Rockridge Resources Ltd. (TSX-V:
ROCK) (OTCQB:
RRRLF)
(Frankfurt: RR0)
(“Rockridge” or the “Company”) is
pleased to announce the completion of the earn-in option and its
100% ownership at its flagship Knife Lake Copper VMS Project in
Saskatchewan (the “Knife Lake Project” or “Property”). 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
The Knife Lake Project is host to a NI 43-101
resource estimate which consists 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 27th, 2019, filed on Sedar.
Terms of Option
Agreement:
Under the terms of the Agreement, Rockridge has
now acquired a 100% interest in the Knife Lake Project by making
cash payments to Eagle Plains Resources totaling CDN $150,000,
issuing 5,550,000 common shares of Rockridge, and incurring
exploration expenditures of CDN $3,250,000, over a four-year
period.
Summer Diamond Drilling
Program:
The focus of the ongoing 2022 drill program has
been on the highly prospective Gilbert Lake target area as well as
continued infill and expansion drilling at the Knife Lake deposit.
The program is planned to consist of approximately 1,000m in six to
eight drill holes. 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.
Knife Lake Target Areas 2022 Drill
Program:https://www.rockridgeresourcesltd.com/_resources/images/KF-Target-Areas-20220329.jpg
The drilling at the Gilbert Lake South target
area 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 drilling at a newly discovered copper showing at the
Gilbert West Area has 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.
The Company will also be drilling at the Knife
Lake deposit area as infill and expansion drilling to upgrade the
existing resource estimate. Rockridge has received its exploration
permit which is good through February 2024.
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.
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 100% owned 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 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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