VANCOUVER, BC / ACCESSWIRE / October 5, 2021 / Rockland Resources Ltd. (the "Company" or "Rockland") (CSE:RKL) is pleased to announce it has signed an option agreement to earn a 100% interest in the Stetham Uranium project located only 30 kilometers northeast of the Cote Lake Gold Project, one of Ontario's largest resource development projects, owned by Iamgold Corporation (64.75%) and Sumitomo Metal Mining (27.75 %).
The Stetham Uranium project consists of 268 claims covering 5,360 hectares, located in Stetham Township, just west of Highway 144, which links with the mining centers of Timmins approximately 110 kilometers to the northeast, and Sudbury approximately 230 km to the south.
Highlights include:
- The target model type on the Stetham project as identified by Delta Uranium Inc. (source Annual Report 2008) is a low grade, high tonnage deposit associated with intrusive rocks. Major world deposits include Rössing (Namibia), Ilimaussaq (Greenland) and Palabora (South Africa)*
- The property covers four known uranium prospects as indicated by the Ontario MLAS website, the "South Delta Uranium Occurrence", and the "Jonsmith (Kenetogami Lake) Showing, "North Delta Showing" and the "Astrabun Showing"
- Historic drilling by Jonsmith Mines in 1968 includes intervals up to 0.11% U3O8 over 3.9 meters (source: Ministry of Mines, Northern Development and Mines Deposit MDI41P13SE00004)
- Follow up historic drill hole by Beach in 1977 intersected 3 meters of 0.12% U3O8 (source: Ministry of Mines, Northern Development and Mines Deposit MDI41P13SE00004)
- The most recent activities by Delta Uranium Inc., from 2006 to 2008, included airborne magnetics, electromagnetics and radiometric surveys, prospecting and rock sampling. Numerous assessment filings and reports are being compiled and evaluated over a potential 15 km strike length
- The Stetham project has excellent infrastructure, with nearby power, rail and road access. With the current development of the $1.3 billion Cote gold mine, an existing power transmission line from Timmins is being upgraded (115kV) to the Cote site and Gogama. Gogama is a small village on Highway 144 with many services available including lodging, fuel, communications, etc.
Rockland's CEO, Mike England stated "With the uranium market heating up so much we felt it a prudent move to make this acquisition for our shareholders. Historic drilling, while limited, shows widespread uranium and we look forward to getting on the property in the coming weeks to get a lay of the land."
The Company can earn a 100% interest (less NSR) in the Stetham Uranium project through cumulative option payments of 1.2 million common shares in the Company. A 2% NSR will be granted to the vendors and the Company will have an option to purchase 50% of the NSR for $1,000,000 at any time.
* The company cautions that results and comparisons to other properties are not necessarily indicative of results on the company's property.
* Previous referenced drilling on the Stetham Uranium project was completed in 1968 by Jonsmith Mines by Beach Gold in 1977. The Company treats the historic data as relevant and significant, but the Company is not able to verify the drill hole results, nor the assay techniques and laboratories.
Garry Clark, 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 Stetham Uranium project.
About Rockland Resources Ltd.
Rockland Resources is engaged in the business of mineral exploration and the acquisition of mineral property assets for the benefit of its shareholders.
On Behalf of the Board of Directors
Richard Sutcliffe
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 management's current beliefs 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).
SOURCE: Rockland Resources Ltd.