Rockland Resources Closes Private Placements And Acquires The Mckenzie Island Twin Break Project In The Red Lake Mining District, Ontario
Executive Summary
- Rockland Resources closed two private placements raising a total of up to $525,000 in gross proceeds to fund its Cole Gold Mines project and general working capital.
- The company signed an option agreement to acquire 100 % of the Twin Break project in Red Lake, Ontario, issuing shares as consideration and securing additional NSR rights.
- Ongoing drilling at the Cole Gold Mines project is now on hole 12, with the first five assay results pending.
Key Details
- Financing – Hard Dollar Units
- 1.375 million units sold at $0.20 per unit for $275,000 gross proceeds.
- Each unit = 1 common share + 1 transferable warrant (exercise price $0.275, 24‑month term).
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Net proceeds earmarked for advancing the Cole Gold Mines project and general working capital.
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Financing – Flow‑Through Shares
- Up to 1,000,000 flow‑through shares sold at $0.25 per share for up to $250,000 gross proceeds.
- Each unit = 1 common share (flow‑through) + ½ warrant (exercise price $0.35, 24‑month term).
- Shares subject to a four‑month hold period under Canadian securities law.
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Proceeds also directed to the Cole Gold Mines project.
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Drill Program – Cole Gold Mines
- Drilling program progressed to hole 12.
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First five holes have been sent to the laboratory; assay results are expected soon.
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Acquisition – Twin Break Project
- Option signed to acquire 100 % interest in Twin Break, a patented high‑grade land package on McKenzie Island, Red Lake district.
- Property highlights:
- Surface grab samples of 122.5 g/t Au over 0.5 m and 161.1 g/t Au with visible gold.
- Drill‑supported intercepts including 60.3 g/t Au over 0.69 m, confirming continuity.
- Structural upside: Bishop’s Break structure extends to 1,103 m depth with parallel “Bishop’s Break–style” system.
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Consideration: issuance of 250,000 shares on approval plus an additional 500,000 shares on the 12‑month anniversary; existing NSR of 3.0 %, with 1.5 % purchasable for $1,000,000 at any time.
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Qualified Person Review
- Technical disclosures reviewed and approved by Donald Hoy, M.Sc., P.Geo., Qualified Person under NI 43‑101.
Notable Quotes
“Corridor‑scale systems like Red Lake and Campbell have delivered stacked deposits. Twin Break is centered on a deep, continuous break with a parallel trend, backed by high‑grade surface results and drilling, leaving clear room for repeat discoveries.” – Mike England, CEO & Director.