TORONTO, ONTARIO--(Marketwired - Oct. 5, 2016) - Rockcliff Copper Corporation ("Rockcliff "or the "Company") (TSX VENTURE:RCU) today announced that the Company has acquired an option to earn a 100% interest in the Snow Lake Gold Property which is strategically located in the Snow Lake mining camp and adjacent to a former million ounce gold producer (New Britannia Mine)as well as a fully functional non-operating 2,150 tonne per day gold mill facility. The gold property now forms part of Rockcliff's existing Snow Lake Project which hosts the highest grade former gold mine and the highest grade unmined copper-rich and zinc-rich Volcanogenic Massive Sulphide (VMS) deposits in the Snow Lake camp.
President & CEO of Rockcliff, Ken Lapierre commented, "This strategic property hosts multiple, gold-rich shear zones interpreted to be associated with fault splays off the main McLeod Road Thrust Fault, a major regional structural break that strikes across the property for 9 km and is associated with gold mines and deposits in the Snow Lake camp. The land package has exceptional high grade gold potential with geology sitting beside a gold mill facility in the middle of the Snow Lake camp. Our plan is to advance this asset by first compiling of all existing data followed by the completion of modern airborne and surface geophysical surveys and ultimately testing of the areas of gold potential by drilling in 2017."
The Snow Lake Gold Property covers 42 claims totalling 5,304 hectares. Several gold and VMS zones have been identified on the Snow Lake Gold Property of which the higher priority zones are briefly described below.
Birch Gold Extension: Historical shallow drilling inside the property boundary and located 300m east of the previously mined Birch gold deposit intersected potential extensions of the deposit:
- Zone 3: 8.92g/t Au over 0.7m (BIR11-06),
- Zone 5: 6.65g/t across 0.4m (BIR11-11),
- Zone 5: 3.82g/t Au across 3.15m including 6.28g/t across 1.0m (BIR11-12) and
- Zone 6: 61.83g/t Au across 0.41m (BIR11-12).
Gold mineralization is associated with moderately to strongly sheared quartz-carbonate flooded zones with arsenopyrite, pyrite and pyrrhotite.
Hawk Gold-Copper Zone: An undrilled, siliceous pillow basalt-bearing horizon with stringers to massive sulphides containing copper-gold mineralization has been intermittently traced for over 2 km with widths up to 30m. Historical grab samples were reported to grade from trace to 2.0g/t gold and trace to 5.2% copper throughout the zone. VMS alteration of garnet-anthophyllite-cordierite and tourmaline is associated within the footwall of the zone. The horizon is proximal and parallel to the regional McLeod Road Thrust Fault.
Angus Bay Gold Zone: An undrilled, structurally controlled 800m long siliceous quartz-feldspathic gneiss gold zone contains historic grab sample values ranging from 0.86g/t to 34g/t gold. The gold zone is hosted within a subsidiary fault splay off the regional McLeod Road Thrust Fault.
Wolverton Gold Zone: Multiple (5) quartz veins associated with rusty, weathered, garnetiferous quartz-feldspar-biotite gneiss. Vein #1 is 305m long and between 3.5m to 10.5m wide. Vein #2 is 1,372m long and averages 0.6m wide. Historical shallow drilling in the 1940s and 1970s intersected values ranging from 1.37g/t gold over 0.61m to 24.69g/t gold over 1.04m. The gold bearing veins are located east of and parallel the regional McLeod Road Thrust Fault.
Rockcliff can acquire a 100% interest in the Snow Lake Gold Property by paying Peter Dunlop an aggregate of $200,000 cash and issuing 750,000 shares to him over a four (4) year period. Expenditure requirements to keep the option in good standing over five (5) years total $1,000,000 with a minimum $100,000 in expenditures in any year. The vendor will retain a 2.5% NSR on the property of which one 1.5% NSR can be purchased at any time for $500,000 per 0.5% NSR. The vendor's remaining NSR will be subject to a first right of refusal in favour of Rockcliff. An advance royalty payment of $35,000/year to the vendor begins after year five (5) of the option and is capped at $175,000. The advanced royalty payment will be repaid from production, if any, on the property.
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. The technical information in this release must be treated as historic in nature as Rockcliff's Qualified Person had no control or involvement in the historic information.
The transaction is subject to TSX Venture Exchange approval.
Please visit our website at www.rockcliffcoppercorp.com for additional information.
About Rockcliff Copper Corporation
Rockcliff is a Canadian resource exploration company focused on the Snow Lake mining camp and resource growth from three high grade metals. The Snow Lake Project located in central Manitoba, Canada, totals in excess of 45,000 collective hectares and hosts the highest grade copper-rich and zinc-rich deposits and the highest grade former gold producer in the Flin Flon-Snow Lake greenstone belt. The project contains two VMS NI 43-101 Resources (the Talbot deposit and the Rail deposit), a net smelter return royalty on the Tower Property, which hosts the T-1 Copper Deposit, and two historic VMS deposits (the Lon deposit and the Bur deposit). The project also hosts the highest grade former gold producer (the Laguna Gold Mine) and multiple gold-rich zones (Snow Lake Gold Property) adjacent to a former million ounce gold producer and a gold processing facility. Rockcliff also owns a zinc-silver rich NI 43-101 Resource (the Shihan Deposit) in Ontario and a royalty on two gold properties in Colombia, South America.
Rockcliff is well funded with over $3.0M in its treasury and no debt.
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 within, 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 guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, exploration results, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required by law.
Neither 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 release.