Rockcliff and Kinross to Explore Laguna and Lucky Jack Gold Properties Located in Snow Lake, Manitoba
Toronto, Ontario (FSCwire) - Rockcliff Metals Corp. (“Rockcliff” or the “Company”) (TSX.V: RCLF) (FRANKFURT: RO0, WKN: A2H60G) is pleased to announce that it has entered into a Definitive Option Agreement (“DOA”) with KG Exploration (Canada) Inc., an affiliate of Kinross Gold Corp. (TSX:K) 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 Manitoba’s first and highest-grade former gold mine and will now be the subject of the first systematic exploration program in over 100 years.
Rockcliff’s President & CEO, Ken Lapierre, stated: “We are pleased to have completed the DOA on the Laguna and Lucky Jack Gold Properties with a major global gold miner like Kinross. The remainder of 2018 will be an active time on these properties as we systematically focus on high priority targets in preparation for drilling. The Laguna and Lucky Jack Gold properties have excellent potential to host significant and high-grade gold mineralization. We look forward to advancing these gold properties and working with Kinross to unlock their 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.
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.
Laguna Gold Property
The Laguna Gold Property hosts the Laguna gold mine, Manitoba’s first and highest grade former gold mine located within the Flin Flon-Snow Lake greenstone belt, a belt known originally for it high-grade gold mines then its high-grade base metals mines. Historical, intermittent gold mining at Laguna, between 1916 and 1939 produced over 60,000 ounces of gold grading approximately 19.0 g/t. The Laguna Gold Property includes 28 contiguous mining claims totalling 3,501 hectares covering a minimum 6.0 kilometres of prospective strike length of the Laguna Gold Mine Trend.
The gold mineralization on the Laguna Gold Property is metallogenically controlled by subsidiary 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 subsidiary 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 Induced Polarization (IP) surveys covering the 6.0 kilometres long Laguna Gold Mine Trend that identified significant potential extensions of the known surface gold-rich quartz zones along strike below a thin veneer of overburden 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. (To view the graphic in its original size, please click here)
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.
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 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 in excess of 50,000 hectares, is located in and around the 100-year-old Snow Lake mining camp and hosts NI 43-101 compliant resources at the gold-rich 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 and highest-grade former lode-gold producer (Laguna Gold Property), four additional gold-rich properties (SLG Gold Property, DSN Gold Property, Berry Creek Gold Property and Lucky Jack Gold Property), a Net Smelter Royalty on the Tower Property slated for production in 2020 (the Tower Copper deposit) and the optioned near-surface high-grade MacBride Zinc deposit 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
Cell: (647) 678-3879
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.
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.
To view the original release (with media), please click here
Source: Rockcliff Metals Corp. (TSX Venture:RCLF, OTC Pink:SVVZF, FWB:RO0)
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