Rockridge completes 100% earn-in at Raney Gold Project near Timmins
Rockridge Resources has completed its 100% earn-in of the Raney Gold Project, located southwest of Timmins, ahead of schedule due to the successful findings thus far. Furthermore, the company is approximately halfway through its planned ~3,000 metre diamond drill program at the Property with five drill holes completed. The majority of these drill holes have successfully intersected alteration similar to what has been seen in previous high-grade holes drilled on the Property.
Raney Gold Project Location Map:
http://www.rockridgeresourcesltd.com/_resources/maps/location_map_may2020a.jpg
The drill program is planned to evaluate three discrete exploration priorities: 1) test the down plunge continuity of the known, shallow, high-grade Raney Gold Zone; 2) evaluate the east and west magnetic features coincident with and extending along strike from the Raney Gold Zone; and 3) test an underexplored quartz feldspar porphyry (QFP) intrusion proximal to the Raney Gold Zone with associated historical high-grade gold grab sample results.
With only 5,600m of historical drilling carried out at the Property, the Raney Gold Zone has been drilled along a strike length of 225m and with limited drill testing deeper than 150m. The mineralized zone is typified by broad sections of fine quartz veins which comprise up to 15% - 50% of the rock mass. Visible gold has been historically identified in several drill holes including RN-20-06, which intersected 27.9 g/t Au over 6.0m (see website for image). Recent field work has recognized a plunge direction, which may be associated with the controls on gold mineralization. The current drill program is evaluating the projected down plunge extensions of past high-grade gold intersections (Table 1). The first few holes testing these down plunge extensions have successfully intersected alteration similar to what has been seen in previous high-grade holes drilled on the Property.
Raney Gold Project Location:
The Raney Gold Project is strategically located within the highly prospective west extension of the Abitibi Greenstone belt, proximal to several regional deposits. Newmont’s operating Borden Gold Mine (reserves of 4.17 MT @ 6.38 g/t Au for ~860k oz. Au reported in 2015) is located 35 km west of Raney. IAMGOLD and JV partner Sumitomo Metals Mining recently decided to proceed with construction of their Cote gold project located 75 km southeast of Raney. The Cote project - estimated to contain gold reserves of ~7 million ounces (~236MT @ 0.96 g/t Au) - is noted as a “world-class” deposit by IAMGOLD. GFG Resources is another close neighbour that has acquired a large land package in the area including its Pen and Dore Gold Projects.
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