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Developer Rockcliff Metals has met the required exploration spend to earn a 100% interest in the 39.8-sq.-km Bur copper-zinc property in Manitoba, 28 km from the town of Snow Lake.
To earn this stake, Rockcliff spent approximately C$3 million on exploration at the site. Hudbay Minerals does have a 12-month back-in right on the asset, which expires in August 2021. In order to reacquire a 70% interest in Bur, the producer would need to pay Rockcliff C$3 million, and twice the exploration spend incurred over the back-in waiting period, to a maximum of C$1.5 million. If Hudbay does not exercise the back-in option, Rockcliff would need to pay the major a 2% net smelter return royalty on any commercial production from the project.
Bur includes a historical resource of 1.1 million indicated tonnes, at 8.6% zinc, 1.9% copper, 12.1 g/t silver and 0.05 g/t gold
In May, Rockcliff announced results from the fourth-phase drill program at Bur, reporting shallow, high-grade intercepts from underexplored areas. Drill highlights from this work include 3.3 metres of 6.68% zinc, 2.34% copper, 0.04 g/t gold and 16.79 g/t silver (13.51% zinc-equivalent) from 92.7 metres; and 1.9 metres of 9.98% zinc, 1.9% copper, 0.02 g/t gold and 10.72 g/t silver (15.64% zinc-equivalent) starting at 90.5 metres.
Bur includes a historical resource of 1.1 million indicated tonnes, at 8.6% zinc, 1.9% copper, 12.1 g/t silver and 0.05 g/t gold; and 302,000 inferred tonnes, at 9% zinc, 1.4% copper, 9.6 g/t silver and 0.08 g/t gold. The volcanogenic massive sulphide deposit remains open.
The property is road-accessible and includes an existing portal.
Rockcliff Metals has interests in three mineral properties in the Snow Lake area of central Manitoba, within the Flin Flon-Snow Lake greenstone belt, which include current mineral resources and lie within trucking distance of a leased mill and tailings facility.
(This article first appeared in the Canadian Mining Journal)
