Rockcliff Announces Commencement of Preliminary Economic Assessment and Provides Corporate Update
Sudbury, April 6, 2020 - Rockcliff Metals Corp. (CSE: RCLF) (FSE: RO0) (WKN: A2H60G) ("Rockcliff" or the "Company") is pleased to provide an update on the Preliminary Economic Assessment ("PEA") of the Tower and Rail properties and the Company's COVID-19 response plan and operational update.
Preliminary Economic Assessment
Rockcliff will be commencing immediately the preparation of the PEA incorporating the following key elements:
- Sequential development of the 100% owned Tower and Rail projects to provide feed to the leased Bucko Mill;
- Application of the mine approach, methodology and productivities to the resources established in the updated Technical Resource Estimates reports. A separate mine methodology press release is planned within a month;
- Apply results from the recently completed metallurgical characterization testwork to flowsheet development and modification assessment at the Bucko Mill.
The PEA is planned for completion in the 3rd quarter of this year.
Concurrently, Rockcliff will continue to advance permitting activities and documentation to support completion of applications for an Advanced Exploration Permit as well as the Notice of Alteration for the Bucko Mill to allow conversion to production of copper and zinc concentrates.
COVID-19 Response and Operational Update
Rockcliff places the safety and wellbeing of the Company's workforce as its highest priority and continues to take input from all stakeholders as the COVID-19 pandemic continues to evolve. In response to the pandemic, the Company implemented specific additional health and safety protocols as recommended by Health Canada and the World Health Organization, as well as the Provincial Governments of Ontario and Manitoba. These additional precautionary steps to manage and respond to the risks, associated with the COVID-19 virus are being taken to ensure the safety of the Company's employees, contractors, suppliers and surrounding communities where the Company operates.
Current drill programs had already been scheduled to conclude prior to commencement of the spring thaw in Manitoba. Contractors are completing demobilization as originally planned. Continuation of the 2020 drill program, which was previously scheduled to recommence in mid-May, will be temporarily delayed until more visibility on the ongoing effects of pandemic can be determined. Management will continue to monitor and evaluate the situation to determine when remobilization can be done safely consistent with evolving governmental restrictions and recommendations. As a further precautionary measure, the Company has closed its head office in Sudbury, with staff working remotely.
In response to disruptions in the capital markets, the Company has developed and implemented a cash conservation plan. As of March 31, 2020, the Company remains well capitalized with a cash balance of approximately $12.7 million. Apart from commencement of the PEA and advancing the permitting processes for the mine and the mill, all other work programs have been temporarily suspended. The critical path activities will be done safely and cost effectively, while further de-risking the projects' scheduled timeline. Management will provide updates to overall schedule impact as clarity on the pandemic's impact becomes known over the coming months.
Alistair Ross, President and CEO commented: "Our key immediate corporate activities remain on schedule as we adapt our way of working in response to guidelines and directives made by the Governments of Canada, Ontario and Manitoba in response the COVID-19 pandemic. We have the necessary data to feed our PEA, and have retained the appropriate consultants to advance our PEA as originally planned. We will continue to monitor the impact of the pandemic as well as Governmental directives and continue to communicate with all stakeholders accordingly."
The Company has evolved its investor relations programme to facilitate increased digital communications and invites you to visit its newly created YouTube channel with a message from the President and CEO, Alistair Ross. To access the video, please visit: https://youtu.be/mPO_uTidzjs.
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About Rockcliff Metals Corporation
Rockcliff is a well-funded Canadian resource development and exploration company, with a fully functional +1,000 tpd leased processing and tailings facility as well as several advance-staged, 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 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 over 4,500 square kilometres and includes eight of the highest-grade, undeveloped VMS deposits in the belt.
For further information, please contact:
Rockcliff Metals Corp.
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/54159