hudbay given notice Sudbury, Ontario--(Newsfile Corp. - October 20, 2020) - Rockcliff Metals Corporation (CSE: RCLF) (FSE: RO0) (WKN: A2H60G) ("Rockcliff" or the "Company") is pleased to announce that is has completed the required expenditures necessary for the Company to earn a 100% ownership interest in the Bur Property pursuant to the Company's option agreement with Hudbay Minerals Inc. ("Hudbay") dated September 20, 2016 (the "Option Agreement"). Rockcliff has delivered written notice to Hudbay advising the achievement of this milestone.
Rockcliff's 100% Interest in the Bur Property
- The Bur Property hosts the Bur Zinc-Copper deposit. A NI 43-101 compliant technical report was prepared on the Bur Property in 2007. Rockcliff is treating the estimate of mineral resources as an "historical estimate" under NI 43-101 and not as a current mineral resource.
- Recent drilling intercepted near surface high grade zinc-copper mineralization including 13.51% ZnEq across 3.26 metres and 15.64% ZnEq across 1.94 metres, as disclosed in the Rockcliff press release dated May 7, 2020.
- Historic and recent drilling throughout the Bur Property has encountered near surface, disseminated, semi-massive and massive sulphide mineralization below shallow overburden.
- Rockcliff has incurred +$3.0 million in expenditures required to earn its 100% interest in the property.
- Hudbay has a 12 month back-in right which expires in August of 2021. The back-in right gives Hudbay the right to reacquire a 70% ownership interest in the property, by making cash payments to Rockcliff totalling $3,000,000 plus two times the amount of expenditures incurred by Rockcliff during the back-in waiting period to a maximum of $1,500,000. If Hudbay does not exercise its back-in right, Rockcliff as the operator, shall pay 2% of Net Smelter Return Royalty from the date of the Commencement of Commercial Production.