VANCOUVER, British Columbia, Jan. 28, 2021 (GLOBE NEWSWIRE) --
Rockridge Resources Ltd.
(“Rockridge”) (the “Company”) is pleased to announce that it has completed a 2,965 metre diamond drilling program at its 100% owned Raney Gold Project located southwest of Timmins, Ontario, Canada (the “Raney Gold Project” or “Property”). A total of 11 drill holes were completed to evaluate the down plunge and strike extent of the Raney Gold Zone. Assays have been received for 9 of the 11 holes with gold mineralization intersected in all but two holes. Drill hole RN 20-13 returned 2.5 g/t Au over 13.0m from 133.0m to 146.0m including 3.41 g/t Au over 9.0m from 135.0m to 144.0m and including 9.6 g/t Au over 2.0m from 135.0m to 137.0m. Furthermore, exploratory drill hole RN 20-18 was a significant step out hole along strike 250m to the west of the main zone and returned 1.36 g/t Au over 9.0m from 141.0m to 150.0m including 2.1 g/t Au over 4.0m from 141.0m to 145.0m.
Raney Gold Project Location Map:
The drill program was designed to evaluate a number of exploration ideas/concepts including: testing the down plunge and depth continuity of high-grade gold mineralization intersected in previously drilled holes; testing the eastward and westward continuity of the Raney Gold Zone as suggested by a well-defined magnetic low signature along strike as identified from a drone survey; testing a relatively underexplored feldspar porphyry unit; and testing a newly identified magnetic signature along strike to the Raney Gold Zone that exhibited a distinct fold geometry.
Rockridge’s CEO, Grant Ewing, commented: “The main zone of the Raney Gold Project has returned significant high-grade gold results from previous drilling campaigns, and the current program was designed to test the depth and strike extent of the mineralization outside of this zone. A very encouraging aspect of the program is the potential extension of the Raney Gold Zone to the west where hole RN 20-18 intersected gold in a strongly altered section with quartz veins 250 metres west of the main zone.”
Jordan Trimble, Rockridge’s President, commented: “We are very pleased to have gold mineralization in almost every hole reported thus far from the recent drill program with assays pending for two additional holes. These initial results from the Raney Gold Project further illustrate the high grade, robust geological potential at the project as we continue to expand the main zone of gold mineralization while discovering other zones both along strike and at depth.”
A summary of assay results for nine holes are reported below:
- Hole RN 20-10 returned 1.37 g/t Au over 3.5m from 157m to 160.5m
- Hole RN 20-11 returned 2.18 g/t Au over 5.7m from 153.8m to 159.5m; and 2.68 g/t Au over 0.8m from 250.7m to 251.5m
- Hole RN 20-12 returned 1.38 g/t Au over 6.5m from 144.5m to 151.0m; and 1.27 g/t Au over 4.0m from 211.5m to 215.5m
- Hole RN 20-13 returned 2.5 g/t Au over 13.0m from 133.0m to 146.0m; including 3.41 g/t Au over 9.0m from 135.0m to 144.0m and including 9.6 g/t over 2.0m from 135.0m to 137.0m
- Hole RN 20-14 returned 1.97 g/t Au over 2.0m from 248.5m to 250.5m
- Hole RN 20-15 and hole RN 20-17 - no significant values
- Hole RN 20-16 returned 2.21 g/t Au over 1.0m from 387.0m to 388.0m
- Hole RN 20-18 returned 1.36 g/t Au over 9.0m from 141.0m to 150.0m; including 1.67 g/t Au over 7.0m from 141.0m to 148.0m and including 2.1 g/t Au over 4.0m from 141.0m to 145.0m
Diamond Drill Hole Summaries:
Drill holes RN-20-10,11, and 12 were drilled from the same setup to test the down plunge continuity of the high-grade intersection of previously reported hole RN-20-06 which returned 27.9 g/t Au over 6.0m. Narrow low-grade intervals with weak veining were encountered. Visible gold was identified in RN-20-11 in a parallel structure approximately 50 metres south of the Raney Gold Zone, which returned 2.2 g/t Au over 5.7m. The proper Raney Gold Zone in RN-20-11 also had an occurrence of visible gold, with less alteration and returned 2.68 g/t Au over 0.8m.
Drill holes RN-20-13 and 14 were 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 17.4m. Hole RN-20-13 intersected 2.5 g/t Au over 13.0m from 133.0m to 146.0m in the south zone including 3.41 g/t Au over 9.0m from 135.0m to 144.0m and including 9.6 g/t over 2.0m from 135.0m to 137.0m. Hole RN-20-14 returned 1.97 g/t Au over 2 metres from 248.5m to 250.5m.
Drill hole RN-20-15 was drilled to test a magnetic feature suggesting the eastward continuity of the Raney Zone. A number of sericite schist units were intersected as well as sections with weak quartz vein density suggesting possible continuity. The mag low feature continues east and represents a possible future exploration target.
Drill hole RN-20-16 was drilled to test the feldspar porphyry and at the same time provide a deeper intersection on the Raney Gold Zone. The feldspar porphyry appears to be spatially intimate with a large shear zone, both of which are dipping to the north. The shear zone is wide and shows considerable strain and contains narrow quartz carbonate veins. The porphyry was not intensely sheared or altered at depth, in contrast to the sheared nature on surface. Some small veins were encountered. The deeper intersection on the Raney zone did not provide indication that the zone has continuity at depth on this section.
Hole RN-20-17 was drilled to test the feldspar porphyry and a high-grade surface gold showing and intersected anomalous gold grades.
Hole RN-20-18 is 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 9.0m from 141.0m to 150.0m including 2.1 g/t Au over 4.0m from 141.0m to 145.0m. This is a significant hole as it indicates potential continuity of the zone 250 metres to the west. The strong alteration, which was logged over a width of 7.0m also indicates the potential for higher grades in untested areas at depth and along strike.
Mag Survey Plan Map Showing Exploration Hole Collars:
Assay labs have been slow to turn around assay results and as such assays are still pending for drill holes RN-20-19 and RN-20-20. These holes were drilled to test a recently identified magnetic signature possibly along strike to the Raney Gold Zone that exhibits a distinct fold geometry.
Drill Hole Details:
|RN-20-10||365644||5303587||397||25||-45||210||Test down plunge Raney Zone|
|RN-20-11||365633||5303579||397||25||-60||273||Test down plunge Raney Zone|
|RN-20-12||365633||5303579||397||25||-52||240||Test down plunge Raney Zone|
|RN-20-13||365691||5303550||387||25||-47||225||Test down plunge Raney Zone|
|RN-20-14||365691||5303550||387||25||-67||336||Test down plunge Raney Zone|
|RN-20-15||365858||5303482||387||25||-60||330||Test Drone mag east of Raney Zone|
|RN-20-16||365850||5303500||387||30||-60||481||Test QFP and Raney Zone at depth|
|RN-20-17||365568||5303589||387||180||-45||102||Test QFP and high-grade trench|
|RN-20-18||365400||5303675||387||0||-45||252||Test Drone mag west of Raney Zone|
|RN-20-19||364844||5303882||387||55||-45||276||Test mag low fold structure far west|
|RN-20-20||364844||5303882||387||245||-45||240||Test mag low fold structure far west|
Raney Gold Project Location:
The Raney Gold Project, southwest of Timmins, 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 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 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 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.
Significant Historical High-Grade Gold Intercepts from Raney Gold Zone:
|BHID||From m||To m||Width m||Au g/t|
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 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 depth level. The broad structural corridor that hosts the mineralization is up to 125 metres wide and extends well beyond the area tested by drilling. Prior to the 2020 programs, no drilling had 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 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 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. 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
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
Forward Looking Information
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. 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. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.