Toronto, ON – August 9, 2021 – Rockcliff Metals Corporation (“Rockcliff” or the “Company”) (CSE: RCLF, OTCQB: RKCLF) is pleased to provide an update on its 2021 exploration program initially disclosed in the Company’s June 17, 2021 news release. The $2.5 million fully funded drill program is now permitted to begin at the Copperman Property where +5,000 metres of drilling is planned to commence this month.
Don Christie President and CEO commented, “Extreme wildfire activity in the Snow Lake area resulted in the Manitoba Government restricting exploration activities in the region including the recently announced drill program at our Tower TGR Ni-PGE Prospect as well as our planned airborne flying. Our Copperman drill permit has just been reinstated with drilling to commence shortly. While we are disappointed that our other exploration programs have been curtailed for now, the safety of our field crew and contractors remains our top priority. We intend to resume our additional exploration as soon as possible once all other permits are reinstated”.
The Company’s drill program is focussed on two priority targets. The first being the Copperman property where two high priority geophysical targets remain untested as well as the historical high-grade Copperman deposit. The second priority target is the TGR NI-PGE Prospect discovered in 2020 at the Company’s Tower Property (see April 30, 2020 news release). Both of these projects are 100% owned by Rockcliff. In addition to the drill program, the Company will complete over 2,200 kilometres of airborne geophysical flying and geological and ground geophysical surveys scheduled for September, weather permitting.
Figure 1, the Company’s land position in purple in the Flin Flon-Snow Lake Greenstone Belt (the “Belt”).
Copperman Cu-Zn Deposit and Nearby Anomalies, Copperman Property: Planned 10 holes, +5,000 metres.
Approximately ten holes totalling 5,000 metres are planned. The drilling will test the historical Copperman Cu-Zn Deposit and several nearby untested surface geophysical anomalies. The Copperman Cu-Zn Deposit was discovered in 1927 by surface trenching. Mineralization is associated with at least three high-grade lenses. Historical near surface drill results documented in the Manitoba Mineral Deposits Database; Deposit # M63J/12-004 included:
Historical drill results cannot be relied upon for a basis for future drill results.
Figure 2: Copperman Property
TGR Ni-PGE Prospect, Tower Property: Planned 4 holes, 1,000 metres.
Four holes totalling 1,000 metres are planned (pending lifting of fire restriction) at the high-grade TGR Ni-PGE Prospect to follow up on the discovery hole and additonal drilling completed in 2020. The TGR Ni-PGE discovery hole was initially tested for potential VMS mineralization associated with a large interpreted VMS target located 600 metres south of the Company’s copper-rich Tower Deposit. The 2020 discovery hole intersected significant nickel-PGE mineralization at a down hole depth of 244.8 metres.
Nickel Equivalent (“NiEq”) metals values used in the April 30, 2020 press release were US$6.10/pound nickel, US$1,450/ounce palladium, US$865/ounce platinum, US$6,000/ounce rhodium, US$1,675/ounce Iridium, US$400/ounce osmium and US$280/ounce ruthenium. No process recoveries or smelter payables were included in the calculation. True thickness is not presently known at this time.
Figure 3: Tower TGR Ni-PGE Prospect
SLS #1-#5 Properties: Airborne VTEM survey.
The favourable VMS geology within the Company’s 100% owned SLS properties are buried under a thin limestone cover. The SLS properties represent a significant and strategic land package of underexplored VMS potential located in the southern half of the prolific Belt that hosts the Flin Flon and Snow Lake VMS mining camps. A total of over 2,200 kilometres of airborne VTEM flying will be completed over specific strategic areas of the properties that represent high priority areas interpreted as VMS conductive trends. The purpose of the program will be to isolate anomalies with potential VMS upside in preparation of a planned drill program in early 2022.
Management has recently completed a review of milling options available to Rockcliff. The results of this internal review have led the Company to conclude that the Bucko Mill no longer represents the best option available to Rockcliff for the potential processing of ore from the Company’s multiple deposits and as such the Company has decided not to exercise its option to lease the Bucko Mill from CaNickel Mining Limited. There has been a significant increase in the projected costs necessary to refurbish the Bucko Mill, convert from nickel to copper/zinc concentrate production and expand the existing tailings management facilities. In addition, there will be material transportation costs necessary to ship ore from the Company’s deposits to the Bucko Mill. Management has determined at this time, that the capital cost and milling capacity of currently available, portable on-site milling facilities has the potential to provide a superior milling solution for Rockcliff’s multiple deposits. As an owned, not leased asset, the portable mill represents better value-for-money and provides the Company with more long-term milling certainty on an acceptable life-of-mine basis which is not available to the Company under the current terms of the Bucko Mill lease agreement. This milling solution is being incorporated into the Company’s Preliminary Economic Assessment of the combined Tower and Rail deposits (please refer to the Company’s news release dated July 14, 2021). Moving forward with this alternative potential milling solution is in alignment with Rockcliff’s strategy of fit-for-purpose infrastructure and specifically tailored mining approaches that are amenable to the multiple locations and unique physical characteristics of the Company’s portfolio of high-grade deposits being considered for development.
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 several advanced-stage, high-grade copper and VMS dominant deposits in the Snow Lake area of central Manitoba. The Company is a major landholder in the Belt which is 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 4,000 km² and includes seven of the highest grade, undeveloped VMS deposits in the Belt. Rockcliff has a joint venture with Hudbay Minerals Inc. at the Company’s 49% owned Talbot Copper Deposit.
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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, 2021 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.