Vancouver, BC – Rockridge Resources Ltd. (TSX-V: ROCK) (OTCQB: RRRLF) (Frankfurt: RR0) (“Rockridge” or the “Company”) is pleased to announce assay results from its recently completed diamond drilling program at its 100% owned Knife Lake Copper Project located in Saskatchewan, Canada (the “Knife Lake Project” or “Property”). The Company drilled a total of 939 metres in six drill holes and has received assays and completed interpretation for all holes. The Knife Lake Project, consisting of 82 claims totaling 56,865 hectares (140,516 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:
Jon Wiesblatt, Rockridge’s CEO, commented: “Drill results at our Knife Lake Project continue to exceed our expectations. Results continue to exemplify that Knife Lake is a shallow, high grade copper deposit in the heart of one of the most prolific mining jurisdictions for VMS style deposits in the Americas. The macro environment is setting up for many years of excellent fundamentals as the imbalance between copper supply and demand continues to widen.”
Mr. Wiesblatt continued: “The world continues to move towards net-zero carbon emissions which is expected to drive a surge in demand for base metals like copper by up to 50 million metric tons by 2035. In fact, demand for the metal is expected to increase by more than 50% from 2022 – 2040. On the supply side, it is expected by some market analysts that mine supply will peak in 2024 as limited new projects come to market and existing sources are mined out. As a result, some analysts are expecting a market deficit by as much as 10 million tons by 2035. The market backdrop over the next several years will make projects like Knife Lake even more important as the ongoing search for new sources of supply is elevated.”
2022 Diamond Drilling Program:
The focus of the 2022 drill program was continued infill and expansion drilling at the deposit, with the intent of upgrading existing mineral resource estimates and better understand the geology at the Knife Lake Deposit. In addition to the Deposit drilling, exploratory drill holes were completed at the highly prospective Gilbert Lake target area. The program consisted of 936m total metres drilled in six drill holes with four holes (281m) drilled at the deposit.
2022 Drill Program Drill Collar Locations:
The Gilbert Lake targets were identified from the results and interpretation of the previous geophysical, drill and field programs. Results from these programs show that airborne VTEM surveys can successfully identify zones of VMS-style mineralization hosted in favourable stratigraphy on the property. The drilling at the Gilbert Lake South target area further investigated strike-length continuity of the mineralized horizon intersected in 2021 drilling, which remains open to the south. The hole also evaluated potential zoning of mineralization, which is commonly observed in VMS systems.
Furthermore, drilling at a newly discovered copper showing at the Gilbert West Area targeted the down-dip extension of a mineralized and intensely altered volcanic package which is interpreted to be the Knife Lake stratigraphic horizon. The Gilbert West target had never been drill tested. The hole successfully intersected weak pyrrhotite-dominant mineralization hosted in stratigraphy interpreted to be the same stratigraphic horizon that hosts the Knife Lake Deposit.
Rockridge is planning follow-up exploration programs at Knife Lake and has received its exploration permit which is good through February 2024. News will be forthcoming on this.
Knife Lake Deposit Diamond Drill Hole Results and Geological Summary:
Drill hole KF22030 was designed to follow-up on the 2019 and 2021 resource drilling program and infill historic drilling at the Knife Lake Deposit. Mineralization forms semi-massive to massive and net textured pyrite-pyrrhotite-chalcopyrite-sphalerite hosted in intermediate-mafic volcanics and green pegmatite intervals.
|Hole ID||Easting (m)*||Northing (m)*||Elev. (m)||Az. (°)||Dip (°)||Final Depth (m)|
*Coordinates projected in NAD83 UTM Zone 13N
Drill hole KF22030 intersected a broad zone of mineralization over 15.90m (from 13.80m - 29.70m) which returned 1.93% Cu, 0.26 g/t Au, 7.50 g/t Ag, 0.17% Zn and 0.02% Co (2.35% CuEq), and includes 2.18% Cu, 0.27 g/t Au, 7.83 g/t Ag, 0.19% Zn, 0.02% Co (2.65% CuEq) over 9.00m (from 17.00m - 26.00m).
* 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 $3.38/lb Cu, $23.56/lb Co, $1,649.30/oz Au, $18.42/oz Ag, $1.32/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).
Gilbert Lake West Diamond Drill Hole Results and Geological Summary:
Drill Hole KF22026 was the first hole drilled at the newly discovered Gilbert West target area. The 2021 airborne VTEM survey identified strong conductivity and related magnetic high anomalies forming bedding parallel conductors which correlated to highly prospective stratigraphy interpreted to be the same stratigraphic horizon that hosts the Knife Lake Deposit. The hole intersected intermediate and mafic metavolcanics with green tonalitic pegmatites that hosted intervals of semi-massive pyrrhotite, associated with graphitic alteration. Logging identified trace chalcopyrite intergrown with semi-massive pyrrhotite, interpreted to represent VMS-style mineralization. The geology in these intervals is very encouraging and warrants following up which will be considered in the 2023 exploration program.
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:
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 twenty-four holes consisting of 3,096 metres of diamond drilling in the 2019 and 2021 winter drilling programs. This represented the first drilling on the property since 2001. Both programs have given 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.
Knife Lake VTEM and Grab Sample Survey:
Highlights from the drill programs include 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.
In August 2019, Rockridge announced a maiden NI 43-101 resource estimate for the Knife Lake deposit which consisted of a pit-constrained indicated resource of 3.8 million tonnes at 1.02% CuEq and an inferred resource of 7.9 million tonnes at 0.67% CuEq using a 0.4% CuEq cut-off. For more information, please refer to the News Release dated August 14th, 2019 or the NI 43-101 Technical Report on the Mineral Resource Estimate for the Knife Lake Property, Saskatchewan dated September 27, 2019, filed on Sedar.
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 Eagle Plains Resources, 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 100% owned Knife Lake Project located in Saskatchewan which is ranked as a top 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 its 100% owned 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.
Knife Lake Copper Project Location Map:
Additional information about Rockridge Resources and its project portfolio can be found on the Company’s website at www.rockridgeresourcesltd.com.
Rockridge Resources Ltd.
For further information contact myself or:
Jordan Trimble, President or
Riley Trimble, Corporate Communications
Rockridge Resources Ltd.
Toll Free: 800-567-8181
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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.