VANCOUVER - Rokmaster Resources Corp. [RKR-TSXV, RKMSF, OTCQB, IRRI-FSE] on Tuesday released an updated resource estimate for its Revel Ridge polymetallic project in southeastern British Columbia.
Revel Ridge is currently known to host five mineralized zones, four of which are related and in close proximity to the Main Deformation Zone (MDZ). Mineralization associated with the MDZ is classified as a polymetallic orogenic gold deposit, and is one of the largest undeveloped deposits of this type in Western Canada.
The fifth mineralized zone, the Revel Ridge Yellowjacket Zone, is composed of high-grade silver-zinc-lead carbonate replacement deposits that occur 50 to 75 metres into the hanging wall of the MDZ and are amenable to underground access.
Measured and indicated resources in all zones is now estimate at 1.53 million gold equivalent (AuEq) ounces within 7.16 million tonnes with an average grade of 6.63 g/t AuEq.
On top of that is an inferred resource, in all zones, of 1.49 million AuEq ounces, within 7.59 million tonnes at an average grade of 6.11 g/t AuEq.
"With the 2023 mineral resource estimate now complete, we have surpassed our goal of total mineral resources for this phase of making the Revel Ridge Project one of the most significant gold-dominated polymetallic deposits worldwide,'' said Rokmaster CEO John Mirko.
"The results of the 2023 MRE show that Revel Ridge is a remarkable project, one that has strong potential for expansion on the known zones and also for the discovery of new mineralized zones with additional exploration,'' he said.
From September 2020 and October 2022, Rokmaster completed 120 holes for a total of 38,540 metres using a single drill. The company said it anticipates that the trend of increasing the project's mineral resources will continue with subsequent exploration.
Results of a preliminary economic assessment (PEA) released in December, 2020 demonstrated that Revel Ridge has the potential to become a long life, low-cost, robust polymetallic gold-silver mine with strong project economics with a base case price of US$1,561 an ounce gold. Preproduction capital expenditures are forecast to be $396 million.
The PEA forsaw life of mine average annual production of 124,000 ounces of gold equivalent (AuEq) (89,000 ounces of gold, 690,000 ounces of silver 37.5 million pounds of zinc and 21.2 million pounds of lead) over a production lifespan of 12 years.
Those estimates were based on resources in two main areas, including the Main (gold rich) Zone (RRMZ) and the Yellowjacket (RRYZ) zone.
The company said the project benefits from excellent on-site infrastructure and relatively close access to regional infrastructure, which allows for highly efficient exploration and potential development.
The amount of drilling by all operators on the project now stands at 79,425 metres.
On June 12, 2023, Rokmaster shares closed at $0.08, and currently trade in a 52-week range of 20 cents and $0.065.