VANCOUVER, British Columbia, Oct. 20, 2020 (GLOBE NEWSWIRE) --
Rockridge Resources Ltd.
(“Rockridge”) (the “Company”) is pleased to announce that it has completed its 100% earn-in of the Raney Gold Project, located southwest of Timmins, Ontario (the “Raney Gold Project” or “Property”), ahead of schedule due to the successful findings thus far. Furthermore, the Company is approximately halfway through its planned ~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.
Raney Gold Project Location Map:
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 5,600m of historical drilling carried out at the Property, the Raney Gold Zone has been drilled along a strike length of 225m and with limited drill testing deeper than 150m. The mineralized zone is typified by broad sections of fine quartz veins which comprise up to 15% - 50% of the rock mass. Visible gold has been historically identified in several drill holes including RN-20-06, which intersected 27.9 g/t Au over 6.0m (see website for image). Recent field work 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 (Table 1). 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.
Cross Section of High-Grade Gold Mineralization in Hole RN 20-06:
Table 1 – Significant Historical High - Grade Gold Intersections from Raney Gold Zone :
|BHID||From m||To m||Width m||Au g/t|
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.
Survey Plan Map Showing Exploration Potential Along Structural Corridor:
A quartz feldspar porphyry intrusion is located approximately 130m 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 400m long, 100m 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.
Table 2 – Select high grade assay results from QFP surface grab samples :
|Sample #||Description||Au g/t|
|22311||Altered and Veined QFP||10.0|
|22316||Altered and Veined QFP||1.1|
|31363||Qtz vein in QFP||11.9|
|31364||Qtz vein in QFP||15.9|
|8006||Qtz vein w galena in QFP||20.7|
|8053||Qtz vein w 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 MT @ 6.38 g/t Au for ~860k oz. Au reported in 2015) is located 35 km west of Raney. IAMGOLD and JV 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 ~7 million ounces (~236MT @ 0.96 g/t Au) - is noted as a “world-class” deposit by IAMGOLD. GFG Resources is another close neighbour that has acquired a large land package in the area including its Pen and Dore Gold Projects.
Raney Gold Project Geology and Histor y:
Earlier in 2020, Rockridge completed its initial drill program totalling 2,070 metres 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 metres that produced the best historic intercept of 6.5 g/t gold over 8.0 metres 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 cm 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 6.0 metres (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-metre level. The broad structural corridor that hosts the mineralization is up to 125 metres wide and extends well beyond the area tested by drilling. No drilling has been conducted along this corridor except for the ~225-metre-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 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 dykes 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, 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% interest in the Raney Gold Project.
Todd Keast, P.Geo., 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.
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 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 #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.
Additional information about Rockridge Resources and its project portfolio can be found on the Company’s website at www.rockridgeresourcesltd.com . Rockridge currently has 51.1 million shares issued and outstanding.
Rockridge Resources Ltd.
For further information contact myself or:
Jordan Trimble, President or
Spencer Coulter, Corporate Communications
Rockridge Resources Ltd.
Toll Free: 800-567-8181
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Forward Looking Information
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”. Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.