statement, whether because of new information, future events or otherwise, unless otherwise required by law.