Kinross Continues with Option in 2019, Including Additional Drilling
Rockcliff Metals Corporation ("Rockcliff" or the "Company") (CSE: RCLF) (FRANKFURT: RO0, WKN: A2H60G) is pleased to announce the completion of its phase one, 6-hole reconnaissance heli-support winter drill program at the Laguna Gold Property (“Laguna”) in Snow Lake, Manitoba. Drilling along 2 kilometres of the favorable 6 kilometre long Laguna Gold Mine Trend, discovered new quartz veins, alteration zones and quartz zones with visible gold and gold-bearing sulphides. KG Exploration (Canada) Inc., an affiliate of Kinross Gold Corporation (TSX:K)(“Kinross”) who optioned Laguna in mid-2018 has elected to continue with the Laguna option. Kinross will carry out a significant exploration program this year that will include a second round of drilling. Rockcliff’s wholly owned subsidiary, Goldpath Resources Corp., holds an option to earn a 100% working interest in Laguna and has optioned the property to Kinross. Rockcliff acts as Operator of the exploration program at Laguna. Rockcliff is a major junior landholder in the Flin Flon-Snow Lake greenstone belt which is the largest Paleoproterozoic Volcanogenic Massive Sulphide (VMS) district in the world hosting mines and deposits containing copper, zinc, gold and silver.
Rockcliff’s President & CEO, Ken Lapierre, stated: “We are pleased to have completed the first drill program at Laguna since 1944. Kinross accelerated its $1.25M, 2 year work commitment by completing the commitment in the first 6 months of the option. With the success of the exploration and drilling, we are happy to report that Kinross will continue to advance the Laguna and the Lucky Jack properties with an additional minimum $1.0M exploration program beginning in May of 2019.”
Significant highlights of the phase one reconnaissance drill program are highlighted below:
Drill hole Information from the phase one drill program is outlined below:
Laguna Phase One Drill Program
The drill program confirmed that known gold bearing quartz zones exposed at surface continue along strike and at depth (please see Figure 1 above). Six widely spaced drill holes totaling 2,552 metres were completed across a strike length of approximately 2,000 metres. Two holes (LG18-002, LG18-003) tested the continuity of the Laguna vein at depth beneath the historic underground Rex-Laguna gold mine. Two holes (LG18-001, LG18-004) tested recently discovered surface quartz veins approximately 550 metres south of the Laguna vein. The last two holes (LG18-005, LG18-006) tested below the Moosehorn quartz vein approximately 2,000 metres south of the Rex-Laguna gold mine.
Holes 1 and 4: Located approximately 550 metres south of the historic Rex-Laguna Gold Mine, drilling intersected multiple quartz and quartz-carbonate veining that yielded gold assays ranging from anomalous to 1.5 gpt gold across 1.0 metre.
Holes 2 and 3: Located at the north end of the Laguna vein and testing below the historic Rex-Laguna gold mine at 100 metre spacing, both holes intersected the down dip continuation of the Laguna vein yielding 1.0 gpt gold across 6.0 metres including 4.2 gpt gold across 1.0 metre and 9.6 gpt gold across 1.6 metres including 18.8 gpt gold across 0.5 metres. Both holes also discovered additional gold bearing quartz zones above and below the Laguna vein, several showing visible gold and yielding from trace to 0.3 gpt gold across 9.7 metres. A thick anomalous gold bearing diorite (also newly discovered) averaged 0.5 gpt gold across 15.0 metres including 2.1 gpt gold across 1.3 metres and 2.0 gpt gold across 1.0 metre.
Holes 5 and 6: Located 2,000 metres south of the of the historic Rex-Laguna gold mine and below the high grade historical Moosehorn vein, both holes intersected multiple quartz and quartz carbonate zones. Assays included 2.5 gpt gold across 0.6 metres, 1.5 gpt gold across 0.5 metres and 1.4 gpt gold across 0.5 metres.
Laguna Gold Property
Laguna hosts the historic Rex-Laguna gold mine, Manitoba’s first and highest-grade former gold mine located within the Flin Flon-Snow Lake greenstone belt. Intermittent gold mining, between 1916 and 1939 produced over 60,000 ounces of gold grading 18.7 gpt. Laguna 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 Laguna is controlled by 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 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, quartz zones and locally in wallrock consists of pyrite, arsenopyrite, chalcopyrite, sphalerite, galena, pyrrhotite and native gold.
Core from the drill program was heli-lifted directly to Rockcliff's core logging facility in Snow Lake where it was logged and sampled. Split core samples were shipped directly from Rockcliff’s field office to the ALS Global Geochemistry Lab in Thunder Bay, ON. ALS Global is an International assay laboratory and is accredited under ISO/IEC 17025. Each bagged rock sample was dried, crushed to 70% passing 10 mesh and a 250-gram pulp was pulverized to 95% passing 200 mesh for assaying. A 0.5 g cut was taken from each pulp for base metal analysis (if needed) and leached in a multi acid (total) digestion and then analyzed for copper, lead, zinc and silver by inductively coupled plasma, with atomic emission spectroscopy finish. Gold concentrations were determined by fire assay using a 30 g charge followed by fire assay gravimetric and atomic absorption finish. Samples greater than an upper detection limit (3000 ppb) were reanalyzed using a 1 AT charge. Rockcliff inserted certified blanks and standards in the sample stream to ensure lab integrity.
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.
Definitive Option Agreement (DOA) for Laguna and Lucky Jack Gold Properties
The main terms of the DOA, dated July 25, 2018, provide Kinross with the right to earn a 70% interest in both properties by spending a minimum of C$5.5 million in exploration expenditures over six years. Kinross is committed in the first and second year to aggregate minimum expenditures totalling $1,250,000 which was completed in the first 6 months of the DOA.
About Rockcliff Metals Corporation
Rockcliff is a well-funded Canadian resource development and exploration company with approximately $30.0M in its treasury, a fully functional +1000 tpd permitted leased processing and tailings facility as well as several advanced stage high-grade copper and zinc dominant VMS deposits in the Snow Lake area of Manitoba, Canada. The Company is continuing the permitting process for its 100% owned Tower copper project which it expects to be completed by Q4 of this year. Rockcliff is a major junior 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 4,200 square kilometres and includes eight of the highest-grade undeveloped VMS deposits and 5 lode-gold properties held by Goldpath Resources Corp., Rockcliff’s wholly-owned subsidiary, including the historic Rex-Laguna gold mine, Manitoba’s first and highest-grade gold mine.
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
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.