Rockridge Resources Ltd. (TSX-V:
ROCK) (OTCQB:
RRRLF) (Frankfurt:
RR0) (“Rockridge”) (the
“Company”) is pleased to announce it has commenced follow-up
drilling from the recently completed summer exploration program at
its 100% owned Raney Gold Project located Southwest of Timmins,
Ontario, Canada (the “Raney Gold Project” or “Property”).
Additionally, the Company has received assay results for the final
four holes from its 2,020 metre summer diamond drilling program. A
total of eight drill holes were completed with the highlights below
reporting assay results from the last four drill holes, which
identified both extension along strike and at depth. The results
from the summer program warranted follow-up work to be conducted so
the Company has commenced drilling again at the project and is
fully funded for several additional drill holes.
Highlights:
- The recently completed drill
program entailed 2,020 metres in eight diamond drill holes,
designed to evaluate the strike, depth and expansion potential of
the high-grade zones of gold mineralization which warrants further
drilling.
- Drill hole RN 23-28 intersected
mineralization near surface and over multiple intercepts
downhole.
- Drill hole RN 23-28 intersected
0.87 g/t gold over 4m starting at 178m depth including 2.71 g/t
gold over 1m, and 0.36 g/t gold over 7m at 229m. Additional gold
mineralization was intersected in hole RN 23-28 including 0.19 g/t
gold over 4.5m starting at 24.5m depth.
- Rockridge has commenced a
fully-funded, follow-up drilling program to further discover and
delineate high-grade zones of gold mineralization as well as to add
to the inventory of geological information to better understand the
project’s potential moving forward.
Recently Commenced Follow-Up
Drilling:
Rockridge has commenced a fully-funded,
additional phase of drilling to follow-up on the recently completed
summer drilling campaign at the high-grade Raney Gold Project. The
planned phase of drilling is aimed to fill gaps within areas of
known mineralization and to ultimately design a larger program to
further evaluate the strike, depth and expansion potential of the
high-grade zones of gold mineralization discovered from previous
programs. The follow-up drilling has just commenced and will
provide additional news flow over the coming weeks and months.
Raney Gold Project Location
Map:http://www.rockridgeresourcesltd.com/_resources/maps/location_map_may2020a.jpg
Rockridge’s CEO, Jon Wiesblatt, commented: “We
are very pleased with the drilling success thus far at Raney as we
continue to intersect gold zones with the mineralized trend
remaining open along strike and at depth. The project hosts robust
discovery upside potential and warrants more drilling to continue
testing zones of gold mineralization. Our technical team has just
commenced a follow-up phase of drilling at the road-accessible
Raney Project, as we continue to discover and delineated high-grade
zones of mineralization. Furthermore, gold prices have increased in
recent weeks due to global conflicts and political instability.
Rockridge provides investors with gold exploration and discovery
exposure in a safe and prolific mining district globally.”
Summer Drill Program Summary:
The 2023 summer Raney drill program has proven
the extension of the Raney zone to the northwest with the
intersection of alteration and mineralization in holes RN 23-21, RN
23-22 and RN 23-28. A newly discovered style of mineralization
associated with a brittle structure intersected in holes RN 23-21
and RN 23-22 represents an important new target for follow up
testing (see news release dated October 17th, 2023).
Diamond Drill Hole Summaries:
Hole RN 23-28 was drilled 125m southeast of hole
RN 23-21 towards the Raney main zone. Several sections of
alteration and quartz veining were intersected, which assayed 0.87
g/t gold over 4m, including 2.71 g/t over 1m, within the brittle
fault structure as intersected in holes RN 23-21,22, and a separate
intersection of 0.36 g/t gold over 7m.
Hole RN 23-25 intersected 0.38 g/t gold over 1m
starting at 127m depth and was drilled east of the known Raney Gold
Zone. The other two drill holes intersected anomalous
mineralization.
Mag Survey Plan Map Showing Exploration
Hole Collars:
https://www.rockridgeresourcesltd.com/_resources/maps/Raney-Gold-Project-2023-drill-collars-georeferenced-map.jpg
Raney Gold Project
Location:
The Raney Gold Project 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.
Raney Gold Project History and Previous Diamond
Drilling:
In 2020, Rockridge completed just over 5,000m of
drilling in twenty drill holes. The drilling focused on the main
mineralized zone over a strike extent of approximately 225 metres
that produced the best historic intercept of 6.5 g/t Au over 8.0
metres in 2010. Rockridge’s drilling in 2020 returned a high-grade
intercept of 27.9 g/t Au over 6.0 metres near the 100-metre depth
level in hole RAN-20-06. The broad structural corridor that hosts
the mineralization is up to 125 metres wide and extends well beyond
the area tested by drilling. Other results from the drilling
included hole RN 20-13 which returned 2.5 g/t Au over 13.0m,
including 9.6 g/t Au over 2.0m, as well as hole RN 20-18 which 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 including 2.1 g/t Au
over 4.0m.
Prior to Rockridge’s drilling, 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.
Quality Assurance/Quality
Control:
Core samples were prepared using the PREP-31b
package in ALS's Timmins facility. Samples are then shipped to
ALS's North Vancouver facility for assay procedures. Fire assay ALS
code AU-AA23 using a 50 g sample was completed. For samples with
visible gold, AuScr 24 was completed. A QA/QC program included
laboratory and field standards inserted at approximately every 20
samples. At least one field blank is inserted in every batch of 20
samples, with additional blanks inserted following samples with
visible gold.
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 public mineral
exploration company focused on the acquisition, exploration and
development of mineral resource properties in Canada, specifically
copper and gold. The Company’s 100% owned Knife Lake Project is
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 gold asset is its 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.
Raney Gold Project Regional Geology
Map:https://rockridgeresourcesltd.com/_resources/images/Rockridge-RandyGold-RegionalGeo.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.
The securities offered have not been, and will
not be, registered under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act") or any U.S. state securities
laws, and may not be offered or sold in the United States or to, or
for the account or benefit of, United States persons absent
registration or an applicable exemption from the registration
requirements of the U.S. Securities Act and applicable U.S. state
securities laws. This press release does not constitute an offer to
sell or the solicitation of an offer to buy securities in the
United States, nor in any other jurisdiction.
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, including the Private
Placement. 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, regulatory
approvals, 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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