Sudbury, ON –March 11, 2021– Rockcliff Metals Corporation (“Rockcliff” or the “Company”) (CSE: RCLF) (FRANKFURT: RO0, WKN: A2H60G) is pleased to announce that an affiliate of Kinross Gold Corporation (“Kinross”) has earned a 70% interest in the Laguna/Lucky Jack/Puella Bay properties (“Laguna”) in Snow Lake, Manitoba. Rockcliff retains a 30% participating interest in Laguna. Pursuant to the July 2018 option agreement, Kinross has earned a 70% interest in Laguna by completing expenditures in excess of the required C$5,500,000 ahead of the third year anniversary of the six year option agreement.
“Having Kinross earn in so early on their option to the level of forming a Joint Venture on the Laguna Property confirms our belief of the high gold prospectivity of this land package. We look forward to seeing more encouraging results from this year’s program currently underway.” said Alistair Ross, President and CEO of Rockcliff.
Laguna is located in the Flin Flon-Snow Lake Greenstone Belt which is host to volcanogenic massive sulphide (copper-zinc) and primary gold mines and deposits. Laguna hosts the historic Rex-Laguna gold mine, Manitoba’s first and highest-grade former gold mine. Discovered in 1914, periodic gold mining up to 1940 produced over 60,000 ounces of gold with an average grade of 16.7 g/t.
Since 2018, Kinross has completed 48 holes totaling approximately 16,470 metres. Some of the higher-grade drill holes previously press released include:
2021 Exploration Program in Progress
For the 2021 season, Kinross will continue to follow up on the success of the previous programs while also identifying the potential of other targets. The program will focus primarily on all three claim blocks; Laguna, Lucky Jack and Puella Bay (see Figure 1):
Option Grant and Terms of Engagement with Oak Hill Financial
As disclosed on February 2, 2021, the Company engaged Oak Hill Financial Inc. to provide investor relations services to the Company in compliance with regulatory guidelines. The consideration for services if $8,500/month plus applicable taxes as well as the grant of 200,000 stock options. The options carry a $0.15 strike price and an 18-month term. The minimum term of the engagement is a 2-month commitment, renewable monthly thereafter.
T3 Drilling Results
One hole was completed on the T3 Anomaly totalling 1,010 m. The hole intersected semi-massive to massive sulphides that explained the conductive source of the anomaly. The massive sulphides consisted of pyrrhotite and did not have any appreciable copper-bearing sulphides. Assays have been received and no further drilling is warranted.
Ken Lapierre P.Geo., VP Exploration 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
Rockcliff is a Canadian resource development and exploration company, with a +1,000 tonne per day 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 central Manitoba, Canada The Company is a major landholder in the largest Paleoproterozoic VMS district in the world, hosting high grade mines and deposits containing copper, zinc, gold and silver. The Company's extensive portfolio of properties totals approximately 4,500 square kilometres and includes seven of the highest-grade, undeveloped VMS deposits in the Flin Flon -Snow Lake Greenstone Belt.
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Cautionary Note Regarding Forward-Looking Statements:
This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws . Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes", or the negatives and / or variations of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". In particular, the forward-looking statements in this press release include, without limitation, statements regarding: future projected production, capital costs and operating costs, recovery methods and rates, development methods and plans, commodity prices and Mineral Resource Estimates. Statements relating to "Mineral Resources" are deemed to be forward-looking information, as they involve the implied assessment that, based on certain estimates and assumptions, the Mineral Resources described can be profitably produced in the future.
Forward looking statements are based on the certain assumptions opinions and estimates as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include: delays resulting from the COVID-19 pandemic, changes in market conditions, unsuccessful exploration results, possibility of project cost overruns or unanticipated costs and expenses, changes in the costs and timing of the development of new deposits, inaccurate resource estimates, changes in the price of copper or zinc, unanticipated changes in key management personnel and general economic conditions. Mining exploration and development is an inherently risky business. The Company believes that the expectations reflected in the forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be accurate and results may differ materially from those anticipated in the forward-looking statements. For a discussion in respect of risks and other factors that could influence forward-looking statements, please refer to the factors discussed in the Company's Management Discussion and Analysis for the year ended March 31, 2020 and subsequent quarterly financial reports under the heading 'Risk Factors'. These factors are not and should not be construed as being exhaustive.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Any forward-looking information and the assumptions made with respect thereto speaks only as of the date of this news release. The Company does not undertake any obligation to publicly update or revise any forward-looking information after the date of this news release to conform such information to actual results or to changes in the Company's expectations except as otherwise required by applicable legislation.