Natural Exploration Firm Enters Agreement to Acquire Nickel Assets

Natural Exploration Firm Enters Agreement to Acquire Nickel Assets

By: Tomas Ronolski - News

Thursday, November 16, 2023

This firm is about to enter the U.S. critical minerals market with two important properties containing significant resources of nickel with further expansion potential. 

Spruce Ridge Resources Ltd. (TSXV: SHL) announced in a press release today that it has entered into a share purchase agreement with RAB Capital Holdings Limited, an arm’s length party of Spruce Ridge, dated November 10, 2023, for the acquisition of all the issued and outstanding securities of RFN Holdings Limited. RFN is the holder of an 80% interest in Homeland Nickel Corporation, which holds a portfolio of mining claims in Oregon that comprise the Red Flat Property and the Cleopatra Property, as well as an interest in some secondary deposits in the vicinity of the properties. Together, the properties have resources equivalent to over one billion pounds of nickel.

Cleopatra and Red Flat are nickel laterites with resources identified in soil and rock. While the resources were described as total inferred, resources were classified in the measured, indicated, and inferred categories for both properties and total tonnage could also increase substantially by using a lower cut-off grade. The historical resources are considered reliable as they were based on a substantial base of previous work with updated confirmation drilling, trenching, and assaying. Neither report included the assay certificates from the follow-up work; these certificates have since been obtained as part of an updated technical review that is now complete, including a property visit by an independent geologist.

Shares were trading at $0.055 in morning trade.

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