14:43:05 EDT Mon 12 Apr 2021
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Rockridge Resources Ltd
Symbol ROCK
Shares Issued 52,373,282
Close 2021-02-04 C$ 0.13
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Rockridge begins winter exploration at Knife Lake

2021-02-04 10:57 ET - News Release

Also News Release (C-EPL) Eagle Plains Resources Ltd

Mr. Jordan Trimble of Rockridge reports

ROCKRIDGE COMMENCES WINTER EXPLORATION AND GEOPHYSICAL PROGRAM AT ITS KNIFE LAKE COPPER PROJECT AND PLANS UPCOMING DRILL PROGRAM

Rockridge Resources Ltd. has commenced a 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 (volcanogenic massive sulphide) 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 kilometres of the Knife Lake deposit area, greatly enhancing the project's infrastructure.

Rockridge's chief executive officer, Grant Ewing, commented: "We are excited to commence the first modern-day geophysical program at our Knife Lake project. The VTEM survey we are conducting will allow for examination of the subsurface potential for VMS mineralization over areas we have identified as high-priority target regions. A significant copper-dominated resource exists on the property, and there is excellent potential for new discovery both proximal to and at depth below the Knife Lake deposit as well as regionally on our extensive landholdings."

Jordan Trimble, Rockridge's president, commented: "The shallow Knife Lake deposit is a remobilized portion of a presumably larger primary VMS deposit and the only deposit discovered thus far in this VMS system, so we are keen to recommence exploration and drilling at the project. With the recent surge in the copper price and the strong fundamentals underpinning the sector, there is renewed interest in copper assets globally, especially those in geopolitically favourable jurisdictions. We will continue to execute on our value creation strategy of going into overlooked but prospective projects in prolific mining jurisdictions and using modern exploration methodologies to test new ideas and make new discoveries."

2021 exploration program

Crews have recently mobilized to complete a 459-line-kilometre airborne electromagnetic (EM) and horizontal magnetic gradiometer geophysical survey at the Knife Lake project using Geotech Ltd.'s VTEM (versatile time-domain electromagnetic) 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 fieldwork 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.

Knife 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 downdip 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 semi-massive sulphide mineralization from 11.2 metres to 48.8 metres downhole. This 37.6-metre interval returned 2.03 per cent copper, 0.19 gram per tonne gold, 9.88 grams per tonne silver, 0.36 per cent zinc and 0.01 per cent cobalt 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 copper, 0.12 gram per tonne gold, 4.80 grams per tonne silver, 0.13 per cent zinc and 0.01 per cent cobalt for an estimated 1.49 per cent copper equivalent.

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 copper equivalent at a 0.4-per-cent-copper-equivalent cut-off (3.8 million tonnes at 0.83 per cent copper, 3.7 grams per tonne silver, 0.097 gram per tonne gold, 82 parts per million cobalt and 1,740.7 parts per million zinc). In addition, there is an inferred resource of 7.9 million tonnes at 0.67 per cent copper equivalent at a 0.4-per-cent-copper-equivalent cut-off (7.9 million tonnes at 0.53 per cent copper, 2.4 grams per tonne silver, 0.084 gram per tonne gold, 53.1 parts per million cobalt and 1,454.9 parts per million zinc). Refer to the NI 43-101 technical report on the mineral resource estimate for the Knife Lake property in Saskatchewan dated Sept. 27, 2019, filed on SEDAR.

Qualified person

Kerry Bates, PGeo, a qualified person for the purposes of NI 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.

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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