Rockcliff Discovers At Tower Deposit High Grade Copper Extensions Along Strike Including 4.88% CuEq Across 13.53 Metres and at Depth Including 5.87% CuEq Across 1.12 Metres
SUDBURY, Ontario, April 23, 2020 (GLOBE NEWSWIRE) — Rockcliff Metals Corporation (“Rockcliff” or the “Company”) (CSE: RCLF) (FRANKFURT: RO0, WKN: A2H60G) is pleased to announce the completion of a successful winter drill program on its 100% owned Tower Property. Drilling has intersected high-grade copper extensions along strike to the south and at depth outside of the current limits of the high-grade Tower Deposit. The Tower Deposit mineralization strike length is now over 900 metres (“m”) and has been intersected to depths of over 600 m. It remains open along strike to the south and at depth.
Rockcliff’s President and CEO Alistair Ross commented: “We are extremely pleased to report that our 2020 winter drill program has exceeded expectations. The Tower Deposit is presently one of the highest grade unmined deposits in the prolific Flin Flon-Snow Lake greenstone belt and our 2020 drilling to-date has confirmed the exceptional potential to extend the known mineralization of the deposit. The drill program intersected high-grade copper mineralization south of the known Tower Deposit limits where hole TP20-080 intersected 4.88% CuEq across a down hole width of 13.53 m including 12.42% CuEq across 2.66 m. The deposit remains open to the south and appears to be following the flanks of a geophysical conductive anomaly which has an additional strike length of over one kilometre. Additional mineralization was also identified at depth where several holes (TP20-065, 068 and 069) intersected high-grade copper mineralization associated with extensive geophysical conductive anomalies below the existing Tower Deposit. We look forward to this spring and summer when we will recommence drilling at Tower with a view of expanding the known mineralization.”Twenty four drill holes totalling 10,176 m were completed in the 2020 winter drill program. Please refer to Figure 1 for drill hole pierce point locations within the Tower Deposit longitudinal projection. All assays have been returned and significant down the hole mineralized intervals are summarized in the table below:m =metres represent down hole widths as true widths are not currently known, gpt = grams per tonne, CuEq = copper equivalent values used: US$3.00 copper, US$1.15 zinc, US$1400 ($45.02/gram) gold, US$20.00 ($0.64/gram) silver. 100% metal recoveries were applied. CuEq = Cu grade % + (Zn grade % X Zn price per lb / Cu price per pound) + (Au grade g/t X Au price per gram / Cu price per tonne) X 100 + (Ag grade g/t X Ag price per gram / Cu price per tonne) X 100. TP20-071, TP20-079, TP20-081 and TP20-082, TP20-085 and TP20-086 failed to intersect significant mineralization and fell outside the high-grade Tower Deposit envelope. The numbers may not add up due to rounding.Figure 1: Tower Deposit Longitudinal Projection, 2020 Drill Pierce Point Locations and 2019 P&E Resource Update Outline.To view an enhanced version of Figure 1, please visit:https://orders.newsfilecorp.com/files/3071/54816_af3063c8b45fd9a1_001full.jpgTower Deposit Mineralization, Resource Expansion, Tower South Anomaly and Property PotentialThe high-grade Tower Deposit is defined as a remobilized, single, steeply dipping, high-grade, Volcanogenic Massive Sulphide (VMS) lens that is located immediately below an approximate 100m thick layer of Paleozoic limestone cover. The Tower Deposit consists of stringers and massive sulphide lenses of chalcopyrite, pyrite, pyrrhotite and sphalerite. Drilling has intersected the VMS mineralization over a strike length exceeding 900 m and to a vertical depth of over 600 m. The Tower Deposit remains open at depth where high-grade minerlization is associatedwith extensive conductive targets and to the south where recent drilling outside of the Tower Deposit envelope has intersected thick, high-grade copper mineralization with significant credits of zinc, gold and silver (TP20-080). Additional geophysical surveys have identified the newly identified Tower South Anomaly (TSA) approximately 750m south of the Tower Deposit. Two exploratory drill holes have been completed and assays are presently pending. Within the property limits, the Tower Deposit and the TSA are associated within a 12 kilometre long arcuate trending magnetic horizon hosting several additional untested geophysical conductive targets considered by the Company to be worthy of follow-up exploration. The depositional environment of the Tower Property is like that of present and past producing VMS deposits and mines associated with bi-model volcanism (felsic to mafic volcanic and volcaniclastic rocks) in the Flin Flon – Snow Lake greenstone belt.A recent NI 43-101 Technical Report prepared by P&E Mining Consultants Inc. (P&E) with an effective date of March 2, 2020 and filed on SEDAR on April 16, 2020 is summarized below. The 2020 winter drill holes were not included in the current resource.Tower Property Updated Mineral Resource Estimate at 1.5% CuEq cut-off(1-10)1) Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues.
2) Mineral Resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
(3) The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
(4) Approximate Jan 31/20 two year trailing average US$ metal prices used were $3/lb Cu, $1.10/lb Zn, $1,350/oz Au and $16.50/oz Ag. The US$: CDN$ exchange rate used was 0.77.
(5) Respective process recoveries for Cu, Zn, Au, Ag were 95%, 80%, 80%, 80%
(6) Respective smelter payables for Cu, Zn, Au, Ag were 96.5%, 85%, 90%, 90%.
(7) Respective USD Cu and Zn smelter treatment charges used were $80 and $250/tonne with concentrate freight of CDN$65/tonne.
(8) CuEq% was calculated as follows: Cu% + (Zn % x 0.220) + (Au g/t x 0.673) + (Ag g/t x 0.008).
(9) The 1.5% CuEq cut-off is approximately equivalent to a C$100/tonne project operating cost.
(10) Contained metal totals may differ due to rounding.Neither Rockcliff’s Qualified Person, Ken Lapierre, P.Geo., nor P&E’s Qualified Person, Eugene Puritch, P.Eng., nor management of Rockcliff are aware of any known environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues that may materially affect the estimate of the Mineral Resource.Additional drill hole information is highlighted in the table below.Quality Control and Quality AssuranceSamples of half core were packaged and shipped directly from Rockcliff’s core facility in Snow Lake to TSL Laboratories (TSL) in Saskatoon, Saskatchewan. TSL is a Canadian assay laboratory and is accredited under ISO/IEC 17025. Each bagged core sample was dried, crushed to 70% passing 10 mesh and a 250g pulp was pulverized to 95% passing 150 mesh for assaying. A 0.5g cut is taken from each pulp for base metal analyses and leached in a multi-acid (total) digestion and then analyzed for copper, lead, zinc and silver by atomic absorption. Gold concentrations were determined by fire assay using a 30g charge followed by an atomic absorption finish. Samples greater than the upper detection limit (3,000 ppb) were reanalyzed using fire assay gravimetric using a 1 Assay Ton charge. Rockcliff inserted certified blanks and standards in the sample stream to ensure lab integrity. Rockcliff has no relationship with TSL other than TSL being a service provider to the Company.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.Visit Rockcliff’s YouTube channel with a message from President and CEO, Alistair Ross. To access the video, please visit: https://youtu.be/2C68viQ2PfM.Cannot view this video? Visit:
About Rockcliff Metals Corporation
Rockcliff is a well-funded Canadian resource development and exploration company, with a fully functional +1,000 tpd leased processing and tailings facility as well as several advance-staged, high-grade copper and zinc dominant VMS deposits in the Snow Lake area of central Manitoba. The Company is a major landholder in the Flin Flon-Snow Lake greenstone belt which is home to the largest Paleoproterozoic VMS district in the world, hosting mines and deposits containing copper, zinc, gold and silver. The Company’s extensive portfolio of properties totals over 4,500 square kilometres and includes eight of the highest grade, undeveloped VMS deposits in the belt.For more information, please visit http://rockcliffmetals.com
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[email protected] 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.