Oct 30 2010
Rockcliff Resources Inc. (RCR: TSXV) has announced that it has acquired an option to earn a 100% interest in the Black Gold Property located 75 km southeast of Timmins and 30 km northwest of Kirkland Lake, Ontario.
Prospecting and surface sampling identified high grade and widespread gold values in grab samples from surface outcrops, trenches and pits ranging from 0.60g/t gold to 51.19g/t gold. Visible gold was identified in outcrop. Initial exploration will focus on the property's open pit potential.
The north-south trending outcrop exposure was approximately 60 m long by 10m wide then surrounded by glacial overburden. The gold bearing system at Black Gold is associated with an altered pyritized quartz stockwork hosted within altered pyritized, sheared mafic volcanic rocks. Both the quartz stockwork and the host mafic volcanic rocks carry significant gold values.
Rockcliff's President and CEO commented, "The Black Gold property will initially be explored for its open pit gold potential. The property has excellent infrastructure and can be explored and drilled year round. We have acquired a land package that hosts underexplored high grade gold outcrops with visible gold in the heart of the Timmins-Kirkland Gold Mining Camp. A surface exploration program is planned in the coming months at Black Gold."
Rockcliff can acquire a 100% interest in the Black Gold Property by paying an aggregate of $250,000 cash and issuing 1,000,000 shares over a 4 year period. Expenditures over 4 years total $500,000 with a minimum $50,000 in expenditures in any year. The vendors will retain a 3% NSR on the property of which one third can be purchased at any time for $1,000,000 and the remaining 2% NSR will be subject to a first right of refusal in favour of Rockcliff. An advance royalty payment of $50,000/year begins after a positive feasibility study has been completed. The transaction is subject to TSX Venture Exchange approval.
Ken Lapierre P.Geo., President and CEO of Rockcliff Resources Inc., a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, is responsible for the information in this press release.