Rockland Resources Reports Exploration Results from the Old Timer Property, British Columbia and Options Property to Silverfish Resources Inc.
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ROCKLAND RESOURCES REPORTS EXPLORATION RESULTS FROM THE OLD
TIMER PROPERTY, BRITISH COLUMBIA AND OPTIONS PROPERTY TO
SILVERFISH RESOURCES INC.
Vancouver, British Columbia, 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,
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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,
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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
For further information, please contact:
Mike England
Email: [email protected]
Neither the Canadian Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy
of this release.
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 manag ement’s current b eliefs 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).