Toronto, ON – April 26, 2018 – Rockcliff Metals Corporation (“Rockcliff” or the “Company”) (TSX.V: RCLF) (FRANKFURT: RO0, WKN: A2H60G) is pleased to announce that it has entered into a Letter of Intent (“LOI”), to be followed by an option agreement, with KG Exploration (Canada) Inc., an affiliate of Kinross Gold Corporation (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,” Manitoba’s first gold and highest-grade gold camp.
LOI for Laguna and Lucky Jack Gold Properties
The LOI terms 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. Upon signing the definitive option agreement Kinross will be committed in the first and second year to aggregate minimum expenditures totaling $1,250,000. Rockcliff will act as operator and earn a management fee equal to 6% of the Kinross expenditures.
Rockcliff’s President & CEO, Ken Lapierre, stated: “to enter into an agreement with a major gold miner like Kinross and have them spend their money on our properties is a true testament to the excellent exploration and discovery potential of these gold assets. The Laguna Gold Property hosts the Laguna gold mine, Manitoba’s first and highest-grade gold mine located in the middle of a world class base metal camp. We look forward to unlocking Laguna’s high-grade gold potential on a property that was last drilled in 1944.”
The exploration plans at the Laguna and Lucky Jack Gold Properties are anticipated to be completed this spring in time for the summer drilling season.
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 kilometres of prospective strike length of the Laguna Gold Mine Trend. The Laguna Gold Mine Property was last drilled in 1944.
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 2017 identified at least 7 surface high- grade gold-rich quartz zones with multiple areas of visible gold and surface grab sample assays from trace to over 600g/t gold. Follow-up geophysical programs including airborne magnetics and surface Induced Polarization (IP) surveys covering the 6 km long Laguna Gold Mine Trend identified significant potential extensions of the known surface gold-rich quartz zones along strike. IP anomalies associated at surface with the quartz zones appear to extend to depths of 250 metres, the maximum coverage of the IP survey.
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 magnetometer anomalies and that at least 6 magnetometer 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 base metal and gold properties in the Snow Lake Mining Camp.
About Rockcliff Metals Corporation
The Company is a Canadian resource exploration company focused on generating risk-free cash flow from royalty streams on its base and precious metal assets located in central Manitoba, Canada. Rockcliff’s current portfolio of properties, totalling in excess of approximately 50,000 hectares, is located in and around the 100-year-old operating Snow Lake Mining Camp and hosts NI 43-101 compliant copper deposits (the gold-rich Talbot Copper deposit and the Rail Copper deposit) and 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 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 north of Snow Lake near Leaf Rapids, Manitoba.
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