By Peter Kennedy
Rokmaster Resources Corp. [RKR-TSXV] on Friday September 25 said underground drilling has commenced at the Revel Ridge polymetallic gold-silver project located 35 km north of Revelstoke, British Columbia.
Formerly known as the J&L property, Revel Ridge hosts one of the largest undeveloped precious and polymetallic deposits in British Columbia. The property is located north of Revelstoke within the Selkirk Mountains near the north end of the Kootenay Arc. Under an agreement with Huakan International Mining Inc. and Huakan’s shareholders, Rokmaster has an option to acquire a 100% interest in the Revel Ridge property by paying Huakan $44.2 million in cash. That amount is payable in scheduled lump sums over a period of five years.
Based in Vancouver, Huakan is a privately-owned exploration subsidiary of China-based Huakan Mining company Ltd. and Huakan Resources Inc.
Rokmaster is a Vancouver-based mineral exploration company with a portfolio that includes the Duncan Lake zinc-lead project located about 64 km north of Kaslo and 150 km north of Trail, B.C.
Revel Ridge covers 3,150 hectares and has two known and significant precious and polymetallic mineral deposits. The Main zone is a structurally controlled replacement deposit overprinting a pre-existing silver-lead-zinc deposit known as the Yellowjacket Zone.
Numerous exploration companies, including several major mining companies, have explored and advanced the property deposits since the Main Zone’s discovery in 1912. At least 315 diamond drill holes have been completed on the property since 1983, totalling 41,076 metres of drilling.
In December, 2017 Huakan optioned the property to Golden Dawn Minerals Inc. [GOM-TSXV] and in January 2018, Golden Dawn announced an updated mineral resource estimate for the project.
According to the estimate, the Main Zone contains a Measured and Indicated Resource of 4.2 million tonnes or almost 1.1 million ounces of gold equivalent (AuEq) at 8.07 g/t AuEq.
On top of that is an Inferred Resource of 4.6 million tonnes or 961,000 ounces of AuEq or 6.55 g/t AuEq (excluding resources in the Hanging Wall and Foot Wall Zones).
The Yellowjacket Zone contains an Indicated Resource of 764,000 tonnes, grading 0.09 g/t gold, or 2,000 ounces of gold, and 62.8 g/t silver, or 1.5 million ounces of silver, 2.61% lead and 9.98% zinc. The Hanging Wall Zone hosts an additional 280,000 tonnes of Indicated Resources.
In December 2018, Golden Dawn and Huakan terminated their option deal.
On Friday, Rokmaster said the first phase of drilling will focus on two principal targets, including gold and silver mineralization exposed in historical adits and open cuts ranging up to 300 metres above historical drilling and down plunge extensions of higher-grade gold-silver mineralized zones up to 300 metres below historic drilling.
The company said all boreholes are designed to cut mineralized zones outside the current resource area and are designed to expand that resource. The underground diamond drilling will utilize 12 stations throughout a 1,500-metre length of the Main Zone workings.