Rockcliff Metals to Commence Drilling at Laguna Gold Property
TSX VENTURE: RCLF
TORONTO, ON / ACCESSWIRE / October 29, 2018 / Rockcliff Metals Corporation ("Rockcliff" or the "Company") (TSX.V: RCLF; FRANKFURT: RO0, WKN: A2H60G) is pleased to announce that a first phase drill program will commence on the Company's high-grade Laguna Gold Property located in Snow Lake, Manitoba. The Laguna Gold Property hosts the past producing Rex-Laguna Mine that was Manitoba's first and highest-grade gold mine. The 2,500 metre drill program marks the first drill program on the property in over 70 years.
Rockcliff's President & CEO, Ken Lapierre, stated: "We look forward to testing the gold potential at the Laguna Gold Property and are excited to be partnered with Kinross on the property. The high-grade gold potential is evident on the property where over 100,000 tonnes grading 18.7 g/t gold was mined mostly during the 1930s.; The drill program will focus south of the former high-grade gold mine where additional quartz veins were discovered this fall carrying visible gold and sulphides. Additionally, these veins are coincident with Induced Polarization (IP) geophysical anomalies that are identified to depths of up to 250 metres."
See Figure 1 on the following page highlighting Rockcliff's 5 district sized Snow Lake gold properties including the Laguna Gold Property.
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 and native gold.
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 kilometre 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. The Fall exploration program uncovered numerous additional quartz-rich gold-bearing zones, some with visible gold that will be tested in the first phase drill program.
Figure 1 - Rockcliff's 5 district sized gold properties in the Snow Lake area, including the Laguna Gold Property.
Definitive Option Agreement (DOA) for Laguna and Lucky Jack Gold Properties
The main terms of the DOA, dated July 19, 2018, 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.
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
Rockcliff is a well-funded Canadian resource exploration company focused on base metals, gold and royalties in the Snow Lake area of Manitoba. Rockcliff's extensive portfolio of properties totals 169,000 hectares and includes 8 of the highest-grade undeveloped base metal deposits as well as Manitoba's first and highest-grade historic gold mine. Rockcliff's goal is to be known as a Canadian mine finder with ultimate conversion of its projects into cash generating royalties.
Please access the Company's website at www.rockcliffmetals.com for additional information on Rockclif's sizeable base metal and gold property portfolio in the Flin Flon-Snow Lake greenstone belt.
Please visit http://rockcliffmetals.com. for additional information on Rockcliff Metals Corporation.
For further information, please contact:
Rockcliff Metals Corporation
Ken Lapierre, P. Geo
President & CEO
Cell: (647) 678-3879
Off: (416) 644-1752
CHF Capital Markets
Cathy Hume, CEO
Off: (416) 868-1079 ext. 213
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 a guarantee of future performance and actual results or developments may differ materially from those in the forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.