VANCOUVER, British Columbia, Nov. 07, 2019 (GLOBE NEWSWIRE) — Rockridge Resources Ltd. (TSX-V: ROCK) (“Rockridge” or the “Company”) announces that it has outlined several high quality drilling targets at its Knife Lake Project located in Saskatchewan, Canada (the “Knife Lake Project” or “Property”).
- Summer field program focused on assessing priority targets in close proximity to the Knife Lake deposit to be drill tested next year
- Program successfully refined 3 highest priority target areas within 6 km radius of the Knife Lake deposit to drill-ready status; 8 remaining priority targets to assess in future programs
- All targets areas were developed based on geophysical, mapping and sampling data from both historical and recent programs where coincident anomalies, surface mineralization and multiple other indicators demonstrate robust discovery potential
- The known Knife Lake deposit hosts a significant near surface copper dominated resource and is thought to be a remobilized portion of a presumably larger “primary” VMS deposit, with most of the historical work focused on shallow drilling at the deposit area
- Very little regional work carried out and limited deeper drilling below the known deposit implies strong discovery potential both at depth and regionally on the extensive landholding
Knife Lake VMS Project Map:
Rockridge has an Option Agreement with Eagle Plains Resources Ltd. to acquire a 100% interest in the Property that covers the majority of the Knife Lake Cu-Zn-Ag-Co VMS deposit. The extensive landholding controlled by the Company is located approximately 50 km northwest of Sandy Bay, Saskatchewan. A 357kV powerline runs within 16 km of the Knife Lake deposit area, greatly enhancing the project’s infrastructure.
Summer/Fall Field Program Summary:
The recently completed summer/fall field program followed up on a number of regional targets within the Knife Lake tenure that are host to the prospective Knife Lake stratigraphy. The program focused on an area within a 6 km radius of the Knife Lake deposit. Soil sampling, prospecting and mapping were undertaken on 3 of 11 priority target areas covering compelling historical alteration, mineralized occurrences and favourable geophysical signatures.
The Knife Lake deposit contains typical VMS mineralogy which has been significantly modified and partially remobilized during the emplacement of granitic rocks. Therefore, the known deposit may represent a remobilized portion of a presumably larger “primary” VMS deposit based on general observations about the mineralogy, mineral textures and metal ratios in the 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. As a result, there is strong discovery potential both at depth and regionally.
2019 Regional Exploration Program, Priority Targets:
Rockridge’s CEO, Grant Ewing, commented: “The initial results from the field program are very encouraging with all 3 target areas exhibiting characteristics that typify prospective VMS environments. Eight priority target areas have yet to be investigated and, based on successful results at all 3 targets this summer, there are numerous high priority drill targets that need to be tested. The Knife Lake deposit is interpreted to be a remobilized portion of a ‘primary’ VMS deposit, and this coupled with the fact that very little deposit scale and regional exploration has been conducted bodes well for the discovery potential of the region. We look forward to developing further high-quality targets at the project and planning for drill testing in the new year.”
The Gilbert Main (~6 km west of the Knife Lake deposit) soil grid covered a known historical occurrence of anthophyllite-garnet-biotite altered metavolcanics on the shore of Gilbert Lake with the soil grid extending an additional 1,000 meters to the west to cover prospective metavolcanic stratigraphy. A sample of strongly altered mafic-intermediate metavolcanics collected from this occurrence contained disseminated chalcopyrite and pyrite mineralization and graded 3,689 ppm Cu, 1.2 ppm Ag, 147 ppm Zn and 222.4 ppb Au. A trend of anomalous soil samples covers this showing and extends ~550 meters to the south along the shoreline of Gilbert Lake. The best soil sample from this grid graded 464.16 ppm Cu and is located in the south-central portion of the grid.
The Gilbert South (~3 km south of Gilbert Main) soil grid covered a magnetic high feature with flanking N-S trending historical ground geophysical conductors hosted within favourable metavolcanic-metasedimentary stratigraphy. Along this conductive trend moderate-strongly gossanous mafic-intermediate rocks with up to 2% combined pyrite and pyrrhotite and trace disseminated chalcopyrite was discovered. A clear zonation exists within the zone, with hanging-wall mineralized rocks host to variable silicification, chloritization and sericite alteration whereas foot wall rocks are highly friable micasceous and garnetiferous. This gossanous zone was traced for ~500 metres along surface and was observed again ~2,000 metres to the south. Numerous anomalous rock samples were collected at these zones (up to 569.6 ppm Cu, 1.8 ppm Ag and 154 ppm Zn). The zone is further supported by anomalous soil sample results with up to 233.9 ppm Cu, 2.7 ppm Ag and 271 ppm Zn.
The Machete (~5 km north of Gilbert Main) soil grid covered a magnetic high feature with a DIGHEM defined airborne conductor within favourable metavolcanic-metasedimentary stratigraphy that was mapped by government geologists. Prospecting north east of the grid along magnetic highs with associated low resistivity discovered disseminated pyrite-pyrrhotite +/- chalcopyrite within mafic-intermediate metavolcanic rocks assaying as high as 221.3 ppm Cu, 96 ppm Zn. The best soil samples assayed up to 532.6 ppm Cu, and 163.1 ppm Zn. The majority of the Machete area has yet to be explored and remains a high priority target.
At Scimitar Lake (~5km east of Knife Lake deposit) three soil grids were laid out to cover historical mineralized and altered occurrences hosted within favourable felsic-intermediate metavolcanics. The best rock sample assayed 474 ppm Cu and was collected from a historical occurrence on the east side of Scimitar Lake and is further supported by moderate-strong soil anomalies. Soil samples collected at the contact between metavolanics and metasediments to the west defined a highly anomalous multipoint-multiline trend stretching ~800 meters along strike and up to ~150 meters across strike. The best soil sample assays include 1934.8 ppm Cu, 429.4 ppm Zn and 1.0 ppm Ag.
A grab sample collected from a historical trench at the Knife Lake Cu-Zn-Ag-Co VMS deposit assayed 11,870 ppm Cu, 3.9 ppm Ag, 97.9 ppm Au, and 603 ppm Zn.
Knife Lake Project Geology and History:
The Knife Lake deposit is a near surface remobilized VMS deposit starting a few metres below surface and the deposit remains open at depth and along strike for potential resource expansion. The stratabound mineralized zone is approximately 15 meters 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 meters, and a known average down-dip extension of approximately 300 meters.
The Company completed twelve holes consisting of 1,053 metres of diamond drilling in the March/April 2019 drilling program. This represented the first drilling on the property since 2001 and had two primary objectives: confirm the tenor of mineralization reported by previous operators and expand known zones of mineralization. Highlights from the drill program included 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. Additionally, previously reported drill hole KF19001 intersected net-textured to fracture-controlled sulphide mineralization from 7.5 metres to 40.6 metres downhole. This 33.1 metre interval returned 1.28% Cu, 0.12 g/t Au, 4.80 g/t Ag, 0.13% Zn, and 0.01% Co for an estimated 1.49% CuEq.
A recently announced maiden NI 43-101 resource estimate for the Knife Lake deposit (see the News Release dated August 14th, 2019) showed an indicated resource of 3.8 million tonnes at 1.02% CuEq at a 0.4% CuEq cut-off (3.8 MT at 0.83% Cu, 3.7 gpt Ag, 0.097 gpt Au, 82 ppm Co, 1740.7 ppm Zn). In addition there is an inferred resource of 7.9 million tonnes at 0.67% CuEq at a 0.4% CuEq cut-off (7.9 MT at 0.53% Cu, 2.4 gpt Ag, 0.084 gpt Au, 53.1 ppm Co, 1454.9 ppm Zn).
Knife Lake Plan Map and Drill Collar Locations:
Compilation and initial modelling indicate potential for expansion of the deposit at depth. The recent drilling focused on resource upgrade as well as infill drilling between historical holes. The program provided the Company’s technical team with 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.
Grant Ewing, P.Geo., a “qualified person” for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and the CEO of 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 flagship project is the Knife Lake Project located in Saskatchewan, which is ranked as the #3 mining jurisdiction 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. There is strong discovery potential in and around the deposit area as well as at regional targets on the 85,196-hectare property. Furthermore, 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. 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 Resources Ltd.
For further information contact myself or:
Nick Coltura, Corporate Communications
Rockridge Resources Ltd.
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Forward Looking Information
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. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.