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Red Lake Explorer Rises 12% on High-Grade Gold Below Historic Cole Shaft

AllPennyStocks.com - AllPennyStocks.com - Thu Jun 25, 12:34PM CDT

High-grade vein hits in the Red Lake camp still move junior explorers when assays confirm gold below historic workings. Past-producing sites with intact quartz systems and visible gold in core offer a clearer drill story than greenfield targets alone, and the market often prices that distinction on the day results land.

Rockland Resources Ltd. (RKL:CNX) reported additional assays from its winter drill program at the 100%-owned Cole Gold Mines property, confirming gold-bearing veins below the historic Cole mine infrastructure. Hole RR-26-02 returned 16.89 g/t gold over 4.00 meters, including 28.40 g/t over 2.00 meters. Hole RR-26-03 cut 113.00 g/t gold over 0.50 meter at 236.50 meters depth, about 214 meters vertically below the deepest historic level on the 530-foot mine level.

The program targeted stacked quartz veins near the Cole mineshaft, where mining ran from 1926 to 1938. RR-26-02 also logged multiple intercepts above 8.00 g/t, including 28.30 g/t over 0.80 meter, 13.20 g/t over 0.70 meter, 11.40 g/t over 1.80 meters, and 32.60 g/t over 0.50 meter. One 0.50-meter interval from 184.55 to 185.05 meters in RR-26-02, with visible gold, assayed 1.68 g/t by standard fire assay and 279.00 g/t on a gravimetric-finish re-assay of the quarter-core split, a result Rockland reported alongside the first-run value. Metallic screen results remain pending on six samples.

Chief Executive Officer Mike England said early results from the first three holes near the Cole mineshaft show encouraging high-grade stacked vein sets, with assays still expected from more than 300 remaining samples. 

CNX trades at C$0.175, up 12.9% on the day. The next catalyst is the release of pending assays from the 2026 winter program at Cole.

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