|April 06, 2010|
Rockridge Commences Fieldwork at Fatou Gold Project, Mali, West Africa
|Rockridge Capital Corp. (TSX VENTURE:RRC) ("Rockridge", the "Company") is pleased to announce that field work has begun at the Fatou gold project in southern Mali. Regolith mapping, termite mound sampling and camp construction are underway in preparation for a reverse circulation drilling program scheduled for May, 2010.|
2010 Exploration Program
Due to extensive, recent artisanal workings influencing soil conditions in several areas at Fatou, classical soil geochemical sampling may not be reliable. Therefore, termite mound sampling in conjunction with detailed regolith mapping is now being performed with historical soil geochemical work being used as a base for geochemical studies. An initial program of approximately 5,000 metres of reverse circulation drilling is scheduled to commence in May.
Description of the Project
The Fatou Gold Project is located in southern Mali, approximately 20 km north of the border between Mali and Cote d'Ivoire, approximately 250 km southeast of the capital city of Bamako. The Fatou exploration permit covers 250 square km and is located about 250 km south-east of Bamako, approximately 100 km south of Anglogold-Ashanti/Randgold's Morila gold mine and approximately 60 west of Resolute's Syama gold mine. Access is via a paved highway from Bamako to Zantiébougou and then by a 45 km laterite road to the permit area.
Regionally the property is situated within an extensive area of metaclastic sediments of Proterozoic Age. Locally, geology consists of felsic intrusives on the western part, metavolcanics in the southwestern corner with the metasediments dominating the central and eastern part. The metasediments include greywacke, siltstones, sericitic and chlorite schist, and graphite schist. Two major shear zones striking northeast and secondary northwest and northeast structures occur in the permit area.
Initial exploration at Fatou, consisting of predominantly soil sampling geochemistry work, was completed by the DNGM, the Malian mining and geological directorate and property optionor Bagoe National SARL ("Bagoe"). According reports provided by Bagoe, a limited follow up program of RAB and RC drilling was completed by Anglogold Exploration. This program tested two small grid areas within the current Fatou license area and is highlighted by the following results:
F078RAB - 15m @ 2.25g/t Au (RAB)
F022RAB - 24m @ 1.38g/t Au (RAB)
F023RAB - 20m @ 1.22g/t Au (RAB)
F001RC - 17m @ 0.99g/t Au (RC)
Rockridge management advises that these results are historical in nature, are not substantiated by work completed by the company and are not to the standards of NI 43-101.
As a result of this drilling, a large artisanal mining camp of several thousand miners has been established with gold being produced with rudimentary techniques. Mining takes place along a southern trend stretching approximately 500 metres in an east-northeast trend and along a parallel northern trend of similar size. The south trend overlies the contact between the Birimian metasedimentaries and felsic intrusives.
Under the terms of the Option agreement, Rockridge can acquire a 100% interest in the Fatou Project exploration license by making Option payments totaling $800,000 over three years and completing a minimum of 5,000 metres of exploration drilling. Rockridge will be the Operator of the project. At such time as Rockridge receives an Exploitation Permit from the Malian government, a new company will be formed and the owners of the company will be Rockridge 85%, Mali government 10%, Bagoe 5%. Bagoe will also retain a 2% NSR. Rockridge will have a right of first refusal to purchase Bagoe's 5% interest in the new company or its 2% NSR.
The Qualified Person for Rockridge Capital Corp. under National Instrument 43-101 is Mr. Lorne Warner, P.Geo.
ON BEHALF OF THE BOARD OF DIRECTORS OF ROCKRIDGE CAPITAL CORP.
Karl Kottmeier, President
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this press release.
Rockridge Capital Corp.
Rockridge Capital Corp.
V.P. Corporate Development
(604) 689-7442 (FAX)
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