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Sudbury, Ontario--(Newsfile Corp. - October 20, 2020) - Rockcliff Metals Corporation (CSE: RCLF) (FSE: RO0) (WKN: A2H60G) ("Rockcliff" or the "Company") is pleased to announce that is has completed the required expenditures necessary for the Company to earn a 100% ownership interest in the Bur Property pursuant to the Company's option agreement with Hudbay Minerals Inc. ("Hudbay") dated September 20, 2016 (the "Option Agreement"). Rockcliff has delivered written notice to Hudbay advising the achievement of this milestone.
Rockcliff's 100% Interest in the Bur Property
The Bur Property hosts the Bur Zinc-Copper deposit. A NI 43-101 compliant technical report was prepared on the Bur Property in 2007. Rockcliff is treating the estimate of mineral resources as an "historical estimate" under NI 43-101 and not as a current mineral resource.
Recent drilling intercepted near surface high grade zinc-copper mineralization including 13.51% ZnEq across 3.26 metres and 15.64% ZnEq across 1.94 metres, as disclosed in the Rockcliff press release dated May 7, 2020.
Historic and recent drilling throughout the Bur Property has encountered near surface, disseminated, semi-massive and massive sulphide mineralization below shallow overburden.
Rockcliff has incurred +$3.0 million in expenditures required to earn its 100% interest in the property.
Hudbay has a 12 month back-in right which expires in August of 2021. The back-in right gives Hudbay the right to reacquire a 70% ownership interest in the property, by making cash payments to Rockcliff totalling $3,000,000 plus two times the amount of expenditures incurred by Rockcliff during the back-in waiting period to a maximum of $1,500,000. If Hudbay does not exercise its back-in right, Rockcliff as the operator, shall pay 2% of Net Smelter Return Royalty from the date of the Commencement of Commercial Production.
Rockcliff is the largest junior development and exploration landholder in the Flin Flon-Snow Lake greenstone belt, a region Rockcliff believes is the most extensive Paleoproterozoic Volcanogenic Massive Sulphide ("VMS") district (copper, gold, zinc, silver) in the world.
Bur Drill Results - includes 13.51% ZnEq across 3.26 Metres and 15.64% ZnEq across 1.94 Metres
The completion of the phase four drill program in May 2020 was successful in identifying additional shallow, near surface, high-grade zinc-copper mineralization along strike of the historical Bur Zinc-Copper Deposit (press release May 7, 2020).
Significant down the hole assays from Rockcliff's phase four drill program are included in the following table:
(m) = metres represent down the hole widths as true widths are not currently known, % = percentage, g/t = grams per tonne, *ZnEq = zinc equivalent values used: US$1.10/pound zinc, US$3.00/pound copper, US$1350/ troy ounce gold ($43.40/gram) and US$16.50 /per ounce silver ($0.53/gram). ZnEq = Zn grade (%) + [Cu grade (%) X Cu price per lb / Zn price per pound] + [Pb grade (%) X Pb price per lb / Zn price per pound] + [Au grade (gpt) X Au price per gram / Zn price per tonne]X 100 + [Ag grade (gpt) X Ag price per gram / Zn price per tonne] X 100. No process recoveries or smelter payables were included in the calculation. The numbers may not add up due to rounding. Holes numbered RBU0 51 and 61 did not return significant values.
Figure 1: Partial Longitudinal Projection of Bur Zinc-Copper Deposit (dark red), Surrounding Mineralized Envelope (pale red) and 2020 Drill Hole Pierce Points with Assay Intervals
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A report was prepared on the Bur Property in 2007. Rockcliff is treating the estimate of mineral resources on the Bur Zinc-Copper Deposit Report as an "historical estimate" under NI 43-101 and not as a current mineral resource.
Historical Resource, Bur Zinc-Copper Deposit, Snow Lake, Manitoba:
Resource Tonnes Zn (%) Cu (%) Ag (g/t) Au (g/t)
Indicated 1,050,000 8.6 1.9 12.1 0.05
Inferred 302,000 9.0 1.4 9.6 0.08
Notes: 1. CIM definitions were followed for the estimation of mineral resources. 2. Mineral resources are estimated at a zinc equivalent cut-off of 5%. 3. Cut-off grade was based on a zinc price of US$1.15 per pound and a copper price of US$2.35 per pound. 4. Given the tonnage, grade and orientation of the deposit, AMEC considered the Bur Deposit to be reasonably amenable to extraction using underground mining methods. 5. Specific Gravity measurements used to estimate the mineral resource tonnes ranged from 2.64 to 3.74 with an average of 3.16. 6. A minimum mining width of 3 metres was used. 7. Mineral resources are not mineral reserves and do not have demonstrated economic viability. 8. The deposit was documented in a report dated October 1, 2007 and titled "Bur Project, Snow Lake Manitoba, Canada NI 43-101 Technical Report" (the "Bur Deposit Report"). The report was prepared for Hudbay by AMEC and was filed on Hudbay's SEDAR profile on January 31, 2008.
Historical estimates of grade and tonnage disclosed in this press release are viewed as reliable and relevant based on the information and methods used at the time. The 2007 NI 43-101 Bur Deposit Report was prepared in compliance with resource definitions under NI 43-101 but must be considered only as historic resources as neither Rockcliff nor its Qualified Persons have done sufficient work to classify the historic estimate as a current mineral resource under current mineral resource or mineral reserve terminology. The historic resource should not be relied upon. Additional work including surface geophysics, drilling and bore hole geophysics will need to be completed to upgrade the historical resource to current.
The historical Bur Zinc-Copper Deposit is a narrow stratiform, distal, VMS deposit that occurs within a turbidite assemblage of interbedded metagreywacke, metasiltstone and graphitic meta-argillite in a basinal area situated between two granitic intrusions. The northeast striking deposit dips 60-70 degrees northwest, ranges from <0.3metres up to 5 metres thick and to date has a known lateral extent of approximately 4,500 metres. Historic and recent drilling throughout the Bur Property has encountered near surface, disseminated, semi-massive and massive sulphide mineralization below shallow overburden along a strike length of over 8,000 metres and to a vertical depth of 950 metres. Mineralization consists of sphalerite, chalcopyrite, pyrrhotite, pyrite, galena and arsenopyrite. The Bur Zinc-Copper Deposit is open in all directions and contains up to 20% felsic or cherty nodules consisting of wall-rock and late quartz fragments displaying a brecciated texture to the mineralization.
Image 1: Bur site is accessible by road leading to a previously constructed box-cut and portal.
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Quality Control and Quality Assurance
Samples of half core were packaged and shipped directly from Rockcliff's field office to TSL Laboratories (TSL), in Saskatoon, Saskatchewan. TSL is a Canadian assay laboratory and is accredited under ISO/IEC 17025. Each bagged core sample was dried, crushed to 70% passing 10 mesh and a 250g pulp is pulverized to 95% passing 150 mesh for assaying. A 0.5g cut is taken from each pulp for base metal analyses and leached in a multi acid (total) digestion and then analyzed for copper, lead, zinc and silver by atomic absorption. Gold concentrations are determined by fire assay using a 30g charge followed by an atomic absorption finish. Samples greater than the upper detection limit (3000 ppb) are reanalyzed using fire assay gravimetric using a 1 AT charge. Rockcliff inserted certified blanks and standards in the sample stream to ensure lab integrity. Rockcliff has no relationship with TSL other than TSL being a service provider to the Company.
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 reviewed 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 a fully functional +1,000 tonne per day 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 central Manitoba. The Company is a major landholder in the Flin Flon-Snow Lake Greenstone Belt ("Belt") which is 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 approximately 4,500 square kilometres and includes eight of the highest-grade, undeveloped VMS deposits in the Belt.
For more information, please visit http://rockcliffmetals.com
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Rockcliff Metals Corporation
President & CEO
Phone: (249) 805-9020
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.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/66396