Rockridge Doubles Size of Landholding at its Raney Gold Project, SW of Timmins, Ontario
VANCOUVER, British Columbia, May 13, 2020 (GLOBE NEWSWIRE) — Rockridge Resources Ltd. (TSX-V: ROCK) (OTCQB: RRRLF) (Frankfurt: RR0) (“Rockridge” or the “Company”) announces that it has acquired additional claims through staking effectively doubling the size of its Raney Gold Project located southwest of Timmins, Ontario, Canada (the “Raney Gold Project” or “Property”). The expanded landholding adds important claims on trend with the extensive structural corridor that hosts the highlight intercept of 28.0 g/t gold over 6.0 metres announced previously (see the news release dated April 29, 2020).
Raney Gold Project Location Map:
The Raney Gold Project is located within the highly prospective west extension of the Abitibi Greenstone belt, proximal to several regional deposits. Newmont’s 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, and IAMGOLD’s Cote development project (measured and indicated resources of 355 MT @ 0.87 g/t Au for ~9.98 M oz. Au and inferred resources of 113 MT @ 0.7 g/t Au for ~2.4 M oz. Au) is located 75 km to the southeast of Raney. GFG Resources is a close neighbour that has acquired a large land package in the area including its Pen and Dore Gold Projects. Recent drilling success by GFG has resulted in attracting Alamos Gold as a strategic investor.
- The Raney Gold Project is a large prospective gold property covering ~28 square kilometres located ~110 km southwest of the prolific gold district of Timmins, ON
- A recently completed drilling program entailed 2,070 metres in nine diamond drill holes; assay results from the first six holes were reported previously, and results for the remaining three holes are pending
- The program tested the mineralized gold system along a strike extent of 225 metres, with a highlight intercept of 28.0 g/t gold over 6.0 metres (uncut) at a shallow vertical level of 95 metres reported in hole RN 20-06 (see news release dated April 29, 2020)
- This newly discovered high-grade zone is 75 metres west of a historical drill hole that returned 6.5 g/t gold over 8.0 metres
- The expanded landholding covers the western extent of the structural corridor that hosts the mineralization, as well as contiguous claims to the north
- Gold mineralization is associated with broad intervals of higher concentrations of narrow quartz veins hosted in an extensive structural corridor that may extend over several hundred metres, with no drilling completed over a large extent of this corridor
- A notable disruption in the airborne magnetic data approximately 2 km west of the current drilling and in line with the projected structural corridor provides a compelling target area for future exploration
- Property has excellent access and infrastructure; accessible by paved and forestry roads
Plan Map Showing Exploration Potential along Extensive Structural Corridor:
Rockridge’s CEO, Grant Ewing, commented: “The results of the recent Raney drilling program led to a better understanding of the nature of the gold mineralization at the Project. Additional ground has been staked at the western end of the broad structural corridor that hosts the mineralization, and to the north, effectively doubling the size of this prospective gold property. The extensive structural corridor provides a compelling area to concentrate further exploration, as does the area where a geophysical discontinuity occurs ~2 km west of the area where the current drilling was focused.”
Recent Drill Program Summary:
A total of 2,070 metres in nine diamond drill holes were completed during the program to assess the potential of the Raney Gold Project. The drill program focused on the main zone over a strike extent of approximately 225 metres that produced an intercept of 6.5 g/t gold over 8.0 metres in 2010. The deepest hole of the recent program tested down to the 260-metre level.
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.
A zone of increased vein density has been noted where the historic visible gold intercepts occur. The high-grade intercept of 27.98 g/t over 6.0 metres from the current 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 level.
The broad structural corridor that hosts the mineralization is up to 125 metres wide and extends well beyond the area tested by drilling. Historic mapping and surface sampling data show that the zone may extend over several hundred metres. No drilling has been conducted along this corridor except for the ~225-metre-long main zone. A notable disruption in the airborne magnetic data approximately 2 km west of the current drilling and in line with the projected structural corridor provides a compelling target area for future exploration.
Results for the final three holes of the program will be reported when they become available.
Raney Gold Project Geology and History:
Historical drilling at the Raney Gold Project focused on identifying near-surface gold mineralization along an extensive structural corridor. Three sub-parallel and closely spaced mineralized zones of quartz-carbonate alteration with quartz veining, pyrite, pyrrhotite, and occasionally visible gold were outlined. The drilling to date suggests the possibility of steeply plunging shoots of mineralization with reasonable widths in a broad alteration zone that is open along strike.
Raney Gold Project Location Map:
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 best intercept returned from historical drilling was 6.5 g/t gold over 8.0 metres.
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, thought 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 holds an option to earn a 100% interest in the Raney Gold Project.
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 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. 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 33.9 million shares issued and outstanding.
Rockridge Resources Ltd.
For further information contact myself or:
Jordan Trimble, President or
Simon Dyakowski, Corporate Development
Rockridge Resources Ltd.
Toll Free: 800-567-8181
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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.