Yahoo Finance Rockcliff Begins Drilling at Laguna Gold Property
TORONTO, ON / ACCESSWIRE / November 12, 2018 / Rockcliff Metals Corporation ("Rockcliff" or the "Company") (TSX.V: RCLF) (FRANKFURT: RO0, WKN: A2H60G) is pleased to announce that a first phase drill program has commenced on the Company's high-grade Laguna Gold Property located in Snow Lake, Manitoba. The Laguna Gold Property hosts the past producing Rex-Laguna Mine that was Manitoba's first and highest-grade gold mine. The 2,500 metre drill program marks the first drill program on the property in over 70 years.
Rockcliff's President & CEO, Ken Lapierre, stated: "A first phase drill program has started on the property. Multiple gold bearing quartz zones south of the former high-grade Laguna gold mine will be the initial focus of attention as well as testing below the old mine workings. We look forward to working with Kinross on this drill program at Laguna to determine the property's gold potential."
See Figure 1 on the following page highlighting Rockcliff's 5 district sized Snow Lake gold properties including the Laguna Gold Property.
Laguna Gold Property
The Laguna Gold Property hosts the Laguna gold mine, Manitoba's first and highest-grade former gold mine located within the Flin Flon-Snow Lake greenstone belt, a belt known originally for its high-grade gold mines then its high-grade base metals mines. Historical, intermittent gold mining at Laguna, between 1916 and 1939 produced over 60,000 ounces of gold grading 18.7 g/t. The Laguna Gold Property 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 the Laguna Gold Property 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 and surrounding quartz stockwork wall rock consists of pyrite, arsenopyrite, chalcopyrite, sphalerite, galena, pyrrhotite and native gold.
Rockcliff's initial reconnaissance exploration programs in 2016-18 identified 12 surface gold-rich quartz zones with multiple areas of visible gold and surface grab sample assays from trace to over 600 g/t gold. Geophysical programs covering the 6.0-kilometre-long Laguna Gold Mine Trend identified significant potential depth extensions of the known surface gold-rich quartz zones below a thin veneer of overburden cover, to depths of up to 250 metres, the maximum penetration of the IP geophysical survey.
Figure 1 - Rockcliff's 5 district sized gold properties in the Snow Lake area,
including the Laguna Gold Property.
Definitive Option Agreement (DOA) for Laguna and Lucky Jack Gold Properties
The main terms of the DOA, dated July 19, 2018, provide Kinross with the right to earn a 70% interest in both properties by spending a minimum of C$5.5M in exploration expenditures over six years. Kinross is committed in the first and second year to aggregate minimum expenditures totalling $1,250,000. Rockcliff will act as operator.
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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.
About Rockcliff Metals Corporation
Rockcliff is a well-funded Canadian resource exploration company focused on base metals, gold and royalties in the Snow Lake area of Manitoba. Rockcliff is the largest junior explorer in the Flin Flon-Snow Lake greenstone belt and its extensive portfolio of properties totals over 2,000 square kilometres. It includes 8 of the highest-grade undeveloped base metal deposits and 5 lode-gold properties including the Laguna gold mine, Manitoba's first and highest-grade historic gold mine.
Please access the Company's website at www.rockcliffmetals.com for additional information on Rockcliff's sizeable base metal and gold property portfolio in the Flin Flon-Snow Lake greenstone belt.
Please visit http://rockcliffmetals.com. for additional information on Rockcliff Metals Corporation.
For further information, please contact:
Rockcliff Metals Corporation | CHF Capital Markets |
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE: Rockcliff Metals Corporation
