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Rockridge Resources Ltd
Symbol ROCK
Shares Issued 33,973,282
Close 2020-04-28 C$ 0.14
Market Cap C$ 4,756,259
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Rockridge drills six m of 28 g/t Au at Raney

2020-04-29 07:07 ET - News Release

Mr. Jordan Trimble reports

ROCKRIDGE DRILLS 28.0 G/T GOLD OVER 6.0 METRES AT 95 METRES VERTICAL DEPTH IN NEW HIGH GRADE DISCOVERY AT ITS RANEY GOLD PROJECT, SW OF TIMMINS, ONTARIO

Rockridge Resources Ltd. has completed nine diamond drill holes in a 2,070-metre diamond drilling program at its Raney gold project located southwest of Timmins, Ont. Assays have been received for the first six holes with a highlight intercept of 28.0 grams per tonne gold over 6.0 metres (uncut).

Highlights:

  • The Raney gold project is a large prospective gold property covering 1,417 hectares located about 110 kilometres southwest of the prolific gold district of Timmins, Ont.
  • The drilling program entailed 2,070 metres in nine diamond drill holes; logging and sampling of the core have been completed, and assay results have been returned for six holes.
  • Assays are pending for the remaining drill holes with visual indications of mineralization in the drill core.
  • The program tested the mineralized gold system along a strike extent of 225 metres, with the deepest hole at the 260-metre level.
  • RN 20-06 intersected 28.0 g/t gold over 6.0 metres (uncut) at a shallow vertical level of 95 metres.
  • 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.
  • Gold mineralization is associated with broad intervals of higher concentrations of narrow quartz veins; 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 broad alteration zone (structural corridor) that hosts the mineralization is open for expansion; historic mapping and surface sampling data show that the alteration zone 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 two kilometres 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; it is accessible by paved and forestry roads.
  • Newmont's newest gold mine (Borden) located about 35 km west and Iamgold's Cote development project is about 75 km southeast.

Rockridge's chief executive officer, Grant Ewing, commented: "The Raney drilling program was completed in a very timely and cost-effective manner. The high-grade intercept in hole six is highly encouraging, as is the fact that the broad alteration zone where the current drilling program was concentrated may extend for several hundred metres. No drilling has been conducted over a large extent of this corridor. The next steps regarding evaluation of the project will be determined following analysis of the complete assay results from the program."

Jordan Trimble, Rockridge's president, commented: "Hole RN 20-06 represents the best drill intercept ever on the Raney gold project and further illustrates the high-grade, robust geological potential at the project. We successfully tested a new geological model and are excited to continue drill testing the project later this year."

Detailed logging and sampling of the core have been completed. A summary of assay results for the first six holes is reported below:

  • Hole RN 20-01 returned 0.83 g/t Au over 8.9 m from 126.1 m to 135.0 m.
  • Hole RN 20-02 returned 0.63 g/t Au over 8.5 m from 77.5 m to 86.0 m and 1.39 g/t Au over 13.0 m from 102.0 m to 115.0 m, including 3.72 g/t Au over 3.0 m from 103.0 m to 106.0 m.
  • Hole RN 20-03 returned 0.52 g/t Au over 23.0 m from 239.0 m to 262.0 m.
  • Hole RN 20-04 had no significant assays.
  • Hole RN 20-05 returned 6.45 g/t Au over 1.0 m from 110.0 m to 111.0 m and 1.28 g/t over 2.0 m from 295.0 m to 297.0 m.
  • Hole RN 20-06 returned 27.98 g/t Au over 6.0 m from 125.0 m to 131.0 m, including 2.93 g/t Au over 1.0 m from 125.0 m to 126.0 m, 71.28 g/t Au over 2.3 m from 128.7 m to 131.0 m and 326 g/t Au over 0.5 m from 130.5 m to 131.0 m.

True widths are not estimated at this time. See the company's website for the full assay tables. The balance of the assay results will be reported when they become available.

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 the best historic intercept of 6.5 g/t gold over 8.0 metres. The deepest hole of the current 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 centimetre to 20 cm in width.

An upper 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 alteration zone 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 alteration zone may extend over several hundred metres. No drilling has been conducted along this alteration corridor except for the about-225-metre-long main zone. A notable disruption in the airborne magnetic data approximately two km west of the current drilling and in line with the projected structural corridor provides a compelling target area for future exploration.

Raney gold project geology and history

Historical drilling at the Raney gold project focused on identifying near-surface gold mineralization along an extensive alteration zone. Three subparallel 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.

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 dikes 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-per-cent interest in the Raney gold project.

Qualified person

Todd Keast, PGeo, 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.

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.

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 Knife Lake project is in Saskatchewan, which is ranked as the No. 3 mining jurisdiction in the world by the Fraser Institute. The project hosts the Knife Lake deposit, which is a volcanogenic massive sulphide, near-surface copper-cobalt-gold-silver-zinc deposit open along strike and at depth.

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