Mr. Ken Lapierre reports
ROCKCLIFF EXPANDS TALBOT COPPER DEPOSIT EXPANDS TO 4.2MT AT 3.4% COPPER EQUIVALENT (1.6% COPPER, 1.8 G/T GOLD, 1.4% ZINC, 28.0G/T SILVER)
Rockcliff Metals Corp. has provided an updated mineral resource estimate prepared by SRK Consulting (Canada) Inc., for the Talbot copper deposit, located on the Talbot property, central Manitoba. The Talbot property is part of the company's Manitoba property portfolio and is located within the prolific Flin Flon-Snow Lake greenstone belt.
Ken Lapierre, president and chief executive officer, commented: "The new global National Instrument 43-101 mineral resource of 4.2 million tonnes at 3.4 per cent copper equivalent is a very significant milestone for Rockcliff. To my knowledge, only four mines (Flin Flon, Lalor, 777 and Sherridon West) of the approximately 30 mines that have gone into production in the belt had an initial resource greater than the present Talbot copper deposit resource. The deposit remains open in all directions and is robust and predictable in all aspects, including the geology, the estimation, classification and reporting assumptions. Last year's geophysics indicated significant upside potential to discover more VMS (copper, gold, zinc and silver) mineralization at the West Talbot deep conductive plate. Our present geophysical survey will focus on this large untested one-kilometre-by-one-kilometre anomaly, located immediately below and in the footwall of the deposit. The Talbot property is our flagship gold-rich copper asset, and we are extremely excited about its present growth trajectory, and our 2018 drilling will be planned to increase the potential size of this asset."
The inferred mineral resource statement prepared by SRK for the Talbot deposit is detailed herein.
MINERAL RESOURCE STATEMENT*, TALBOT PROJECT, MANITOBA, SRK CONSULTING (CANADA), DEC. 1, 2017
Domain Quantity Grade Contained metal
tonnes Copper Zinc Gold Silver Copper Zinc Gold Silver
(000s) (%) (%) (g/t) (g/t) (000 lb) (000 lb) (000 oz) (000 oz)
4,234 1.61 1.40 1.77 27.96 149,968 130,407 241 3,807
----- ---- ---- ---- ----- ------- ------- --- -----
Total 4,234 1.61 1.40 1.77 27.96 149,968 130,407 241 3,807
* Mineral resources are not mineral reserves and do have not demonstrated economic viability.
All figures are rounded to reflect the relative accuracy of the estimates. Composites were
capped, where appropriate. Mineral resources are reported at a copper equivalent cut-off
value of 2 per cent copper per tonne, considering metal prices of $3 (U.S.) per pound of
copper, $1.20 (U.S.) per pound of zinc, $1,400 (U.S.) per ounce of gold and $22 (U.S.) per
ounce of silver and assuming metal recovery of 90 per cent for copper, 90 per cent for zinc,
70 per cent for gold and 70 per cent for silver.
Resource estimation methodology
The mineral resource reported herein considered drilling information available up to July 15, 2017, and was evaluated using a geostatistical block modelling approach constrained by polymetallic mineralization wire frames. The mineral resource has been estimated in conformity with the CIM (Canadian Institute of Mining, Metallurgy and Petroleum) mineral resources and mineral reserves estimation best practices guidelines and are classified according to the CIM definition standards for mineral resources and mineral reserves (May, 2014) guidelines. The mineral resource statement is reported in accordance with Canadian Securities Administrators' National Instrument 43-101. Mineral resources are not mineral reserves and have not demonstrated economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserves. The effective date of the mineral resource statement is Dec. 1, 2017.
The evaluation of the mineral resource involved the following procedures:
Database compilation and verification;
Construction of 3-D wire frame models for the boundaries of the mineralization;
Definition of resource domains within the geological models;
- Data extraction and processing (compositing and capping), statistical analysis, and variography;
- Selection of estimation strategy and estimation assumptions;
- Block modelling and grade estimation;
- Validation, classification and tabulation;
- Assessment of reasonable prospects for eventual economic extraction and selection of the reporting assumptions;
- Preparation of the mineral resource statement.
The drill hole database to support the resource estimate is composed of 84 core boreholes totalling 44,800 metres of drilling. Based on the current data available supporting the mineral resource estimate, all material above the mineral resource cut-off grade was classified as inferred.
The mineral resource is estimated using a long-term gold price of $1,400 (U.S.) per ounce, a silver price of $20 (U.S.) per ounce, a copper price of $3 (U.S.) per pound and a zinc price of $1.20 (U.S.) per pound. A net smelter royalty cut-off value of 2.0 per cent copper equivalent was used for reporting the mineral resource. The average composite thickness of the deposit was 7.14 metres.
Extent to which the mineral resource estimate may be materially affected by any known relevant issues
Neither Rockcliff's qualified person, Ken Lapierre, nor SRK's qualified person, Sebastien Bernier, nor management of Rockcliff is 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.
The technical report, compiled in accordance with National Instrument 43-101, will be filed on Rockcliff's issuer profile on SEDAR within 45 days of release of this press release.
Talbot mineralization and resource expansion potential
The Talbot property hosts the high-grade Talbot copper deposit, which is defined as a stratabound, gold-rich VMS (volcanogenic massive sulphide) copper deposit consisting of a single lens of coarse grain to stringer to massive sulphides of pyrite, chalcopyrite, sphalerite and pyrrhotite in a quartzofeldspathic gneiss. The polymetallic mineralization remains open in all directions, and borehole and DPEM geophysical surveys immediately outside of the known limits of the Talbot copper deposit resource have identified large conductive plates that could represent additional areas with VMS mineralization. The depositional environment of the Talbot property is similar to that of present and past-producing base metal deposits associated with bimodel volcanism (felsic to mafic volcanic and volcaniclastic rocks) in the Flin Flon-Snow Lake greenstone belt.
Quality control and quality assurance
Samples of half core were packaged and shipped directly from Rockcliff's field office to TSL Laboratories (TSL), Saskatoon, Sask. TSL is a Canadian assay laboratory and is accredited under ISO/IEC 17025. Each bagged core sample was dried and crushed to 70 per cent passing 10 mesh, and a 250-gram pulp is pulverized to 95 per cent passing 150 mesh for assaying. A 0.5-gram cut is taken from each pulp for base metal analyses and leached in multiacid (total) digestion and then analyzed for copper, lead, zinc and silver by atomic absorption. Gold concentrations are determined by fire assay using a 30-gram charge followed by an atomic absorption finish. Samples greater than the upper detection limit (3,000 parts per billion) are reanalyzed using fire assay gravimetric using a one AT 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 Sebastien Bernier, PGeo, an employee of SRK and independent of Rockcliff. By virtue of his education and relevant experience, Mr. Bernier is a qualified person for the purpose of National Instrument 43-101. Mr. Bernier, PGeo, has read and approved the contents of this press release as it pertains to the disclosed mineral resource estimate.
Lapierre, PGeo, president and CEO of Rockcliff, a qualified person in accordance with Canadian regulatory requirements as set out in National Instrument 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this press release.
Rockcliff can earn a 51-per-cent interest in the Talbot property from Hudbay Minerals Inc. Please refer to the news release dated Oct. 11, 2016, for specific terms of the option agreement.
About Rockcliff Metals Corp.
On Nov. 1, 2017, Rockcliff Copper Corp. changed its name to Rockcliff Metals Corp.
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 some of the highest-grade undeveloped National Instrument 43-101-compliant 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 downdip continuation of the Pen zinc deposit). The company's properties also include Manitoba's first and highest-grade former lode gold producer (Laguna gold property), four additional gold-rich properties (SLG gold property, DSN gold property, Berry Creek gold property and the Lucky Jack gold property), a net smelter royalty on the Tower property (the T-1 copper deposit), and the optioned near-surface high-grade MacBride zinc deposit, located north of Snow Lake near Leaf Rapids, Man.
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