Spruce Ridge Now Owns 80% Of Homeland Nickel

Spruce Ridge Now Owns 80% Of Homeland Nickel

TORONTO – Spruce Ridge Resources Ltd. has completed its acquisition with RAB Capital Holdings Limited of all the issued and outstanding securities of RFN Holdings Limited (RFN), which is the holder of an 80% interest in Homeland Nickel Corporation. Spruce Ridge now owns 80% of Homeland Nickel, which owns the Cleopatra and Red Flat nickel laterite deposits in southwest Oregon, both of which host historical resources, as well as an interest in some secondary nickel laterite deposits in the vicinity of the Properties.

President and CEO Steve Balch, said, “With the acquisition now behind us, it’s time to apply for permits so that we can start exploring. We believe there is substantial resource upside on both properties that we can realize by drilling deeper. Cleopatra contains an area of 949 acres with an average nickel grade of 1.12%. Cleopatra overall has only been explored to an average depth of 8-12 feet. Nickel grades appear to increase with depth, and laterite thickness could exceed 50 feet in some areas. The basement rocks have yet to be intersected on the property. Our proposed exploration program would focus first on Cleopatra with a series of up to 70 drillholes completed to a depth of 50 feet located with a drill spacing of 600 feet by 1200 feet and focused on the northeast one-third of the property”.