Rockcliff Makes Significant Nickel-PGE Discovery at the Tower Property 3.82% NiEq Across 2.4 Metres including 6.79% NiEq Across 1.25 Metres
SUDBURY, Ontario, April 30, 2020 (GLOBE NEWSWIRE) — Rockcliff Metals Corporation (“Rockcliff” or the “Company”) (CSE: RCLF) (FRANKFURT: RO0, WKN: A2H60G) is pleased to announce a new high-grade Nickel-PGE discovery on its 100% owned Tower Property. This new discovery, termed the TGR Nickel-PGE Prospect (“TGR”), has returned significant assay results. TGR is located only 600 metres south of the Company’s high-grade, copper-rich Tower Deposit. The TGR mineralization was discovered in a previously unexplored area and is associated with ultramafic rocks of the Thompson Nickel Belt (“TNB”). The TNB is a world class + 300 kilometre long mining belt with over 60 years of production from high-grade nickel mines with associated copper and cobalt.
Discovery hole TSA20-002 intesected significant Nickel-PGE mineralization at a down hole depth of 244.8 metres. Drilling intersected high-grade nickel, palladium and platinum mineralization over a downhole interval of;2.40 m grading 2.53% Ni, 3.08g/t Pd and 1.04g/t Pt (3.82% NiEq) including1.25 m grading 4.46% Ni, 5.61g/t Pd and 1.87g/t Pt (6.79% NiEq)Alistair Ross, President & CEO commented: “The Tower Property has surprised us yet again with this very significant high tenor Nickel-PGE mineralization. Our high-grade, copper-rich Tower Deposit is associated with rocks from the Flin Flon-Snow Lake Greenstone Belt. The high-grade TGR Ni-PGE mineralization is associated with rocks from the Thompson Nickel Belt and is a very exciting development for Rockcliff and its shareholders. We have several additional untested high priority targets along a significant strike length of 12 kilometres to the west. This new discovery is truly a testament to the continued commitment of management and our shareholders who have supported us over the last 15 years. We believe our perseverance will be rewarded as we continue to convert targets into discoveries, discoveries into deposits and develop deposits into mines. We will be busy at Tower once spring breakup is complete as we continue exploration and the advancement of our high-grade Tower Deposit through a Preliminary Economic Assessment in preparation of making a construction decision as soon as it is feasible.”TGR Nickel-PGE ProspectThe TGR discovery hole was the last hole drilled in the Company’s 2020 winter drill program. Drill Hole TP20-002 intersected high tenor, high grade Nickel-PGE mineralization beginning at a hole depth of 244.8 metres. A down hole width (not true width) of 2.4 metres graded 2.53% nickel, 3.08g/t palladium and 1.04g/t platinum including 1.25 metres that graded 4.46% nickel, 5.61g/t palladium and 1.87g/t platinum. The hole was designed to test the centre of a large Time Domain Electromagnetic geophysical anomaly interpreted to have dimensions of 400 metres by 350 metres. Additional geophysical surveys will be completed to determine the relationship between the high-grade interval and the geophysical anomaly. Borehole geophysics completed in TSA20-002 identified an additional off-hole geophysical anomaly that has yet to be tested. Mineralization of the TGR is associated with disseminations and net texture sulphides of pendlandite(nickel bearing), millerite(nickel bearing), pyrrhotite as well as magnetite in altered ultramafic host rocks. Only up to 15% sulphides were observed within the TGR indicating a very high nickel metal tenor relative to the amount of observed sulphides. Additional assaying for total sulphur content and other types of PGEs in drill core are presently being conducted. The location of the TGR is approximately 600 metres south of the high-grade, copper-rich Tower Deposit. The geological relationship between the Tower Deposit and TGR is unknown at this time. The Nickel Equivalent values calculated for the TGR used US$6.10/pound for nickel, US$1,450/ounce for palladium and US$865/ounce for platinum. No process recoveries or smelter payables were included in the calculation.Figure 1: Location map for the Tower Property and the Thompson Nickel BeltTo view an image of Figure 1, please visit:
https://orders.newsfilecorp.com/files/3071/55199_bd67e4cd14ffe8b9_001full.jpgFigure 2: Plan view of Tower Property highlighting the location of the Tower deposit, TGR Nickel-PGE Prospect and additional geophysical targets (#1, #2, #3)
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https://orders.newsfilecorp.com/files/3071/55199_bd67e4cd14ffe8b9_002full.jpgFigure 3: Plan View of Tower Deposit (Copper) projected to surface and TGR Nickel-PGE Prospect
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https://orders.newsfilecorp.com/files/3071/55199_bd67e4cd14ffe8b9_003full.jpgTower Deposit Mineral Resource EstimateA 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 drill holes were not included in the current Mineral Resource Estimate.Tower Deposit 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.Quality Control and Quality Assurance
Samples of exploration 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, nickel, lead, zinc and silver by atomic absorption. Gold, palladium and platinum 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 the President and CEO, Alistair Ross. To access the video, please visit: https://youtu.be/uW1b77obNyI.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.