Vancouver, BC, June 09, 2022 (GLOBE NEWSWIRE) --
Rockridge Resources Ltd.
(TSX-V:
ROCK
) (OTCQB:
RRRLF
)
(Frankfurt:
RR0
)
(“
Rockridge
” or the “
Company
”) is pleased to announce that its fully funded Summer 2022 diamond drill program is set to commence in mid-July at the Knife Lake Copper VMS Project located in Saskatchewan, Canada (the “Knife Lake Project” or “Property”). Using the results and interpretation from the 2021 geophysical programs, as well as the 2021 drill and field programs, the upcoming program will focus on Geophysical VTEM targets at the Gilbert Lake zones. Furthermore, the Company is evaluating other targets across the property as well as infill and expansion drill targets at the deposit. 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
Plans for Upcoming Summer Diamond Drilling Program :
The focus of the 2022 drill program will be on the highly prospective Gilbert Lake target area. The Gilbert Lake targets were identified from the results and interpretation of the 2021 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. Additionally, the Company is currently finalizing 3D modeling of the VTEM data focusing on the highest-priority drill targets for the upcoming program. Rockridge has signed contracts for the installation of the exploration camp, helicopter rental and a preferred drill contractor to support the upcoming program.
Rockridge’s CEO, Jonathan Wiesblatt, commented: “Returning to the Knife Lake Project for a summer drilling campaign is a top priority for Rockridge. Exploration at target areas outside of the existing mineral resource offers compelling discovery potential as there has been limited historical work done on these highly prospective targets. Our work to date has only advanced our thesis that the identified target areas display very common characteristics synonymous with comparable VMS systems. Our efforts have been focused on identifying new prospective VMS discoveries in and around the Knife Lake deposit. The project remains an exciting exploration story that can offer investors exposure to a top mining jurisdiction and to commodities in high demand like copper. We look forward to updating our shareholders in the coming weeks.”
Knife Lake Target Areas 2022 Drill Program
:
https://www.rockridgeresourcesltd.com/_resources/images/KF-Target-Areas-20220329.jpg
Specifically, management has assessed high-priority targets that include additional drill testing in the Gilbert Lake Area. The planned holes will further investigate strike-length continuity of the mineralized horizon intersected in 2021 drilling, which remains open to the south. The holes will also evaluate potential zoning of mineralization, which is commonly observed in VMS systems. Additional holes at a newly discovered copper showing at the Gilbert West Area have also been prioritized. The holes will target 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 has never been drill tested.
Summary of Exploration in 2021:
Rockridge received and previously announced results from a field program completed in October of last year. A two-person field crew was mobilized to complete mapping and prospecting at regional target areas, investigating conductivity and magnetic anomalies identified through the Phase I (February 2021) and Phase II (October 2021) airborne geophysical programs (VTEM).
Knife Lake
VTEM and
Grab Sample Survey:
https://www.rockridgeresourcesltd.com/_resources/maps/KF-FieldResults-20220110.png
Prospecting on the west side of the Gilbert Lake target identified altered volcanic and green pegmatite lithologies consistent with the host rocks at the deposit, indicating continuity of favourable stratigraphy approximately 10 km west of the deposit. Field geologists reported visual confirmation of trace interstitial chalcopyrite hosted within the green pegmatite interval.
The drill program at the Gilbert North and South target areas in 2021 was designed to evaluate conductivity and magnetic anomalies identified during the early 2021 airborne VTEM Plus survey and corresponding surficial geochemical anomalies. It was the first modern drill program that tested these target areas and several drill intercepts included pyrrhotite-pyrite dominant VMS-style mineralization hosted at the same stratigraphic horizon as the Knife Lake Deposit. Following the initial drilling at the Gilbert North and South targets, a Borehole Electromagnetic survey of all holes at the Gilbert North and South target areas was completed to refine future drill targets which will be tested in this upcoming program. Furthermore, previous surficial work programs have indicated that the stratigraphic position of the targeted anomalies correlates with the Knife Lake Deposit to the east. The discovery potential at the broader 15 km Gilbert trend is robust and warrants follow-up work. Rockridge continues to utilize modern exploration techniques and methods with the goal of making new discoveries.
Knife Lake Geology and Histor y:
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 has 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.
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 14 th , 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.
Rockridge Engages Think In k :
In other news, Rockridge announces that it has entered into an agreement with Think Ink Marketing Data and Email Services (“Think Ink”) to provide strategic digital media and consulting services to the Company. Think Ink delivers services to a diverse group of clients across North America, providing strategic digital media services, marketing and data analytic services. The Company and Think Ink act at arm’s-length. Under the terms of the agreement, Think Ink will provide strategic digital media services including marketing services, news dissemination, data analytics services, content development, media buying and distribution, campaign reporting and optimization, as well as potentially attracting option / joint venture partners for business opportunities. The Company has agreed to pay Think Ink a total initial cost of USD $100,000 for a 6-month term.
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 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 the 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 Wiesblatt
CEO
For further information contact myself or:
Jordan Trimble, President or
Riley Trimble, 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.
