Kinross earns 70% interest in historic Manitoba's first gold mine
(Kitco News) - Rockcliff Metals (CSE: RCLF) announced Thursday that an affiliate of Kinross Gold has earned a 70% interest in the Laguna/Lucky Jack/Puella Bay properties in Snow Lake, Manitoba.
According to the company's statement, pursuant to the July 2018 option agreement, Kinross has earned a 70% interest in Laguna by completing expenditures in excess of the required C$5,500,000 ahead of the third year anniversary of the six year option agreement. Rockcliff retains a 30% participating interest in Laguna.
"Having Kinross earn in so early on their option to the level of forming a joint venture on the Laguna property confirms our belief of the high gold prospectivity of this land package. We look forward to seeing more encouraging results from this year's program currently underway," said President and CEO Alistair Ross.
Laguna is located in the Flin Flon-Snow Lake Greenstone Belt which is host to volcanogenic massive sulphide (copper-zinc) and primary gold mines and deposits. Laguna hosts the historic Rex-Laguna gold mine, Manitoba's first and highest-grade former gold mine. Discovered in 1914, periodic gold mining up to 1940 produced over 60,000 ounces of gold with an average grade of 16.7 g/t.
Rockcliff is a Canadian resource development and exploration company, with a +1,000 tonne per day leased processing and tailings facility as well as several advanced-stage, high-grade copper and zinc dominant VMS deposits in the Snow Lake area of central Manitoba, Canada.