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Drills are turning at the Knife Lake Project in Saskatchewan, where
Rockridge Resources (TSX-V:ROCK) hopes to meld a resource estimate onto the
advanced exploration project rich in volcanogenic massive sulfides (VMS).
Knife Lake is currently owned by Eagle Plains Resources (TSX-V:EPL). Under
an option agreement, Rockridge can acquire the project by incurring
exploration expenditures of C$3.25 million over four years, along with
issuing 5,250,000 Rockridge shares and paying $150,000 in cash.
The 85,196-hectare property is about 50 kilometers northwest of Sandy Bay,
Saskatchewan and within the Flin Flon-Snow Lake mining district, a prolific
greenstone belt. Since the initial discovery of mineralization in 1915, the
Flin Flon camp has produced over 170 million tons of sulfide ore from 31 VMS
deposits, worth over $25 billion.
Historically explored with over 400 diamond drill holes, Knife Lake is a
VMS deposit with a 15m-thick mineralized zone containing copper, silver, zinc
and cobalt. This spring’s drill program will be the first exploration done
since 2001.
Rockridge is planning to drill 1,000 meters in eight to 10 diamond drill
holes. The objectives are to confirm the tenors (the percentage of metals
found in the sulfides) of mineralization reported by previous operators at
Knife Lake, and to expand the known zones. The ultimate goal is to
come up with an NI 43-101-compliant resource estimate.
A historical (non NI 43-101-compliant) resource estimate completed in
1998 showed 20.3 million tonnes grading 0.6% copper, 0.1 grams per tonne
gold, 3.0 g/t silver, 0.06% cobalt and 0.11% zinc. This includes a
higher-grade zone of 11.0 million tonnes grading 0.75% copper.
“The commencement of drilling is a significant milestone for Rockridge as
we look to position the Company as a go-to copper and base metal exploration
and development company in Canada,” Rockridge’s President
and CEO, Jordan Trimble, said in the news
release. He added:
“The historical Knife Lake Deposit returned some notable drill results and
there is still robust discovery potential around it and regionally. This
inaugural drill program represents the first meaningful exploration carried
out on the project in over sixteen years as we execute on our strategy of
going back into overlooked projects in favourable jurisdictions with modern
exploration techniques and methodologies to make new discoveries.”
The first work was carried out between 1969 and 1973, including airborne
geophysical surveys and soil sampling. The 1969 discovery hole returned 2.37%
copper over 4.48m, including 3.5% over 2.5m. These days, anything over 1% is
considered high-grade copper.
ROCK is well financed for activities this year having recently closed a
$737,725.00 oversubscribed non-brokered private placement financing.
Legal Notice / Disclaimer
This document is not and should not be construed as an offer to sell or
the solicitation of an offer to purchase or subscribe for any investment.
Richard Mills has based this document on information obtained from sources he
believes to be reliable but which has not been independently
verified. Richard Mills makes no guarantee, representation or warranty and
accepts no responsibility or liability as
to its accuracy or completeness. Expressions of opinion are those of
Richard Mills only and are subject to change without notice. Richard Mills
assumes no warranty, liability or guarantee for the current relevance,
correctness or completeness of any information provided within this Report
and will not be held liable for the consequence of reliance upon any opinion
or statement contained herein or any omission. Furthermore, I, Richard Mills,
assume no liability for any direct or indirect loss or damage or, in
particular, for lost profit, which you may incur as a result of the use
and existence of the information provided within this Report.
Rockridge Resources (TSX-V:ROCK), is an advertiser on Richard’s site
aheadoftheherd.com. Richard owns shares of ROCK
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