Rockridge Resources is off to a powerful start with its inaugural diamond drilling campaign at its flagship Knife Lake Project in Saskatchewan. Many $100 million market cap miners would love a near surface hit of nearly 40 meters grading 2.42% copper-equivalent, which makes it all the more impressive that C$9 million market cap Rockridge Resources (TSX-V:ROCK) has hit just such an intersection in the third hole of its inaugural drill program at Knife Lake.
This is basically US$160 per tonne rock over 37.6 meters, a juicy hit over an impressive length beginning at 11.2 meters downhole. Rockridge CEO Jordan Trimble emphasized that hole KF19003 is in an area where no historical drilling has been reported, which means this impressive intersection will help to improve upon the grade and size of the 43-101 compliant resource estimate that Rockridge is committed to producing in the 2nd half of 2019:
“The results from drill hole KF19003, specifically 2.42% CuEq over 37.6m, have far exceeded our expectations and represents one of the best holes ever drilled on the project. It is important to note that this drill hole was collared in an area where no historical drilling has been reported. As such these drill results are expected to have a positive impact on the historical resource. Final results from the remaining seven drill holes are pending and will provide steady news flow and catalysts over the near term.” ~ Jordan Trimble, CEO and Co-Founder Rockridge Resources
So what’s next for Rockridge?
An updated 43-101 compliant resource estimate for Knife Lake will be published this summer. Rockridge already has most of the data that it needs and the current diamond drilling program helps to fill in some of the blanks. Rockridge’s early success in its inaugural drill program at Knife Lake increases the probability that it will be able to improve upon the historical 20.3 million tonne resource that graded .6% copper .1 g/t gold and 3 g/t silver.
Once Rockridge has completed its 43-101 resource estimate for Knife Lake the company will do some regional work to help identify additional targets across its massive 85,196 hectare property. Rockridge may also decide to drill deeper below the known high grade zone at Knife Lake later this year.
It’s not much of a stretch for Rockridge to come up with 500 million pounds of copper at Knife Lake – that’s US$1.5 billion worth of rock in the ground that is near surface and open-pittable in a pro-mining jurisdiction that is known for its world class base metals projects.
From a technical chart vantage point the ROCK chart has vastly outperformed the beaten down junior mining sector in recent weeks:
ROCK.V (Daily)
There is nothing but blue sky above the C$.35 all-time high and ROCK’s tight trading float is likely to help amplify breakouts on bullish news.
Top-tier mining jurisdiction (Saskatchewan was ranked 3rd globally in terms of investment attractiveness by the Fraser Institute), excellent management team, tight share structure, and good drill results right out of the gate in the inaugural drilling program at the company’s flagship project. Rockridge Resources is doing everything right and the market has barely paid any attention to this story so far. Today’s NR might help to change that.
Disclaimer:
The article is for informational purposes only and is neither a solicitation for the purchase of securities nor an offer of securities. Readers of the article are expressly cautioned to seek the advice of a registered investment advisor and other professional advisors, as applicable, regarding the appropriateness of investing in any securities or any investment strategies, including those discussed above. Rockridge Resources Ltd. is a high-risk venture stock and not suitable for most investors. Consult Rockridge Resources Ltd.’s SEDAR profile for important risk disclosures.
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