Updated Mineral Resource Estimate At Great Burnt Copper Property
PUSLINCH, ON - Spruce Ridge Resources Ltd. has received the results of an updated Mineral Resource Estimate for the Great Burnt Copper and Gold Property in Central Newfoundland, that incorporates the results of the 2020 diamond drilling program on the Great Burnt Main Zone. The Mineral Resource Estimate was prepared by P&E Mining Consultants Inc. It will be used in a Preliminary Economic Assessment (PEA), expected to be complete later this year.
The most prominent change is the increase in copper grades of the Main Zone, from 2.66% Cu to 3.21% Cu in the Indicated classification, with a smaller decrease from 2.41% Cu to 2.35% Cu in the Inferred classification. There was a matching increase in the contained copper content from 32.3 (Indicated) plus 30.4 (Inferred) million pounds (Mlbs) to 47.2 (Indicated) plus 25.0 (Inferred) Mlbs. The 2020 drill program comprised only infill drill holes; hence there was only a very minor increase in tonnage of the Great Burnt Main Zone; however, approximately one-fifth of the Inferred tonnage has moved to the Indicated classification.
CEO John Ryan, said, "We are extremely pleased with the updated Mineral Resource Estimate at the Great Burnt Main Zone. Compared with the 2019 estimate, the Indicated Mineral Resource now has 46 percent more pounds of copper contained in just 21 percent more tonnes, with a 21 percent increase in grade. With the copper price having more than doubled over its 2020 low, and strong copper demand anticipated as electricity continues to replace fossil fuels, the Great Burnt Main Zone is looking as if it has a realistic prospect of becoming a commercially viable deposit, and we are eagerly awaiting the results of the PEA.”