Mining
Monday, October 2nd, 2023 10:46 pm EDT
Key Points
- Rockridge Resources Ltd. has been selected to receive a $200,000 grant from the Ontario Junior Exploration Program (OJEP) to support exploration activities at the Raney gold project located southwest of Timmins, Ontario, Canada.
- The Raney gold project is strategically located within the highly prospective west extension of the Abitibi greenstone belt, near other significant gold deposits like Newmont’s Borden gold mine and Iamgold’s Cote gold project. Rockridge’s CEO expressed enthusiasm for their participation in OJEP and the potential for economic growth through exploration.
Rockridge Resources Ltd. has been selected to receive a $200,000 grant from the Ontario Junior Exploration Program (OJEP) to assist in exploring the Raney gold project located southwest of Timmins, Ont., Canada.
The Raney gold project is strategically located within the highly prospective west extension of the Abitibi greenstone belt, proximal to several regional deposits. Newmont’s operating Borden gold mine (reserves of 4.17 million tonnes at 6.38 grams per tonne (g/t) gold (Au) for approximately 860,000 ounces (oz). Au reported in 2015 is located 35 kilometres (km) west of Raney. Iamgold and JV (joint venture) partner Sumitomo Metals Mining recently decided to proceed with construction of its Cote gold project located 75 km southeast of Raney. The Cote project, estimated to contain gold reserves of approximately seven million ounces (approximately 236 million tonnes at 0.96 g/t Au) is noted as a world-class deposit by Iamgold.
Rockridge’s chief executive officer, Jon Wiesblatt, commented: “We are excited to be a partner of the Ontario government and OJEP. As a part of OJEP, Rockridge can do its part in the advancement of the junior exploration industry in Ontario which is an important contributor to the provinces economy. OJEP was designed to help attract greater investment in early-stage exploration with the ultimate goal to generate more discoveries that will one day be developed into mines creating jobs and economic output for the province. Rockridge is honoured to be part of this initiative.”
George Pirie, Minister of Mines commented: “Ontario is a world-class gold jurisdiction. Over 40 per cent of all gold found in Canada last year was from this great province. Rockridge Resources Ltd. is yet another junior exploration company that is leveraging our government’s investments in the Ontario Junior Exploration Program to explore future mining districts like the Raney gold project, southwest of my home riding of Timmins. Our investments are helping companies find the mines of the future that will strengthen and grow our northern economy.”
2023 drill program summary
The recently completed 2023 drill program continued to expand the central Raney gold zone and tested the extension of the Raney zone in the east and the west directions. Alteration associated with the gold mineralization is coincident with a distinct magnetic-low signature. Notably, numerous holes including the stepout holes intersected mineralization. Assays are pending from the program and will be released once collected and analyzed.
Raney gold project history and previous diamond drilling
In 2020, Rockridge completed just over 5,000 metres (m) of drilling in 20 drill holes. The drilling focused on the main mineralized zone over a strike extent of approximately 225 metres that produced the best historic intercept of 6.5 g/t Au over eight metres in 2010. Rockridge’s drilling in 2020 returned a high-grade intercept of 27.9 g/t Au over six metres near the 100-metre depth level in hole RAN-20-06. The broad structural corridor that hosts the mineralization is up to 125 metres wide and extends well beyond the area tested by drilling. Other results from the drilling included hole RN 20-13 which returned 2.5 g/t Au over 13.0 m, including 9.6 g/t Au over two m, as well as hole RN 20-18 which was a significant stepout hole along strike 250 m to the west of the main zone and returned 1.36 g/t Au over nine m including 2.1 g/t Au over four m.
Prior to Rockridge’s drilling, historical drilling at the Raney gold project focused on identifying near-surface gold mineralization. Previous exploration on the property from 1972 to 1991 consisted of prospecting, mapping, sampling, trenching, winkie drilling, ground geophysics, stripping and some limited diamond drilling. This was followed by exploration work during the 2009 to 2010 period. The property is underlain by mafic volcanics to the north and felsic to intermediate volcaniclastics to the south. The felsic volcaniclastics are host to the gold zones. Quartz feldspar porphyry dikes and sills and minor mafic intrusives occur throughout the property. The porphyries are generally massive but may be sheared and hydrothermally altered and veined in places.
A 100-metre-wide intensely sheared and altered quartz-feldspar porphyry body is located just to the south of the main Raney gold showing. Gold mineralization exposed on the surface and intersected in drill holes on the property is typical of the lode gold class of gold deposit which is the dominant gold deposit type in the Abitibi greenstone belt. Gold mineralization on the property is associated with the intensely sheared and altered zones within the felsic tuffs and higher grades tend to occur where quartz veining is present.
The property is in the Archean Swayze greenstone belt, considered to be the southeast extension of the Abitibi greenstone belt, which hosts the world-class Timmins and Kirkland Lake gold districts. Numerous gold occurrences occur throughout the district and several world-class mines have been developed. These deposits are responsible for a significant portion of the world’s cumulative gold production and are often characterized by gold-enriched quartz vein systems associated with supracrustal belts in low- to medium-grade metamorphic terranes. Gold mineralization at the property is typical of the mesothermal lode gold deposit model. Rockridge owns a 100-per-cent interest in the Raney gold project.
Qualified person
Todd Keast, PGeo, a qualified person for the purposes of National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and the Raney gold project manager for Rockridge Resources, has reviewed and approved the scientific and technical disclosure in this news release.
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.
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