Rockridge Resources Completes Non-Brokered Flow-Through Financing and is Planning to Commence Drill Program at Raney Gold Project

Rhea-AI Summary

Rockridge Resources Ltd. (TSX-V: ROCK, OTCQB: RRRLF) has completed a non-brokered flow-through private placement financing, raising $472,500 by issuing 9,450,000 flow-through units at CAD $0.05 each. Each unit consists of one common share and one warrant, exercisable for a non-flow through common share at CAD $0.07 for 36 months. The financing incurred finder's fees of $32,550 and 651,000 finder's warrants with similar terms. Proceeds will fund exploration activities for the upcoming drill program at the Raney Gold Project, set to begin in May, which includes at least 2,500m of drilling in 10-12 diamond drill holes. Previous drilling results indicate high-grade gold potential, with significant structures identified for further exploration.

Positive

• Raised gross proceeds of $472,500 from the private placement.
• Planned drilling program at the Raney Gold Project is funded and permitted.
• Previous drilling returned significant results, including 27.9 g/t Au over 6.0m.

Negative

• None.

Vancouver, BC, April 12, 2023 (GLOBE NEWSWIRE) -- Rockridge Resources Ltd. (TSX-V: ROCK) (OTCQB: RRRLF) (Frankfurt: RR0) (“Rockridge”) (the “Company”) is pleased to announce that it has completed a non-brokered flow-through private placement financing for total gross proceeds of $472,500 (the “Private Placement”). The Company has issued 9,450,000 flow-through units (the “FT Units”) at a price of CAD $0.05 per FT Unit.

Each FT Unit is comprised of one common share and one warrant, each warrant entitling the holder to purchase one non-flow through common share for a period of thirty-six months at a price of CAD $0.07. In addition, the Company has paid finder's fees totaling $32,550 and issued an aggregate 651,000 finder's warrants to arm's-length parties, with each finder’s warrant entitling the holder to purchase one common share for a period of thirty-six months at a price of CAD $0.07.

The Company intends to use the flow-through proceeds from this Private Placement for exploration activities and the upcoming drilling program starting in May at its Raney Gold Project southwest of Timmins, Ontario. Rockridge is now funded and permitted for this drill program that will consist of a minimum 2,500m of drilling in 10-12 diamond drill holes with the potential to be expanded.

Raney Gold Project Regional Geology Map:
https://rockridgeresourcesltd.com/_resources/images/Rockridge-RandyGold-RegionalGeo.jpg

The historical geophysics and previous drilling, including hole RAN-20-06 which returned 27.9 g/t Au over 6.0m at approximately 100m vertical depth, has identified several key structures that could potentially be host to new high-grade gold zones. This planned drill program will utilize all exploration data to date with the goal to test the strike potential and depth continuity of high-grade gold mineralization intersected in previous holes. Specifically, the Company plans on testing the eastward and westward continuity of the Main Raney Gold Zone where there are coincident geophysical anomalies that have yet to be drill tested. Additional news will be forthcoming on the drilling program.

About Rockridge Resources Ltd.:

Rockridge Resources 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 100% owned Knife Lake Project is 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.

Rockridge’s gold 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.

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.

The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.

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, including the Private Placement. 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, regulatory approvals, 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 is the recent financing amount for Rockridge Resources Ltd. (RRRLF)?

Rockridge Resources Ltd. has raised $472,500 through a non-brokered flow-through private placement.

What will the proceeds from the private placement be used for?

The proceeds will be used for exploration activities and the upcoming drilling program at the Raney Gold Project.

When is the drilling program at the Raney Gold Project scheduled to start?

The drilling program at the Raney Gold Project is scheduled to begin in May.

What are the terms of the warrants issued with the flow-through units?

Each warrant entitles the holder to purchase one non-flow through common share at a price of CAD $0.07 for a period of 36 months.

What is the significance of the historical drilling results at the Raney Gold Project?

Historical drilling has identified high-grade gold zones, with results including 27.9 g/t Au over 6.0m, indicating strong exploration potential.