Rockridge Resources Ltd. (TSX-V:
ROCK) (OTCQB:
RRRLF)
(Frankfurt: RR0)
(“
Rockridge” or the “
Company”) is
pleased to announce initial results from its recently completed
diamond drilling program at its 100% owned Knife Lake Copper
Project located in Saskatchewan, Canada (the “Knife Lake Project”
or “Property”). The Company drilled a total of 939 metres in six
drill holes and has received assays and completed interpretation
for four holes (635m). Results for the remaining two holes will be
released once results have been compiled and interpretation is
complete. The Knife Lake Project, consisting of 82 claims totaling
56,865 hectares (140,516 acres), is an advanced-stage copper,
silver, zinc and cobalt exploration property in Saskatchewan host
to the Knife Lake Deposit.
Knife Lake VMS Project Location
Map:https://www.rockridgeresourcesltd.com/_resources/images/Knife-Lake-Region-20210331-003.jpg
Jon Weisblatt, Rockridge’s CEO,
commented: "The Knife Lake Deposit continues to exceed our
expectations and these results illustrate why we believe Knife Lake
and the surrounding target areas represent a potentially
world-class, base metal project in a top mining jurisdiction. The
high-grade results from Knife Lake further demonstrate how robust
the near-surface copper deposit is as it acts as an anchor for
several other prospective targets in the region. Furthermore, the
initial results received from one hole at the regional target at
Gilbert South illustrate how prospective the target area is as it
shows similarities to the initial results from the Knife Lake
Deposit in the early days of the discovery. We are garnering a much
better understanding of the geology and these results are
supportive of our thesis that Gilbert is part of a larger system
common with VMS-style deposits. We will have news forthcoming on
the remaining drill holes as well as plans for exploration at the
project in 2023.”
Highlights:
- Drilling at the Knife Lake Deposit (follow up to the 2019 and
2021 drill programs) returned 1.91% Cu, 0.23 g/t Au, 7.79 g/t Ag
and 0.30% Zn (2.32% CuEq) over 15.75m beginning at 13.00m in hole
KF22029
- 2022 drill program completed 939
meters in six drill holes; four holes reported here with assays
pending for two additional holes
- Highlight drill intercepts at the
Gilbert South target area include pyrrhotite-pyrite dominant
VMS-style mineralization hosted at the same stratigraphic horizon
as the Knife Lake Deposit
- Drilling focused on discovering VMS
style copper deposits along newly defined conductors at Gilbert
South and Gilbert West as well as at the Knife Lake VMS
deposit
- The Knife Lake 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 from 2019 provides excellent anchor for Project and
includes indicated resources of 3.8 MT at 1.02% CuEq. (3.8 MT at
0.83% Cu, 3.7 g/t Ag, 0.097 g/t Au, 82 ppm Co,1740.7 ppm Zn) as
well as inferred resources of 7.9 MT at 0.67% Cu Eq (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
- Planning is underway for 2023
exploration programs
Summer Diamond Drilling
Program:
The focus of the 2022 drill program was
continued infill and expansion drilling at the deposit, with the
intent of upgrading existing mineral resource estimates and to
better understand the geology at the Knife Lake Deposit. In
addition to the Deposit drilling, exploratory drill holes were
completed at the highly prospective Gilbert Lake target area. The
program consisted of 936m total metres drilled in six drill holes
with four holes drilled at the Deposit.
Knife Lake Target Areas 2022 Drill
Program:https://www.rockridgeresourcesltd.com/_resources/images/KF-Target-Areas-20220329.jpg
The Gilbert Lake targets were identified from
the results and interpretation of the previous geophysical, drill
and field programs. Results from these programs show that airborne
VTEM surveys can successfully identify zones of VMS-style
mineralization hosted in favourable stratigraphy on the property.
The drilling at the Gilbert Lake South target area further
investigated strike-length continuity of the mineralized horizon
intersected in 2021 drilling, which remains open to the south. The
holes also evaluated potential zoning of mineralization, which is
commonly observed in VMS systems.
2022 Drill Program Drill Collar
Locations:https://rockridgeresourcesltd.com/_resources/maps/KF-2022-DDH-plan-map-20221031.png
Furthermore, drilling at a newly discovered
copper showing at the Gilbert West Area targeted the down-dip
extension of a mineralized and intensely altered volcanic package
which is interpreted to be the Knife Lake stratigraphic horizon.
The Gilbert West target had never been drill tested.
Rockridge is planning follow-up exploration
programs at Knife Lake and has received its exploration permit
which is good through February 2024.
Knife Lake Deposit Diamond Drill Hole
Results and Geological Summary:
Drill holes KF22027, KF22028 and KF22029 were
designed to follow-up on the 2019 resource drilling program and
infill historic drilling at the Knife Lake Deposit. Mineralization
forms semi-massive to massive and net textured
pyrite-pyrrhotite-chalcopyrite-sphalerite hosted in
intermediate-mafic volcanics and green pegmatite intervals.
Hole KF22027:
Drill hole KF22027 intersected a broad zone of
mineralization from 31.35-50.35m which returned 0.68% Cu, 0.09g/t
Au, 2.77g/t Ag, 0.12% Zn and 0.01% Co (0.86% CuEq) over 19.00m.
This includes a 0.55m interval (from 39.95-40.50m) which returned
3.39% Cu, 0.39 g/t Au, 13.45 g/t Ag and 0.56% Zn (4.00% CuEq).
Hole KF22028:
Mineralization in drill hole KF22028 was present
in three intervals, a broad upper interval which returned 0.42% Cu,
0.05 g/t Au, 1.61 g/t Ag, 0.21% Zn and 0.01% Co (0.60% CuEq) over
18.68m (from 23.55-42.23m), followed by two lower intersections of
2.88m (from 52.5-55.38m) which returned 0.26% Cu, 0.02 g/t Au, 0.97
g/t Ag, 0.06% Zn (0.33% CuEq), and 6.10m (from 61.00-67.10m), which
returned 0.54% Cu, 0.05 g/t Au, 2.39 g/t Ag, 0.1% Zn, 0.01% Co
(0.63% CuEq).
Hole KF22029:
Drill hole KF22029 intersected a broad zone of
mineralization over 15.75m (from 13.00m-28.75m) which returned
1.91% Cu, 0.23g/t Au, 7.79g/t Ag, 0.30% Zn and 0.01% Co (2.32%
CuEq). This zone can be further divided into an upper interval
(from 19.67m-23.50m) which returned 3.79% Cu, 0.39g/t Au, 15.86g/t
Ag, 0.42% Zn, 0.01% Co (4.41% CuEq) over 3.83m, and a lower
interval (from 25.00-28.75m) that returned 2.41% Cu, 0.26g/t Au,
9.43g/t Ag, 0.19% Zn and 0.01% Co (2.83% CuEq) over 3.75m.
|
From |
To |
Core Length |
Cu |
Au |
Ag |
Zn |
Co |
CuEq |
(m) |
(m) |
(m) |
(%) |
(g/t) |
(g/t) |
(%) |
(%) |
(%) |
KF22027 |
|
31.35 |
50.35 |
19.00 |
0.68 |
0.09 |
2.77 |
0.12 |
0.01 |
0.86 |
including |
31.35 |
35.50 |
4.15 |
0.50 |
0.07 |
2.22 |
0.10 |
0.00 |
0.61 |
and |
38.45 |
42.85 |
4.40 |
1.42 |
0.16 |
4.85 |
0.20 |
0.02 |
1.76 |
including |
39.95 |
40.50 |
0.55 |
3.39 |
0.39 |
13.45 |
0.56 |
0.00 |
4.00 |
and |
48.00 |
50.35 |
2.35 |
1.33 |
0.19 |
5.59 |
0.28 |
0.01 |
1.70 |
KF22028 |
|
23.55 |
42.23 |
18.68 |
0.42 |
0.05 |
1.61 |
0.21 |
0.01 |
0.60 |
including |
23.55 |
26.15 |
2.60 |
0.40 |
0.06 |
1.94 |
0.65 |
0.00 |
0.73 |
including |
24.42 |
24.92 |
0.50 |
0.78 |
0.13 |
3.42 |
2.26 |
0.00 |
1.80 |
and |
29.45 |
39.45 |
10.00 |
0.62 |
0.06 |
2.27 |
0.20 |
0.01 |
0.85 |
including |
38.45 |
39.45 |
1.00 |
1.23 |
0.09 |
4.03 |
0.11 |
0.04 |
1.67 |
|
52.50 |
55.38 |
2.88 |
0.26 |
0.02 |
0.97 |
0.06 |
0.00 |
0.33 |
|
61.00 |
67.10 |
6.10 |
0.50 |
0.04 |
2.27 |
0.10 |
0.01 |
0.63 |
KF22029 |
|
13.00 |
28.75 |
15.75 |
1.91 |
0.23 |
7.79 |
0.30 |
0.01 |
2.32 |
including |
17.35 |
23.50 |
6.15 |
2.84 |
0.31 |
11.81 |
0.56 |
0.01 |
3.42 |
including |
19.67 |
23.50 |
3.83 |
3.79 |
0.39 |
15.86 |
0.42 |
0.01 |
4.41 |
including |
20.40 |
20.90 |
0.50 |
12.60 |
0.65 |
46.60 |
1.18 |
0.00 |
13.94 |
|
25.00 |
28.75 |
3.75 |
2.41 |
0.26 |
9.43 |
0.19 |
0.01 |
2.83 |
including |
28.00 |
28.75 |
0.75 |
3.80 |
0.53 |
17.35 |
0.25 |
0.03 |
4.65 |
* Drill indicated intercepts (core length) are reported as
drilled widths; true thickness is undetermined.** No cutoffs or
metal recoverability were factored into CuEq calculations.***
Assumptions used in USD for the copper equivalent calculation were
metal prices of $3.38/lb Cu, $23.56/lb Co, $1,649.30/oz Au,
$18.42/oz Ag, $1.32/lb Zn. Copper equivalent (CuEq) was calculated
using the formula CuEq = Cu% + ((Zn%*Zn Price*22.0462) + (Co%*Co
Price*22.0462)+ (Augpt*Au Price/31.1035) + (Ag *Ag Price/31.1035))
/ (Cu price*22.0462).
Gilbert Lake South Diamond Drill Hole Results and
Geological Summary:
Hole KF22025:
Hole KF22025 hole was designed as a 600m strike
length step-out from hole KF21017 drilled in 2021. Geophysical
modeling on the 2021 airborne VTEM Plus and borehole EM data
revealed that hole KF21017 did not intersect the main prospective
conductive body and requiring further investigation to determine
the source of the anomaly. Hole KF22025 successfully intersected
two intervals of green tonalitic pegmatite, interpreted to be the
same horizon that hosts the Knife Lake deposit. Net-textured
semi-massive pyrrhotite-pyrite with trace chalcopyrite
mineralization and graphite alteration was present between
286.50m-303.35m and 360.50m-376.10m. The lower intersection
correlates well with the prospective borehole EM conductor, with a
projected intersection at 355.00m, and is interpreted to be the
source of the targeted geophysical anomaly. Assays from these
intervals did not return results of economic significance.
Knife Lake Geology and
History:
The Knife Lake Deposit 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 twenty-four holes
consisting of 3,096 metres of diamond drilling in the 2019 and 2021
winter drilling programs. This represented the first drilling on
the property since 2001. Both programs have given 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 VTEM and Grab Sample
Survey:https://www.rockridgeresourcesltd.com/_resources/maps/KF-FieldResults-20220110.png
Highlights from the drill programs include
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.
In August 2019, Rockridge announced a maiden NI
43-101 resource estimate for the Knife Lake deposit which consisted
of a pit-constrained indicated resource of 3.8 million tonnes at
1.02% CuEq and an inferred resource of 7.9 million tonnes at 0.67%
CuEq using a 0.4% CuEq cut-off. For more information, please refer
to the News Release dated August 14th, 2019 or 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 Person:
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 Eagle
Plains Resources, has reviewed and approved the scientific and
technical disclosure in this news release relating to the Knife
Lake Project.
About Rockridge
Resources Ltd.:
Rockridge Resources (TSX.V: ROCK) is a public
mineral exploration company focused on the acquisition, exploration
and development of mineral resource properties in Canada,
specifically copper and gold. The Company’s core copper project is
the 100% owned Knife Lake Project located in Saskatchewan which is
ranked as a top mining jurisdiction in the world by the Fraser
Institute. The project hosts the Knife Lake Deposit, which is a
VMS, near-surface Cu-Co-Au-Ag-Zn deposit open along strike and at
depth. There is strong discovery potential in and around the
deposit area as well as at regional targets on the large property
package.
The Company's secondary asset is its 100% owned
Raney Gold Project, which 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. Recently reported
drill hole RN 20-06 intersected 28.0 g/t gold over 6.0 metres at a
shallow vertical level of 95 metres, which is the best result from
the project thus far. Rockridge’s goal is to maximize shareholder
value through new mineral discoveries, committed long-term
partnerships, and the advancement of exploration projects in
geopolitically favourable jurisdictions.
Knife Lake
Copper Project Location
Map:https://www.rockridgeresourcesltd.com/_resources/projects/KnifeLake-Fig1.jpg
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
WiesblattCEO
For further information contact myself or:
Jordan Trimble, President orNicholas Coltura, Corporate
CommunicationsRockridge Resources Ltd.Telephone: 604-558-5847Toll
Free: 800-567-8181Facsimile: 604-687-3119Email:
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.
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