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A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
In its first drill program at its 100%-owned Raney gold project, 110 km southwest of Timmins, Rockridge Resources (CVE: ROCK)cut 6 metres of 28 g/t gold starting at 95 metres vertical depth, the project’s best hole ever.
Raney was last explored about 10 years ago, with a best intercept of 8 metres of 6.5 grams gold.
The project’s new best intercept, in hole RN-20-06, represents a new, high-grade zone and lies 75 metres west of the historical hole.
Rockridge’s 2020 program consisted of nine drill holes totalling 2,070 metres; assays for six have been received.
Other highlights include: 8.9 metres of 0.83 g/t gold at 126.1 metres in hole 01; 23 metres of 0.52 g/t gold starting at 239 metres depth in hole 03; and 1 metre of 6.45 g/t gold at 125 metres in hole 05.
Rockridge’s 2020 program consisted of nine drill holes totalling 2,070 metres; assays for six have been received
The current program tested the mineralized gold system at Raney along a strike extent of 225 metres, with the deepest hole reaching 260 metres.
Rockridge says gold mineralization at Raney is associated with broad intervals of higher concentrations of narrow quartz veins.
The quartz veins are hosted in a steeply dipping alteration zone dominated by intermediate volcanic rocks, and high-grade intervals have occurred in an upper zone of increased vein density, near the 100-metre level.
The broad alteration zone that hosts the mineralization at Raney is up to 125 metres wide and extends well beyond the area tested by drilling. Historic mapping and surface sampling data show it could extend over several hundred metres.
“The high-grade intercept in hole six is highly encouraging, as is the fact that the broad alteration zone where the current drilling program was concentrated may extend for several hundred metres,” said Rockridge CEO Grant Ewing in a release.
“No drilling has been conducted over a large extent of this corridor. The next steps regarding evaluation of the project will be determined following analysis of the complete assay results from the program.”
Rockridge says that airborne magnetic data points to compelling target area for future exploration approximately 2 km west of the current drilling and in line with the projected structural corridor.
Gold mineralization at the project is typical of the mesothermal lode gold deposit model.
The company’s drill program tested a new geological model at Raney, where it holds a 14.2-sq.-km land package.
Rockridge’s stock was up 14% on the TSX on Wednesday. The company has a $5.4 million market capitalization.
(This article first appeared in the Canadian Mining Journal)
