TORONTO, ONTARIO–(Marketwired – Oct. 11, 2016) – Rockcliff Copper Corporation (“Rockcliff “or the “Company”) (TSX VENTURE:RCU)today announced that a second phase drill program on the Talbot property has commenced. The fully permitted program is planned to include between 10-12 holes totalling approximately 5,000 meters and will focus on three areas centered around the gold-rich Volcanogenic Massive Sulphide (VMS) Talbot copper deposit. The deposit is part of the Company’s Snow Lake Project centered on the Snow Lake mining camp within the prolific Flin Flon greenstone belt located in central Manitoba.
The Company plans to drill test three areas on the property identified from last year’s surveys and drill program. They are: 1) the Talbot deposit main and north lens where drilling last year identified a potential high grade copper corridor within the main lens and a potential extension of the north lens of the deposit, 2) the north copper zone where shallow drilling intersected copper mineralization at the very top edge of a large untested bore hole geophysical target immediately below the mineralization, and 3) the central anomaly, located 2 km southeast of the Talbot deposit, is a geophysical target similar in size and conductance to the geophysical target associated with the Talbot deposit.
The Talbot Property includes an Inferred Mineral Resource as set out in the National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101“) technical report dated January 25, 2016 and titled “Technical Report on the Talbot Property, Manitoba, Canada” (the “Technical Report“), a copy of which is available on the Company’s sedar profile at www.sedar.com, in respect of an initial Mineral Resource Estimate prepared by Roscoe Postle Associates Inc. (“RPA”) for the Talbot Deposit located on the Talbot Property, central Manitoba.
The Inferred Mineral Resource Statement prepared by RPA for the Talbot Deposit is detailed below.
Mineral Resource Statement, Talbot Deposit, Manitoba, RPA, January 26, 2016
|Talbot Main FW||443.9||2.2||2.0||2.4||55.6||22.0||28.5||23.2||793.8|
|1. CIM definitions were followed for the estimation of Mineral Resources.|
|2. Mineral resources are estimated at a cut-off grade of $140 Net Smelter Return (NSR) (equivalent to a copper NSR cut-off of 2.0%) using metal prices, estimated recoveries and offsite payments.|
|3. Mineral Resources are estimated using a long-term copper price of US$3.50 per pound, gold price of US$1450 per ounce, zinc price of US$1.25 per pound and silver price of US$22 per ounce.|
|4. An US$/C$exchange rate of 1.18 was used.|
|5. A minimum mining width of 2 m was used.|
|6. The average bulk density is 3.2t per cubic meter.|
|7. Numbers may not add due to rounding.|
|8. Given the tonnage, grade and orientation of the deposit, RPA considers the Talbot Deposit to be reasonably amenable to extraction using underground mining methods.|
|9. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.|
Assay results from the second phase drill program at Talbot will be reported to the public once received from TSL Laboratories.
The Talbot deposit is defined as a gold-rich stratabound, VMS deposit consisting of several lenses of coarse grain to stringer to massive sulphides of pyrite, chalcopyrite, sphalerite and pyrrhotite in a quartzofeldspathic gneiss. The depositional environment is similar to that of present and past producing base metal deposits of felsic to mafic volcanic and volcaniclastic rocks in the Flin Flon – Snow Lake Greenstone Belt.
Rockcliff can earn a 51% interest in the Talbot Property from Hudson Bay Exploration and Development Company Limited (HBED), a wholly owned subsidiary of Hudbay Minerals Inc. by spending $6,120,000 on exploration expenditures over the next six (6) years. The agreement provides that once Rockcliff has earned its 51% interest in the Property, Rockcliff (51%) and Hudbay (49%) will form a joint venture and Rockcliff will be the Operator of the joint venture. Provided Hudbay contributes its pro rata (49%) share of expenditures under the joint venture, it will have two (2) years from the date Rockcliff earns its 51% interest to purchase an additional 2% interest for a cash payment of $240,000 and either incurring expenditures over a two (2) year period equivalent to 2% of the joint venture expenditures made since the formation of the joint venture or paying such amount to Rockcliff in cash. If Hudbay acquires the additional 2%, it will become the Operator of the joint venture. Once a positive Feasibility Study has been completed and mining development has commenced, the Operator can increase its interest in the Property to 65% by paying the other participant a cash payment equal to the pro rata share of expenditures made by the other participant to reduce it to a 35% interest. The Operator would then fund the costs of development and will be reimbursed for 100% of the development costs including the 35% interest of the non-operator. Once the costs of development have been repaid, the parties will be reimbursed their pro rata share of expenditures made prior to the date development commences before net profits are distributed pro rata (please see Press Release dated April 23, 2014 and filed on SEDAR under Rockcliff Resources for additional information).
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.
Please visit our website at www.rockcliffcoppercorp.com for additional information.
About Rockcliff Copper Corporation
Rockcliff is a Canadian resource exploration company focused on its Snow Lake Project located in the Snow Lake mining camp within the prolific Flin Flon-Snow Lake greenstone belt, Manitoba, Canada. The Company is focussed on resource growth and discovery from three high grade metals; copper, zinc and gold. The Snow Lake Project totals in excess of 45,000 collective hectares and hosts the highest grade unmined copper-rich and zinc-rich deposits and the highest grade former gold producer in the 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.
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