VANCOUVER, BC, March 31, 2021 /CNW/ - Rockridge Resources
Ltd. (TSXV: ROCK) (OTCQB: RRRLF) (Frankfurt: RR0) ("Rockridge"
or the "Company") is pleased to announce that it has expanded the
current diamond drilling program at its Knife Lake Copper Project
located in Saskatchewan, Canada
(the "Knife Lake Project" or "Property"). The 1,600 metre program
(6 to 8 drill holes) has been expanded to 2,100 metres (10-12 drill
holes) given the initial visual indications of mineralization seen
in the first few drill holes. The Company is fully funded and
permitted for the expanded program. The Knife Lake Project,
consisting of 49 claims totaling 32,663 hectares (80,712 acres), is
an advanced-stage copper, silver, zinc and cobalt exploration
property in Saskatchewan.
Knife Lake VMS Project Location
Map:
https://www.rockridgeresourcesltd.com/_resources/images/Knife-Lake-regional-overview-2021.jpg
The first eight holes of the program have been completed at the
Gilbert Lake North and South target areas which are approx. 5 to 6
km to the west of the Knife Lake deposit. These targets were
previously undrilled and drilling has intersected visual
indications of VMS-style mineralization, including semi-massive to
massive sulphides hosted in intermediate-mafic volcanic rocks and
pegmatites. Early interpretations indicate it is the same
stratigraphic horizon as the Knife Lake deposit. Based on
encouraging observations in the initial holes, the program has been
expanded and the focus of drilling will remain at Gilbert Lake with
minor infill drilling planned in the immediate area of the 2019
maiden resource. Assay results for all holes are pending.
Knife Lake Winter Drill Collar
Locations:
https://www.rockridgeresourcesltd.com/_resources/images/DDH-Expand-NR_20210329.jpg
Highlights
- Expanded drill program from 1,600 metres (6 to 8 drill holes)
to 2,100 metres (10 to 12 drill holes) in the fully funded
program
- Drilling will focus on discovering VMS style copper deposits
along newly defined conductors as well as at the Knife Lake VMS
deposit
- Gilbert Lake North and South targets, where very little
historical exploration has been carried out, have begun to be
tested with encouraging mineralization intersected in the first few
holes
- Infill drilling is also planned in the immediate area of the
2019 maiden resource at the deposit
- Rockridge completed first work program in the last ~20 years in
2019, with highlight results including 2.03% Cu, 9.88 g/t Ag, 0.19
g/t Au, 0.36% Zn, and 0.01% Co (2.42% CuEq) over 37.6m beginning at 11.2m in hole KF19003
- Deposit is thought to be a remobilized portion of a "primary"
VMS deposit; most of the historical work has consisted of shallow
drilling at the deposit area with little regional work carried out
and limited deeper drilling below the deposit
- Over 300 holes provided data for first NI 43-101 resource
estimate of the shallow Knife Lake deposit
- Knife Lake NI 43-101 resource estimate provides excellent
anchor for Project: Ind. resources: 3.8 MT at 1.02% Cu Eq. Or 3.8
MT at 0.83% Cu, 3.7 g/t Ag, 0.097 g/t Au, 82 ppm Co,1740.7 ppm Zn.
Inf. resources: 7.9 MT at 0.67% Cu Eq. Or 7.9 MT at 0.53% Cu, 2.4
g/t Ag, 0.084 g/t Au, 53.1 ppm Co, 1454.9 ppm Zn.
- There is strong discovery potential in and around the deposit
as well as at regional targets on the Property; modern exploration
techniques and methods are being utilized with a goal of making new
discoveries
Knife Lake Project Airborne Geophysical
Results:
http://www.rockridgeresourcesltd.com/_resources/images/Airborne-EM-results-03-10-2021.jpg
Jonathan Wiesblatt, CEO of
Rockridge Resources, commented: "The extended drilling program at
Knife Lake is a clear indication that our exploration program is
not only proceeding as planned but is exceeding our expectations
that mineralization beyond the known deposit area exists. Early
results from the program at Gilbert Lake North and South Zones are
proving that the airborne geophysical survey results have
identified prospective targets in regional locations beyond the
Knife Lake deposit. Our hypothesis that Knife Lake represents a
'classic-style remobilized VMS deposit is playing out and the
extension to our current drilling campaign will allow us to better
understand and analyze these high-potential target areas. The
Company's recent financing has provided us with the financial
flexibility to expand the exploration activities at Knife Lake. The
copper market remains tight with demand continuing to increase
resulting in prices approaching their all-time highs."
Knife Lake Geology and History:
The Knife Lake Project is interpreted to be a remobilized VMS
deposit. The stratabound mineralized zone is approximately
15m thick and contains copper,
silver, zinc, gold and cobalt mineralization which dips 30° to 50°
eastward over a known strike-length within Rockridge's claim area
of 3,700 metres, and a known average down-dip extension of
approximately 300 metres.
Knife Lake Deposit
Map:
https://www.rockridgeresourcesltd.com/_resources/projects/KnifeLake-Fig2.jpg
The deposit is hosted by felsic to intermediate volcanic and
volcaniclastic rocks which have been metamorphosed to upper
amphibolite facies. The deposit contains VMS mineralogy which has
been significantly modified and partially remobilized during the
emplacement of granitic rocks. The mineralization straddles the
boundary between two rock units and occurs on both limbs of an
interpreted overturned fold.
The Company completed twelve holes consisting of 1,053 metres of
diamond drilling in the 2019 winter drilling program. This
represented the first drilling on the property since 2001 and had
two primary objectives: confirm the tenor of mineralization
reported by previous operators and expand known zones of
mineralization. Highlights from the drill program included
previously reported hole KF19003 which intersected net-textured to
semi-massive sulphide mineralization from 11.2m to 48.8m
downhole. This 37.6 metre interval returned 2.03% Cu, 0.19 g/t Au,
9.88 g/t Ag, 0.36% Zn, and 0.01% Co for an estimated 2.42% CuEq.
Additionally, previously reported drill hole KF19001 intersected
net-textured to fracture-controlled sulphide mineralization from
7.5 metres to 40.6 metres downhole. This 33.1 metre interval
returned 1.28% Cu, 0.12 g/t Au, 4.80 g/t Ag, 0.13% Zn, and 0.01% Co
for an estimated 1.49% CuEq.
Compilation and initial modelling indicate potential for
expansion of the deposit at depth. The recent drilling focused on
resource upgrade as well as infill drilling between historical
holes. The program gave the Company's technical team valuable
insights into the property geology, alteration, and mineralization
that will be applied to future regional exploration on the highly
prospective and underexplored land package.
Knife Lake Priority Target
Areas:
https://www.rockridgeresourcesltd.com/_resources/images/Knife-Lake-Airborne-EM-Feb2021.jpg
The Knife Lake deposit is a near surface VMS deposit starting a
few metres below surface and the deposit remains open at depth and
along strike for potential resource expansion. Recently Rockridge
announced a maiden NI 43-101 resource estimate for the Knife Lake
deposit (see the News Release dated August
14th, 2019) which consisted of an indicated
resource of 3.8 million tonnes at 1.02% CuEq at a 0.4% CuEq cut-off
(3.8 MT at 0.83% Cu, 3.7 g/t Ag, 0.097 g/t Au, 82 ppm Co, 1740.7
ppm Zn). In addition, there is an inferred resource of 7.9 million
tonnes at 0.67% CuEq at a 0.4% CuEq cut-off (7.9 MT at 0.53% Cu,
2.4 g/t Ag, 0.084 g/t Au, 53.1 ppm Co, 1454.9 ppm Zn). Refer to the
NI 43-101 Technical Report on the Mineral Resource Estimate for the
Knife Lake Property, Saskatchewan
dated September 27, 2019 filed on
Sedar.
Qualified Persons:
Kerry Bates, P. Geo., a
"qualified person" for the purposes of National Instrument 43-101 -
Standards of Disclosure for Mineral Projects, and a Geologist
employed by TerraLogic Exploration Inc., has reviewed and approved
the scientific and technical disclosure in this news release
relating the Knife Lake Project.
About Rockridge Resources Ltd.
Rockridge Resources is a publicly traded mineral exploration
company focused on the acquisition, exploration, and development of
mineral resource properties in Canada and other mining-friendly
jurisdictions. The Company's Knife Lake Project is in Saskatchewan, which is ranked as one of the
top mining jurisdictions in the world by the Fraser Institute. The
project hosts the Knife Lake deposit, which is a VMS, near-surface
copper-cobalt-gold-silver-zinc deposit open along strike and at
depth. The Company's Raney Gold Project is a high-grade gold
exploration project located in the same greenstone belt that hosts
the world-class Timmins and
Kirkland Lake lode gold mining
camps. Rockridge's goal is to maximize shareholder value through
new mineral discoveries, committed long-term partnerships, and the
advancement of exploration projects in geopolitically favorable
jurisdictions.
Additional information about Rockridge Resources and its project
portfolio can be found on the Company's website at
www.rockridgeresourcesltd.com.
Rockridge Resources Ltd.
"Jonathan Wiesblatt"
Jonathan Wiesblatt
CEO
For further information contact myself or:
Jordan Trimble, President or
Spencer Coulter, Corporate
Communications
Rockridge Resources Ltd.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@rockridgeresourcesltd.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE
CONTENT OF THIS NEWS RELEASE.
Forward Looking Information
This release includes certain statements that may be deemed to
be "forward-looking statements". All statements in this release,
other than statements of historical facts, that address events or
developments that management of the Company expects, are
forward-looking statements. Statements included in this
announcement, including statements concerning our plans, intentions
and expectations, which are not historical in nature are intended
to be, and are hereby identified as, "forward-looking statements".
Forward-looking statements may be identified by words including
"anticipates", "believes", "intends", "estimates", "expects" and
similar expressions. Although management believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance, and actual results or developments may differ
materially from those in the forward-looking statements. The
Company undertakes no obligation to update these forward-looking
statements if management's beliefs, estimates or opinions, or other
factors, should change. Factors that could cause actual results to
differ materially from those in forward-looking statements, include
market prices, exploration and development successes, continued
availability of capital and financing, and general economic, market
or business conditions. Please see the public filings of the
Company at www.sedar.com for further information.
SOURCE Rockridge Resources Ltd.
