Rockcliff Copper Corp. Options MacBride Zinc-Copper Deposit to Nevada Zinc Corp
23.10.2017 | FSCwire
Toronto - Rockcliff Copper Corp. (“Rockcliff”)(TSX.V: RCU) (FRANKFURT:RO0, WKN:A142TR) is pleased to announce that it has optioned its 100% owned MacBride zinc property to Nevada Zinc Corp. (“Nevada Zinc”)(TSX.V:NZN). The MacBride zinc property is located 45 kilometres north of Leaf Rapids, Manitoba and hosts the near surface historical high grade MacBride zinc deposit. The MacBride zinc property is within the same Archean-aged metavolcanic rocks and interbedded meta-sediments that host the nearby former large open pit and underground Ruttan zinc-copper mine. The property hosts the near surface high grade MacBride zinc deposit which remains open in all directions.President & CEO of Rockcliff, Ken Lapierre commented, “We are delighted to have Nevada Zinc’s financial capabilities, expertise and knowledge in exploring this high grade zinc-copper asset north of our core base metal property portfolio which is located in Snow Lake, Manitoba. Exploring non-core assets with other financing alternatives that eliminates share dilution of Rockcliff is an important strategic business plan for us. We look forward to advancing this property and welcome Nevada Zinc to Manitoba.”
The MacBride zinc property includes 22 contiguous mining claims totalling 4,992 hectares and is located in central Manitoba. An historical report by Knobby Lake Mines Limited in 1977 outlined a resource for the MacBride zinc deposit. Rockcliff is treating this mineral resource for the MacBride zinc deposit as an “historical estimate” under NI 43-101 and not as a current mineral resource.
Historical Resource, MacBride Zinc Deposit, Leaf Rapids, Manitoba
| DEPOSIT | Tonnes | Zn (%) | Cu (%) | Au (g/t) | Ag (g/t) |
| MacBride | 1,820,055 | 8.8 | 0.30 | 0.10 | 4.50 |
Historical estimates of grade and tonnage given in this press release are viewed as reliable and relevant based on the information and methods used at the time. However, they were not prepared in compliance with resource definitions under NI 43-101 and must be considered only as historic resources. Neither Rockcliff nor its Qualified Persons have done sufficient work to classify the historic estimate as a current mineral resource under current mineral resource or mineral reserve terminology and are not treating the historic estimate as a current mineral resource.. The historic resource should not be relied upon. Additional work including surface geophysics, drilling and bore hole geophysics will need to be completed to upgrade the historical resource to current NI43-101 standards.
Rockcliff has agreed to option up to an 80% working interest in its 100% owned MacBride zinc property to Nevada Zinc. Nevada Zinc can earn a 70% interest in the MacBride zinc property by (i) issuing 200,000 common shares and paying $30,000 to Rockcliff within five business days of TSX Venture Exchange approval to the transaction; (ii) paying a further $170,000 in option payments to the Company by the 3rd anniversary date of the closing of the transaction; and (iii) spending $2.5 million on exploration of the property over five years with a minimum expenditure of $250,000 per year. Once Nevada Zinc has earned its 70% interest it can enter into a joint venture with Rockcliff or it can elect to earn an additional 10% interest (the “Additional Interest”) by giving notice to Rockcliff and making a cash payment of $2 million within 60 days of earning its 70% interest. If Nevada Zinc earns the Additional Interest, the parties will enter into a joint venture with Nevada Zinc holding an 80% interest and Rockcliff holding a 20% interest in the property. In the event either party has its ownership interest reduced below 10% its interest shall convert to a 1% net smelter returns royalty or a 0.5% royalty on those claims subject to a pre-existing royalty. Part of the MacBride zinc property is subject to a 2% net smelter returns royalty in favour of the original vendor of the property, 1% of which can be purchased for $1,000,000.
Bruce Durham is the President, CEO and a director of Nevada Zinc and a director and Chairman of the Board of Rockcliff and Don Christie is the CFO, Secretary and a director of Nevada Zinc and a director of Rockcliff. The disinterested directors of Rockcliff approved the option of the MacBride zinc property to Nevada Zinc.
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.
About Rockcliff Copper Corporation
Rockcliff is a Canadian resource exploration company focused on the discovery, advancement and consolidation of a portfolio of the highest grade, undeveloped metal deposits in the prolific Flin Flon – Snow Lake Greenstone Belt located in central Manitoba. The Company’s current portfolio of projects, totalling in excess of 45,000 hectares, is located in and around the Snow Lake mining camp and hosts the highest grade undeveloped NI 43-101 copper deposits (the gold-rich Talbot copper deposit and the Rail copper deposit), and the highest grade undeveloped historical zinc deposits (the Lon zinc deposit, the Bur zinc deposit, the Morgan zinc deposit and the down dip continuation of the Pen zinc deposit). The Company’s projects also include Manitoba’s first and highest grade former lode gold producer (Laguna gold property), two additional gold-rich properties (SLG gold property and DSN gold property), a Net Smelter Royalty (NSR) on the Tower property (the T-1 copper deposit) and the near surface MacBride zinc deposit located north of Snow Lake near Leaf Rapids, Manitoba.
For further information, please contact:
Rockcliff Copper Corporation
Ken Lapierre, P.Geo, President & CEO
Off: (416) 868-1079 ext. 231
Cell: (647) 678-3879
klapierre@rockcliffcoppercorp.com
CHF Capital Markets
Cathy Hume, CEO
cathy@chfir.com
Off: (416) 644-1752
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 guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements.
Neither the 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 news release.
Source: Rockcliff Copper Corp. (TSX Venture:RCU)
