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Rockridge Intersects Additional Copper Mineralization and Plans Upcoming Summer Exploration Program at the Knife Lake Copper Project, Saskatchewan


July 14, 2021

Vancouver, BC – Rockridge Resources Ltd. (TSX-V: ROCK) (OTCQB: RRRLF) (Frankfurt: RR0) (“Rockridge” or the “Company”) is pleased to announce final results from its recently completed diamond drilling program at its Knife Lake Copper Project located in Saskatchewan, Canada (the “Knife Lake Project” or “Property”). The Company drilled a total of 2,043 metres in twelve drill holes and has now received assays and completed interpretation for all holes. Results for the initial nine holes covering Gilbert North and South and the Knife Lake Deposit can be referenced in the Company’s June 17th, 2021, news release. Rockridge will also be commencing a summer exploration program which is described herein. The Knife Lake Project, consisting of 81 claims totaling 55,471 hectares (137,069 acres), is an advanced-stage copper, silver, zinc and cobalt exploration property in Saskatchewan host to the Knife Lake Deposit.

Knife Lake VMS Project Location Map:
https://www.rockridgeresourcesltd.com/_resources/images/Knife-Lake-Region-20210331-003.jpg

The drill program at the Gilbert North and South target areas was designed to evaluate conductivity and magnetic anomalies identified during the winter 2021 airborne VTEM Plus survey and corresponding surficial geochemical anomalies. Following initial drilling at Gilbert North and South a Borehole Electromagnetic survey of all holes at the Gilbert North and South target areas was completed to refine targeting for the final holes of the program. Previous surficial work programs have indicated that the stratigraphic position of the targeted anomalies correlates with the Knife Lake Deposit to the east. Additional drilling at the Knife Lake Deposit was designed to infill resource drilling.

Gilbert North and South Drill Hole Locations:
https://www.rockridgeresourcesltd.com/_resources/images/DDH-Expand-NR_20210329.jpg

Knife Lake Deposit Drill Hole Locations:
https://www.rockridgeresourcesltd.com/_resources/images/KF_Deposit_06072021.png

Rockridge’s CEO, Jonathan Wiesblatt, commented: “From start to finish, the entire winter and spring exploration program including an airborne VTEM Plus survey and a 2,043m diamond drilling program at the Knife Lake Project was a great success overall. There are a number of exciting regional targets in close proximity to the Knife Lake deposit including the Gilbert Lake target area which was explored using modern day techniques for the very first time. The results thus far have further supported our working thesis that Knife Lake is not a one-off VMS deposit and that the prosects to add to the project’s global resource remain high. Our priority for the balance of 2021 is to return to Knife Lake and to continue to advance the project and the deposit in a rising copper price environment. Rockridge’s geological team is planning to return to Knife Lake later this summer to carry out an exploration program in preparation for another drill program later in the year. News flow will be forthcoming on these exploration programs.”

Highlights

  • 2021 drill program expanded to 2,043.0 metres in twelve drill holes
  • Highlight drill intercepts at the Gilbert South target area include pyrrhotite-pyrite dominant VMS-style mineralization hosted at the same stratigraphic horizon as the Knife Lake Deposit
  • Drilling focused on discovering VMS style copper deposits along newly defined conductors as well as at the Knife Lake VMS deposit
  • Previously reported infill drilling at the Knife Lake deposit returned 1.95% Cu, 0.11 g/t Au, 7.41 g/t Ag, 0.53% Zn and 0.02% Co (2.34% CuEq) over 14.02m beginning at 24.62m in hole KF21021
  • Drillhole KF21022 returned 0.73% Cu, 0.06 g/t Au, 2.98 g/t Ag, 0.15% Zn and 0.01% Co (0.88% CuEq) over 21.11m starting at 27.39m
  • Deposit is thought to be a remobilized portion of a “primary” VMS 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
  • Over 300 holes provided data for first NI 43-101 resource estimate of the shallow Knife Lake deposit
  • Knife Lake NI 43-101 resource estimate from 2019 provides excellent anchor for Project and includes indicated resources of 3.8 MT at 1.02% CuEq. (3.8 MT at 0.83% Cu, 3.7 g/t Ag, 0.097 g/t Au, 82 ppm Co,1740.7 ppm Zn) as well as inferred resources of 7.9 MT at 0.67% Cu Eq (7.9 MT at 0.53% Cu, 2.4 g/t Ag, 0.084 g/t Au, 53.1 ppm Co, 1454.9 ppm Zn)
  • There is strong discovery potential in and around the deposit as well as at regional targets on the Property; modern exploration techniques and methods are being utilized with a goal of making new discoveries
  • A summer 2021 exploration program will follow up on the results of this drill program and details on this program are forthcoming

Knife Lake Winter/Spring 2021 Diamond Drill Hole Results and Geological Summary:

The final two holes of the program (KF21023 and KF21024), totaling 244.0m, were completed at the Gilbert Lake South target area which is approx. 6 km to the west of the Knife Lake Deposit. Hole targeting was refined using preliminary data from the 2021 BHEM survey, which was completed concurrently with drilling. The Gilbert South target, which is over 2.5 km in length, had never been drilled prior to the 2021 drill program. A second resource infill hole (KF21022) was drilled at the Knife Lake Deposit, totaling 59.0m.

Knife Lake Priority Target Areas:
https://www.rockridgeresourcesltd.com/_resources/images/Knife-Lake-Airborne-EM-Feb2021.jpg

Gilbert South Target Drilling:

Drill hole KF21023 intersected massive, semi-massive to net-textured pyrite - pyrrhotite ± sphalerite ± chalcopyrite between 73.91m - 75.83 m with lesser sulphide infill of foliation to 80.16m hosted in amphibole gneiss. The mineralization is associated with strong graphite alteration. Assays returned anomalous results within the mineralized zone including 496.2 ppm Cu, 1277.3 ppm Zn and 1.7 g/t Ag over 6.39m (73.81m - 80.20m).

Gilbert North and South Targets:
https://www.rockridgeresourcesltd.com/_resources/images/KF_Gilbert_06072021.png

Hole KF21024 was planned to undercut hole KF21023 to test for variability of mineralization down-dip. Mineralization in the hole was weaker than the up-dip intersection with weakly defined net-textured pyrrhotite-pyrite hosted pegmatite between 72.91m - 73.55m. Assay results did not return significant concentrations of precious or base-metals.

Plate 1: Net texture pyrrhotite – pyrite ± sphalerite ± chalcopyrite mineralization observed in hole KF21023 (74.0m):

Plate 1: Net texture pyrrhotite

Knife Lake Deposit Drilling:

Drill hole KF21022 was designed to under-cut hole KF21021 to test for variability in mineralization down-dip. Semi-massive to net texture pyrite-pyrrhotite-sphalerite mineralization is hosted in intermediate volcanic intervals and pegmatite intervals between 27.39m - 48.50m. Drillhole KF21022 returned 0.73% Cu, 0.06 g/t Au, 2.98 g/t Ag, 0.15% Zn and 0.01% Co (0.88% CuEq) over 21.11m starting at 27.39m.

Knife Lake Infill Drilling Cross Section:
https://www.rockridgeresourcesltd.com/_resources/images/Sections_KF21021-022.png

Plate 2. Net texture pyrite-pyrrhotite- chalcopyrite sphalerite mineralization observed in hole KF21022 (27.90m)

Plate 1: Net texture pyrrhotite

Drill Hole Results Table for Hole KF21022:

Hole From To Core Length Cu Au Ag Zn Co CuEq
(m) (m) (m) (%) (g/t) (g/t) (%) (%) (%)
 
KF21022 27.39 48.50 21.11 0.73 0.06 2.98 0.15 0.01 0.88
Includes 29.16 35.00 5.84 1.33 0.24 5.05 0.24 0.01 1.64
Includes 32.00 35.00 3.00 1.44 0.09 4.97 0.30 0.01 1.66
and 29.16 30.00 0.84 1.84 0.44 7.52 0.26 0.02 2.35

* Drill indicated intercepts (core length) are reported as drilled widths; true thickness is undetermined.
** No cutoffs or metal recoverability were factored into CuEq calculations.
*** Assumptions used in USD for the copper equivalent calculation were metal prices of $4.50/lb Cu, $19.38/lb Co, $1,864.00/oz Au, $27.90/oz Ag, $1.38/lb Zn. Copper equivalent (CuEq) was calculated using the formula CuEq = Cu% + ((Zn%*Zn Price*22.0462) + (Co%*Co Price*22.0462) + (Augpt*Au Price/31.1035) + (Ag *Ag Price/31.1035)) / (Cu price*22.0462).

Summer 2021 Exploration Program:

Planning is now underway for a fully funded and permitted summer 2021 exploration program to follow up on the encouraging results from this drill program. The program will include a VTEM Plus Geophysical program to expand on the winter 2021 geophysical program. VTEM Plus has proven to be a useful tool for target generation on the Knife Lake Property. Rockridge is also planning for a follow-up drill program later in the year as well.

Knife Lake Geology and History: 

The Knife Lake Deposit is interpreted to be a remobilized VMS deposit. The stratabound mineralized zone is approximately 15m thick and contains copper, silver, zinc, gold and cobalt mineralization which dips 30° to 50° 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.  

Knife Lake Deposit Map:
https://www.rockridgeresourcesltd.com/_resources/projects/KnifeLake-Fig2.jpg

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 twelve 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 11.2m to 48.8m downhole. This 37.6 metre interval returned 2.03% Cu, 0.19 g/t Au, 9.88 g/t Ag, 0.36% Zn, and 0.01% Co for an estimated 2.42% CuEq. 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% Cu, 0.12 g/t Au, 4.80 g/t Ag, 0.13% Zn, and 0.01% Co for an estimated 1.49% 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 NI 43-101 resource estimate for the Knife Lake deposit (see the News Release dated August 14th, 2019) which consisted of an indicated resource of 3.8 million tonnes at 1.02% CuEq at a 0.4% CuEq cut-off (3.8 MT at 0.83% Cu, 3.7 g/t Ag, 0.097 g/t Au, 82 ppm Co, 1740.7 ppm Zn). In addition, there is an inferred resource of 7.9 million tonnes at 0.67% CuEq at a 0.4% CuEq cut-off (7.9 MT at 0.53% Cu, 2.4 g/t Ag, 0.084 g/t Au, 53.1 ppm Co, 1454.9 ppm Zn). Refer to the NI 43-101 Technical Report on the Mineral Resource Estimate for the Knife Lake Property, Saskatchewan dated September 27, 2019, filed on Sedar.

QA/QC:

Samples were sent for geochemical analysis with ALS Global, Vancouver for the following analyses: 48 element four acid ICP-MS (ME-MS61) and gold (Au) 30 g Fire Assay – AA finish (Au-AA23). Over limit analysis were completed using the following analyses: Ore Grade copper (Cu), nickel (Ni) and zinc (Zn) – four acid ICP-AES (ME-OG62).

On receipt of final certificates of analysis, the QA/QC sample results were reviewed to ensure the order of samples were reported correctly, that the blanks ran clean, and that the results for each standard had minimal variance from its certified value. QA/QC for the Knife Lake drilling included certified reference material (“CRM’s”) and blanks that were inserted into each sample batch in order to verify the analytical from the lab.

Qualified Person:

Kerry Bates, P. Geo., 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 to the Knife Lake Project.

About Rockridge Resources Ltd.

Rockridge Resources (TSX.V: ROCK) is a public mineral exploration company focused on the acquisition, exploration and development of mineral resource properties in Canada, specifically copper and gold. The Company’s core copper project is the Knife Lake Project located 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 Cu-Co-Au-Ag-Zn deposit open along strike and at depth. There is strong discovery potential in and around the deposit area as well as at regional targets on the large property package. The Company's secondary asset is the Raney Gold Project, which 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. Recently reported drill hole RN 20-06 intersected 28.0 g/t gold over 6.0 metres at a shallow vertical level of 95 metres, which is the best result from the project thus far. 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 Resources Ltd.

“Jonathan Wiesblatt”

                                                           
Jonathan Wiesblatt
CEO

For further information contact myself or:

Jordan Trimble, President or
Riley Trimble, Corporate Communications

Rockridge Resources Ltd.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@rockridgeresourcesltd.com

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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.