Rockcliff Metals Corp. [RCLF-CSE; ROO FSE; A2H60G-WKN] shares rallied Tuesday March 31 after the company released an updated resource estimate for its 100%-owned Rail deposit in central Manitoba.
Rockcliff is a well-funded Canadian resource development and exploration company with a fully functional 1,000 tonne-per-day leased processing and tailings facility as well as several advanced stage high-grade copper and zinc dominant VMS (volcanogenic massive sulphide) deposits in the Snow Lake area of Manitoba.
In May, 2019, Rockcliff said it has raised $20.8 million in flow-through funding and another $7.8 million in hard dollar funding, bringing the total raised to $28.7 million.
Rockcliff is the largest junior landholder in the area, controlling over 4,500 km2. Itâ€™s portfolio of properties includes eight of the highest-grade, undeveloped volcanogenic massive sulphide (VMS) deposits and five lode-gold properties held by Goldpath Resources Corp., a unit of Rockcliff, including the historic Rex-Laguna gold mine, which has been optioned to Kinross Gold Corp. [K-TSX; KGC-NYSE].
The Rail Deposit is located within trucking distance of Rockcliffâ€™s processing facility and is part of the companyâ€™s property portfolio in Snow Lake. The company said highlights from the updated estimate include a 42% increase in the indicated tonnes to 1.17 million tonnes, grading 3.52% copper equivalent.
The inferred tonnage has also increased to 730,000 tonnes at 4.09% copper equivalent (containing 50 million pounds of copper).
Rockcliff shares advanced on the news, rising 37.50% or $0.015 to 5.5 cents on volume of 260,581. The shares are currently trading in a 52-week range of 19 cents and $0.04.
â€œWe are very pleased that the successful drill program at Rail has added substantially to the Rail Indicated classification tonnage,â€ said Rockcliff President and CEO Alistair Ross.Â â€œThey have also identified over 730,000 tonnes of new, high-grade inferred tonnage,â€ he said.Â Ross said the Rail deposit remains open along strike and at depth and several additional nearby copper targets remain untested.
â€œWe look forward to the completion of a preliminary economic assessment of the Rail deposit before the end of the second quarter of 2020,â€ he said.
In September, 2019, Rockcliff said it had commenced a 100,000-metre drilling program on its Snow Lake Project, marking the first step in implementing a strategy aimed at gaining sufficient knowledge of several resources that will allow the company to choose the optimal project to take into production at the earliest opportunity.
â€œOur aim is to begin treating material through our leased mill as soon as possible,â€ Ross said.
The company said the 16-month drill program would initially focus on enhancing several advanced-stage deposits.
On Tuesday, Rockcliff said the new mineral resource estimate considered drilling information available up to February 10, 2020. It said a total of 97 drill holes (totalling 32,767 metres) were reviewed from the entire database.