The Manitoba property portfolio, totalling in excess of 50,000 collective hectares, is located in and around the Snow Lake mining camp and hosts some of the highest-grade unmined NI 43-101 copper deposits ((the gold-rich Talbot Copper Deposit (recently assigned to Norvista Capital for cash and royalties) and the Rail Copper Deposit)) and the highest-grade unmined historical zinc deposits (the Lon Zinc Deposit, the Bur Zinc Deposit, the Morgan Zinc Deposit and the down dip of the Pen Zinc Deposit)). Rockcliff also owns the MacBride Zinc Deposit, optioned to Nevada Zinc Corporation, located north of Snow Lake near Leaf Rapids, Manitoba. Rockcliff owns a Net Smelter Return Royalty (NSR) on the Tower Property (owned by Norvista Capital) which includes the T-1 copper deposit. The Tower is advancing towards production in 2020. The Manitoba property portfolio also includes the highest-grade former lode-gold producer (Laguna and Lucky Jack gold properties are held under a letter of intent with Kinross who plan to spend $5.5M in exploration to earn a 70% interest) and three other gold properties hosting multiple gold-rich zones adjacent to a former million ounce gold producer and a gold processing facility.
Exploration on the project has followed an “exploration template for success” and has included:
- +25,000 line kilometres of helicopter-generated magnetic and Electromagnetic coverage
- +2,500 line kilometres of helicopter-generated “deep penetrating” VTEM coverage
- Multiple surface Electromagnetic geophysical surveys covering known targets and discovering new targets for follow-up exploration
- +80,000 metres of NQ sized drilling
- Completed 4 NI 43-101 resource reports on three copper properties
- +$28M of exploration to 2018
Presently the base metal portfolio hosts 8 deposits of high-grade copper, gold, zinc and silver as tabulated below:
*The Talbot update resource memo completed by SRK dated December 1, 2017 and press released December 6, 2017. CIM definitions were followed, 2.0% copper cut-off was used with US$3.00 copper, US$1400 gold, US$1.20 zinc and US$20 silver. Metal recovery for copper was 90%, gold at 70%, zinc at 90% and silver at 70%. Mineral Resources are not Mineral Reserves and do not have demonstrated economic value. **The Rail Deposit report completed by SRK Consulting dated December 19, 2012 and press released December 21, 2010. CIM definitions were followed, 2.0% copper cut-off was used with US$3.00 per pound and a metal recovery of 80% without considering revenues from other metals. Mineral Resources are not Mineral Reserves and do not demonstrate economic viability. ***The Tower (T-1) deposit report completed by CCIC Inc. dated January 20, 2013 and press released December 6, 2012. CIM definitions were followed, 0.5% copper cut-off was used using US$3.63 per pound. Mineral Resources are not Mineral Reserves and do not have demonstrated economic value.****The Lon, Bur, Morgan and MacBride deposits are historical deposits. The reader may refer to the Lon deposit press released October 31, 2007 and the Bur deposit press released September 29, 2016 and the Morgan deposit press released November 22, 2016 and the MacBride deposit press released December 1, 2016. An internal report was completed by Granges Inc. in 1993 for the Lon deposit, Manitoba Government reports in the 1990s for the Morgan deposit and an internal report by Knobby Lake Mines in 1977 for the MacBride deposit, however not all of the parameters used, assumptions made and methods used to prepare the historic estimates are known at this time. A public report was completed by Hudbay in 2007 and filed on SEDAR for the Bur deposit. Its parameters are known. Additional drilling would be required to upgrade all historical resources to a current Mineral Resource as the historic information does not satisfy the requirements set out by NI 43-101. Neither Rockcliff Metals nor its Qualified Persons have done sufficient work to classify the historic estimates as current Mineral Resources and are not treating the historical estimates as a current Mineral Resource. The reader is cautioned that the Lon, Bur, Morgan and MacBride historical resources should not be relied upon as they do not satisfy current Mineral Resource or Mineral Reserve terminology. *****Copper and Zinc equivalent grades were estimated for historical resources using US$2.35 copper, US$1300 gold, US$1.15 zinc and US$20 silver for the Bur deposit and US$2.50 copper, US$1300 gold, US$1.15 zinc and US$20 silver for the Lon, Morgan and MacBride deposits.