Knife Lake results carve positive outlook for Rockridge
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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.
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Leadership
Look beyond market approach to project valuations: van Zyl
Leadership
White Gold Corp a force in Yukon as exploration drive reaps dividends
SPONSOREDwhite gold corp
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SPONSOREDverisk maplecroft
"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).