Rockliff Resources (RCR-V) has completed the first phase of drilling at the Rail property, which forms a part of Rockliff’s Snow Lake VMS project in central Manitoba. A total of 5,871 metres in 27 surface drill holes have been completed.
Rockliff highlights assay results from four holes: hole 25 returned 5.5 metres grading 2.14% copper and 2.09% zinc from a depth of 137 metres, including 1.8 metres of 5.16% copper and 4.91% zinc; hole 27 cut 8.2 metres of 1.36% copper and 0.08% zinc from a depth of 159 metres, including 3.2 metres of 2.19% copper; hole 24 returned 3.2 metres of 1.13% copper and 1.03% zinc from a depth of 89 metres, including 0.3 metre of 3.7% copper and 5.36% zinc; hole 26 returned 1.4 metres grading 1% copper and 0.15% zinc. Gold grades in the four holes range from 0.02 to 0.88 gram gold per tonne.
The drilling has intersected potentially continuous volcanogenic massive sulphide (VMS) -style mineralization across a north-south strike length of over 500 metres and to a vertical depth of 300 metres. Geophysical testing indicates that mineralization is open along strike and at depth.
The VMS mineralization is associated with juvenile arc rocks, the same type of rocks that presently host all of the mined VMS deposits in Manitoba’s Flin Flon and Snow Lake camps.
The Rail property VMS mineralization consists of stringers and massive sulphide lenses of pyrite, pyrrhotite, chalcopyrite and sphalerite. The mineralization is associated with a 5-km-long conductive horizon hosting a pervasive, highly altered juvenile arc rock package. Rockliff’s drilling has intersected VMS-style mineralization within and beyond the limits of the historical Rail VMS deposit.
The historical Rail VMS deposit averages 1.6 metres wide, with a strike length of approximately 300 metres and a vertical depth of 150 metres. Rockliff says its drilling suggests that the Rail VMS deposit is more extensive than previously interpreted, and that additional drilling will be required to define the limits of the Rail VMS deposit and surrounding VMS mineralization. Additional drilling in 2008 will focus on delineation.
Rockliff can earn 100% interest in the Rail property from HudBay Minerals (HBM-T). If Rockliff earns its interest, HudBay will receive a 2% net smelter return royalty, and has the right to back in to a 65% interest.
On April 7, Rockliff has announced a private placement of $5 million, comprising up to 5.7 million flow-through shares at $0.70, and up to 1.5 million units at $0.65. Each unit consists of one share and half a warrant. Each whole warrant entitles the holder to acquire one share at $0.95 for 24 months.
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