Rockridge Resources (TSX-V: ROCK) has completed the first resource estimate for its flagship Knife Lake project in Saskatchewan.
The project has an indicated resource of 3.8 million tonnes grading 0.83% copper, 3.7 grams silver per tonne and 0.10 gram gold per tonne for 70 million contained lb. copper, 456,000 oz. silver and 11,951 oz. gold. The inferred resource has 7.9 million tonnes grading 0.53% copper, 2.4 grams silver per tonne and 0.084 gram gold per tonne for 92 million contained lb. copper, 610,000 oz. silver an 21,340 oz. gold. The resource used a 0.4% copper cut-off grade.
Rockridge acquired the Knife Lake project from Eagle Plains Resources through an option agreement in November 2018. The contiguous claims total 852 sq. km and are located 50 km northwest of Sandy Bay, Saskatchewan.
The Knife Lake project is an advanced-stage copper, silver, zinc and cobalt exploration property. The VMS deposit starts at a few metres depth and remains open at depth and along strike for potential resource expansion. The stratabound mineralized zone is approximately 15 metres 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.
The property saw extensive exploration from the late 1960s to the 1990s. Most of the historical work consisted of shallow drilling at the deposit area, with little regional work carried out and limited deeper drilling below the deposit. Rockridge completed 12 holes consisting of 1,053 metres of diamond drilling in the winter of 2019, which is the first documented drilling on the property since 2001.
Rockridge’s chief executive officer Grant Ewing says in a press release that the company will focus on expanding the resource by drilling off extensions to the known deposit, and exploring for additional deposits in the immediate Knife Lake area. He notes that there is high mineral potential for the under-explored Knife Lake property, as its geologic setting is similar to the Flin Flon metal belt to the south, where numerous economic mines have been developed.
A summer field exploration program will begin shortly, focusing on existing, highly prospective targets on under-explored property.
At press time, Rockridge is trading at 18¢ in a 52-week trading range of 17¢ to 39¢. The company has 23.4 million shares outstanding.