Spruce Ridge Completes Airborne Survey over “Foggy Pond” Gold Property

Spruce Ridge Resources Ltd. (TSX-V SHL) – (“Spruce Ridge” or the “Company”) is pleased to announce it has completed a high resolution airborne magnetic gradiometer survey over its “Foggy Pond” gold and base-metals property (see Figure 1) covering an area of 19,175 ha from 767 claims which are contiguous to the Company’s Great Burnt Copper-Gold Property.

The newly acquired claims cover a large, previously unexplored area underlain by Lower Paleozoic siliciclastic rocks, similar to those hosting recently discovered gold deposits on the Queensway Project of New Found Gold Corp. and the Moosehead Project of Sokoman Minerals Corp.  Re-interpretation of province-wide airborne magnetic data has indicated previously undocumented structural complexity, including a regional-scale fold and possible crustal-scale fault structures like the structures that are now known to localize gold mineralization in Central Newfoundland. The fold feature may cause the mineralized horizon containing the Great Burnt copper deposit and the South Pond gold and copper-gold zones to be repeated on a western limb. Local magnetic anomalies have been interpreted as possible ophiolite slivers along a northeast-trending structure that may be like the GRUB line crossing New Found Gold’s property.

Preliminary results from the high-resolution magnetic survey confirm the presence of geologic features that appear to be folds intersected by faults in an area of complex geology that does not match the published geology maps.  The new survey (Figure 2a) is compared to the regional magnetic data available from the Newfoundland Government (Figure 2b).

John Ryan, CEO of Spruce Ridge Resources stated “This area of Newfoundland has seen little or no historic exploration.  Farther east New Found Gold has discovered high-grade gold.  To the north is a series of base metal deposits including the historic Buchans mining district and Tally Pond deposit.  Directly to our east is the recently staked Pipestone Nickel Property, which completes our 26,640-hectare claim holdings in Newfoundland.  Our next step will be ground follow-up with prospecting, mapping, and sampling of the numerous targets we have identified.  Work to commence in Q2 of 2022.”

Qualified Person

Colin Bowdidge, Ph.D., P.Geo., a Qualified Person as defined in NI43-101 and a director and Vice President – Exploration of Spruce Ridge, has reviewed and approved the technical information in this news release.

About Spruce Ridge Resources Ltd.

Spruce Ridge holds a 100% interest in 26,640 hectares in Central Newfoundland, including:

• the 2,890-hectare Great Burnt VMS copper-gold property, for which an updated mineral resource estimate and PEA are expected in the new year; 
• the 4,575-hectare Pipestone nickel prospect, which covers the long linear magnetic anomaly on the east side of figure 2; and 
• the 19,175-hectare Foggy Pond property, the subject of this news release. 

In addition to its mineral assets, Spruce Ridge acquired leases with petroleum and natural gas rights, plus shut-in oil and gas wells, pipelines, and facilities, in the Unity area of southwestern Saskatchewan. and is in the process of putting these assets back into production.

Spruce Ridge currently holds 5,594,955 shares of Canada Nickel Company Inc. and 10,000,000 shares of Noble Mineral Exploration Inc.

For further information please contact:

John Ryan, President and CEO

Spruce Ridge Resources Ltd.

Phone: 519-822-5904

Email: spruceridgeresources@gmail.com

Forward-Looking Statements

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 release.  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 intention to complete the transactions, and the Company’s objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to an inability to complete the transactions, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, delays in obtaining or failures to obtain required regulatory, 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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.