Business
Rockland Resources Expands Red Lake District Portfolio with Acquisition of Pipestone North Property
VANCOUVER, BC / ACCESSWIRE / January 31, 2024 / Rockland Resources Ltd. (the "Company" or "Rockland") (CSE:RKL) announces the signing of an option agreement to
About this update from Rockland Resources Ltd.
[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / January 31, 2024 / Rockland Resources Ltd. (the \"Company\" or \"Rockland\") (CSE:RKL) announces the signing of an option agreement to earn a 100% interest in the \"Pipestone North Property\" (\"PN Property\"), located contiguous, and north and northwest, of the Company's 100% owned Cole Gold Mines Property, located in the western portion of the prolific Red Lake gold district of northwestern Ontario. \"Red Lake is known to be one of the most prolific gold camps in the world and we are excited to have expanded our position in the camp.\" stated Mike England, CEO of Rockland Resources. Located approximately 32 kilometres (km) west of the town of Red Lake, the 1,015-hectare Pipestone North Property is contiguous on its eastern boundary with West Red Lake Gold Mines Ltd.'s (\"WRLG\") Rowan property (Mount Jamie portion). The acquisition of the PN Property increases the Company's holdings to 1,583 ha covering approximately 3.0 km strike length of the east-west trending Pipestone Bay St Paul Deformation Zone (\"PBDZ\"). On West Red Lake Gold Mines' properties to the east, three former gold mines - Rowan Mine, Mount Jamie Mine, and Red Summit Mine - are all situated along the PBDZ structural zone. *The historical estimates do not meet current standards as defined by NI 43-101 and therefore should not be relied upon. The Pipestone North property is significantly underexplored compared to many properties and prospects in the Red Lake district, due to limited road access, and the distance from the principal Red Lake gold mines. The most significant recent exploration was completed by Redstar Gold Corp. (\"Redstar\"), from 2002-2004. Highlights on the Pipestone North property include: 991 Zone Occurrence - Located near the center of the PN property, exploration work by Redstar uncovered narrow pyrite, chalcopyrite bearing quartz veins within a brecciated felsic volcanic unit in contact with a folded ultra-mafic horizon. Redstar reported visible gold in several veins with grab samples yielding 22.27 grams per tonne (g/t) Au. In 2004, Redstar drilled a single hole (WRL04-004) that was collared into an ultramafic unit north of the 991 Zone and drilled to the south and intersected a 200-metre-wide zone of strongly quartz and sericite altered felsic stratigraphy with pyrite and chalcopyrite stringer mineralization...