Rockridge Resources Ltd. [ROCK-TSXV] shares were active Thursday December 20 after the company said the TSX Venture Exchange has approved the company’s option agreement to acquire the Knife Lake Copper VMS project in Saskatchewan.
Rockridge has struck a deal with Eagle Plains Resources Ltd. [EPL-TSXV] to acquire a 100% interest in the property, which covers the majority of the historic Knife Lake copper-zinc-silver-cobalt VMS deposit. The contiguous claims cover 85,196 hectares and are located approximately 50 km northwest of Sandy Bay.
Rockridge shares rallied on the news, rising 17.4% or $0.04 to 27 cents on active volume of 743,500. The shares trade in a 52-week range of 20 cents and 47 cents.
“This is a significant milestone for Rockridge as we look to position the company as a go-to copper and battery metal exploration and development company,” said Rockridge President and CEO Jordan Trimble. “The Knife Lake Project is located in a top mining jurisdiction, has seen extensive exploration and drilling, and boasts a near-surface historical resource, which is open along strike and at depth,” he said.
“There is robust discovery potential in and around the deposit as well as on regional targets on the property. Worth noting is that most of the historical exploration was carried out in the 90s and ceased due to low metal prices.”
Trimble went on to say that Rockridge is planning for a winter drill program to commence early in 2019 as the company looks to unlock value at the project with a new look at the exploration and drilling going forward.
The Knife Lake Project area is an advanced-stage copper-silver-zinc and cobalt exploration property that has had extensive exploration in the late 1960s to the 1990s, with the last documented work being completed in 2001.
Knife Lake is known to host a shallow deposit with a drill-indicated historical estimate of 20.3 million tonnes, grading 0.6% copper, 0.1 g/t gold, 3.0 g/t silver, 0.06% cobalt and 0.11% zinc.
Within this historical estimate is a higher grade zone of 11 million tonnes, grading 0.75% copper in addition to other metals.
Included in that estimate are historical drill results, including 1.37% copper, 5.07 g/t silver, 115 ppm cobalt, 1182 ppm zinc over 60.13 metres, beginning at a depth of 2.37 metres in hole K-96-02 as well as 0.99% copper, 4.73 g/t silver, 103 ppm cobalt over 38.83 metres starting at a depth of 6.11 metres in hole K-96-36.
The company is planning for an initial diamond drilling program in early 2019 with drill permits having been received.
Rockridge said it has closed in oversubscribed private placement, raising gross proceeds of $1.7 million.