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Rockland Resources ( (TSE:RKL) ) has provided an announcement.
Rockland Resources has engaged Chibougamau Drilling, a contractor with extensive Red Lake experience, to carry out an initial 3,000-metre drill program at its flagship Cole Gold Mines project in Ontario, expected to begin later this month. To fund the program and support general working capital, the company has arranged a non-brokered private placement of up to 12 million units at $0.10 each for gross proceeds of up to $1.2 million, with each unit consisting of one share and a warrant exercisable at $0.15 for 36 months, and has confirmed that a qualified geoscientist has reviewed the technical content and now serves as its newly appointed chief geologist, underscoring its commitment to advancing the Cole project and reinforcing its exploration credentials in the Red Lake gold district.
Spark’s Take on TSE:RKL Stock
According to Spark, TipRanks’ AI Analyst, TSE:RKL is a Underperform.
Rockland Resources has a low overall score primarily due to significant financial challenges, including no revenue generation and continuous losses. Valuation concerns persist with a negative P/E ratio. However, recent strategic corporate actions provide some optimism for future improvement, although they are not yet sufficient to offset the financial weaknesses.
To see Spark’s full report on TSE:RKL stock, click here.
More about Rockland Resources
Rockland Resources Ltd. is a mineral exploration company focused on unlocking value through exploration and discovery, with its flagship asset being the historic Cole Gold Mines project in the prolific Red Lake district of Ontario. The company aims to generate long-term shareholder value through disciplined exploration, strategic project development and geological expertise, and also holds a portfolio of beryllium properties in Utah that it is assessing for future development.
Average Trading Volume: 258,311
Technical Sentiment Signal: Hold
Current Market Cap: C$2.76M
For an in-depth examination of RKL stock, go to TipRanks’ Overview page.