15:50:33 EDT Sun 13 Oct 2024
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Rockland Resources Ltd
Symbol RKL
Shares Issued 69,397,787
Close 2024-01-25 C$ 0.03
Market Cap C$ 2,081,934
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Rockland Resources options Pipestone North property

2024-01-31 12:14 ET - News Release

Mr. Mike England reports

ROCKLAND RESOURCES EXPANDS RED LAKE DISTRICT PORTFOLIO, WITH THE ACQUISITION OF THE PIPESTONE NORTH PROPERTY

Rockland Resources Ltd. has signed an option agreement to earn a 100-per-cent interest in the Pipestone North property (PN property), located contiguous, and north and northwest, of the company's 100-per-cent-owned Cole gold mines property, located in the western portion of the prolific Red Lake gold district of Northwestern Ontario.

"Red Lake is known to be one of the most prolific gold camps in the world and we are excited to have expanded our position in the camp," stated Mike England, chief executive officer of Rockland Resources.

Located approximately 32 kilometres (km) west of the town of Red Lake, the 1,015-hectare Pipestone North property is contiguous on its eastern boundary with West Red Lake Gold Mines Ltd.'s (WRLG) Rowan property (Mount Jamie portion). The acquisition of the PN property increases the company's holdings to 1,583 ha covering approximately three km strike length of the east-west-trending Pipestone Bay St. Paul deformation zone (PBDZ). On West Red Lake Gold Mines' properties to the east, three former gold mines -- Rowan mine, Mount Jamie mine and Red Summit mine -- are all situated along the PBDZ structural zone.

The Pipestone North property is significantly underexplored compared with many properties and prospects in the Red Lake district, due to limited road access, and the distance from the principal Red Lake gold mines. The most significant recent exploration was completed by Redstar Gold Corp., from 2002 to 2004. Highlights on the Pipestone North property include:

  • 991 zone occurrence -- located near the centre of the PN property, exploration work by Redstar uncovered narrow pyrite, chalcopyrite-bearing quartz veins within a brecciated felsic volcanic unit in contact with a folded ultramafic horizon. Redstar reported visible gold in several veins with grab samples yielding 22.27 grams per tonne (g/t) Au. In 2004, Redstar drilled a single hole (WRL04-004) that was collared into an ultramafic unit north of the 991 zone and drilled to the south and intersected a 200-metre-wide zone of strongly quartz and sericite altered felsic stratigraphy with pyrite and chalcopyrite stringer mineralization and anomalous gold values. The zone consists of numerous intersections of copper up to 0.23 per cent over 5.5 metres with isolated gold values up to 228 parts per billion. This is the widest zone of anomalous copper mineralization observed on the property, and Redstar reported that previous work indicated a correlation between gold grades and copper mineralization. Redstar also reported that the hole was designed to test stratigraphy and therefore did not test the north- to south-oriented gold-bearing quartz veins previously sampled on surface. Sampling completed on the 991 zone by GoldON confirmed high-grade gold mineralization with seven grab samples ranging in value from 0.006 g/t Au to 44.9 g/t Au (GoldOn website, grab samples are selected samples and are not necessarily representative of the mineralization hosted on the property). Additional drilling is planned to test these veins, as the 200-metre-wide zone confirms the presence of a large mineralized system.
  • Induced polarization targets -- in March, 2003, Redstar completed an induced polarization/resistivity survey over a portion of the Pipestone North property centre over the 991 occurrence area. A total of 6.1 line-kilometres were completed and filed as an assessment report: "Two significant zones of high resistivity and anomalous chargeability that extend across the survey grid at an approximate bearing of 080 degrees to 110 degrees. These zones are dominantly high-resistivity anomalies, which may be due to silicification or quartz veining. The most significant anomaly extends from about 9550N on line 10500E to about 9450N beneath line 10900E ... The zone is coincident with the 991 showing at line 10700E."
  • Airborne magnetic targets -- in 2020 GoldON completed a heliborne high-resolution magnetometer survey, and Orix Geoscience completed a data compilation and reinterpretation study incorporating the magnetometer survey data with all known lithological and mineralogical information and structural measurements. The Orix study is summarized as:
    • A wide zone of low magnetic intensity occurs at the contact of mafic/ultramafic units with northern felsic intrusive rocks in the western continuation of the Pipestone Bay/St. Paul Bay deformation zone, with possible dextral shearing;
    • Two phases of deformation (D1 and D2) have been identified in the surface reinterpretation causing the F1 and F2 folds. Late faults and shear zones dominantly strike north-northwest and north-northeast, crosscut and locally displace the early structures;
    • The 991 showing is possibly controlled by an early east-west structure that is likely a second-order structure to the Pipestone Bay/St. Paul Bay deformation zone;
    • Other notable mineralization occurs in iron formation units or proximal to fault intersections.

The company will compile the historical geophysical and geological data over the Pipestone North property in preparation of a summer field program, in association with activities on the Cole gold mines property.

To acquire a 100-per-cent interest in the Pipestone North property Rockland will pay a cumulative $60,010 cash, issue one million shares and spend $1-million over a four-year period.

Matthew Long, PGeo, a qualified person under National Instrument 43-101, is the qualified person responsible for reviewing and approving the geological contents of this news release as they pertain to the Cole gold mines property.

About Rockland Resources Ltd.

Rockland Resources is engaged in the business of mineral exploration and the acquisition of mineral property assets for the benefit of its shareholders.

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