EXPLORATION & DEVELOPMENT

Knife Lake results carve positive outlook for Rockridge

Reports "one of the best holes ever" at recently-optioned Saskatchewan project

Staff reporter

This article is 5 years old. Images might not display.

Results included 37.6m grading 2.03% copper, 0.19g/t gold, 9.88g/t silver, 0.36% zinc, and 0.01% cobalt for an estimated 2.42% copper-equivalent, from 11.2m.

President and CEO Jordan Trimble said the above result represented "one of the best holes ever drilled on the project" and was collared in an area with no historic drilling.

"As such these drill results are expected to have a positive impact on the historical resource," he said.

Rockridge struck an option agreement in December to earn up to 100% of the 85,196ha project from Eagle Plains Resources (TSXV: EPL), for C$150,000 (US$111,000) in cash, issuing 5.25 million shares and spending $3.25 million (US$2.4 million) on exploration over four years.

Knife Lake has an historic, shallow resource of 20.3 million tonnes grading 0.6% copper, 0.1g/t gold, 3g/t silver, 0.06% cobalt and 0.11% zinc.

Rockridge had a treasury of $1.4 million (US$1 million) according to a presentation this week.

The company had raised $732,725 (US$544,000) at 35c per unit in March, mainly for Knife Lake exploration.

Its shares closed down 5c or almost 15% yesterday to 29c, capitalising it at $7.4 million (US$5.5 million).

Eagle Plains shares rose almost 6% or half-a-cent to 9c, valuing it at $8.1 million (US$6 million).

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.