Rockcliff Metals (TSX.V: RCLF) announced that it is about to kick off a first phase drill program on its 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.
In a press release, the Toronto-based miner explained that gold mineralization on Laguna is controlled by thrust faults attributed to the major regional Crowduck Bay Fault which crosses the entire length of the property.
"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-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," the brief reads. "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," the document adds.
In the press release, Rockcliff's President and CEO, Ken Lapierre, said that the testing of the gold potential at Laguna is being carried out in partnership with Kinross Gold (TSX:G) (NYSE:KGC). He also praised the features of 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 geophysical anomalies that are identified to depths of up to 250 metres," Lapierre said.
Under a Definitive Option Agreement signed last July, Kinross has the right to earn a 70% interest in Laguna Gold, as well as in other property called Lucky Jack, both operated by Rockcliff. In order to do so, Kinross has to spend a minimum of C$5.5 million in exploration expenditures over six years.