Rockland Resources Acquires Cole Gold Mine Property West Red Lake, Ontario
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ROCKLAND RESOURCES ACQUIRES
STRATEGIC COLE GOLD MINE PROPERTY,
WEST RED LAKE, ONTARIO
POTENTIAL FOR HIGH GRADE “RED LAKE” TYPE
GOLD MINERALIZATION IN A PROLIFIC DISTRICT
Vancouver, British Columbia, March 29, 2021: Rockland Resources Ltd. (the
"Company" or "Rockland") (CSE: RKL) wishes to announce the signing of an
agreement whereby the Company can acquire a 100% interest in the “Cole Gold
Mine Property” (Property”), located in Ball Township, Red Lake Mining District.
The current Cole Gold Mine Property consists of 28 mining claim s (568 ha)
located 30 kilometers west of the Cochenour, Campbell, Red Lake Mine Complex
owned and operated by Evolution Mining . The property is being acquired from
Wabassi Resources ULC. (“Wabassi”), whom have an option to acquire 100%
interest from the underlying Property owners.
Company director Mike England states: “The Cole Gold Mine acquisition
represents a rare, unusual oppo rtunity to acquire a n under explored, exciting.
strategically located gold property in one of the most active, prolific producing
mining districts in Canada. The Property has not been explored since 1973 when
gold price averaged only $106.50/ounce for that year. The property has historic
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indications to host high-grade gold values in a classic “Red Lake type” quartz
veins and silica-sulphide replacement zones.”
Highlights:
• History - The original Cole Property was staked by John Younglove Cole
in early 1926, with shaft sinking in 1933 to a 60.9 meters (200-foot) depth,
and the claims were patented. The Cole Gold Mines was incorporated in
November 1933, and by 1937 the vertical shaft had reached a depth of
161.5 meters (530 feet ) with over 2,133.6 meters (7,000 feet) of drifting
and crosscutting o n four levels. Cole Gold Mines also completed over
1,219.2 meters (4,000 feet) of underground diamond drilling to the end of
1937.
• Last Exploration Work - The only documented exploration work on the site
was done by Kerr Addison Mines in 1973. The company completed both
magnetometer and electromagnetic surveys as well as 2,108 metres (6,916
feet) of diamond drilling.
• Tenure Legacy – the Cole Gold Mine Property was retained by the Cole
Family Estate until 2018, when the patented were forfeited and the property
was released for digital staking by the Ontario Ministry of Energy, Northern
Development and Mines (“MENDM”).
• Geology and Gold Mineralization – High grade gold values are associated
with sphalerite chalcopyrite scheelite bearing quartz veins in shear and
structural zones in the porphyry and felsic rocks, striking approximately
east-west, and dipping steeply to the north. Historic diamond drilling by
Kerr Addison Mines has returned values up to 2.2 oz/ton gold (68.3 grams
gold per tonne (Au g/t) over 1.5 ft ( 0.46 meter) core width in sulphide
mineralized quartz veins.
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• Recent Sampling –From a total of 38 grab samples and 15 sawn channel
samples taken by Wabassi in 2020, the four best samples returned values
of 57.7 Au g/t, 16.7 Au g/t, 14.8 Au g /t, and 7.21 Au g/t. Six additional
samples returned values of 0.5 Au g/t or higher. Six grab rock samples
taken in 2020 by the author of a 43 -101 geology report on the Property
returned 6.34 Au g/t, 1.01 Au g/t, 0.62 A u g/t, 0.30 Au g/t, 0.13 Au g/t
and one sample with low gold values (less than 0.01 Au g/t).
• Permit Status - The Property has an approved Exploration Permit PR -20-
000368 that is valid until March 3, 2024 and allows for a diamond drill
program to be initiated in the short term.
Terms of Acquisition
The Company can earn 100% interest (less NSR) in the Cole Gold Mine Property
through cumulative option payments in cash of CDN $ 410,000 and common
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shares in the Company with a deemed value of CDN $650,000, with a minimum
year one work commitment of CDN $300,000. Wabassi retains a 2.0% net smelter
royalty (NSR) on production from the Property, 0.5% of which can be purchased
for $750,000 at any time. The underlying Vendor of the Cole Gold Mine Property
also retains a 1.0% NSR, and the Company will have an option to purchase
0.5% of the NSR for $750,000.
Company director Mike England further reports “With permits to drill in hand, the
Company will be proceeding rapidly to complete a maiden drill program on the
Cole Gold Mine Property, directed at the discovery of high -grade, gold
mineralization in a classic “Red Lake” geologic model”, similar to Great Bear
Resources Ltd on the Dixie Property located 35 kilometers to the southeast”.
The reader is cautioned that historic data and information presented above were
completed prior to the implementation of National Instrument 43 -101 and must
be considered only as a historic reference. Neither the Company nor its Qualified
Person have completed sufficient work to verify this historic drill hole, and they
should not be relied upon.
Qualified Person
Garry Clark P.Geo., a Qualified Person under National Instrument 43-101, is the
Qualified Person responsible for reviewing and approving the technical contents
of this news release as they pertain to the Cole Gold Mine Property.
About Rockland Resources Ltd.
Rockland Resources is engaged in the business of mineral exploration and the
acquisition of mineral property assets in Canada. Its objective is to locate and
develop economic precious and base metal properties of merit and to conduct
its exploration program on the Summit Old Timer Property. The Summit Old
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Timer Property consists of three (3) mineral claims covering an area of 1,915
hectares located approximately 17 km southeast of the City of Nelson, within the
Nelson Mining Division, British Columbia.
For more information, please refer to the Company's prospectus dated February
3, 2021 available on SEDAR (www.sedar.com).
On Behalf of the Board of Directors
Mike England
CEO, President and Director
For further information, please contact:
Mike England
Office: 604-683-3995
Email: [email protected]
Forward-Looking Statements:
This news release includes certain forward -looking statements and forward -looking information
(collectively, "forward-looking statements") within the meaning of applicable Canadian securities
legislation. All statements, other than statements of historica l fact, included herein including,
without limitation, statements regarding future capital expenditures, anticipated content,
commencement, and cost of exploration programs in respect of the Company's projects and
mineral properties, anticipated exploratio n program results from exploration activities, resources
and/or reserves on the Company's projects and mineral properties, and the anticipated business
plans and timing of future activities of the Company, are forward -looking statements. Although
the Company believes that such statements are reasonable, it can give no assurance that such
expectations will prove to be correct. Often, but not always, forward looking information can be
identified by words such as "pro forma", "plans", "expects", "will", "may", "should", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of
such words including negative variations thereof, and phrases that refer to certain actions, events
or results that may, could, would, might or will occur or be taken or achieved. In making the
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forward-looking statements in this news release, the Company has applied several material
assumptions, including without limitation, that market fundamentals will result in sustained precious
and base metals demand and prices, the receipt of any necessary permits, licenses and regulatory
approvals in connection with the future exploration of the Company's properties, that the COVID-
19 global pandemic will not affect the ability of the Company to conduct the exploration program
on the Summit Old Time r Property, the availability of financing on suitable terms, and the
Company's ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown ri sks, uncertainties and other factors
which may cause the actual results, performance, or achievements of the Company to differ
materially from any future results, performance or achievements expressed or implied by the
forward-looking statements. Such risks and other factors include, among others, statements as
to the anticipated business plans and timing of future activities of the Company, including the
Company's option to acquire the Summit Old Timer Property, the proposed expenditures for
exploration work thereon, the ability of the Company to obtain sufficient financing to fund its
business activities and plans, delays in obtaining governmental and regulatory approvals (including
of the Canadian Securities Ex change), permits or financing , changes in laws, regulations and
policies affecting mining operations, risks relating to epidemics or pandemics such as COVID–19,
including the impact of COVID–19 on the Company's business, financial condition and results of
operations, the Company's limited operating history, currency fluctuations, title disputes or claims,
environmental issues and liabilities, as well as those factors discussed under the heading "Risk
Factors" in the Company's prospectus dated February 3, 2021 and other filings of the Company
with the Canadian Securities Authorities, copies of which can be found under the Company's
profile on the SEDAR website at www.sedar.com.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company
undertakes no obligation to update any of the forward -looking statements in this news release
except as otherwise required by law.