13:54:19 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Rockridge Resources Ltd
Symbol ROCK
Shares Issued 51,123,282
Close 2020-10-20 C$ 0.17
Market Cap C$ 8,690,958
Recent Sedar Documents

Rockridge completes Raney earn-in

2020-10-20 09:18 ET - News Release

Mr. Grant Ewing reports

ROCKRIDGE COMPLETES 100% EARN-IN AT RANEY GOLD PROJECT AND PROVIDES UPDATE FROM THE FALL 2020 DRILL PROGRAM

Rockridge Resources Ltd. has completed its 100-per-cent earn-in of the Raney gold project, located southwest of Timmins, Ont., ahead of schedule due to the successful findings thus far. Furthermore, the company is approximately halfway through its planned approximately 3,000-metre diamond drill program at the property with five drill holes completed. The majority of these drill holes have successfully intersected alteration similar to what has been seen in previous high-grade holes drilled on the property.

The drill program is planned to evaluate three discrete exploration priorities: 1) test the down-plunge continuity of the known, shallow, high-grade Raney gold zone; 2) evaluate the east and west magnetic features coincident with and extending along strike from the Raney gold zone; and 3) test an underexplored quartz feldspar porphyry (QFP) intrusion proximal to the Raney gold zone with associated historical high-grade gold grab sample results.

With only 5,600 m of historical drilling carried out at the property, the Raney gold zone has been drilled along a strike length of 225 m and with limited drill testing deeper than 150 m. The mineralized zone is typified by broad sections of fine quartz veins, which comprise up to 15 per cent to 50 per cent of the rock mass. Visible gold has been historically identified in several drill holes including RN-20-06, which intersected 27.9 grams per tonne Au over six m (see website for image). Recent fieldwork has recognized a plunge direction, which may be associated with the controls on gold mineralization. The current drill program is evaluating the projected down-plunge extensions of past high-grade gold intersections. The first few holes testing these down-plunge extensions have successfully intersected alteration similar to what has been seen in previous high-grade holes drilled on the property.

    SIGNIFICANT HISTORICAL HIGH-GRADE GOLD 
      INTERSECTIONS FROM RANEY GOLD ZONE

BHID       From (m)  To (m)  Width (m)  Au (g/t)

RAN-08-04     108.0   125.2       17.2       2.8  
RAN-09-06     119.5   127.0        7.5       1.7  
RAN-09-08     121.0   128.0        7.0       6.9  
RAN-20-06     125.0   131.0        6.0      27.9 

A detailed drone magnetometer survey identified a prominent magnetic low response coincident with the Raney gold zone. The magnetic feature extends east and west from the area of known gold mineralization suggesting potential extensions to the gold system. Drill holes are planned to evaluate the prominent east and west magnetic features, and to evaluate an additional magnetic low feature to the east.

A quartz feldspar porphyry intrusion is located approximately 130 m south of the Raney gold zone beyond the extent of previous drill programs. The QFP has returned significant gold results from past surface sampling programs but has not been adequately drill tested. The QFP is approximately 400 m long, 100 m wide (based on recent surface mapping) and strongly sheared with pervasive carbonate alteration. High-grade assays from historical grab samples indicated an association of gold with galena, which has been observed in recent surface sampling. This target will be tested with upcoming drill holes.

     SELECT HIGH-GRADE ASSAY RESULTS FROM 
           QFP SURFACE GRAB SAMPLES

Sample No.                     Description  Au g/t

22311               Altered and veined QFP    10.0 
22316               Altered and veined QFP     1.1  
31363                   Quartz vein in QFP    11.9 
31364                   Quartz vein in QFP    15.9 
8006        Quartz vein with galena in QFP    20.7 
8053        Quartz vein with galena in QFP    32.8 

* Geological report, Raney property, 1984; exploration program report, Raney gold property, 1993

The current diamond drill program is anticipated to continue for the next few weeks, with assay results to be released upon receipt from the lab.

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 million tonnes at 6.38 g/t Au for about 860,000 ounces Au reported in 2015) is located 35 km west of Raney. Iamgold and joint venture 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 about seven million ounces (about 236 million tonnes at 0.96 g/t Au), is noted as a world-class deposit by Iamgold. GFG Resources is a close neighbour that has acquired a large land package in the area including its Pen and Dore gold projects.

Raney gold project geology and history

Earlier in 2020, Rockridge completed its initial drill program totalling 2,070 m in nine diamond drill holes at the Raney gold project. The drill program focused on the main zone over a strike extent of approximately 225 m that produced the best historic intercept of 6.5 g/t gold over eight m back in 2010. 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.

A zone of increased vein density has been noted where the historic visible gold intercepts occur. The recently drilled high-grade intercept of 27.9 g/t over six m (uncut) from the 2020 winter/spring 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 m level. The broad structural corridor that hosts the mineralization is up to 125 m wide and extends well beyond the area tested by drilling. No drilling has been conducted along this corridor except for the approximately 225 m long main zone.

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 best intercept returned from historical drilling was 6.5 g/t gold over eight m. 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 m 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 that 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-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, has reviewed and approved the scientific and technical disclosure in this news release.

About Rockridge Resources Ltd.

Rockridge Resources is a 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 No. 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.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.