Further to, Rockcliff Metals Corporation
(
“Rockcliff” or the
“Company”) (CSE: RCLF)
(FRANKFURT: RO0, WKN: A2H60G) news release dated
March 2, 2020, the Company is pleased to announce the filing of a
National Instrument 43-101-Standards of Disclosure for Mineral
Projects (“
NI 43-101”) technical report titled
“Technical Report and Updated Mineral Resource Estimate of the
Tower Copper (Zinc-Gold-Silver) Project, Manitoba, Canada (the
“
Technical Report”) in respect of an updated
Mineral Resource Estimate prepared by P&E Mining Consultants
Inc. (“P&E”) on the Tower Property. The Tower Property is
part of the Company’s Manitoba property portfolio and is located
within the prolific Flin Flon-Snow Lake greenstone belt. A copy of
the Technical Report is available on the Company’s SEDAR issuer
profile at www.SEDAR.com and the Company’s website at
http://rockcliffmetals.com.
Highlights of the Updated Tower Mineral
Resource Estimate Compared to Previous Resource
Estimate
- Indicated copper grade increased by 26% (4.69% from
3.73%).
- Indicated gold grade increased by 55% (0.85g/t from 0.55
g/t).
- Indicated zinc grade increased by 26% (1.32% from 1.05%).
- Indicated silver grade increased by 37% (23.7g/t from
17.3g/t).
- Indicated contained copper metal content increased by 19%
(106.1Mlbs from 89.2Mlbs).
- Indicated tonnes decreased by 5% (1.03Mt from 1.08Mt).
Alistair Ross, President and CEO commented, “We
continue to be pleasantly surprised by the Tower property drilling
results. The significant increase in the copper grade to one of the
highest grade deposits in the camp at 4.69% Cu bodes well for the
PEA analysis. We look forward to receiving the additional drill
assay results on holes completed this year since this study was
completed.”
The Technical Report prepared by P&E with an
effective date of March 2, 2020 is summarized below.
Tower Property Updated Mineral Resource Estimate at 1.5%
CuEq cut-off(1-10)
Classification |
Tonnes(k) |
Cu(%) |
Zn(%) |
Au(g/t) |
Ag(g/t) |
CuEq(%) |
Cu(Mlbs) |
Zn(Mlbs) |
Au(koz) |
Ag(koz) |
CuEq(Mlbs) |
Indicated |
1,026 |
4.69 |
1.32 |
0.85 |
23.7 |
5.74 |
106.0 |
29.8 |
28.1 |
783 |
129.8 |
Inferred |
367 |
3.53 |
1.05 |
0.57 |
18.0 |
4.29 |
28.6 |
8.5 |
6.8 |
212 |
34.7 |
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.
Resource Estimate
MethodologyThe Mineral Resource Estimate reported herein,
considered drilling information available up to December 21, 2019
and was evaluated using a geostatistical block modeling approach
constrained by polymetallic mineralization wireframes utilizing
Geovia GEMS modelling software. The evaluation of the Mineral
Resource Estimate involved CuEq cut-off value determination,
cross-sectional polyline interpretation constraining wireframe
creation, compositing, grade capping, variography, grade
interpolation and Mineral Resource Estimate quantification.
A total of 83 drill holes (totalling 34,665
metres) from the entire database were reviewed and 49 of those
drill holes (totalling 18,489 metres) were utilized to create the
constraining wireframes which have an overall strike length of 850
metres, down dip projection of 430 metres and average true width of
1.65 metres. There were 313 assays captured by the constraining
wireframes that were combined into 147 density weighted composites
with an average core length of 1.01 metres. A grade capping
evaluation was performed on the composites and gold was capped at 5
g/t, while no capping was required for copper, zinc and silver. The
capped composites were evaluated with variography to determine the
grade interpolation search ellipsoid ranges for grade interpolation
and classification. The Indicated Mineral Resource classification
search ranges were 60 metres along strike, 60 metres down dip and
15 metres across dip. For a model block to be coded with an
Indicated classification, its centroid must be able to see a
minimum of 4 composites from at least 2 drill holes. Grade
interpolation was undertaken with the ID2 method for Cu and Zn and
ID3 for Au and Ag. The bulk density model was interpreted
from 150 bulk density samples with the same method as Cu. The
resulting block model utilized blocks that were 2.5 m in the X
direction, 5 m in the Y direction and 5 m in the Z direction. The
subsequent block model grades and tonnages were quantified for the
Mineral Resource Estimate at a 1.5% CuEq cut-off value.
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
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.
The Mineral Resource for the Tower Property
disclosed in this press release has been estimated by Mr. Yungang
Wu, P.Geo. an associate geologist of P&E and Eugene Puritch,
P.Eng., president of P&E, both independent of Rockcliff. By
virtue of their education and relevant experience Messrs. Wu and
Puritch are "Qualified Persons" for the purpose of National
Instrument 43-101. Mr. Puritch has read and approved the technical
contents of this press release as it pertains to the disclosed
Mineral Resource Estimate.
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/hXRZZKuYcys.
About Rockcliff Metals
CorporationRockcliff 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.
The Company places the safety and well being of
the Company’s workforce as its highest priority. As the
COVID-19 pandemic evolves, Rockcliff will continue to monitor the
impact of the pandemic as well as Governmental directives and will
communicate with all stakeholders accordingly.For more information,
please visit http://rockcliffmetals.com
Youtube: Rockcliff Metals CorporationTwitter:
@RockcliffMetalsLinkedin: Rockcliff Metals CorpInstagram:
Rockcliff_Metals
For further information, please
contact:Rockcliff Metals
CorporationAlistair RossPresident & CEOCell: (249)
805-9020contact@rockcliffmetals.com
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.
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