Rockcliff Metals has entered into a letter of intent (LOI), to be followed by a formal Purchase Agreement, with RNC Minerals to acquire fourteen properties located in Snow Lake, Manitoba.
The Acquisitions from RNC’s wholly-owned subsidiary, VMS Ventures Inc., is in consideration for the issuance of 2,225,000 common shares of Rockcliff to RNC. Red Cloud Klondike Strike Inc. acted as financial advisor to Rockcliff.
Rockcliff’s President & CEO Ken Lapierre stated: “the Company could not pass on the opportunity to purchase 100% interest in quality properties immediately adjacent to our existing property portfolio, including a historical high-grade VMS deposit. With no near-term expenditure requirements and $4.0M in banked assessment credits from previous exploration to draw on, Rockcliff has significantly upgraded its portfolio in the world-class VMS and gold-rich camp.
“We are presently completing an extensive due diligence on all 14 properties. Once completed, we look forward to finalizing the formal Purchase Agreement and adding these assets to Rockcliff’s extensive property portfolio in and around Snow Lake, Manitoba.”
Rockcliff is the largest junior landholder in the Flin Flon-Snow Lake greenstone belt (“Belt”) which is the largest Paleoproterozoic VMS district (copper, gold, zinc, silver) in the world and also contains gold mines and deposits.
The Acquisitions are subject to a number of conditions standard for a transaction of this nature, including, but not limited to, satisfactory completion of due diligence by Rockcliff, approval by the TSX Venture Exchange and execution of a formal Purchase Agreement on or before January 31, 2019.
Source: Company Press Release