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2021-06-17

Rockridge Intersects 1.95% Cu, 0.11 g/t Au, 7.41 g/t Ag, 0.53% Zn and 0.02% Co (2.34% CuEq) over 14.02m at Knife Lake Copper Project, Saskatchewan

VANCOUVER, British Columbia, June 17, 2021 (GLOBE NEWSWIRE) -- Rockridge Resources Ltd. (TSX-V: ROCK) (OTCQB: RRRLF) (Frankfurt: RR0) (“Rockridge” or the “Company”) is pleased to announce initial results from its recently completed diamond drilling program at its Knife Lake Copper Project located in Saskatchewan, Canada (the “Knife Lake Project” or “Property”). The Company drilled a total of 2,043 metres in twelve drill holes and has received assays and completed interpretation for the first nine holes (1740.0m). Results for the remaining three holes will be released once results have been compiled and interpretation is complete. The Knife Lake Project, consisting of 81 claims totaling 55,471 hectares (137,069 acres), is an advanced-stage copper, silver, zinc and cobalt exploration property in Saskatchewan host to the Knife Lake Deposit.

Knife Lake VMS Project Location Map:
https://www.rockridgeresourcesltd.com/_resources/images/Knife-Lake-Region-20210331-003.jpg

The drill program at the Gilbert North and South target areas was designed to evaluate conductivity and magnetic anomalies identified during the 2021 airborne VTEM Plus survey and corresponding surficial geochemical anomalies. Previous surficial work programs have indicated that the stratigraphic position of the targeted anomalies correlates with the Knife Lake Deposit to the east. Additional drilling at the Knife Lake Deposit was designed to infill resource drilling.

Gilbert North and South Drill Hole Locations:
https://www.rockridgeresourcesltd.com/_resources/images/DDH-Expand-NR_20210329.jpg

Rockridge’s CEO, Jonathan Wiesblatt, commented: “Although the Knife Lake Deposit was discovered many years ago the exploration in and around the maiden resource has been negligible until just recently. The airborne VTEM Plus survey that was conducted in 2021 expanded the regional target areas beyond the Knife Lake deposit increasing the probabilities of making new and potentially meaningful discoveries. The work at Gilbert Lake has been the first drilling program beyond the Knife Lake Deposit in decades and the results thus far have been very encouraging. We believe that the discovery potential at the broader 15km Gilbert trend remains high and warrants follow up work in the near term which is currently being planned. We continue to learn more about the Knife Lake Deposit and are compelled by its high grade and near-surface composition. The progress we have made at Knife Lake is excellent and lines up with our thesis that the known deposit is a remobilized portion of a larger VMS system.”

Highlights

  • 2021 drill program expanded to 2,043.0 metres in twelve drill holes

  • Highlight drill intercepts at the Gilbert South target area include pyrrhotite-pyrite dominant VMS-style mineralization hosted at the same stratigraphic horizon as the Knife Lake Deposit

  • Drilling focused on discovering VMS style copper deposits along newly defined conductors as well as at the Knife Lake VMS deposit

  • Infill drilling at the Knife Lake deposit (follow up to the 2019 drill program) returned 1.95% Cu, 0.11 g/t Au, 7.41 g/t Ag, 0.53% Zn and 0.02% Co (2.34% CuEq) over 14.02m beginning at 24.62m in hole KF21021

  • Results for the remaining three holes will be released once results have been compiled and interpretation is complete

  • Deposit is thought to be a remobilized portion of a “primary” VMS deposit; most of the historical work has consisted of shallow drilling at the deposit area with little regional work carried out and limited deeper drilling below the deposit

  • Over 300 holes provided data for first NI 43-101 resource estimate of the shallow Knife Lake deposit

  • Knife Lake NI 43-101 resource estimate from 2019 provides excellent anchor for Project and includes indicated resources of 3.8 MT at 1.02% CuEq. (3.8 MT at 0.83% Cu, 3.7 g/t Ag, 0.097 g/t Au, 82 ppm Co,1740.7 ppm Zn) as well as inferred resources of 7.9 MT at 0.67% Cu Eq (7.9 MT at 0.53% Cu, 2.4 g/t Ag, 0.084 g/t Au, 53.1 ppm Co, 1454.9 ppm Zn)

  • There is strong discovery potential in and around the deposit as well as at regional targets on the Property; modern exploration techniques and methods are being utilized with a goal of making new discoveries

  • Planning is now underway for a summer 2021 exploration program to follow up on the results of this drill program

Knife Lake Winter/Spring 2021 Diamond Drill Hole Results and Geological Summary:

The first eight holes of the program (1690.0m) were completed at the Gilbert Lake North and South target areas which are approx. 5 to 6 km to the west of the Knife Lake Deposit. Geophysical modeling on the airborne VTEM Plus data revealed that three historic holes drilled at Gilbert North by previous operators did not intersect the prospective conductive body. The Gilbert South target, which is over 2.5 km in length, had never been drilled.

Knife Lake Priority Target Areas:
https://www.rockridgeresourcesltd.com/_resources/images/Knife-Lake-Airborne-EM-Feb2021.jpg

Gilbert South Target:

Several holes (KF21013, -014, -015 and -020) at Gilbert Lake South intersected encouraging VMS-style mineralization, including semi-massive and net-texture pyrrhotite-pyrite±chalcopyrite±sphalerite, hosted in intermediate-mafic metamorphosed volcanics and pegmatites. The host lithologies are interpreted to be the same stratigraphic horizon as the Knife Lake Deposit.

Drill hole KF21013 intersected three zones of semi-massive to net-textured pyrrhotite-pyrite ±chalcopyrite ±sphalerite hosted in amphibole gneiss, proximal to the contact with a pegmatite intrusion ranging from 0.72m to 2.72m wide (drill thickness).

Drill Holes KF21013, KF21014 and KF21015:
https://www.rockridgeresourcesltd.com/_resources/images/Section-KF21013-to-015.pdf

Drill hole KF21014, designed to test up-dip of the mineralization seen in KF21013, intersected similar semi-massive to net-textured pyrrhotite-pyrite dominant sulphide horizons. Unlike the previous hole no pegmatite intrusions are associated with the mineralization.

Drill hole KF21015 tested the down-dip mineralization potential and continued to intersect semi-massive to net-textured pyrrhotite-pyrite. Assay results show anomalous precious and base-metal enrichment at pegmatite contacts including 1.32 ppm Ag over 3.31m (112.94m - 116.25m) and 1.26 ppm Ag, 381.20 ppm Cu and 779.32 ppm Zn over 6.81 m (136.57m - 143.38m).

A Media Snippet accompanying this announcement is available by clicking on the image or link below:

Plate 1: Net texture pyrrhotite-pyrite mineralization observed in KF21015 (115.80m):

Drill hole KF21016 was designed as a 100 m step-out to the south of hole KF21013-015 to test the continuity of sulphide mineralization along strike. The hole did not intersect a significant mineralized horizon, however borehole electromagnetics “BHEM” indicate that the strongest part of the conductor is located off-hole to the northwest.

Drill Hole KF21016:
http://www.rockridgeresourcesltd.com/_resources/images/KF21016-BHEM-KBB.png

KF21017 was drilled approximately 1,000m south of the holes, KF21013-16 and -20, targeting a strong VTEM Plus conductor. The hole did not return significant mineralization, however, results from the BHEM survey indicate an off-hole conductivity anomaly down dip that remains prospective requires further drill testing.

Drill Hole KF21017:
https://www.rockridgeresourcesltd.com/_resources/images/KF21017-BHEM-KBB.png

Drill hole KF21020 was designed as a 100m north step-out from holes KF21013-015 to further investigate continuity of mineralization along strike. The hole was successful at intersecting the targeted mineralized horizon first identified in previous holes. Assays confirmed visual logging observations that the mineralization is Fe-sulphide rich, returning weakly anomalous precious and base-metal enrichment including 1.35 ppm Ag over 3.34 m (86.50m - 89.84m) and 1018.04 ppm Zn over 1.84m (88.00m - 89.84m)

Gilbert North Target:

Drill holes KF21018-019 were completed at Gilbert North testing a corresponding surficial geochemical Cu-in-soil anomaly and airborne VTEM Plus conductivity anomaly along prospective Knife Lake stratigraphy. The borehole EM survey indicates that both holes missed the sour...

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