Rockcliff Completes 51% Earn-in on Talbot Property, Reports Additional High-Grade Drill Results Including 10.15% CuEq across ...
18 Dezember 2019 - 2:10PM
Rockcliff Metals Corporation (
“Rockcliff” or the
“Company”) (CSE: RCLF) (FRANKFURT: RO0, WKN:
A2H60G) is pleased to announce that is has completed all
work required for the Company to earn a 51% ownership interest in
the Talbot Property pursuant to the Company’s option agreement with
Hudbay Minerals Inc. (“Hudbay”) dated April 14, 2014 (the “Option
Agreement”). Rockcliff has delivered written notice to Hudbay
advising Hudbay of the achievement of this milestone. In addition,
the Company announces additional high-grade assay results from the
Talbot Property of 4.04% Copper Equivalent (“CuEq”) across 11.13
metres including 10.5% CuEq across 3.46 metres.
- The Talbot Property, one of Rockcliff’s core projects, is a
gold-rich, copper asset. The Talbot deposit hosts a National
Instrument 43-101 (“NI 43-101”) inferred mineral resource of 4.2
million tonnes at 1.6% Cu, 1.8 g/t Au, 1.4% Zn, 28 g/t Ag as
disclosed in the Rockcliff press release dated January 19, 2018.
Mineral resources are not mineral reserves and do not have
demonstrated economic viability.
- To the best of knowledge of Rockcliff, the Talbot deposit
constitutes one of the largest pre-production inferred resource
estimates in the Flin Flon belt. The Talbot deposit is
located within trucking distance to the Company’s leased +1,000
tonnes per day mill and tailings facility.
Rockcliff’s 51% Interest in
Talbot
Highlights from the Talbot Property Option
Agreement:
- Rockcliff has incurred the $6.12 million in expenditures
required to earn its 51% interest in the property;
- Hudbay has a 24 month back-in right which expires in November
of 2021. The back-in right gives Hudbay the right to acquire
an additional 2% ownership interest in the property, thereby
raising their ownership stake to 51%, and resulting in Hudbay
becoming the operator of the property;
- If, as operator, Hudbay takes the property into production,
Rockcliff could retain a minimum 35% carried interest in the
property through life-of-mine;
- If Hudbay does not exercise its back-in right, Rockcliff as
operator could take the property into production and earn a minimum
65% interest in the property.
Rockcliff is the largest junior development and
exploration landholder in the Flin Flon-Snow Lake greenstone belt,
a region Rockcliff believes is the most extensive Paleoproterozoic
Volcanogenic Massive Sulphide (“VMS”) district (copper, gold, zinc,
silver) in the world.
Talbot Drill Results in 4.04% CuEq
Across 11.13 Metres Including 10.5% CuEq Across 3.46
Metres
The latest round of drill results includes 4.04%
CuEq across 11.13 metres including 10.5% CuEq across 3.46
metres. The Talbot drill program has been designed to
enhance the confidence of the existing Talbot deposit inferred
resource within the main lens. To-date, 19 holes totaling
11,669 metres have been completed (holes TB021-TB039). Holes
TB033-TB039 have been submitted to the assay lab for analysis for
copper, gold, zinc and silver. Holes TB021-TB025 assay results were
pressed released on November 12, 2019 and filed on
Sedar.
Significant down the hole assays from the Talbot drill program are
tabled below:
Hole# |
From(m) |
To(m) |
Length |
Copper% |
Gold g/t |
Zinc % |
Silver g/t |
CuEq%* |
TB-026 |
336.00 |
339.50 |
3.50 |
1.31 |
0.40 |
1.69 |
10.46 |
2.38 |
and |
343.00 |
345.50 |
2.50 |
1.19 |
1.56 |
0.28 |
22.20 |
2.60 |
TB-027 |
495.00 |
497.50 |
2.50 |
2.46 |
0.98 |
0.54 |
36.74 |
3.74 |
includes |
496.50 |
497.50 |
1.00 |
5.38 |
2.23 |
1.24 |
80.51 |
8.26 |
TB-028 |
419.30 |
421.50 |
2.20 |
1.01 |
0.43 |
0.44 |
9.45 |
1.59 |
TB-029 |
548.87 |
560.00 |
11.13 |
2.10 |
1.20 |
1.78 |
38.89 |
4.04 |
includes |
553.50 |
556.96 |
3.46 |
5.53 |
3.13 |
4.30 |
104.78 |
10.50 |
TB-030 |
953.83 |
961.00 |
7.17 |
0.3 |
0.93 |
0.21 |
14.64 |
1.17 |
TB-031 |
690.55 |
691.90 |
1.35 |
0.69 |
0.15 |
0.15 |
18.35 |
1.05 |
and |
902.80 |
928.90 |
26.10 |
1.40 |
1.15 |
1.11 |
15.49 |
2.79 |
includes |
904.00 |
917.15 |
13.15 |
1.75 |
1.73 |
1.12 |
20.93 |
3.60 |
with |
923.00 |
927.90 |
4.90 |
2.31 |
1.31 |
2.57 |
22.29 |
4.46 |
TB-032 |
599.50 |
614.22 |
4.90 |
0.67 |
0.17 |
0.10 |
3.63 |
0.87 |
includes |
601.50 |
602.56 |
1.06 |
2.46 |
0.94 |
0.67 |
17.19 |
3.55 |
and |
611.60 |
612.10 |
0.50 |
4.09 |
0.25 |
0.82 |
16.10 |
4.76 |
m =metres represent down hole thickness as true
thickness is not currently known, g/t = grams per tonne, CuEq** =
copper equivalent values used: US$3.00 copper, US$1.20 zinc,
US$1400 gold, US$22.00 silver. 100% metal recoveries were
applied. CuEq = Cu grade % + (Zn grade % X Zn price per
lb / Cu price per pound) + (Au grade g/t X Au price per gram / Cu
price per tonne) X 100 + (Ag grade g/t X Ag price per gram / Cu
price per tonne) X 100. The numbers may not add up due
to rounding.
Additional drill hole information from the
Talbot drill program is highlighted below
HOLE # |
UTM-E |
UTM-N |
AZIMUTH |
DIP |
LENGTH METRES |
TB026 |
458187 |
5997153 |
285 |
-68 |
416 |
TB027 |
458254 |
5997061 |
285 |
-70 |
557 |
TB028 |
458236 |
5997142 |
285 |
-69 |
500 |
TB029 |
458308 |
5997052 |
285 |
-70 |
626 |
TB030 |
458530 |
5996887 |
285 |
-70 |
1074 |
TB031 |
458559 |
5996964 |
285 |
-70 |
1010 |
TB032 |
458376 |
5997107 |
285 |
-70 |
677 |
To view an image of Figure 1, please
visit:
https://orders.newsfilecorp.com/files/3071/50901_0ee52db7545b999c_001full.jpg
Figure 1: Simplified 2+75 Cross Section.
% represents CuEq grades. Metres represents down the hole drill
thickness as true thickness is not accurately known.
Quality Control and Quality
Assurance
Samples of half core were packaged and shipped
directly from Rockcliff’s core facility in Snow Lake to TSL
Laboratories (TSL), in Saskatoon, Saskatchewan. TSL is a
Canadian assay laboratory and is accredited under ISO/IEC
17025. Each bagged core sample was dried, crushed to 70%
passing 10 mesh and a 250g pulp is pulverized to 95% passing 150
mesh for assaying. A 0.5g cut is taken from each pulp for
base metal analyses and leached in a multi acid (total) digestion
and then analyzed for copper, lead, zinc and silver by atomic
absorption. Gold concentrations are determined by fire assay
using a 30g charge followed by an atomic absorption finish.
Samples greater than the upper detection limit (3000 ppb) are
reanalyzed using fire assay gravimetric using a 1 AT
charge. Rockcliff inserted certified blanks and standards in
the sample stream to ensure lab integrity. Rockcliff has no
relationship with TSL other than TSL being a service provider to
the Company.
Ken Lapierre P.Geo., Vice-President, Exploration
of Rockcliff, a Qualified Person in accordance with Canadian
regulatory requirements as set out in NI 43-101, has reviewed 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 and near-term copper producer,
with a fully functional +1000 tpd permitted leased processing and
tailings facility as well as several advanced-staged, 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
http://rockcliffmetals.comTwitter: @RockcliffMetalsFacebook:
Rockcliff Metals Corporation
For further information, please
contact:Rockcliff Metals
Corporation
Alistair
Ross
President &
CEO
Cell: (705)
507-4251
aross@rockcliffmetals.com
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.
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