NEWS ROUNDUP — Spruce Ridge drilling Madoc play

Drilling has begun on the Cooper gold property near Madoc, Ont., a 50-50 joint venture between Spruce Ridge Resources (CDN) and Lakefield Minerals, a private Toronto company.

Previous drilling outlined a gold-bearing quartz vein that extends to a vertical depth of 350 ft. and has an average true width of 7.3 ft. Last year, Lakefield drilled three holes to test the mineralized structure between 510 and 675 ft. below surface. Results included: 0.21 oz. gold per ton over 9.4 ft. in Hole 92-C-1, and 0.35 oz. over 10.1 ft. in Hole 92-C-2. The new program will test the vein along strike to the north and down-plunge. Funding was provided by an initial public share offering which consisted of 800,000 shares at 22 cents each.