Rockcliff Metals Continues to Strengthen Snow Lake Land Position
TORONTO, ON / ACCESSWIRE / June 10, 2019 / Rockcliff Metals Corporation ("Rockcliff" or the "Company") (CSE: RCLF) (FRANKFURT: RO0, WKN: A2H60G) is pleased to announce the strategic acquisition of two additional properties augmenting its already extensive property portfolio located in the Snow Lake region of Manitoba. The SLS #5 Property, approximately 25,714 hectares in size, ties onto the Company's existing SLS #1 Property. The Danlee Copper Property, which covers a total of 80 hectares, is surrounded by the Company's SLS#1 Property and hosts copper and zinc stringers as well as massive sulphide of Volcanogenic Massive Sulphide (VMS) origin.
Rockcliff's President & CEO Alistair Ross commented: "the acquisition of these two properties, in this world class camp, is part of our long-term strategy of organic growth as we transition into an integrated development and exploration company with our fully permitted 1,000 tpd processing facility. Rockcliff now controls approximately 3,250 square kilometres of contiguous favourable geology under a thin cover of limestone with significant VMS discovery potential. We look forward to continuing our significant exploration initiative in this highly prospective area of the belt as we concurrently advance our high-grade development projects."
Please refer to Figure 1 which highlights the strategic location of the projects in Rockcliff's extensive property portfolio including the recently acquired, large district-size, SLS #1 to SLS #5 properties.
SLS #5 Property
The 100% owned SLS #5 Property was mapped staked and hosts two Mineral Exploration Licenses totalling over 25,714 hectares. It is strategically located in an area along the west portion of the Snow Lake South Emerging Mining Camp. The SLS #5 Property hosts favourable geology for VMS mineralization located under a thin Phanerozoic limestone cover. The SLS #5 Property covers an area hosting the southeast extension of the prolific, world-class, Flin Flon-Snow Lake greenstone belt. The belt is home to over 30 VMS mines and 10 gold mines, the majority of which were discovered north of the Phanerozoic limestone cover where favourable VMS rocks were exposed at surface. Though this limestone cover had impeded earlier exploration efforts, modern scientific advances in geophysical techniques have allowed a "window effect" through the limestone cover such that potential VMS targets can now be more easily identified.
Danlee Copper Property
The Danlee Copper Property is strategically surrounded by Rockcliff's SLS#1 Property. Limited drilling, completed decades ago, intersected several zones of VMS mineralization. Significant mineralization included:
- 0.8% copper across 14.3 metres in a stringer zone
- 2.2% zinc across 4.0 metres in a stringer zone
- 3.1% copper and 2.3% zinc across 0.4 metres in a massive sulphide exhalite zone
Rockcliff acquired its 100% interest in the Danlee Property for cash consideration of $20,000 and 200,000 shares of Rockcliff. The vendor retains a 2% Net Smelter Royalty (NSR). Rockcliff can purchase 50% of the NSR at a cost of $500,000 for each ½% of the NSR. Rockcliff has a right of first refusal on the remaining 1% NSR.
Figure 1: Rockcliff's Complete Property Portfolio (in purple) Including the Newly Acquired SLS #5 Property and the Danlee Copper Property which is surrounded by the SLS #1 Property
Don Christie, a long-standing director of the Company has been appointed non-executive Chair of the Board of Directors. Mr. Christie stated "the collective expertise of Rockcliff's Board when partnered with the project development and exploration expertise of the Company's seasoned management team will allow Rockcliff to fully realize the potential of its extensive portfolio of projects. Rockcliff has significant balance sheet strength, a Canadian dollar cost structure and operates in a world class mining jurisdiction. I look forward to the opportunity of working with the Company's Board and management team as we unlock significant value for Rockcliff's shareholders."
Mr. Christie and the three non-executive directors of Rockcliff were granted a total of 5,250,000 stock options exercisable at $0.15 per share for five years. The options vest over eighteen months and, under the rules of the Canadian Securities Exchange, are subject to a four month hold period.
Ken Lapierre P.Geo., Vice-President Exploration of Rockcliff, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this press release.
About Rockcliff Metals Corporation
Rockcliff is a well-funded Canadian resource development and exploration company with approximately $28 million in cash, a fully functional +1000 tpd permitted leased processing and tailings facility as well as several advanced stage high-grade copper and zinc dominant VMS deposits in the Snow Lake area of Manitoba. The Company is continuing the permitting process for its 100% owned Tower copper project which it expects to be completed by Q4 of this year. Rockcliff is a major landholder in the Flin Flon-Snow Lake greenstone camp, home to the largest Paleoproterozoic VMS district in the world, hosting mines and deposits containing copper, zinc, gold and silver. The Company's extensive portfolio of properties totals over 4,400 square kilometres and includes eight of the highest-grade, undeveloped VMS deposits and five lode-gold properties held by Goldpath Resources Corp., a wholly-owned subsidiary of Rockcliff, including the historic Rex-Laguna gold mine, Manitoba's first and highest-grade gold mine.
For more information, please visit http://rockcliffmetals.com.
For further information please contact:
Rockcliff Metals Corporation
Alistair Ross, President & CEO
CHF Capital Markets
Cathy Hume, CEO
Off: (416) 868-1079 ext. 231
Cautionary Note Regarding Forward-Looking Statements: This news release includes forward-looking statements that are subject to risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. All statements contained in this news release, other than statements of historical fact, are to be considered forward-looking. Although Rockcliff believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release. The CSE does not accept responsibility for the adequacy or accuracy of this press release.