Mr. Grant Ewing reports

ROCKRIDGE COMMENCES ITS VTEM GEOPHYSICAL PROGRAM AT THE KNIFE LAKE COPPER PROJECT AND PLANS DRILL PROGRAM

Rockridge Resources Ltd. has now commenced its winter exploration program at its flagship Knife Lake project located in Saskatchewan, Canada. Rockridge has an option agreement with Eagle Plains Resources Ltd. to acquire a 100-per-cent interest in the property that covers the Knife Lake copper-zinc-silver-cobalt VMS deposit. The contiguous claims total 32,663 hectares and are located approximately 50 kilometres northwest of Sandy Bay, Sask. A 357-kilovolt power line runs within 16 km of the Knife Lake deposit area, greatly enhancing the project's infrastructure.

Exploration program

Crews have now commenced an airborne electromagnetic and horizontal magnetic gradiometer geophysical survey at the Knife Lake project using Geotech Ltd.'s VTEM Plus system. The survey is strategically located over the Scimitar and Gilbert Lake targets to investigate over 30 linear kilometres of prospective VMS stratigraphy which hosts the Knife Lake copper deposit. These targets are considered high-priority after field work in 2019 revealed favourable mineralization and alteration typical to VMS environments (see news release from Nov. 7, 2019). This survey represents the first time-domain EM survey to be flown over the property and will allow for the identification, modelling and prioritization of geophysical conductors for subsequent drill testing.

The Knife Lake deposit contains typical VMS mineralogy which has been significantly modified and partially remobilized during the emplacement of granitic rocks. Therefore, the known deposit may represent a remobilized portion of a presumably larger primary VMS deposit based on general observations about the mineralogy, mineral textures and metal ratios in the deposit. Most of the historical work has consisted of shallow drilling at the deposit area with little regional work carried out and limited deeper drilling below the deposit. As a result, there is strong discovery potential both at depth and regionally.

Lake geology and history

The Knife Lake project is interpreted to be a remobilized VMS deposit. The stratabound mineralized zone is approximately 15 metres thick and contains copper, silver, zinc, gold and cobalt mineralization which dips 30 degrees to 50 degrees eastward over a known strike length within Rockridge's claim area of 3,700 metres, and a known average down-dip extension of approximately 300 metres.

The deposit is hosted by felsic to intermediate volcanic and volcaniclastic rocks which have been metamorphosed to upper amphibolite facies. The deposit contains VMS mineralogy which has been significantly modified and partially remobilized during the emplacement of granitic rocks. The mineralization straddles the boundary between two rock units and occurs on both limbs of an interpreted overturned fold.

The company completed 12 holes consisting of 1,053 metres of diamond drilling in the 2019 winter drilling program. This represented the first drilling on the property since 2001 and had two primary objectives: confirm the tenor of mineralization reported by previous operators and expand known zones of mineralization. Highlights from the drill program included previously reported hole KF19003 which intersected net-textured to semimassive sulphide mineralization from 11.2 m to 48.8 m downhole. This 37.6-metre interval returned 2.03 per cent Cu, 0.19 gram per tonne Au, 9.88 g/t Ag, 0.36 per cent Zn and 0.01 per cent Co for an estimated 2.42 per cent copper equivalent. Additionally, previously reported drill hole KF19001 intersected net-textured to fracture-controlled sulphide mineralization from 7.5 metres to 40.6 metres downhole. This 33.1-metre interval returned 1.28 per cent Cu, 0.12 g/t Au, 4.80 g/t Ag, 0.13 per cent Zn and 0.01 per cent Co for an estimated 1.49 per cent CuEq.

Compilation and initial modelling indicate potential for expansion of the deposit at depth. The recent drilling focused on resource upgrade as well as infill drilling between historical holes. The program gave the company's technical team valuable insights into the property geology, alteration and mineralization that will be applied to future regional exploration on the highly prospective and underexplored land package.

The Knife Lake deposit is a near-surface VMS deposit starting a few metres below surface and the deposit remains open at depth and along strike for potential resource expansion. Recently, Rockridge announced a maiden National Instrument 43-101 resource estimate for the Knife Lake deposit (see the news release dated Aug. 14, 2019) which consisted of an indicated resource of 3.8 million tonnes at 1.02 per cent CuEq at a 0.4 per cent CuEq cut-off (3.8 million tonnes at 0.83 per cent Cu, 3.7 g/t Ag, 0.097 g/t Au, 82 parts per million Co and 1,740.7 ppm Zn). In addition, there is an inferred resource of 7.9 million tonnes at 0.67 per cent CuEq at a 0.4 per cent CuEq cut-off (7.9 million tonnes at 0.53 per cent Cu, 2.4 g/t Ag, 0.084 g/t Au, 53.1 ppm Co and 1,454.9 ppm Zn). Refer to the NI 43-101 technical report on the mineral resource estimate for the Knife Lake property, Saskatchewan, dated Sept. 27, 2019, filed on SEDAR.

Raney gold project update

The company has now received assay results from the final two drill holes (RN-20-19 and RN-20-20) of the recently completed 2,965-metre diamond drilling program at its 100-per-cent-owned Raney gold project located southwest of Timmins, Ont., Canada.

A total of 11 drill holes were completed during the program to evaluate the down plunge and strike extent of the Raney gold zone. Assay results were reported for nine of the 11 holes previously (see news release dated Jan. 28, 2021).

Highlight results from the program included previously reported drill hole RN 20-13 which returned 2.5 g/t Au over 13 m from 133 m to 146 m, including 3.41 g/t Au over nine metres from 135 m to 144 m and including 9.6 g/t Au over two metres from 135 m to 137 m. This hole was drilled to test the down plunge continuity of high-grade mineralization in previously reported hole RAN-08-04, which returned 3.9 g/t Au over 17.4 m. Furthermore, as reported previously, hole RN-20-18 was the first hole ever drilled to test a drone magnetic feature along strike and to the west of the Raney gold zone. The hole intersected a strongly altered section with quartz veins that is very similar in appearance to the main Raney gold zone and returned 1.36 g/t Au over nine metres from 141 m to 150 m, including 2.1 g/t Au over four metres from 141 m to 145 m. This was a significant hole as it indicates potential continuity of the zone 250 metres to the west. The strong alteration indicates the potential for higher grades in untested areas at depth and along strike.

The final two holes in the program (RN-20-19 and RN-20-20) were large step-outs approximately 1,000 metres west of the main Raney gold zone where no prior drilling had been conducted. Both holes did not return any significant gold values.

The next steps in the evaluation of the potential of the Raney gold project will be determined following a thorough compilation and review of all the 2020 program results.

Qualified persons

Kerry Bates, PGeo, a qualified person for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral projects, and a geologist employed by TerraLogic Exploration Inc., has reviewed and approved the scientific and technical disclosure in this news release relating the Knife Lake project.

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 relating to the Raney gold project.

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 one of the top mining jurisdictions 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. 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. 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.

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