Apr 29 2014
Rogue Resources Inc. ("Rogue" or the "Company") is pleased to provide an exploration update for its various projects and an overview of plans moving forward. The Company recently acquired a high-grade gold asset in the Val d'Or district of Quebec and is now in discussions regarding additional assets to continue expanding its presence in this prolific camp.
The Company has a number of advance stage projects, specifically the Langmuir Nickel and the Radio Hill Iron Project, which it is currently assessing strategic options for in order to maximize value and provide investors with a refined Company focus.
East-West Gold Project, Val d'Or, Quebec.
Data compilation and 3D modeling relating to the historic and more recent drilling completed on the East-West Gold Project near Val, d'Or, Quebec is now underway. This work is required prior to the next round of drilling as a thorough compilation on this project has never been completed. Historic drill results at the East-West Project include:
- 85-CD-55: From 143.56m to 146.3m: 72.4 g/t Au / 3.2m
- 86-CD-78: From 125.27m to 129.24m: 84.48 g/t Au / 3.97m
- 87-CD-156: From 199.03m to 201.17m: 123.96 g/t Au / 2.14m
All of the above results were drilled between surface and 200 meters vertical with very little drilling ever having been done on this project below 200 meters vertical. The Company believes, given the nature of the geology at East-West and the frequency of mines in the Val d'Or Camp which often continue to depths below 2,000 meters, that significant potential remains at this project. Compilation and project supervision work will be completed by Géologica Inc., Val d'Or, Quebec, the lead geological consulting firm used by Integra Gold Corp for its Lamaque Gold Project. Other high-profile operations in the area include Osisko's Canadian Malartic Gold Mine, Agnico Eagle's Goldex Mine.
"The Company is determined to take the steps needed to take advantage of the numerous opportunities this market has created, as well as to extract the value in Rogue's existing assets. The East-West Project is an under-explored, high potential asset in one of the world's most prolific gold belts which will be used as a stepping stone as the Company continues to build its presence in this increasingly active district," commented Company President and CEO, John de Jong.
Other Assets:
Discussions are now underway and work continues on creating a strategy to help realize the value of its 100% owned Langmuir Nickel deposit where over $7,000,000 of work has defined a near surface, high-grade nickel, PGM deposit neighboring Timmins, Ontario with operating nickel mills in the immediate area.
A complete review of Radio Hill Iron Ore Project has been completed with recommendations made to conduct additional drilling and metallurgical test work. This will enable the Company to complete a definitive resource estimate. More than 10,000 meters of diamond drilling was completed in 2011/2012 which will be incorporated into any future plans. The Company will provide an update on its plans for the Radio Hill Project in the near future.
The Company's corporate office in Timmins, Ontario, has been listed for sale as it is no longer required for operations. The proceeds of the sale will provide non-dilutive capital which will be directed towards the Company's exploration initiatives.
The Company also announces it has entered into a service agreement with Mi3 Communications Financières Inc. who will perform investor relations services on behalf of the Company in Quebec. The Company continues to expand and adapt its marketing efforts and will be working closely with Mi3 to communicate the Rogue story moving forward.
Subject to regulatory approval, the Company has granted a total of 923,223 stock options (the "Options"), including 692,445 Options to Directors and Officers, 180,778 Options to employees and consultants and 50,000 Options to an investor relations provider. The investor relations Options vest as to 25% every three months, and the balance of the Options vest immediately. All Options have an exercise price of $0.10 and expire on April 27, 2021.
Subject to approval of the TSX Venture Exchange (and disinterested shareholder approval of insider options), the Company plans to re-price incentive stock options with current exercise prices ranging from $0.80 to $5.65 which expire from September 22, 2016 through January 26, 2019 to $0.10.
Alain-Jean Beauregard, P.Geo., of Géologica Inc., is an independent Qualified Person ("QP") as defined by National Instrument 43-101. Mr. Beauregard has reviewed the technical contents of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
John de Jong, CEO & President
Source: https://www.rogueresources.ca/