Rokmaster Increases Underground Drill Program To 10,000 M And Accelerates Warrants Expiry Date
VANCOUVER, BC, Feb. 25, 2021 /CNW/ - Rokmaster Resources Corp. (TSXV: RKR) (OTCQB: RKMSF) (FSE: 1RR1) ("Rokmaster" or the "Company") is pleased to announce that due to continued success in expanding the Revel Ridge Main Zone ("RRMZ") and as more remarkable continuity of the polymetallic, gold-silver rich RRMZ mineralization becomes apparent, the underground portion of our 2021 diamond drilling program has been expanded from 8,000, to 10,000 metres.
The 2021 underground drill pattern, generally using broad 100 m and larger step outs, continues to demonstrate the potential for large volumes of mineralized rock located beyond the Revel Ridge resource. Our current focus remains on expanding the gold rich RRMZ, Hanging Wall, Footwall and the silver rich Yellowjacket Zones from drill stations utilizing existing underground workings. Intersections through the RRMZ have now been successfully obtained 330 m down dip of the 2020 resource. The additional underground drill meterage will present expanded opportunities to further test the nature of the impressive RRMZ both along strike and at depth. (Please see appended Main Zone Block Model image, also on our website). Coring of DDH RR21-31 is currently in progress.
Assay results are pending for 19 recently completed diamond drill holes. For all assay results received to date from RRMZ drilling, please see News Release's dated December 11, 2020 and February 11, 2021 containing the assay results of DDH's RR20-01 to 20-11.
Corporate Updates
Accelerated Expiry Date of Warrants
The Company also announces it has elected to accelerate the expiry dates of the common share purchase warrants (the "Warrants") pursuant to the terms and conditions of the warrant certificates issued on January 28, 2020 and March 4, 2020 (collectively, the "Warrant Certificates") having original expiry dates of January 28, 2020 and March 4, 2022, respectively. The Warrants are exercisable to acquire one common share of the Company (the "Share") at a price of $0.10 per Share.
Pursuant to the terms of the Warrant Certificates, the Company may elect to accelerate the expiry date of the Warrants at any time prior to their expiry, in the event the closing price of the common shares of the Company on the TSX Venture Exchange is greater than or equal to $0.12 per Share for 20 consecutive trading days by providing notice (the "Notice") to the Warrant holders. The Notice may be in the form of, and in this case, a press release notifying the Warrant holders of the Company's election to accelerate the expiry dates.
As of the close of the markets on February 24, 2021, the closing price of the Company's shares has traded at or above $0.12 for 20 consecutive trading days. Accordingly, all outstanding Warrants with expiry dates of January 28, 2022 and March 4, 2022, unless exercised, will now expire on March 27, 2021, being the 30th calendar day from the date of this news release.
Warrant holders are reminded that all Warrants not exercised by 4:00 PM Vancouver time on March 27, 2021 will automatically expire. Holders who wish to exercise their Warrants should read and follow the exercise procedures contained in their Warrant Certificate to contact the Company with any questions.
Revel Ridge Option
On February 18, 2021, the Company made its second option payment to Huakan International Mining Inc. in the amount of $1 million.
An updated corporate presentation, figures and photos are available on Rokmaster's website at https://www.rokmaster.com/projects/revel-ridge/
On behalf of the Board of Directors,
"John Mirko"
John Mirko, President and Chief Executive Officer.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Rokmaster
Rokmaster controls a portfolio of three significant exploration and development projects all of which are located in southern British Columbia in regions of excellent infrastructure. The three projects include:
- Revel Ridge. Rokmaster is currently conducting an underground drill program at the Revel Ridge project located in southeastern British Columbia 35 km's N of the City of Revelstoke. Revel Ridge is a high-grade gold and polymetallic orogenic sulphide deposit which has been the subject of a PEA Technical Report dated December 8, 2020.
- Duncan Zinc. Duncan Zinc 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 silver-lead-zinc mineralization at Teck's currently producing Pend D'Oreille mine as well as past producers including the Blue Bell Mine, Reeves MacDonald, Jersey-Emerald and HB mines. Mineralization at Duncan Lake forms in the crest and limbs of the regional scale Duncan Lake anticline, where strong lead-zinc +/- silver mineralization has been traced by surface and underground drilling for approximately 2500 m. At Duncan Lake, Rokmaster will be targeting > 30 Mt of >10% Pb+Zn+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.
- Big Copper. Rokmaster controls the Big Copper property in the Creston 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 3 km along strike and is exposed in a series of adits and trenches over approximately 250- 300 m of vertical relief. Big Copper likely belongs to a class of stratiform - 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 (64 million tonnes of 0.74% Cu and 54 g/t Ag (Western Mining History, 2020) or Hecla's Montanore Mine, 112 million tonnes at 51.2 g/t Ag and 0.7% Cu.
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 Mark Rebagliati, P. Eng., FEC, who is independent of Rokmaster.
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 events or results or otherwise.
SOURCE Rokmaster Resources Corp.
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