|June 18, 2018|
Eagle Plains/Roughrider Commence Exploration Activity on Brownell and Olson Projects, Saskatchewan
|Vancouver, B.C., June 18, 2018: Roughrider Exploration Ltd. (TSX-V: REL) ("Roughrider") has been notified by Eagle Plains Resources Ltd. ("Eagle Plains"), the project operator, that crews have been mobilized to carry out two separate exploration programs on the Brownell Lake (VMS-polymetallic) and Olson (gold) exploration properties located approximately 120km east of La Ronge, Saskatchewan. Roughrider may earn up to an 80% interest in the properties under terms summarized below. TerraLogic Exploration Services of Cranbrook, BC has been contracted to carry out 2018 exploration work.|
Brownell Lake Summary, Option Agreement Details and 2018 Exploration Program
The Brownell Lake Project is host to regionally-sheared, highly-strained meta-volcanic rocks which are considered to be prospective for volcanogenic massive sulphide ("VMS") mineralization. Highlight drilling results include 3.35 m of 0.48% Cu, 2.28% Zn, 1.46 g/t Au; 2.2 m of 6% Zn; and 20.5 m of 0.49% Cu. Historic work has delineated a 2600m-long mineralized EM/magnetic anomaly, with an additional 1700m-long magnetic anomaly that remains untested by electromagnetics and diamond drilling. Results are historical in nature and have not been confirmed by Roughrider, but are considered to be reliable and will form a basis for ongoing work.
Under the terms of the Brownell Lake Option Agreement, Eagle Plains has granted Roughrider the right to acquire up to an 80% interest in and to Brownell Lake (subject to a 2% NSR) by making aggregate cash payments of up to $2,500,000 and incurring exploration expenditures of up to $7,000,000 over a period of up to four years (details outlined in Roughrider news release June 7th, 2018).
2018 exploration work will consist of 45 man-days comprising re-logging and sampling of historic drill core, a 15 line-km VLF-EM geophysical survey, soil geochemical sampling, prospecting and geological mapping and sampling.
Olson Summary, Option Agreement Details and 2018 Exploration Program
The Olson project is host to regionally-sheared, highly-strained meta-volcanic rocks which are considered to be prospective for orogenic gold mineralization. The Olson project area is host to 29 mineral occurrences defined by historical geological mapping, prospecting, trenching, and 4700 m of diamond drilling. Historical drilling has intersected 7.5 m of 2.07 g/t Au including 13.00 g/t Au over 0.65 m and grab samples of up to 105.52 g/t Au. The project is considered to be underexplored, with known gold occurrences open at depth and along strike. Results are historical in nature and have not been confirmed by Roughrider, but are considered to be reliable and will form a basis for ongoing work.
Under the terms of the Olson Option Agreement, Eagle Plains has granted Roughrider the right to acquire up to an 80% interest in and to Olson (subject to a 2% NSR) by making aggregate cash payments of up to $2,500,000 and incurring exploration expenditures of up to $7,000,000 over a period of up to four years (details outlined in Roughrider news release June 7th, 2018)
2018 exploration work will consist of 60 man-days consisting of soil geochemical sampling, prospecting, geological mapping and sampling.
Technical information concerning the Brownell Lake and Olson properties has been reviewed and approved by David Tupper, P.Geo., hereby identified as the "Qualified Person" under N.I. 43-101.
About Roughrider Exploration Limited
Roughrider and its partner Kivalliq Energy are exploring the Genesis uranium project located in the Wollaston-Mudjatik geological trend extending northeast from Saskatchewan's Athabasca Basin. In addition, Roughrider has acquired options on the Brownell Lake and Olsen property options near La Ronge Saskatchewan and the Silver Ace and Sterling projects in central British Columbia.
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Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements." All statements, other than statements of historical fact, are to be considered forward-looking statements. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by the company, are inherently subject to significant business, economic, geological and competitive uncertainties and contingencies. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include but are not limited to: fluctuations in market prices, exploration and exploitation successes, continued availability of capital and financing, changes in national and local government legislation, taxation, controls, regulations, expropriation or nationalization of property and general political, economic, market or business conditions. Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance and, therefore, readers are advised to rely on their own evaluation of such uncertainties. All of the forward-looking statements made in this press release, or incorporated by reference, are qualified by these cautionary statements. We do not assume any obligation to update any forward-looking statements.
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