Trading Symbol RCR: TSXV
TORONTO, Nov. 24 /CNW/ - Rockcliff Resources Inc. (RCR: TSXV) is pleased to announce that it has signed option agreements to acquire a 100% interest in the Gold Dust Property located 55 km west of Snow Lake in central Manitoba. The 2,119 hectare gold property is underexplored, hosts the former producing Century Gold Mine and covers over 10km of favourable gold-bearing horizons hosting numerous high grade, auriferous, quartz veins. The property is located within the Elbow Lake shear zone, a major regional fault system within the Flin Flon greenstone belt.
Reported in the Mineral Deposit Series Report No. 30 completed by the Manitoba Energy and Mines Geological Services in 1996 and in filed assessment reports, a few of the historic highlights of the Gold Dust Property include the following:
- Century Gold Mine hosts an historical, non-compliant NI 43-101
resource* of 272,000 tonnes grading 12.0 g/t gold (0.35 ounces per
tonne (opt) - gold zones are open along strike and at depth;
- Century Gold Mine was serviced by a 3 compartment vertical shaft to
161m (528 feet) with 4 levels;
- Gold Dust Zone: quartz vein system up to 20m wide traced for 150m
grading up to 24.0 g/t gold (0.70 opt) across 10m;
- Gold Pan Zone: surface quartz veins grading 94.97g/t to 294.86 g/t
gold (2.77 opt to 8.66 opt) across 0.40m to 0.60m in a 15m deep
- Near surface drilling intersected up to 340 g/t gold (9.92 opt))
across 0.25m; and,
- Over 10 km of favourable gold-bearing horizons within a major shear
* Although the resource is 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 historic
estimate as a current mineral resource and are not treating the
historic estimate as a current mineral resource. The historic
resource should not be relied upon.
President & CEO Ken Lapierre commented, "We are delighted to acquire such an outstanding gold property in the Snow Lake camp. It is Rockcliff's first stand alone gold property and is located in such a prolific area known to host world class mineral deposits. The Gold Dust Property allows us to leverage our gold expertise and existing infrastructure at Snow Lake while gaining Company exposure to the precious metal market at a time when the price of gold is at an all time high. With this acquisition Rockcliff is now well positioned in the Snow Lake mining camp for the discovery of VMS and gold deposits."
The Gold Dust Property contains strong geological characteristics as with other major Canadian gold mining camps. It is located within a major regional fault system with auriferous, quartz-rich splay faults hosted in sheared volcanic and porphyry intrusive rocks. Gold was discovered on the property in 1919 and the Century Gold Mine was put in production in 1941. A 90 tonne/day mill operated briefly until it was shut down in 1942 when all worked ceased due to material and labour shortages caused by World War II. Gold mineralization at the mine and along the gold-bearing horizons traced intermittently over a distance of 10km are hosted in multiple, stacked, quartz veins hosting ankerite, chlorite, sericite and tourmaline alteration. Native gold is commonly associated with sulphide minerals consisting of pyrite, tetrahedrite (gold/silver), galena, pyrrhotite, arsenopyrite, chalcopyrite and sphalerite. Additional gold potential located throughout the property is hosted in auriferous iron and chert formations.
To earn a 100% working interest in the property, Rockcliff must satisfy three separate property agreements by paying an aggregate of $140,000 ($100,000 can be settled through the issuance of RCR shares) in escalating, incremental payments and 450,000 Rockcliff shares over a four year period. In addition, Rockcliff will be required to incur aggregate, escalating exploration expenditures totalling $1.375 Million over a four year period. If Rockcliff earns its interest in the property the vendors will retain a 2% Net Smelter Return Royalty. An advance royalty payment of $20,000 a year on the Century Gold Mine applies after the first year. In the first year of the option, Rockcliff must pay $40,000 in cash option payments, issue 90,000 RCR shares and expend a minimum of $175,000 on exploration on the property. Rockcliff is committed to pay $70,000 in cash ($30,000 can be settled through the issuance of RCR shares), 270,000 RCR shares and $400,000 in work commitments over two years. The share issuances relating to the option agreements are subject to regulatory approval.
Additional maps and information of the property will be available shortly on the Company website at www.rockcliffresources.com.
Rockcliff Resources Inc.
Rockcliff Resources Inc. is a Canadian resource exploration company focused on discovery and advancement of its high-quality mineral assets on its Snow Lake Project. Rockcliff presently controls the Snow Lake Project totalling in excess of 550 km(2) of which 370 km2 is 100% owned by Rockcliff and located within and proximal to the Snow Lake Camp. The project presently includes five historical VMS deposits (Lon, Rail, Reed, Kof and Sylvia), one former gold mine (Century Mine) and numerous additional areas with potential for VMS and gold mineralization. Rockcliff also controls the Shihan VMS Project located 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: For further information: please visit our website at www.rockcliffresources.com or contact Ken Lapierre, P.Geo., President and CEO of Rockcliff Resources Inc. at (416) 863-9800 or at email@example.com