Kinross Earns 70% Interest at Laguna Gold Property
2021 Drill Program Underway
Sudbury, Ontario--(Newsfile Corp. - March 11, 2021) - Rockcliff Metals Corporation (CSE: RCLF) (FSE: RO0, WKN: A2H60G) ("Rockcliff" or the "Company") 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:
- LG18-002: 15.00 m grading 0.54 g/t including 1.28 m grading 2.08 g/t and
- 6.00 m grading 1.00 g/t including 0.90 m grading 4.18 g/t
- LG18-003: 1.62 m grading 9.62 g/t including 0.50 m grading 18.75 g/t
- LG19-001: 1.40 m grading 10.20 g/t
- LG19-014: 2.80 m grading 7.30 g/t
- LG20-001: 4.51 m grading 1.00 g/t
- LG20-002: 2.00 m grading 3.53 g/t including 1.00 m grading 6.42 g/t and
- 3.10 m grading 1.72 g/t including 0.55 m grading 6.38 g/t
- LG20-010: 2.00 m grading 5.60 g/t including 1.00 m grading 11.10 g/t
- LG20-012: 2.59 m grading 8.90 g/t including 1.00 m grading 20.10 g/t and
- 4.10 m grading 2.18 g/t including 0.59 m grading 13.50 g/t
- LG20-013: 3.99 m grading 2.31 g/t including 1.00 m grading 8.40 g/t
- LG20-020: 11.00 m grading 0.77 g/t including 1.00 m grading 5.00 g/t
- LG20-021: 3.00 m grading 2.69 g/t including 1.00 m grading 7.68 g/t
- 22.00 m grading 2.18 g/t including 4.64 m grading 6.70 g/t
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):
To view an enhanced version of Figure 1, please visit:
- Winter Drill Program: Zona and North Kiski targets (13 holes in ~2,500 m)
- Mapping and Sampling Program at Lucky Jack, Laguna South and Puella Bay
- Summer Drill Program: follow-up on any targets in Laguna claim block (estimate ~1,500-2,000 m)
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 the largest junior 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 and five gold properties in the Flin Flon -Snow Lake Greenstone Belt. Rockcliff has over 71% insider/institutional ownership and two separate joint ventures with Hudbay and with Kinross.
For further information, please contact:
Rockcliff Metals Corporation
President & CEO
Cell: (249) 805-9020
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/76853