Further to its news release dated February 27, 2020, Rockcliff
Metals Corporation (
“Rockcliff” or the
“Company”) (CSE: RCLF) (FRANKFURT: RO0, WKN:
A2H60G) 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 Talbot 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 Talbot Property. The Talbot 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.
Alistair Ross, President and CEO, commented, “As
stated in our press release dated February 27, the completed
Technical Report outlines the high potential of the Talbot Deposit.
The Talbot Joint Venture Agreement with Hudbay is scheduled for
completion during Q2, pending any delays that may result from the
COVID-19 pandemic.”
The Technical Report prepared by P&E with an
effective date of February 28, 2020 is summarized below.
Talbot 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 |
2,194 |
2.33 |
1.79 |
2.06 |
36.0 |
4.40 |
112.6 |
86.7 |
145.4 |
2,541 |
212.7 |
Inferred |
2,445 |
1.13 |
1.74 |
1.87 |
25.8 |
2.98 |
60.7 |
93.6 |
147.1 |
2,030 |
160.4 |
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 that 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.
Figure 1: Talbot Deposit Longitudinal Projection
Highlighting Indicated and Inferred Mineral Resources
To view an image of Figure 1, please visit:
https://orders.newsfilecorp.com/files/3071/54423_e038e97b04104b01_001full.jpg
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 modeling 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 107 drill holes (totalling 57,303
metres) from the entire database were reviewed and 51 of those
drill holes (totalling 35,027 metres) were utilized to create the
constraining wireframes which have an overall (Talbot Deposit Main
Lens and Talbot Deposit North Lens) strike length of 680 metres,
down dip projection of 740 metres and average true width of 5.1
metres. There were 619 assays captured by the constraining
wireframes that were combined into 376 composites with an average
length of 1.0 metres. A grade capping evaluation was performed on
the composites and resulted in the following upper limits: Cu 13%,
Zn not capped Au 17g/t, Ag 230g/t. 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, 65 metres down dip and 10 metres across dip.
For a model block to be coded with an Indicated classification, its
centroid must be able to see a minimum of 6 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 of Main Zone was interpreted from 138 bulk density
samples with a simple search ellipse. 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 within 1.5% CuEq constraining
wireframe domains at a 1.5% CuEq cut-off value in order to report
the Mineral Resource Estimate.
The current Mineral Resource Estimate supersedes
the December 2017 estimate which reported the following Inferred
Resource - 4.23 Mt at 1.61% Cu, 1.40 % Zn, 1.77 g/t Au and
28.0 g/t Ag.
The main reasons for the differences between the
December 2017 and current resource estimate are as follows:
- 23 additional holes drilled
- CuEq cut-off lowered to 1.5%
- ID3 grade estimation used for Au and Ag
- Attainment of suitable Indicated classification variogram.
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.
Talbot Mineralization and Resource
Expansion PotentialThe Talbot Property hosts the
high-grade Talbot Deposit, which is defined as a stratabound,
gold-rich Volcanogenic Massive Sulphide (“VMS”)
deposit consisting of coarse grain to stringer to massive sulphides
of pyrite, chalcopyrite, sphalerite and pyrrhotite in a
quartzofeldspathic gneiss. The polymetallic mineralization remains
open at depth and to the south. The depositional environment of the
Talbot Property is like that of present and past producing VMS
deposits associated with bi-model volcanism (felsic to mafic
volcanic and volcaniclastic rocks) in the Flin Flon – Snow Lake
greenstone belt.
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 is 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 are determined by fire assay using a 30g charge
followed by an atomic absorption finish. Samples greater than the
upper detection limit (3000 ppb) are 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 Talbot 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.
Rockcliff recently earned a 51% interest in the
Talbot Property by completing required expenditures totalling
$6.12M over a 5 year earn-in period. Hudbay Minerals Inc.
(“Hudbay”) controls the remaining 49% interest in the Talbot
Property and has the right to earn-back an additional 2% interest
in accordance with the Option Agreement between the parties. A
joint venture agreement is presently being negotiated between
Rockcliff and Hudbay.
Visit Rockcliff’s YouTube channel with a message
from the President and CEO, Alistair Ross. To access the video,
please visit: https://youtu.be/lr0Q6FwCzuE.
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
and continues to take input from all stakeholders as the COVID-19
pandemic evolves. Rockcliff is monitoring Governmental updates
and the impact of the pandemic, and will communicate with all
stakeholders as necessary about any impacts on our business.
For more information, please visit
http://rockcliffmetals.comYoutube: Rockcliff Metals
CorporationTwitter: @RockcliffMetalsLinkedin: Rockcliff Metals
CorpInstagram: Rockcliff_Metals
For further information, please
contact:Rockcliff Metals
Corporation
Alistair
Ross
President &
CEO
Cell: (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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