Rockcliff Metals has announced that a first phase drill program will commence on the high-grade Laguna Gold Property located in Snow Lake, Manitoba.
The Laguna Gold Property hosts the past producing Rex-Laguna Mine that was Manitoba’s first and highest-grade gold mine. The 2,500 metre drill program marks the first drill program on the property in over 70 years.
Rockcliff’s President & CEO, Ken Lapierre, stated: “We look forward to testing the gold potential at the Laguna Gold Property and are excited to be partnered with Kinross on the property.
“The high-grade gold potential is evident on the property where over 100,000 tonnes grading 18.7 g/t gold was mined mostly during the 1930s.; The drill program will focus south of the former high-grade gold mine where additional quartz veins were discovered this fall carrying visible gold and sulphides. Additionally, these veins are coincident with Induced Polarization (IP) geophysical anomalies that are identified to depths of up to 250 metres.”
Laguna Gold Property
The gold mineralization on the Laguna Gold Property is controlled by thrust faults attributed to the major regional Crowduck Bay Fault which crosses the entire length of the Laguna Gold Property.
The gold-rich quartz veining and stockwork systems along the northwest limb of the Herb Lake Syncline typically occur where the faults intersect quartz-feldspar and biotite porphyry stocks that intrude Missi Group sedimentary and volcanic rocks. Quartz, iron carbonate-albite-sericite alteration commonly overprint peak regional metamorphic assemblages within gold-bearing vein margins. Mineralization in quartz and surrounding quartz stockwork wall rock consists of pyrite, arsenopyrite, chalcopyrite, sphalerite, galena, pyrrhotite and native gold.
Rockcliff’s initial reconnaissance exploration program in 2016-17 identified 7 historical surface high-grade gold-rich quartz zones with multiple areas of visible gold and surface grab sample assays from trace to over 600 g/t gold. Follow-up geophysical programs including airborne magnetics and surface IP surveys covering the 6.0 kilometre long Laguna Gold Mine Trend identified significant potential extensions of the known surface gold-rich quartz zones along strike below a thin veneer of cover.
IP anomalies associated at surface with the quartz zones extend to depths of 250 metres, the maximum penetration of the IP survey. The Fall exploration program uncovered numerous additional quartz-rich gold-bearing zones, some with visible gold that will be tested in the first phase drill program.
Definitive Option Agreement (DOA) for Laguna and Lucky Jack Gold Properties
The main terms of the DOA, dated July 19, 2018, provide Kinross with the right to earn a 70% interest in both properties by spending a minimum of C$5.5M in exploration expenditures over six years. Kinross is committed in the first and second year to aggregate minimum expenditures totalling $1,250,000. Rockcliff will act as operator.
Source: Company Press Release