Rockcliff Metals Initiates 2018 Exploration at the Laguna and Lucky Jack Gold Properties
TSX VENTURE: RCLF
Toronto, Ontario (FSCwire) - Rockcliff Metals Corporation (“Rockcliff” or the “Company”) (TSX.V: RCLF) (FRANKFURT: RO0, WKN: A2H60G) is pleased to announce the 2018 exploration program has commenced on the Company’s high-grade Laguna and Lucky Jack Gold Properties located in Snow Lake, Manitoba. Both gold properties are centered within the historic “Herb Lake Gold Camp”. The Laguna Gold Property, last drilled in 1944, hosts the past producing Rex-Laguna Mine that was Manitoba’s first and highest-grade gold mine. This new program marks the first systematic exploration in over 100 years.
Rockcliff’s President & CEO, Ken Lapierre, stated: “We now have boots on the ground at Laguna and are excited to be partnered with Kinross in a systematic exploration program in preparation for a Fall drill program, which will be the first drilling conducted on the property since 1944. The first-year work commitment of $750,000 by Kinross will cover the work expenditures until the end of 2018. The Laguna and Lucky Jack Gold properties have excellent potential to host significant and high-grade gold mineralization similar to what was at Rex-Laguna. We look forward to commencing the first drill program at Laguna and working with Kinross to unlock the properties’ full potential.”
See Figure 1 on the following page highlighting Rockcliff’s 5 district sized Snow Lake gold properties including the Laguna and Lucky Jack Gold Properties.
2018 Exploration Plans at Laguna and Lucky Jack Gold Properties
The exploration plans at the Laguna and Lucky Jack Gold properties will include geological mapping, trenching and sampling as well as ground gravity geophysics and a LIDAR survey. In 2017, Rockcliff completed a line cut grid along with Induced Polarization (IP) and VLF surveys. Upon completion of prioritizing targets using information from the current work program and the combined geophysical and LIDAR data sets, a drill program at the Laguna Gold property is planned for the fourth quarter.
Laguna Gold Property
The gold mineralization on the Laguna Gold Property is controlled by thrust faults attributed to the major regional Crowduck Bay Fault which crosses the entire length of the Laguna Gold Property. The gold-rich quartz veining and stockwork systems along the northwest limb of the Herb Lake Syncline typically occur where the faults intersect quartz-feldspar and biotite porphyry stocks that intrude Missi Group sedimentary and volcanic rocks. Quartz, iron carbonate-albite-sericite alteration commonly overprint peak regional metamorphic assemblages within gold-bearing vein margins. Mineralization in quartz and surrounding quartz stockwork wall rock consists of pyrite, arsenopyrite, chalcopyrite, sphalerite, galena, pyrrhotite, native gold and telluride.
Rockcliff’s initial reconnaissance exploration program in 2016-17 identified 7 historical surface high-grade gold-rich quartz zones with multiple areas of visible gold and surface grab sample assays from trace to over 600 g/t gold. Follow-up geophysical programs including airborne magnetics and surface IP surveys covering the 6.0 kilometres long Laguna Gold Mine Trend identified significant potential extensions of the known surface gold-rich quartz zones along strike below a thin veneer of cover. IP anomalies associated at surface with the quartz zones extend to depths of 250 metres, the maximum penetration of the IP survey.
Figure 1 - Rockcliff's 5 district sized gold properties in the Snow Lake area, including Laguna and Lucky Jack.
Lucky Jack Gold Property
The Lucky Jack Gold Property is located immediately south of the Laguna Gold Property. It hosts gold mineralization in foliated and fractured zones and sulphide bearing quartz veins and stringers located near the contact of granite, granodiorite and pegmatite rocks with the surrounding volcanic, intrusive and sedimentary rocks. Historical geophysical evidence suggests that gold mineralization is associated along the contacts of multi-kilometre long magnetic anomalies and that at least 6 magnetic anomalies have been identified within the Lucky Jack Gold Property.
Definitive Option Agreement (DOA) for Laguna and Lucky Jack Gold Properties
The main terms of the DOA provide Kinross with the right to earn a 70% interest in both properties by spending a minimum of C$5.5M in exploration expenditures over six years. Kinross is committed in the first and second year to aggregate minimum expenditures totalling $1,250,000. Rockcliff will act as operator.
Please access the Company’s website at www.rockcliffmetals.com for additional information on Rockcliff’s sizeable base metal and gold properties in the Flin Flon-Snow Lake greenstone belt.
Ken Lapierre P.Geo., President and CEO 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
The Company is a well-funded Canadian resource exploration company focused on exploration and generating cash flow from future royalty payments on its base and precious metal assets located in Snow Lake, Manitoba, Canada. Rockcliff’s extensive portfolio of properties, totalling approximately 50,000 hectares, is located in and around the 100-year-old Snow Lake mining camp and hosts resources at the Talbot Copper deposit and the Rail Copper deposit and historical zinc and zinc-copper deposits (the Lon Zinc-Copper deposit, the Bur Zinc-Copper deposit, the Morgan Zinc deposit and the down-dip continuation of the Pen Zinc deposit). The Company’s properties also include Manitoba’s first former lode-gold producer (Laguna Gold Property optioned to Kinross), four additional gold-rich properties (Lucky Jack Gold Property optioned to Kinross, SLG Gold Property, DSN Gold Property and Berry Creek Gold Property), a Net Smelter Royalty on the Tower Property slated for production in 2020 (the Tower Copper deposit) and the MacBride Zinc deposit (optioned to Nevada Zinc) located near Leaf Rapids, Manitoba. For more information, please visit http://rockcliffmetals.com/.
For further information, please contact:
|Rockcliff Metals Corporation||CHF Capital Markets|
|Ken Lapierre, P. Geo||Cathy Hume, CEO|
|President & CEO||Off: (416) 868-1079 ext. 231|
|Off: (416) 644-1752|
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.
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