Rockridge Resources Ltd. (TSX-V:
ROCK) (OTCQB:
RRRLF) (Frankfurt: RR0) (“Rockridge”)
(the “Company”) is pleased to announce that it has completed a
2,965 metre diamond drilling program at its 100% owned Raney Gold
Project located southwest of Timmins, Ontario, Canada (the “Raney
Gold Project” or “Property”). A total of 11 drill holes were
completed to evaluate the down plunge and strike extent of the
Raney Gold Zone. Assays have been received for 9 of the 11 holes
with gold mineralization intersected in all but two holes. Drill
hole RN 20-13 returned 2.5 g/t Au over 13.0m from 133.0m to 146.0m
including 3.41 g/t Au over 9.0m from 135.0m to 144.0m and including
9.6 g/t Au over 2.0m from 135.0m to 137.0m. Furthermore,
exploratory drill hole RN 20-18 was a significant step out hole
along strike 250m to the west of the main zone and returned 1.36
g/t Au over 9.0m from 141.0m to 150.0m including 2.1 g/t Au over
4.0m from 141.0m to 145.0m.
Raney Gold Project Location
Map:http://www.rockridgeresourcesltd.com/_resources/maps/location_map_may2020a.jpg
The drill program was designed to evaluate a
number of exploration ideas/concepts including: testing the down
plunge and depth continuity of high-grade gold mineralization
intersected in previously drilled holes; testing the eastward and
westward continuity of the Raney Gold Zone as suggested by a
well-defined magnetic low signature along strike as identified from
a drone survey; testing a relatively underexplored feldspar
porphyry unit; and testing a newly identified magnetic signature
along strike to the Raney Gold Zone that exhibited a distinct fold
geometry.
Rockridge’s CEO, Grant Ewing, commented: “The
main zone of the Raney Gold Project has returned significant
high-grade gold results from previous drilling campaigns, and the
current program was designed to test the depth and strike extent of
the mineralization outside of this zone. A very encouraging aspect
of the program is the potential extension of the Raney Gold Zone to
the west where hole RN 20-18 intersected gold in a strongly altered
section with quartz veins 250 metres west of the main zone.”
Jordan Trimble, Rockridge’s President,
commented: “We are very pleased to have gold mineralization in
almost every hole reported thus far from the recent drill program
with assays pending for two additional holes. These initial results
from the Raney Gold Project further illustrate the high grade,
robust geological potential at the project as we continue to expand
the main zone of gold mineralization while discovering other zones
both along strike and at depth.”
A summary of assay results for nine
holes are reported below:
- Hole RN 20-10 returned 1.37 g/t Au
over 3.5m from 157m to 160.5m
- Hole RN 20-11 returned 2.18 g/t Au
over 5.7m from 153.8m to 159.5m; and 2.68 g/t Au over 0.8m from
250.7m to 251.5m
- Hole RN 20-12 returned 1.38 g/t Au
over 6.5m from 144.5m to 151.0m; and 1.27 g/t Au over 4.0m from
211.5m to 215.5m
- Hole RN 20-13 returned 2.5 g/t Au
over 13.0m from 133.0m to 146.0m; including 3.41 g/t Au over 9.0m
from 135.0m to 144.0m and including 9.6 g/t over 2.0m from 135.0m
to 137.0m
- Hole RN 20-14 returned 1.97 g/t Au
over 2.0m from 248.5m to 250.5m
- Hole RN 20-15 and hole RN 20-17 -
no significant values
- Hole RN 20-16 returned 2.21 g/t Au
over 1.0m from 387.0m to 388.0m
- Hole RN 20-18 returned 1.36 g/t Au
over 9.0m from 141.0m to 150.0m; including 1.67 g/t Au over 7.0m
from 141.0m to 148.0m and including 2.1 g/t Au over 4.0m from
141.0m to 145.0m
Diamond Drill Hole Summaries:
Drill holes RN-20-10,11, and 12 were drilled
from the same setup to test the down plunge continuity of the
high-grade intersection of previously reported hole RN-20-06 which
returned 27.9 g/t Au over 6.0m. Narrow low-grade intervals with
weak veining were encountered. Visible gold was identified in
RN-20-11 in a parallel structure approximately 50 metres south of
the Raney Gold Zone, which returned 2.2 g/t Au over 5.7m. The
proper Raney Gold Zone in RN-20-11 also had an occurrence of
visible gold, with less alteration and returned 2.68 g/t Au over
0.8m.
Drill holes RN-20-13 and 14 were drilled to test
the down plunge continuity of high-grade mineralization in
previously reported hole RAN-08-04 which returned 3.9 g/t Au over
17.4m. Hole RN-20-13 intersected 2.5 g/t Au over 13.0m from 133.0m
to 146.0m in the south zone including 3.41 g/t Au over 9.0m from
135.0m to 144.0m and including 9.6 g/t over 2.0m from 135.0m to
137.0m. Hole RN-20-14 returned 1.97 g/t Au over 2 metres from
248.5m to 250.5m.
Drill hole RN-20-15 was drilled to test a
magnetic feature suggesting the eastward continuity of the Raney
Zone. A number of sericite schist units were intersected as well as
sections with weak quartz vein density suggesting possible
continuity. The mag low feature continues east and represents a
possible future exploration target.
Drill hole RN-20-16 was drilled to test the
feldspar porphyry and at the same time provide a deeper
intersection on the Raney Gold Zone. The feldspar porphyry appears
to be spatially intimate with a large shear zone, both of which are
dipping to the north. The shear zone is wide and shows considerable
strain and contains narrow quartz carbonate veins. The porphyry was
not intensely sheared or altered at depth, in contrast to the
sheared nature on surface. Some small veins were encountered. The
deeper intersection on the Raney zone did not provide indication
that the zone has continuity at depth on this section.
Hole RN-20-17 was drilled to test the feldspar
porphyry and a high-grade surface gold showing and intersected
anomalous gold grades.
Hole RN-20-18 is the first hole ever drilled to
test a drone magnetic feature along strike and to the west of the
Raney Gold Zone. The hole intersected a strongly altered section
with quartz veins that is very similar in appearance to the main
Raney Gold Zone and returned 1.36 g/t Au over 9.0m from 141.0m to
150.0m including 2.1 g/t Au over 4.0m from 141.0m to 145.0m. This
is a significant hole as it indicates potential continuity of the
zone 250 metres to the west. The strong alteration, which was
logged over a width of 7.0m also indicates the potential for higher
grades in untested areas at depth and along strike.
Mag Survey Plan Map Showing Exploration
Hole
Collars:http://www.rockridgeresourcesltd.com/_resources/images/Raney-Gold-Project-Summer-2020-Drill-Targets.jpg
Assay labs have been slow to turn around assay
results and as such assays are still pending for drill holes
RN-20-19 and RN-20-20. These holes were drilled to test a recently
identified magnetic signature possibly along strike to the Raney
Gold Zone that exhibits a distinct fold geometry.
Drill Hole Details:
Drill |
UTM |
UTM |
Elevation |
Azimuth |
Dip |
Depth |
Purpose/Target |
Hole |
East |
North |
(m) |
|
|
(m) |
|
RN-20-10 |
365644 |
5303587 |
397 |
25 |
-45 |
210 |
Test down plunge Raney Zone |
RN-20-11 |
365633 |
5303579 |
397 |
25 |
-60 |
273 |
Test down plunge Raney Zone |
RN-20-12 |
365633 |
5303579 |
397 |
25 |
-52 |
240 |
Test down plunge Raney Zone |
RN-20-13 |
365691 |
5303550 |
387 |
25 |
-47 |
225 |
Test down plunge Raney Zone |
RN-20-14 |
365691 |
5303550 |
387 |
25 |
-67 |
336 |
Test down plunge Raney Zone |
RN-20-15 |
365858 |
5303482 |
387 |
25 |
-60 |
330 |
Test Drone mag east of Raney Zone |
RN-20-16 |
365850 |
5303500 |
387 |
30 |
-60 |
481 |
Test QFP and Raney Zone at depth |
RN-20-17 |
365568 |
5303589 |
387 |
180 |
-45 |
102 |
Test QFP and high-grade trench |
RN-20-18 |
365400 |
5303675 |
387 |
0 |
-45 |
252 |
Test Drone mag west of Raney Zone |
RN-20-19 |
364844 |
5303882 |
387 |
55 |
-45 |
276 |
Test mag low fold structure far west |
RN-20-20 |
364844 |
5303882 |
387 |
245 |
-45 |
240 |
Test mag low fold structure far west |
Raney Gold Project
Location:
The Raney Gold Project, southwest of Timmins, is
strategically located within the highly prospective west extension
of the Abitibi Greenstone belt, proximal to several regional
deposits. Newmont’s operating Borden Gold Mine (reserves of 4.17 MT
@ 6.38 g/t Au for ~860k oz. Au reported in 2015) is located 35 km
west of Raney. IAMGOLD and JV partner Sumitomo Metals Mining
recently decided to proceed with construction of their Cote gold
project located 75 km southeast of Raney. The Cote project,
estimated to contain gold reserves of ~7 million ounces (~236MT @
0.96 g/t Au), is noted as a “world-class” deposit by IAMGOLD. GFG
Resources is a close neighbour that has acquired a large land
package in the area including its Pen and Dore Gold Projects.
Raney Gold Project Geology and
History:
Earlier in 2020, Rockridge completed its initial
drill program totalling 2,070 metres in nine diamond drill holes at
the Raney Gold Project. The drill program focused on the main zone
over a strike extent of approximately 225 metres that produced the
best historic intercept of 6.5 g/t gold over 8.0 metres in 2010.
Silicification and minor carbonate alteration were recognized,
however gold mineralization appears to be closely related to
intervals of high quartz vein density. The quartz veins are hosted
in a steeply dipping alteration zone dominated by intermediate
volcanic rocks consisting of lapilli tuffs and bedded argillites,
with lamprophyre dikes. The quartz veins crosscut and run parallel
to a weak fabric, and range in thickness from 0.5 cm to 20 cm in
width.
Significant Historical High-Grade Gold
Intercepts from Raney Gold Zone:
BHID |
From m |
To m |
Width m |
Au g/t |
RAN-08-04 |
108.0 |
125.2 |
17.2 |
2.8 |
RAN-09-06 |
119.5 |
127.0 |
7.5 |
1.7 |
RAN-09-08 |
121.0 |
128.0 |
7.0 |
6.9 |
RAN-20-06 |
125.0 |
131.0 |
6.0 |
27.9 |
A zone of increased vein density has been noted
where the historic visible gold intercepts occur. The recently
drilled high-grade intercept of 27.9 g/t over 6.0 metres from the
2020 winter/spring program was the fourth drill hole on the
Property to intercept visible gold, and all these occurrences were
in the main zone near the 100-metre depth level. The broad
structural corridor that hosts the mineralization is up to 125
metres wide and extends well beyond the area tested by drilling.
Prior to the 2020 programs, no drilling had been conducted along
this corridor except for the ~225-metre-long main zone.
Historical drilling at the Raney Gold Project
focused on identifying near-surface gold mineralization. Previous
exploration on the Property from 1972 to 1991 consisted of
prospecting, mapping, sampling, trenching, winkie drilling, ground
geophysics, stripping, and some limited diamond drilling. This was
followed by exploration work during the 2009 to 2010 period. The
property is underlain by mafic volcanics to the north, and felsic
to intermediate volcaniclastics to the south. The felsic
volcaniclastics are host to the gold zones. Quartz feldspar
porphyry dykes and sills and minor mafic intrusives occur
throughout the Property. The porphyries are generally massive but
may be sheared and hydrothermally altered and veined in places.
A 100 metre-wide intensely sheared and altered
quartz-feldspar porphyry body is located just to the south of the
main Raney gold showing. Gold mineralization exposed on the surface
and intersected in drill holes on the property is typical of the
lode gold class of gold deposit which is the dominant gold deposit
type in the Abitibi Greenstone Belt. Gold mineralization on the
property is associated with the intensely sheared and altered zones
within the felsic tuffs, and higher grades tend to occur where
quartz veining is present.
The Property is in the Archean Swayze Greenstone
Belt, considered to be the southeast extension of the Abitibi
Greenstone Belt, which hosts the world-class Timmins and Kirkland
Lake gold districts. Numerous gold occurrences occur throughout the
district and several world-class mines have been developed. These
deposits are responsible for a significant portion of the world’s
cumulative gold production and are often characterized by gold
enriched quartz vein systems associated with supracrustal belts in
low to medium grade metamorphic terranes. Gold mineralization at
the Property is typical of the mesothermal lode gold deposit model.
Rockridge owns a 100% interest in the Raney Gold Project.
Qualified Person:
Todd Keast, P.Geo., a “qualified person” for the
purposes of National Instrument 43-101 - Standards of Disclosure
for Mineral Projects, and the Raney Gold Project Manager for
Rockridge Resources Ltd., has reviewed and approved the scientific
and technical disclosure in this news release.
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 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. 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. 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.
Additional information about Rockridge Resources
and its project portfolio can be found on the Company’s website at
www.rockridgeresourcesltd.com. Rockridge currently has 51.1 million
shares issued and outstanding.
Rockridge Resources Ltd.
“Grant Ewing”__________________
Grant EwingCEO
For further information contact myself or:
Jordan Trimble, President orSpencer Coulter, Corporate
CommunicationsRockridge Resources Ltd.Telephone: 604-687-3376Toll
Free: 800-567-8181Facsimile: 604-687-3119Email:
info@rockridgeresourcesltd.com
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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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