VANCOUVER, BC / ACCESSWIRE / May 12, 2022 / Rockland Resources Ltd. (the 'Company' or 'Rockland') (CSE:RKL) is pleased to report exploration results from its listing property, the Old Timer Property, located in the Nelson Mining Division, southern British Columbia. Follow up work in 2021 was limited by severe forest fires that prevented field work during much of the summer field season. Subsequent to completing a Phase 1 exploration program in 2020/21, Rockland has optioned the Property to Silverfish Resources.
Old Timer Property - The Old Timer Property is road-accessible and located in southern British Columbia, approximately 17 km southeast of Nelson. The Property covers 2,020 hectares and straddles the northeast-trending contact between Triassic to Early Jurassic Ymir Group metasediments to the west, and Mid to Late Jurassic Nelson intrusive rocks to the east. The Old Timer Property represents the northern-most gold occurrence in the Ymir Camp. On the Property and elsewhere in the Ymir Camp, gold mineralization occurs in quartz-filled shear zones, and in general, the strongest gold mineralization is in sheared and metasomatic rocks near the Nelson intrusive contact.
Exploration results - During 2020-21, Rockland Resources Ltd. completed geological mapping, prospecting, rock, soil and stream sediment sampling, and a drone-based magnetic survey on the Old Timer Property. This completed the Phase 1 Exploration Program recommended in the NI43-101 technical report filed by Rockland on December 17, 2020. Total exploration expenditures on the Old Timer Property by Rockland to December 31, 2021 were $186,684.
The purpose of the program was to provide a geological and structural framework for mineralization, to visit, sample and assess known zones of mineralization, to assess the merits of detailed soil geochemical sampling as a method for evaluating known mineralization, and to determine if geological contacts, structures and known veins could be delineated on the basis of magnetic signature. Leapfrog 3D modelling of the Old Timer vein was also completed using Lidar data to accurately establish the positions and elevations of historic drill collars.
Three new zones of mineralization were identified during the 2020-21 work program. Detailed geochemical surveys indicated that veins can be traced using this method, while drone-based magnetics showed that magnetics provides a method for differentiating the granodiorite intrusive from hornfelsed metasediments. Magnetic data also appears to be effective at identifying vein structures and post-vein faults. The Idun occurrence is the most promising of the new targets that were identified. Idun covers a strong, persistent magnetic linear feature and two parallel, northeast-trending structures with quartz veining. Numerous historic exploration pits are present in the Idun area, and a rock sample from the dump of one working returned 9.8 ppm Au. Elevated gold values were also returned from a detailed soil geochemical lines to the north and south of the main Old Timer pit.
These preliminary results of the Phase 1 Program were encouraging, however, Rockland elected to pursue more advanced exploration targets for gold in Red Lake, Ontario, and lithium in Sonora, Mexico. As the Old Timer Property remains a property of merit, a decision was made to seek potential optionees for the Old Timer Property in order for Rockland to maintain an interest.
Silverfish Option - Rockland executed an option agreement on the Old Timer Property with Silverfish Resources Inc. ('Silverfish Agreement') on December 15, 2021. Under the terms of the Silverfish Agreement, Silverfish can acquire all of Rockland's 75% interest in the claims in exchange for staged payments of $72,500 and 1,350,000 shares to Rockland over a 3-year period and by incurring exploration expenditures of $1.35 million over the same period. The agreement is subject to a 2% Net Smelter Royalty (NSR) in favour of the underlying vendor, and to a 2 km Area of Interest.
Subsequent to the Silverfish Agreement, Silverfish filed an updated NI43-101 technical report on the Old Timer Property that recommended a two-phase, $460,000 program to further explore the Property. The Phase 1 program includes expanding the drone-based magnetic survey over the remainder of the Property, plus ground follow up in several areas of interest. Phase 2 includes diamond drilling and additional surface exploration. It is contingent on the results of the Phase 1 program.
QA/QC - During the 2021 work program, soil and rock sampling was conducted by, or under the direct supervision of Brad Ulry. P. Geo. Samples were bagged and secured in the field and shipped by bonded carrier directly to Activation Laboratories Ltd. (Actlabs) in Ancaster Ontario for preparation and analysis. Actlabs is accredited under ISO/IEC 17025:2017 and ISO 9001:2015 standards. Rock samples were analyzed for 62 elements by method Ultratrace 6 (four acid total digestion (hydrofluoric, nitric, perchloric, aqua regia)) of a 0.25 g sample split, which is then analyzed by ICP-OES or ICP-MS, depending upon element. For samples returning over 5 g/t Au, the coarse reject fraction was reanalyzed by method 1A4 (fire assay).
Brad Ulry, P.Geo, a qualified person under National Instrument 43-101, is the qualified person responsible for reviewing and approving the geological contents of this news release as they pertain to the Old Timer Property.
About Rockland Resources Ltd.
Rockland is engaged in the business of acquisition and exploration of mineral properties in North America. Rockland is exploring the Cole Gold Mines Property, Ball Township, Red Lake Mining Division, Ontario, the Elektra Lithium Property in Sonora, Mexico, and is looking to expand its property portfolio with additional advanced gold and lithium projects. The 568 ha Cole Gold Mines property hosts high-grade gold mineralization in a classic Red Lake-type structurally controlled gold environment located 30 kilometres west of the Cochenour, Campbell, Red Lake mine complex. The 41,818 ha Elektra Lithium project in the northern portion of the Sonora, Mexico is contiguous and on trend with the advanced Sonora lithium project being developed by Ganfeng Lithium Co. Ltd.
On Behalf of the Board of Directors
Dr. Richard H. Sutcliffe, P.Geo.
President and Director
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FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).
SOURCE: Rockland Resources Ltd.
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