Vancouver, British Columbia-based Rockridge Capital Corp. (TSX-Venture:RRC), has had a week to remember. The last five trading days have seen the price per share of the gold exploration company launch 40% from 50 cents to make an all-time high on Tuesday as shares closed at 70 cents.
The Company has been maintaining a relatively low profile as it continues to remain focused on advancing its and Fatou Gold Project in Mali, West Africa, but investors appear to have once again put Rockridge in their sites as volume has been increasing and driving the share price higher.
Discovered in 2004 by AngloGold Ashanti, the Fatou Gold Project has shown historic drilling typically return results such as 24 metres of 1.38g/t gold, 15m of 2.25g/t gold and 20m of 1.22 g/t gold. While impressive numbers, it is important to note that these figures were the product of primarily RAB drilling; most bottomed in mineralization at a total depth of 60 metres.
The project is vast, encompassing 250 square kilometres in an area that has been termed a "gold rush" for the last six years. Rockridge has been working in Mali for over four years with all required operations in place. Three intrusives have been identified so far and the main gold zone to date has been identified as 1.4km long and 450m wide and open in all directions. Much like the historic findings, the data so far is very promising, but the plot of land is large with many areas still yet to explore.
In October, the Company released the results from 38 reverse circulation drill holes (3,789 metres) that were completed on the North Artisanal Area of the Fatou Gold Project. Highlights from the drilling showed returns up to 27m grading 3.1g/tonne gold. Additionally, five different gold zones were identified.
All five zones are open along strike and to depth, four of which appear to be increasing in width and grade to the north-west. An additional 5,000 metres of drilling will be allocated to an initial drill test of four other soil anomalies.
Later in the same month, Rockridge announced the discovery of four multi-kilometre gold-in-soil anomalies from the soil sampling program covering the eastern half of the Fatou Gold Project.
Detailed geological mapping of the anomalies and associated artisanal workings and has been initiated along with expanded soil sampling program over the western portion of the project area.
Rockbridge is still working diligently towards reaching its goal of acquiring a 100% interest in the Fatou project through terms of an option agreement with Bagoe National, with a portion of the agreement already having been fulfilled by Rockbridge. Rockridge is the Operator of the project.
At such time as Rockridge receives an Exploitation Permit from the Malian government, a new company will be formed and the ownership of the company will be Rockridge 85%, Mali government 10%, Bagoe 5%. Bagoe will also retain a 2% NSR. Rockridge has a right of first refusal to purchase Bagoe's 5% interest in the new company and/or its 2% NSR.
The recent run-up in the V.RRC stock price could be a teaser of things to come. While seeing a slight pullback today, several support levels are intact at $0.64 and $0.60 that technical traders will have on watch to hold for the chart to remain very bullish. Investors of all fashions will have their ears to the wire for more results to be announced which could help propel the share price to even higher highs.
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