Rockridge shares rallied on the news, rising 10% or $0.015 to 16.5 cents on volume of 183,100. The shares traded in a 52-week range of 22.5 cents and $0.085.
The planned 1,600-metre program [six to eight holes] has been expanded to 2,100 metres [10-12 holes] as a result of initial visual indications of mineralization seen in the first few holes. Rockridge said it is fully funded and permitted for the expanded program, after recently raising $2.5 million from a private placement of 15.6 million non-flow-through units at $0.125 per unit and 3.99 million flow-through units at $0.14 per unit.
Each unit is comprised of one common share and one warrant, each warrant good to buy one additional common share for 60 months at 22 cents per share. Each flow through unit consists of one common share and one-half of one warrant. Each whole warrant is good to buy one non-flow through common share 36 months at 22 per share.
The company subsequently (March 8, 2021) increased the proceeds by another $125,000 by issuing an additional 1.0 million units at $0.125.
The Knife Lake Project is interpreted to be a remobilized volcanic massive sulphide (VMS) deposit. The property consists of 49 claims covering 32,663 hectares. In 2019, Rockridge completed the first work program undertaken in the last 20 years, with highlight results including 2.03% copper, 9.88 g/t silver, 0.19 g/t gold, 0.36% zinc, and 0.01% cobalt (2.42% copper equivalent) over 37.6 metres beginning at 11.2 metres.
The project hosts a NI 43-101 compliant indicated resource of 3.8 million tonnes at 1.02% copper equivalent or 3.8 million tonnes at 0.83% copper, 3.7 g/t silver, 0.097 g/t gold, 82 ppm cobalt, 1740.7 ppm zinc.
On top of that is an inferred resource of 7.9 million tonnes at 0.67% copper equivalent, or 7.9 million tonnes grading 0.53% copper, 2.4 g/t silver, 0.084 g/t gold, 53.1 ppm cobalt and 1454.9 ppm zinc.
“The extended drilling program at Knife Lake is a clear indication that our exploration program is not only proceeding as planned but is exceeding our expectations that mineralization beyond the known deposit area exists,” said Rockridge CEO Jonathan Wiesblatt.