Toronto, ON – November 1, 2017 – Rockcliff Metals Corporation (“Rockcliff“ or the “Company”) (TSX.V: RCLF) (FRANKFURT: RO0, WKN: A2H60G) is pleased to announce the commencement of a phase one drill program on the Bur Zinc Property. The drill program is planned to include between 10 to 15 holes totalling approximately 3,000 metres and will focus on expanding the high grade Volcanogenic Massive Sulphide (VMS) Bur Zinc Deposit. The Bur Zinc Property is part of the Company’s Manitoba property portfolio and is located approximately 22 kilometres by road from Hudbay Minerals Inc.’s (“Hudbay”, HBM:TSX;NYSE) copper-zinc concentrator centred in the Snow Lake mining camp within the prolific Flin Flon-Snow Lake Greenstone Belt located in central Manitoba.
A report was prepared on the Bur Zinc Property in 2007. Rockcliff is treating the estimate of mineral resources in the Bur Deposit Report as a “historical estimate” under NI 43-101 and not as a current mineral resource.
Historical Resource, Bur Deposit, Snow Lake, Manitoba
Historical estimates of grade and tonnage given in this press release are viewed as reliable and relevant based on the information and methods used at the time. They were prepared in compliance with resource definitions under NI 43-101 but must be considered only as historic resources as the Bur Deposit Report was prepared for Hudbay in 2007. 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 and are not treating the historic estimate as a current mineral resource. 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 Bur Zinc Deposit is a stratiform, distal, massive sulphide deposit that occurs within a narrow 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 <0.3m up to 5m thick with a known lateral extent of approximately 4,500 metres. Historical drilling encountered disseminated, semi-massive and massive sulphide mineralization below overburden to a vertical depth of 950 metres. Mineralization consists of sphalerite, chalcopyrite, pyrrhotite, pyrite, galena and arsenopyrite. The Bur Zinc Deposit contains up to 20% felsic or cherty nodules consisting of wall rock and late quartz fragments displaying a brecciated texture to the mineralization. The Bur Zinc Deposit remains open in all directions.
Rockcliff can earn a 100% interest in the Bur Zinc Property from Hudbay by spending $3.0M in exploration over a four year period with escalating yearly expenditure requirements. The first and second year expenditure requirements are $400K and $600K, respectively. Once the 100% earn-in is complete, Rockcliff may exercise its option to own a 100% interest in the property. On exercise of the option, Hudbay will receive a 2% Net Smelter Return (NSR) royalty. Hudbay will then have one year (the buy-back waiting period) to decide whether to buy back 70% of the property by paying Rockcliff a total of $3.0M cash over a three year period. Hudbay will also pay Rockcliff double the exploration expenditures, if any, incurred by Rockcliff during the buy-back waiting period, capped at $1.5M, if Hudbay elects to exercise its buy-back right. Upon Hudbay exercising its buy-back right, Hudbay’s right to receive the 2% NSR royalty on the property will terminate. Hudbay and Rockcliff will then form a joint venture on a 70/30 (Hudbay/Rockcliff) basis and will be responsible for their respective pro rata share of any further exploration of the property. If a decision is then made to develop a mine, Hudbay shall contribute on behalf of Rockcliff, the Company’s proportionate share of the expenses associated with developing the mine in the form of a non-interest bearing loan, repayable from operating cash flow in accordance with the terms of the joint venture agreement.
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
On November 1, 2017 Rockcliff Copper Corporation changed its name to Rockcliff Metals Corporation. The change of name better reflects the polymetallic nature of the Company’s high-grade VMS properties that comprise copper, gold, zinc and silver.
Rockcliff is a Canadian resource exploration company focused on the discovery, advancement and consolidation of a portfolio of the highest grade, undeveloped metal deposits in the prolific Flin Flon – Snow Lake Greenstone Belt located in central Manitoba. The Company’s current portfolio of projects, totalling in excess of 45,000 hectares, is located in and around the Snow Lake mining camp and hosts the highest grade undeveloped NI 43-101 compliant copper deposits (the gold-rich Talbot copper deposit and the Rail copper deposit), and the highest grade undeveloped historical zinc deposits (the Lon zinc deposit, the Bur zinc deposit, the Morgan zinc deposit and the down dip continuation of the Pen zinc deposit). The Company’s projects also include Manitoba’s first and highest grade former lode gold producer (Laguna gold property), three additional gold-rich properties (SLG gold property, DSN gold property and Berry Creek gold property), a Net Smelter Royalty on the Tower property (the T-1 copper deposit) and the optioned near surface high grade MacBride zinc deposit located north of Snow Lake near Leaf Rapids, Manitoba.
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 within, 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 forward-looking statements.
Neither 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 release.
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
Phone: (416) 868-1079 ext.231