Rockridge Completes 100% Earn-In at its Flagship Knife Lake Copper Project in Saskatchewan

Rhea-AI Summary

Rockridge Resources Ltd. has successfully completed an earn-in option for 100% ownership of the Knife Lake Copper VMS Project in Saskatchewan, covering 56,865 hectares. The project hosts a NI 43-101 resource estimate, with indicated resources of 3.8 million tonnes at 1.02% CuEq and inferred resources of 7.9 million tonnes at 0.67% CuEq. The company made cash payments of CDN $150,000, issued 5,550,000 common shares, and incurred CDN $3,250,000 in exploration expenditures. A diamond drilling program is currently underway to expand and infill the resource at Knife Lake.

Positive

• Acquired 100% interest in Knife Lake Project, enhancing asset control.
• Current drilling program targets resource expansion, indicating strong operational momentum.
• Knife Lake hosts a significant NI 43-101 resource estimate with high-grade potential.

Negative

• None.

Vancouver, BC, Sept. 19, 2022 (GLOBE NEWSWIRE) -- Rockridge Resources Ltd. (TSX-V: ROCK) (OTCQB: RRRLF) (Frankfurt: RR0) (“Rockridge” or the “Company”) is pleased to announce the completion of the earn-in option and its 100% ownership at its flagship Knife Lake Copper VMS Project in Saskatchewan (the “Knife Lake Project” or “Property”). 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:
https://www.rockridgeresourcesltd.com/_resources/images/Knife-Lake-Region-20210331-003.jpg   

The Knife Lake Project is host to a NI 43-101 resource estimate which consists 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 14^th, 2019 or the NI 43-101 Technical Report on the Mineral Resource Estimate for the Knife Lake Property, Saskatchewan dated September 27^th, 2019, filed on Sedar.

Terms of Option Agreement:

Under the terms of the Agreement, Rockridge has now acquired a 100% interest in the Knife Lake Project by making cash payments to Eagle Plains Resources totaling CDN $150,000, issuing 5,550,000 common shares of Rockridge, and incurring exploration expenditures of CDN $3,250,000, over a four-year period.

Summer Diamond Drilling Program: 

The focus of the ongoing 2022 drill program has been on the highly prospective Gilbert Lake target area as well as continued infill and expansion drilling at the Knife Lake deposit. The program is planned to consist of approximately 1,000m in six to eight drill holes. 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.

Knife Lake Target Areas 2022 Drill Program:
https://www.rockridgeresourcesltd.com/_resources/images/KF-Target-Areas-20220329.jpg

The drilling at the Gilbert Lake South target area will further investigate strike-length continuity of the mineralized horizon intersected in 2021 drilling, which remains open to the south. The holes will also evaluate potential zoning of mineralization, which is commonly observed in VMS systems. Additional drilling at a newly discovered copper showing at the Gilbert West Area has also been prioritized. The holes will target 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 has never been drill tested.

The Company will also be drilling at the Knife Lake deposit area as infill and expansion drilling to upgrade the existing resource estimate. Rockridge has received its exploration permit which is good through February 2024.

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 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:
https://www.rockridgeresourcesltd.com/_resources/maps/KF-FieldResults-20220110.png

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.

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 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 100% owned copper project is the 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 the 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:
https://www.rockridgeresourcesltd.com/_resources/projects/KnifeLake-Fig1.jpg

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
Nicholas Coltura, Corporate Communications

Rockridge Resources Ltd.
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@rockridgeresourcesltd.com

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.

FAQ

What are the recent developments for Rockridge Resources Ltd. regarding RRRLF?

Rockridge Resources announced the completion of its earn-in option, acquiring 100% ownership of the Knife Lake Copper VMS Project.

What is the Knife Lake Project's resource estimate?

The Knife Lake Project has an indicated resource of 3.8 million tonnes at 1.02% CuEq and an inferred resource of 7.9 million tonnes at 0.67% CuEq.

What is the financial commitment made by Rockridge for the Knife Lake Project?

Rockridge made cash payments of CDN $150,000, issued 5,550,000 common shares, and incurred CDN $3,250,000 in exploration expenditures over four years.

What is the focus of Rockridge's current drilling program related to RRRLF?

The ongoing drilling program focuses on the Gilbert Lake target area and infill drilling at the Knife Lake deposit to enhance resource estimates.