Toronto, ON – November 6, 2019 – Toronto, ON – Rockcliff Metals Corporation (“Rockcliff” or the “Company”) (CSE: RCLF) (FRANKFURT: RO0, WKN: A2H60G) is pleased to provide an update on the Company’s strategic path forward which is intended to lead to a mine development decision on one of its cornerstone projects in the fourth quarter of 2020. Rockcliff is a fully funded resource company pursuing a number of development and exploration opportunities within its significant project portfolio located in the Flin Flon-Snow Lake greenstone belt, the largest Paleoproterozoic Volcanogenic Massive Sulphide (“VMS”) district in the world, hosting mines and deposits containing copper, zinc, gold and silver and also primary gold deposits and mines.
Mr. Alistair Ross, President and CEO commented, “The recent appointment of Mike Romaniuk as Rockcliff’s Vice President-Projects is another milestone achieved towards advancing the Company’s plan of becoming Manitoba’s next base metal producer. With our complete management team now in place, the Company has the required resources, experience and funding to accelerate project milestones on the path forward to production.”
Updated Resources for Tower, Talbot and Rail Deposits
Significant progress continues to be made in the drilling of the Company’s advanced stage Rail, Talbot and Tower projects (refer to press release dated October 24, 2019). Presently, eight drills are completing over 55,000 metres of a 100,000 metre drill program on Rockcliff’s advanced staged projects. This drill program has been designed to increase the resources on all deposits of 2.0Mt or more grading 3% Copper Equivalent or higher. This phase of the drill program is targeted for completion by the end of the Q1 2020. The Company intends to have completed updated NI 43-101 resource estimates for each of the Talbot, Tower and Rail deposits by Q1 2020.
Environmental permitting at all three of these advanced stage projects has been ongoing since early 2018. All base line sampling is complete. Positive First Nation consultations for this drill program has allowed for a quick and seamless granting of drill permits from the Manitoba Government. Applications for permitting will commence during Q2 2020 for the project that becomes the first priority from Rockcliff’s development ranking process. The current schedule for permitting is anticipated to take between six and nine months, allowing for a Environmental Act Permit by the Q4 2020.
Modern Mine Studies
Rockcliff’s ongoing mining studies have centered on advancing the Company’s knowledge base regarding low cost, high productivity mine designs for narrow vein, steeply dipping ore bodies. By adapting a mixture of current technologies with a digital operating backbone, the Company’s objective is to significantly enhance the economics of these ore bodies and reduce fatal risks in underground mining operations. In addition, full productivity gains can be incorporated into mine design, from construction through to operation.
Rockcliff’s first mine design is currently undergoing peer review, which will include over a dozen industry experts reviewing the Company’s current mine design which has been tailored to its portfolio of development projects. The objective of the peer review is to allow Rockcliff to advance to a preliminary engineering design for first pass capital and operating cost estimates.
Milling Permits and Metallurgical Studies
Rockcliff has a seven year lease on the Bucko Mill and tailings facilty located within trucking distance from its portfolio of Snow Lake deposits. A Notice of Alteration (“NOA”) to allow the Bucko Mill to transition from a nickel to a copper concentrator has been completed. A final report is being prepared to allow for the filing of the NOA.
Metallurgical test work has been designed in two phases. The first phase will determine characterization of the deposit mineralogy and the ability of the ore to respond to concentration by flotation. The second phase will focus on the optimization of the concentration process through the Bucko Mill. This will enable Rockcliff to evaluate the potential of mill upgrades and the economic trade-off of capital required for this optimization. The first phase of work is anticipated to begin in Q4 2019, allowing for results obtained in Q1 2020 to feed the phase II work schedule to begin in mid Q1 2020, with results anticipated by early Q2 2020.
Preliminary Economic Assessments (“PEAs”)
When the Company has received the updated NI 43-101 mineral resource estimates and mine development and metallurgical studies are completed, the Company will utilize this data to complete PEAs on the Tower, Talbot and Rail projects during Q2 2020. Management will then prioritize each project for production based on economics and risk factors, selecting the optimal project to advance to a feasibility study.
Delivering a Feasibility Study (“BFS”)
Once management and the Board select the optimal development project, a FS will commence for that project. Results of the FS are planned to be published during Q4 2020.
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 well-funded Canadian resource development and exploration company with near-term copper production potential, and a leased fully functional +1000 tpd permitted processing and tailings facility. The Company owns and options several advanced-stage, high-grade copper and zinc dominant VMS deposits in the Snow Lake area of Manitoba. The Company is a major 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 4,500 square kilometres and includes eight of the highest-grade, undeveloped VMS deposits and several lode-gold properties including the historic Rex-Laguna gold mine, Manitoba’s first and highest-grade gold mine.
For more information, please visit https://rockcliffmetals.com
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For further information, please contact:
|Rockcliff Metals Corporation||CHF Capital Markets|
|Alistair Ross||Cathy Hume|
|President & CEO||CEO|
|Cell: (705) 507-4251||Off: (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.