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Spruce Ridge Receives Option Payment from Magna Terra Minerals Inc.

by MikeyMike426
February 16, 2021
in SHL, SHL News
0
Canada Nickel Company Signs Memorandum of Understanding with Wabun Tribal Council for Crawford Nickel-Cobalt Sulphide Project

PUSLINCH, ON – February 15, 2021 / Spruce Ridge Resources Ltd. (TSXV:SHL) (“Spruce Ridge” or the “Company”) is pleased to announce receipt of $75,000 anniversary option payment from Magna Terra Minerals Inc. (“Magna Terra”). Spruce Ridge entered into an Amended Option Agreement for both the Viking and Kramer properties with Magna Terra (See News Release dated September 15, 2020). The Viking and Kramer Properties form part of the larger Viking and Great Northern Projects near the communities of Pollard’s Point and Sop’s Arm in White Bay, Newfoundland.

Option Details

Magna Terra can earn a 100% interest in the Viking and Kramer Projects by paying Spruce Ridge a total of $300,000 over 4 payment periods ending February 15, 2023. Spruce Ridge is entitled to a 0.5% uncapped NSR on all minerals sales from the Viking Property, and a 2.0% NSR on all mineral sales from the Kramer Property, which is capped at $2,500,000, after which the NSR will be reduced to 1.0%.

Technical information in this news release was prepared and/or reviewed by Colin Bowdidge, Ph.D., a director of the Company and a Qualified Person as the term is defined in National Instrument 43-101.

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.

Spruce Ridge common shares trade on the TSX Venture Exchange under the symbol “SHL”.

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.

For further information please contact:

John Ryan, President and CEO
Spruce Ridge Resources Ltd.
Phone: 519-822-5904
Email: spruceridgeresources@gmail.com

SOURCE: Spruce Ridge Resources Ltd.

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MikeyMike426

MikeyMike426

I am a 3rd generation miner who was born and raised in the silver capital of Canada, Cobalt, Ontario. For the last 10 years I have been invested in the mining sector and as a retail investor found it difficult gathering information on companies of interest. For this reason we created Insidexploration.com as a means to share our due diligence with investors all around the world. Disclosure The thoughts and opinions expressed in my articles and research reports are my own and do not represent those of the companies I write about. I often buy and sell the stocks I write about and may do so at any point in time without warning. Disclaimer My articles and research reports should not be considered a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided is derived from sources believed to be accurate, but cannot be guaranteed. I do not take into account the particular investment objectives, financial situations, or needs of individual recipients and other issues (e.g. prohibitions to investments due to law, jurisdiction issues, etc.) which may exist for certain persons. I am not a registered financial advisors and one should always do your own due diligence and consult a licensed investment adviser prior to making any investment decisions. Always reference www.SEDAR.com for important risk disclosures.

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In case you missed it, we did an interview with St-Georges Eco-Mining's VP of research and development, Enrico Di Cesare whereby we talked about the recent development of EVSX

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Noble Mineral Explorations Closes Earn-in Transaction with Canada Nickel Corp.

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Toronto, Ontario – April 14, 2021 – Noble Mineral Exploration Inc. (“Noble” or the “Company”) ...

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Ever wonder how the old time miners milled their ore?

Well Lucky for you we teamed up with @NewrangeNRG $NRG $NRGOF and Robert Carrington to create this educational video about the historic 20 stamp mill at Pamlico Ridge.

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RJK Explorations is hot on the trail of the source of the famed Nipissing Diamond. Learn more about the project @ through our series of videos we created over the last two years.

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These drill targets are MMI (Mobile Metal Ion) copper anomalies discovered by sampling target areas generated by Windfall Geotek's proprietary Computer Aided Resources Detection System (CARDS).

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