VANCOUVER, BC, June 13,
2023 /CNW/ - Rokmaster Resources Corp. (TSXV: RKR)
(OTCQB: RKMSF) (FSE: 1RR1) ("Rokmaster" or the "Company") is
pleased to announce an updated Mineral Resource Estimate ("2023
MRE") for the Revel Ridge Project ("Revel Ridge" or the "Project"),
located 42 km by road north of Revelstoke, B.C.
Revel Ridge is currently known to host five mineralized zones,
four of which are related to and in close proximity to the Main
Deformation Zone ("MDZ"). Mineralization associated with the MDZ is
classified as a polymetallic orogenic gold deposit, and is one of
the largest undeveloped deposits of this type in Western Canada.
The fifth mineralized zone, the Revel Ridge Yellowjacket Zone,
is composed of high-grade silver-zinc-lead carbonate replacement
deposits that occur 50 to 75 m into
the hanging wall of the MDZ and are amenable to underground
access.
2023 Mineral Resource Estimate
Highlights
- M&I Mineral Resource, in all zones, is estimated to contain
1.53 million AuEq5 ounces within 7.16
million tonnes with an average grade of 6.63 g/t AuEq.
- Inf. Mineral Resource, in all zones, is estimated to contain
1.49 million AuEq ounces within 7.56 million tonnes at an
average grade of 6.11 g/t AuEq. (See
Tables 1 and 2).
Table 1: Revel Ridge Total Measured and Indicated
and Inferred Underground Mineral Resources1-6
|
Tonnes
|
AuEq
|
AuEq
|
AgEq
|
AgEq
|
Au
|
Ag
|
Pb
|
Zn
|
g/t
|
ounces
|
g/t
|
ounces
|
g/t
|
g/t
|
%
|
%
|
Measured &
Indicated
|
7,156,200
|
6.63
|
1,526,000
|
691.9
|
159,198,900
|
4.14
|
51.2
|
1.96
|
4.19
|
Inferred
|
7,563,900
|
6.11
|
1,486,800
|
621.7
|
151,188,800
|
4.42
|
46.9
|
1.48
|
2.62
|
John Mirko, President & CEO
of Rokmaster stated, "With the 2023 MRE now complete, we have
surpassed our goal of total Mineral Resources for this phase making
the Revel Ridge Project one of the most significant gold dominant
polymetallic deposits worldwide. The results of the 2023 MRE show
that Revel Ridge is a remarkable project, one that has strong
potential for expansion on the known zones and also for the
discovery of new mineralized zones with additional
exploration."
Rokmaster's exploration efforts have consistently added gold
equivalent ounces to the previous Mineral Resource Estimates.
Between September 2020 and
October 2022, Rokmaster successfully
completed 120 drillholes for a total of 38,540 m using a single drill rig. Rokmaster
anticipates that the trend of increasing the Project's Mineral
Resources will continue with subsequent exploration. The Project
benefits from excellent on-site infrastructure and relatively close
access to regional infrastructure which allows for highly efficient
exploration and potential development.
The consistency and strength of the mineralized zones on Revel
Ridge is well demonstrated by examining the total amount of
drilling completed on the Project from the first drillhole in 1983
to 2022. The amount of drilling by all operators on the Project
totals 79,425 metres, which is generally much lower than many other
deposits of this classification and scale. To illustrate the
efficiency of drilling, each metre that has been cored on the
Project represents an average of approximately 19.2 M&I AuEq ounces plus 18.7 Inf. AuEq
ounces within the 2023 MRE*. More drilling, especially in the
deeper portions of the MDZ where coarse visible gold mineralization
has recently been discovered, offers a significant opportunity to
further grow the Project's Mineral Resources which remain open in
all directions.
(*Historical rate of
AuEq ounces per metre drilled provides no assurance that this rate
will continue in the future. Note that underground chip samples
also contribute to the 2023 MRE).
|
The 2023 MRE and Revel Ridge are the subject of ongoing detailed
metallurgical, engineering, environmental, and economic evaluations
managed by Ausenco Pty. Ltd. The new engineering studies will
incorporate this expanded MRE as well as the significantly improved
gold recoveries in the Revel Ridge Main Zone (see news release
dated June 1, 2022) which will
differentiate it from the robust preliminary economic assessment
that was completed in December
2020.
Rokmaster has currently defined the strike length of the MDZ to
be a minimum of 5.7 km through geological mapping, drilling and
geochemistry (Figure 1 and Figure 3). The strike length of the
mineralized volumes in the 2023 MRE is approximately 2.0 km,
therefore roughly one third of the known extent of the MDZ has been
the subject of denser drill testing forming the 2023 MRE. As an
orogenic gold deposit, the MDZ has good potential to remain
persistent at depths similar to, and even deeper than, where
Rokmaster has completed drillholes below the 830 Level. Rokmaster
plans to identify and test structural and lithological favourable
sites for enhanced mineralization at deeper levels along the MDZ in
the future. This strategy was successful in 2022 where the
northwestern extension drilling found a favourable lithology
contact for the MDZ to host significant sulphide mineralization
(see news release dated November 28,
2022). On the basis of the extended strike length of the MDZ
as well as the overall consistency of mineralization, the long-term
exploration target potential for the Project is in the range of 18
to 25 million tonnes at similar average grades** as what is
determined in the 2023 MRE.
(**The exploration
target potential quantity and grade is conceptual in nature, that
there has been insufficient exploration to define a mineral
resource and that it is uncertain if further exploration will
result in the exploration target being delineated as a Mineral
Resource)
|
Revel Ridge Mineralized
Domains
Gold mineralization at Revel Ridge is associated with planar
deformation zones that cut an isoclinally folded sequence of
Cambrian to Late Proterozoic fine-grained clastic sedimentary and
carbonate rocks forming the western margin of the Kootenay Arc.
Much of the mineralization at Revel Ridge has strong affinities to
a class of gold deposits known as orogenic gold deposits. This
deposit type forms within dilatant intervals in laterally
persistent brittle-ductile deformation zones, which may be
mineralized over kilometre-scale vertical distances. At Revel
Ridge, the Revel Ridge Main Zone ("RRMZ"), Revel Ridge Footwall
Zone ("RRFZ"), Revel Ridge Hanging Wall Zone ("RRHZ") and Revel
Ridge Main Zone Extension ("RRMEX") all have characteristics common
to orogenic gold deposits while the Revel Ridge Yellowjacket Zone
("RRYZ"), has differing metallurgical characteristics, alteration
styles and a unique mineralogy which is more characteristic of a
silver-rich carbonate-hosted replacement deposit.
Table 2: Revel Ridge Detailed Measured, Indicated
and Inferred Mineral Resources1-6
|
Total for all Zones (RRMZ, RRFZ, RRYZ, RRHZ,
RRMEX)
|
|
|
Cut-Off
|
Tonnes
|
Au
|
Au
|
Ag
|
Ag
|
Pb
|
Zn
|
Avg. NSR
|
AuEq
|
AuEq
|
AgEq
|
AgEq
|
|
|
NSR C$/t
|
k
|
g/t
|
k ounces
|
g/t
|
k ounces
|
%
|
%
|
C$/t
|
g/t
|
k ounces
|
g/t
|
k ounces
|
|
Measured
|
110
|
1,916.5
|
5.49
|
338.5
|
58.6
|
3,611.6
|
2.05
|
4.01
|
544.46
|
7.88
|
485.6
|
799.0
|
49,231.4
|
|
Indicated
|
110
|
5,239.7
|
3.64
|
613.9
|
48.5
|
8,168.8
|
1.93
|
4.25
|
409.01
|
6.18
|
1,040.4
|
652.8
|
109,967.5
|
|
Measured & Indicated
|
110
|
7,156.2
|
4.14
|
952.4
|
51.2
|
11,780.4
|
1.96
|
4.19
|
445.28
|
6.63
|
1,526.0
|
691.9
|
159,198.9
|
|
Inferred
|
110
|
7,563.9
|
4.42
|
1,075.1
|
46.9
|
11,414.3
|
1.48
|
2.62
|
417.53
|
6.11
|
1,486.8
|
621.7
|
151,188.8
|
|
Total for Revel Ridge Main Zone
(RRMZ)
|
|
|
Measured
|
110
|
1,550.1
|
5.89
|
293.6
|
63.6
|
3,171.4
|
2.25
|
4.25
|
585.42
|
8.46
|
421.5
|
857.4
|
42,730.1
|
|
Indicated
|
110
|
2,922.4
|
4.97
|
466.6
|
49.6
|
4,662.5
|
2.02
|
3.60
|
491.00
|
7.13
|
669.8
|
722.7
|
67,902.9
|
|
Measured & Indicated
|
110
|
4,472.5
|
5.29
|
760.2
|
54.5
|
7,833.9
|
2.10
|
3.83
|
523.72
|
7.59
|
1,091.3
|
769.4
|
110,633.0
|
|
Inferred
|
110
|
5,689.1
|
4.94
|
903.3
|
49.1
|
8,975.5
|
1.66
|
2.93
|
466.75
|
6.79
|
1,241.6
|
688.1
|
125,859.5
|
|
Total for Revel Ridge Footwall Zone
(RRFZ)
|
|
|
Measured
|
110
|
196.1
|
5.08
|
32.0
|
33.8
|
212.8
|
0.95
|
1.78
|
427.01
|
6.23
|
39.3
|
631.4
|
3,980.8
|
|
Indicated
|
110
|
846.5
|
4.01
|
109.1
|
28.8
|
785.0
|
0.74
|
1.11
|
328.53
|
4.84
|
131.8
|
491.0
|
13,362.9
|
|
Measured & Indicated
|
110
|
1,042.6
|
4.21
|
141.1
|
29.8
|
997.8
|
0.78
|
1.24
|
347.05
|
5.10
|
171.1
|
517.4
|
17,343.7
|
|
Inferred
|
110
|
704.7
|
3.96
|
89.7
|
21.5
|
488.2
|
0.53
|
1.00
|
313.43
|
4.63
|
104.9
|
469.5
|
10,637.3
|
|
Total for Revel Ridge Hangingwall Zone
(RRHZ)
|
|
|
Measured
|
110
|
169.7
|
2.35
|
12.8
|
41.5
|
226.6
|
1.53
|
4.37
|
307.37
|
4.55
|
24.8
|
460.9
|
2,514.7
|
|
Indicated
|
110
|
583.5
|
1.88
|
35.3
|
49.4
|
927.1
|
2.09
|
4.69
|
296.84
|
4.40
|
82.6
|
445.9
|
8,365.1
|
|
Measured & Indicated
|
110
|
753.2
|
1.99
|
48.1
|
47.6
|
1,153.7
|
1.96
|
4.62
|
299.21
|
4.44
|
107.4
|
449.3
|
10,879.8
|
|
Inferred
|
110
|
575.1
|
1.67
|
30.9
|
44.8
|
827.6
|
1.51
|
3.10
|
232.23
|
3.49
|
64.6
|
353.7
|
6,539.9
|
|
Total for Revel Ridge Yellowjacket Zones
(RRYZ)
|
|
|
Measured
|
110
|
0.5
|
0.11
|
0.0
|
48.0
|
0.8
|
1.89
|
3.99
|
122.36
|
2.79
|
-
|
363.1
|
5.8
|
|
Indicated
|
110
|
887.4
|
0.10
|
2.9
|
62.9
|
1,794.1
|
2.65
|
9.08
|
289.50
|
5.47
|
156.2
|
712.8
|
20,336.6
|
|
Measured & Indicated
|
110
|
887.9
|
0.10
|
2.9
|
62.9
|
1,794.9
|
2.65
|
9.08
|
289.41
|
5.47
|
156.2
|
712.6
|
20,342.4
|
|
Inferred
|
110
|
132.6
|
0.04
|
0.2
|
126.3
|
538.8
|
2.43
|
4.96
|
198.20
|
4.03
|
17.2
|
521.5
|
2,223.3
|
|
Total for Revel Ridge Main Zone Extention
(RRMEX)
|
|
|
Inferred
|
110
|
462.4
|
3.44
|
51.1
|
39.3
|
584.1
|
0.36
|
0.04
|
263.83
|
3.94
|
58.5
|
398.8
|
5,928.8
|
Footnote
1-6
|
(1) Mineral
Resources are not Mineral Reserves and do not have demonstrated
economic viability. The estimate of Mineral Resources may be
materially affected by environmental, permitting, legal, title,
taxation, socio-political, marketing, or other relevant
issues.
|
(2) The Inferred
Mineral Resource in this estimate has a lower level of confidence
than that applied to an Indicated Mineral Resource and must not be
converted to a Mineral Reserve. It is reasonably expected that the
majority of the Inferred Mineral Resource could be upgraded to an
Indicated Mineral Resource with continued exploration, however
there is no certainty an upgrade to the Inferred Mineral Resource
would occur or what proportion would be upgraded to an Indicated
Mineral Resource.
|
(3) The Mineral
Resources in this estimate were calculated using the Canadian
Institute of Mining, Metallurgy and Petroleum ("CIM") Standards on
Mineral Resources and Reserves, Definitions and Guidelines (2014)
prepared by the CIM Standing Committee on Reserve Definitions and
adopted by CIM Council and CIM Best Practices Guidelines
(2019).
|
(4) The following
parameters were used to derive the NSR block model C$/tonne cut-off
values used to define the Mineral Resource:
|
- March 2023
Consensus Economics long term forecast metal prices of Au
US$1,750/oz, Ag US$22/oz, Pb US$0.95/lb, Zn
US$1.26/lb
|
- Exchange rate of
US$0.74 = CAD $1.00
|
- Main Zone process
recoveries of Au 96%, Ag 85%, Pb 71%, Zn 70%
|
- Yellowjacket Zone
process recoveries of Au 86%, Ag 94%, Pb 88%, Zn
93%
|
(5) MDZ AuEq = Au
g/t + (Ag g/t x 0.010) + (Pb% x 0.265) + (Zn% x 0.314); MDZ AgEq =
Ag g/t + (Au g/t x 101.478) + (Pb% x 26.933) + (Zn% x 31.847); RRYZ
AuEq = (Ag g/t x 0.008) + (Pb% x 0.310) + (Zn% x 0.457); RRYZ AgEq
= Ag g/t + (Pb% x 40.588) + (Zn% x 59.737)
|
(6) Troy ounces
("ounces"), grams per tonne ("g/t"), metric tonne ("t") Net Smelter
Return ("NSR"), Canadian Dollar ("C$"), 1,000 ("k").
|
Figure 2 shows the wireframe volumes of the five
mineralized domains. Characteristics of the relevant mineralized
domains include:
- Revel Ridge Main Zone
(RRMZ). The RRMZ is the single largest Mineral Resource domain
in the 2023 MRE. The RRMZ is hosted within the MDZ, a highly
planar, 55-60° northeast-dipping ductile deformation zone, with an
average width of mineralization of 2.5
m. The Measured and Indicated classification of the RRMZ is
estimated to contain 1.09 million AuEq ounces in 4.47 million
tonnes grading 7.59 g/t AuEq. The Inferred classification is
estimated to contain 1.24 million AuEq ounces in 5.69 million
tonnes grading 6.79 g/t AuEq. Rokmaster's expanded surface and
subsurface drill programs have significantly expanded the RRMZ at
depth, where it remains open.
- Revel Ridge Footwall Zone (RRFZ). The RRFZ is the second
largest Mineral Resource domain within the 2023 MRE. The RRFZ zone
sub-parallels the RRMZ, but is commonly located between 10 and
30 m into the footwall of the RRMZ.
The RRFZ exhibits the same high strain characteristics and similar
alteration styles to the RRMZ. The RRFZ may be unique, as the
identification of visible gold is more common in this zone,
particularly at deeper intervals of the RRFZ. Within the RRFZ,
visible gold has been identified within sheeted quartz-ankerite
veinlets that may be associated with minor red-brown sphalerite,
galena and locally very minor arsenopyrite. In the Measured and
Indicated classification, the RRFZ is estimated to contain 171,100
AuEq ounces grading 5.10 g/t AuEq in 1.04 million tonnes. In the
Inferred classification, the RRFZ is estimated to contain 104,900
AuEq ounces grading 4.63 g/t AuEq in 704,700 tonnes.
- Revel Ridge Hanging Wall Zone (RRHZ). The RRHZ is best
developed in the north-central portions of the deposit area. The
RRHZ is a mineralized deformation zone that occurs sub-parallel,
and a few metres to a few tens of metres into the hanging wall of
the RRMZ. It has similar macroscale characteristics - i.e. the
development of strain related fine-grained sericite, mm- to
cm-scale quartz shear bands and sheeted shear foliation parallel
high sulphide veins and veinlets. In the Measured and Indicated
classification, the RRHZ is estimated to contain 107,400 AuEq
ounces grading 4.44 g/t AuEq in 753,200 tonnes, and in the Inferred
classification, it is estimated to contain 64,600 AuEq ounces
grading 3.49 g/t AuEq in 575,100 tonnes.
- Revel Ridge Yellowjacket Zone (RRYZ). Of the five
mineralized domains which make up the 2023 MRE, the RRYZ differs
from all other mineralized domains. The RRYZ is a high silver,
zinc-lead carbonate replacement deposit hosted within siliceous
limestone units and occurs 50 m to 75
m into the hanging wall of the RRMZ. The RRYZ is currently
considered to be best developed near the north-central deposit
area. The down-dip extent of mineralization within the RRYZ is
currently interpreted to be less than the down-dip extent of
mineralization in the RRMZ. The reduced down-dip extension of
mineralization in the RRYZ is a function of the role of anticlinal
fold hinges in the development of this zone. RRYZ thickens near the
anticlinal crests of deformed carbonate rocks and decreases along
the limb position of these same rock units. The Measured and
Indicated classification of the RRYZ is estimated to contain 20.34
million AgEq ounces in 887,900 tonnes grading 712.6 g/t AgEq. In
the Inferred classification, it is estimated to contain 2.22
million AgEq ounces in 132,600 tonnes grading 521.5 g/t AgEq.
- Revel Ridge Main Zone Extension (RRMEX). The RRMEX is
the northwestern strike continuation of MDZ and applies to any
intersection northwest of DDH RR21-58. This zone is known to extend
for at least 1,800 m northwest of the
830 m portal. In the Inferred
classification, RRMEX is estimated to contain 58,500 AuEq ounces in
462,400 tonnes grading 3.94 g/t AuEq.
2023 MRE Parameters
The database on which the updated 2023 MRE is based includes
data from 432 surface and underground drill holes totalling
79,425 m of diamond drill core. The
2023 MRE also includes analytical results from 223 underground chip
samples. Surface trench results have been used to constrain the
Main Zone outcrop. Both drill hole and underground chip sample data
have been composited over 0.5 m
intervals, and estimated using inverse distance cubed for gold and
silver and inverse distance squared for lead and zinc.
Figure 3 shows the 2023 MRE block model with each block
color-coded to Measured, Indicated, and Inferred categories. These
data have been reviewed and validated, and the 2023 MRE estimated
by P&E Mining Consultants Inc. The effective date of this MRE
is June 6, 2023. A Technical Report
will be filed on the Company's website and SEDAR within 45 days of
this disclosure.
The technical information in this news release has been prepared
in accordance with Canadian regulatory requirements as set out in
National Instrument 43-101 and reviewed and approved by
Eric Titley, P.Geo., who is
independent of Rokmaster and who acts as Rokmaster's Qualified
Person. Rokmaster's 2023 MRE, documented in this news release, has
been reviewed and approved by Fred
Brown (P.Geo.) and Eugene
Puritch (P.Eng., FEC, CET) of P&E Mining Consultants,
Inc. both who are independent of Rokmaster.
All hyperlinked figures and images can be found online at:
rokmaster.com/projects/revel-ridge/maps-and-figures/
On Behalf of the Board of Directors of
Rokmaster Resources Corp.
John Mirko,
President & Chief Executive Officer.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term in defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release.
About Rokmaster
Rokmaster's flagship Revel Ridge Project is host to a high-grade
gold and polymetallic orogenic sulphide deposit which has been the
subject of a PEA Technical Report dated December 8, 2020, and the current 2023 MRE. The
ongoing 2023 drill program is designed to efficiently expand the
volume of the Revel Ridge Main Zone as defined by the updated
Mineral Resource Estimate, which currently remains open in all
directions.
Rokmaster continues with the finalization of its spin-out plan
for the Big Copper and Duncan Lake Properties (together "the
Properties) to 4Metals Exploration Ltd., a wholly owned subsidiary
of Rokmaster (see news release dated January
26, 2022). The spin-out will provide Rokmaster shareholders
the opportunity to realize the growth and potential associated with
these Properties and the recent resurgence in copper, zinc and
silver prices in addition to the new incentives for the exploration
of critical metals in Canada.
Rokmaster shareholders will receive a pro rata distribution of the
common shares of 4Metals Exploration Ltd. on the tentative
transaction date.
Big Copper. Rokmaster controls the Big Copper
Property in the Kimberley area of
southern British Columbia. Big
Copper is a high-grade copper-silver occurrence hosted in
mid-Proterozoic rocks. Copper-silver mineralization has been traced
for 4.5 km along strike and is exposed in a series of adits and
trenches over approximately 500 m of
vertical relief. Big Copper likely belongs to a class of
stratabound replacement copper-silver deposits hosted within
mid-Proterozoic quartzitic sediments. The style and stratigraphic
setting of mineralization at Big Copper may be analogous to similar
stratabound silver-copper deposits in NW
Montana, e.g., the Troy Mine (a significant past producer of
copper and silver) and Hecla's
Montanore pre-development project, with, 112 million tonnes
Inferred at 54.8 g/t Ag and 0.7% Cu. (Hecla, 2020 Annual Report, Pg. 119.
www.hecla-mining.com).7
(7) The Qualified
Person has been unable to verify this information.
|
Duncan Lake Zinc. Duncan is a carbonate hosted
silver-lead-zinc deposit located near Duncan Lake in southern
British Columbia. The deposit is
hosted within a Cambrian age Badshot Limestone which also hosts
Zn-Pb-Ag mineralization at Teck's recently producing Pend Oreille
Mine as well as past producers including the Blue Bell Mine, Reeves
MacDonald Mine, Jersey Emerald and HB mines. Mineralization at
Duncan Lake forms in the crest and limbs of the regional scale
Duncan Lake anticline, where strong zinc-lead +/- silver
mineralization has been traced by surface and underground drilling
for approximately 2,500 m. At Duncan
Lake, Rokmaster will be targeting > 30 Mt of >10% Zn+Pb+Ag.
Historical background and a geological synthesis of the Duncan Lake
deposit is provided in a NI 43-101 report by Lane, B., 2018:
Technical Report on the Duncan Lake Project.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: This news
release may contain forward-looking information within the meaning
of applicable securities laws ("forward-looking statements").
Forward-looking statements are statements that are not historical
facts and are generally, but not always, identified by the words
"expects," "plans," "anticipates," "believes," "intends,"
"estimates," 'projects," "potential" and similar expressions, or
that events or conditions "will," "would," "may," "could" or
"should" occur. These forward-looking statements are subject to a
variety of risks and uncertainties which could cause actual events
or results to differ materially from those reflected in the
forward-looking statements, including, without limitation: risks
related to fluctuations in metal prices; uncertainties related to
raising sufficient financing to fund the planned work in a timely
manner and on acceptable terms; changes in planned work resulting
from weather, logistical, technical or other factors; the
possibility that results of work will not fulfill expectations and
realize the perceived potential of the Company's properties; risk
of accidents, equipment breakdowns and labour disputes or other
unanticipated difficulties or interruptions; the possibility of
cost overruns or unanticipated expenses in the work program; the
risk of environmental contamination or damage resulting from
Rokmaster's operations and other risks and uncertainties. Any
forward-looking statement speaks only as of the date it is made
and, except as may be required by applicable securities laws, the
Company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information,
future vents or results or otherwise.
SOURCE Rokmaster Resources Corp.