Trading Symbol RCR: TSXV
TORONTO, Feb. 22 /CNW/ - Rockcliff Resources Inc. (RCR: TSXV) is pleased to announce that it has signed an option agreement to acquire
a 100% interest in the former producing Dickstone VMS (copper-zinc)
Mine located 30km west of Snow Lake, Manitoba from Xstrata Copper
Canada, a division of Xstrata Canada Corporation (Xstrata).
The Dickstone Mine property is strategically located within the Snow
Lake Mining Camp and in close proximity to Rockcliff's Lon VMS
(copper-gold) Deposit and Rail VMS (copper-gold) Deposit. The property
covers a total of 1,056 hectares and is hosted within the Flin Flon
greenstone belt, one of the most prolific and the largest
Paleoproterozoic VMS (copper, gold, zinc, silver) district in the
Rockcliff's President and CEO Ken Lapierre commented, "The acquisition
of the Dickstone VMS Mine in the Snow Lake Camp is significant for
Rockcliff and is in line with our strategy of adding properties rich in
copper, zinc, gold and silver that can add to our growing resource base
in the camp. The Dickstone Mine's proximity to our Rail and Lon VMS
Deposits gives us a strategic advantage of adding additional resources
in a concentrated area thereby assisting in the economics of the
region. Initial exploration at Dickstone will focus on data
compilation followed by geophysics and drilling".
The Dickstone Deposit was discovered in 1936 and production began in
1970 from two VMS-rich zones (one copper, the other zinc). Two-350m
deep production shafts hoisted ore between 1970 and 1975. The mine was
shut down due to low commodity prices. Combined 5 year production
figures are tabulated below.
At closure, the following additional historical resources were present
below the underground workings at the Dickstone Mine:
Both the copper (Dickstone #1) and zinc (Dickstone #2) rich deposits are
open at depth. The historical resources were documented in the 1975
annual report for Dickstone Copper Mines Ltd. and in the Mineral
Deposit Series completed by the Manitoba Energy and Mines Geological
Services in 1996. Although the resources are viewed as reliable and
relevant based on the information and methods used at the time they do
not satisfy the requirements set out by NI 43-101. Neither Rockcliff
nor its Qualified Persons have done sufficient work to classify the
historical estimates as current mineral resources and are not treating
the historical estimates as current mineral resources. The historical
resources should not be relied upon.
To earn a 100% working interest in the property, Rockcliff must pay
Xstrata $50,000 cash on signing and incur aggregate, escalating
exploration and reclamation expenditures totalling $3.5M over a four
year period with a minimum of 12,500 metres of drilling. If Rockcliff
earns its interest in the property, Xstrata will retain a 2% Net
Smelter Return Royalty. In its first year of the option, Rockcliff
must spend $500,000 on exploration. Once Rockcliff has earned its 100%
interest in the property, Xstrata has a buy back right to acquire a 51%
interest in the property by paying cash to Rockcliff totalling three
times Rockcliff's work expenditures. Xstrata can increase its interest
to 70% (an additional 19%) by either completing a Feasibility Study or
expending no less than $10,000,000 on Feasibility Study Expenditures.
In order for Xstrata's buy back right to take effect, Rockcliff must
discover at least 500,000 tonnes of copper equivalent (NI 43-101
Ken Lapierre P.Geo., President and CEO of Rockcliff Resources Inc., and
Mark Smethurst P.Geo., VP Exploration of Rockcliff Resources Inc., are
Qualified Persons in accordance with Canadian regulatory requirements
as set out in NI 43-101, and are responsible for the information in
this press release.
Rockcliff Resources Inc.
Rockcliff Resources Inc. is a Canadian resource exploration company
focused on discovery and advancement of its high-quality mineral assets
at its Snow Lake Project. Rockcliff presently controls the Snow Lake
Project totalling in excess of 600 km2 located within and proximal to the Snow Lake Mining Camp. The project
presently includes the former Dickstone VMS Mine and Spruce Point VMS
Mine, the NI 43-101 compliant Rail Copper-Gold Deposit, three historic
VMS (copper-gold) deposits (Lon, Reed and Kof), the Tower
VMS(copper-gold) Prospect, a former gold mine (Century Mine), one gold
deposit (C-Zone) as well as additional areas with potential for VMS
(copper-rich) and gold mineralization. Rockcliff also controls the
Black Gold Property and the NI 43-101 compliant Shihan Silver-Zinc
Deposit in northern Ontario.
Forward Looking Statement:
Some of the statements contained herein may be forward-looking
statements which involve known and unknown risks and uncertainties.
Without limitation, statements regarding potential mineralization and
resources, exploration results, and future plans and objectives of the Company are forward looking statements that
involve various risks. The following are important factors that could
cause the Company's actual results to differ materially from those
expressed or implied by such forward looking statements: changes in the
world wide price of mineral commodities, general market conditions,
risks inherent in mineral exploration, risks associated with development, construction and mining operations, the
uncertainty of future profitability and the uncertainty of access to
additional capital. There can be no assurance that forward-looking
statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such
statements. Rockcliff undertakes no obligation to update such
forward-looking statements if circumstances or management's estimates
or opinions should change. The reader is cautioned not to place undue
reliance on such forward-looking statements.
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.
SOURCE Rockcliff Resources Inc.
For further information:
please visit www.rockcliffresources.com or contact Ken Lapierre, P.Geo., President and CEO of Rockcliff Resources Inc. at (416) 863-9800 or by email at firstname.lastname@example.org