The Conversation (0)
March 10, 2022
Rockridge Resources Ltd. (TSX-V: ROCK) ("Rockridge" or the "Company") is pleased to announce that it has completed a non-brokered private placement financing for total gross proceeds of $2,362,450 (the "Private Placement"). The Company has issued 15,988,335 non flow-through units (the "Units") at a price of CAD $0.09 per Unit and 9,235,000 flow-through units (the "FT Units") at a price of CAD $0.10 per FT Unit.
Each Unit is comprised of one common share and one warrant, each warrant entitling the holder to purchase one additional common share for a period of thirty-six months at a price of CAD $0.15 per share. Each FT Unit is comprised of one common share and one-half of one warrant, each whole warrant entitling the holder to purchase one non-flow through common share for a period of thirty-six months at a price of CAD $0.15. In addition, the Company has paid finder's fees totaling $74,444 and issued an aggregate 762,720 finder's warrants to arm's-length parties, with each finder's warrant entitling the holder to purchase one common share for a period of thirty-six months at a price of CAD $0.15.
The Company intends to use the proceeds from this Private Placement for exploration activities and the upcoming drilling program at its Knife Lake Copper Project in Saskatchewan, as well as for general working capital purposes. The Private Placement is subject to TSX Venture Exchange approval, and all securities issued will be subject to a hold period expiring four months and one day from issuance.
A portion of the Private Placement constitutes a "related party transaction" within the meaning of Exchange Policy 5.9 and Multilateral Instrument 61-101 -Protection of Minority Security Holders in Special Transactions ("MI 61-101") adopted in the Policy. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Private Placement.
About Rockridge Resources Ltd.
Rockridge Resources (TSX.V: ROCK) is a public mineral exploration company focused on the acquisition, exploration and development of mineral resource properties in Canada, specifically copper and gold. The Company's core copper project is the Knife Lake Project located in Saskatchewan which is ranked as a top mining jurisdiction in the world by the Fraser Institute. The project hosts the Knife Lake Deposit, which is a VMS, near-surface Cu-Co-Au-Ag-Zn deposit open along strike and at depth. There is strong discovery potential in and around the deposit area as well as at regional targets on the large property package. The Company's secondary asset is the Raney Gold Project, which is a high-grade gold exploration project located in the same greenstone belt that hosts the world class Timmins and Kirkland Lake lode gold mining camps. Recently reported drill hole RN 20-06 intersected 28.0 g/t gold over 6.0 metres at a shallow vertical level of 95 metres, which is the best result from the project thus far. Rockridge's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
Additional information about Rockridge Resources and its project portfolio can be found on the Company's website at www.rockridgeresourcesltd.com.
Rockridge Resources Ltd.
"Jonathan Wiesblatt"
Jonathan Wiesblatt
CEO
For further information contact myself or:
Jordan Trimble, President or
Riley Trimble, Corporate Communications
Rockridge Resources Ltd.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@rockridgeresourcesltd.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
Forward Looking Information
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
ROCK:CA
05 May 2021
Rockridge Resources: Exploring in Prolific Mining Jurisdictions in Canada for Copper & Gold
Rockridge Resources Ltd. (TSXV:ROCK) focuses on the acquisition, exploration, and development of mineral resource properties in Canada, with a primary focus on copper. The company’s flagship Knife Lake Project is located in Saskatchewan, ranked third as one of the world’s mining jurisdictions by the Fraser Institute.
In April 2021, Rockridge staked an additional 22,808 hectares at Knife Lake (an increase of 70% on the previous land package) and also expanded its drill program from 1600 meters to 2,100 meters due to encouraging visible mineralization in the preliminary holes, which were drilled at Gilbert Lake North & South, 5-6km to the west of the Knife Lake Deposit.
Rockridge Resources’ Company Highlights
- Rockridge Resources is a mineral exploration company focused on acquiring, exploring and developing mineral resource properties across mining-friendly jurisdictions in Canada.
- The company is currently advancing its large, 55,471 hectare, flagship Knife Lake project in the Flin Flon-Snow Lake mining district on the Saskatchewan side of the border.
- The inaugural Knife Lake NI 43-101 resource estimate includes indicated resources of 3.8 million tonnes at 1.02 copper equivalent and inferred resources of 7.9 million tonnes at 0.67 percent copper equivalent.
- The deposit is a remobilized portion of a presumably larger primary VMS deposit and 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; there is strong discovery potential in and around the deposit area as well as at regional targets.
- Rockridge is actively advancing and drilling the Knife Lake project through 2021.
- The Company also owns 100% of the Raney gold project SW of Timmins, Ontario. The Raney gold project sits in the Archean Swayze Greenstone Belt as part of the Abitibi Greenstone Belt, which hosts the world-class Timmins and Kirkland Lake lode gold mining camps. Its broad structural corridor contains high-grade gold concentration potential.
- Both properties leverage exceptional mineralization, strategic positioning amongst prominent mining giants and existing infrastructure.
- Rockridge has a world-class management team and boasts a robust mix of experts in capital markets, geology, mineral exploration and management.
- Significant insider ownership and a growing institutional shareholder base.
Keep reading...Show less
18h
Major drill targets identified at the Caligula Prospect
Impact Minerals Limited (IPT:AU) has announced Major drill targets identified at the Caligula Prospect
22h
Forte Minerals CEO Talks Strategic Growth, Drilling Plans for Peru Projects
Patrick Elliott, CEO of Forte Minerals (CSE:CUAU), shares insights on the company’s strategic growth, upcoming drilling plans and how it is positioned to capitalize on rising global copper demand.
22h
Cygnus Metals Talks Copper Advantage with High-grade Discoveries and Strategic Québec Expansion
Ernest Mast, president and managing director of Cygnus Metals (TSXV:CYG), discusses the Chibougamau project's significant drill results and how the company's recently completed merger with Dore Copper has enhanced its lithium strategy in Québec.
22h
Impact Minerals Advances Lake Hope HPA Project with $5 Million Rights Issue and Strategic Expansion
Impact Minerals (ASX:IPT) Managing Director Mike Jones shares key updates on the company’s renounceable rights issue, the progress of its Lake Hope high-purity alumina project in Western Australia and a strategic land acquisition at Broken Hill.
12 March
Cobre Secures $25M BHP Investment for Botswana Copper Exploration
Australian mining company Cobre (ASX:CBE) has secured a major investment from BHP, which has agreed to spend $25 million on exploration at Cobre’s Kitlanya projects in Botswana, in exchange for the right to acquire a 75 percent stake, according to a news report from Reuters.
This agreement follows Cobre's participation in BHP's Xplor program in January of the previous year, where Cobre received $500,000 to advance its Kalahari copper projects in Botswana.
Under the terms of the agreement, BHP will provide at least $5 million in funding to Cobre within two years from the commencement date, with an initial exploration budget of $7 million set to begin next month. Cobre's CEO, Adam Woolridge, expressed optimism about the partnership, stating that the collaboration with BHP will enable a technology-driven exploration program aimed at discovering significant deposits in the Kitlanya East and West projects, the Reuters report said.
This strategic move underscores BHP's commitment to expanding its presence in the African copper sector and leveraging advanced exploration techniques to identify potential high-grade copper deposits in Botswana's Kalahari region.
Click here to connect with Cobre for an Investor Presentation
Keep reading...Show less
11 March
BHP to Invest Up to AU$40 Million in Cobre’s Kitlanya East and West Copper Projects
Mining giant BHP (ASX:BHP,NYSE:BHP,LSE:BHP) is providing up to AU$40 million for exploration work atCobre’s (ASX:CBE) Kitlanya East and West copper projects in Botswana, Cobre said on Monday (March 10).
The funding is under an earn-in agreement between Cobre, other Cobre-owned subsidiaries and a wholly owned subsidiary of BHP. It gives BHP the right to acquire a 75 percent interest in the Kitlanya assets.
The agreement comes after Cobre’s participation in BHP’s Xplor program in 2024. Through Xplor, Cobre received US$500,000 to accelerate its exploration plans for its Kalahari copper projects in Africa.
It also follows the signing of a letter of intent with a BHP subsidiary in September 2024. The companies agreed at the time to negotiate a material earn-in joint venture agreement for Kitlanya East and West.
“This significant transaction with BHP ... is a major moment in time for Cobre as a company as well as a testament to the success of BHP's Xplor program,” said Cobre CEO Adam Woolridge in a press release.
“The partnership with BHP will provide us with the funding and support necessary to implement a technology-driven work program designed to discover the Tier 1 deposits we believe may be hosted in our Kitlanya East and West Projects.”
Cobre acquired Kitlanya East and West through its November 2022 purchase of Kalahari Metals. BHP conducted fixed-wing AEM surveys over much of Kitlanya West’s project area in the late 1990s, but there was little on-site work.
The copper market is reportedly growing in Africa, with the Democratic Republic of Congo and Zambia as its largest producers. Botswana is also recognized as one of the continent's primary producers.
Mobilisation for drilling at Kitlanya West is set to start next month, and will test targets identified in a 2024 seismic program. The plan is to assess the mineral system for components required for tier-one copper deposit formation.
Cobre and BHP's Xplor program
"We are thrilled to continue our partnership with one of the BHP Xplor alumni, Cobre Limited, through this agreement,” said BHP Group Exploration Officer Tim O’Connor in Cobre's release.
“This collaboration reflects our excitement for the exploration potential in Botswana and underscores the high standard of partnerships we see coming out of the BHP Xplor program.”
The Xplor program was introduced by BHP in 2022 as a means of assisting companies in accelerating exploration opportunities and developing new critical minerals sources.
Selected companies receive benefits such as an equity-free grant of up to US$500,000 and access to a network of BHP and external industry experts to build out and accelerate their exploration concepts.
The 2025 BHP Xplor cohort holds the highest number of successful applicants in the program's history at eight companies. Cobre formed part of the 2024 cohort, joining five other companies.
This week's transaction between Cobre and BHP does not involve Cobre's flagship Ngami and Okavango copper projects, which are also located in Botswana. Cobre will continue advancing both assets independently.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Keep reading...Show less
Latest News
Latest Press Releases
Related News
TOP STOCKS
American Battery4.030.24
Aion Therapeutic0.10-0.01
Cybin Corp2.140.00
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.