A northern Manitoba mineral deposit will get a closer look following a pending sale.
Rockcliff Resources has agreed to sell its 70 per cent interest in the Tower Property to Akuna Minerals for cash, expenditure commitments and a Net Smelter Returns Royalty (NSR).
The Tower Property totals 9,530 hectares. It is located about 120 km south-southeast of Snow Lake and hosts the T-1 deposit.
A guideline-compliant report shows the T-1 deposit contains 1.08 million tonnes of ore in the “indicated” category.
The grades are 3.73 per cent copper, 1.05 per cent zinc, 17.28 grams of silver per tonne and 0.55 grams of gold per tonne.
In the less reliable “inferred” category, T-1 has 1.25 million tonnes of ore grading 2.00 per cent copper, 1.02 per cent zinc, 9.78 grams of silver per tonne and 0.27 grams of gold per tonne.
Akuna’s purchase of Rockcliff’s interest in the property is scheduled to close on or before June 30.
The agreement provides for a $250,000 cash payment to Rockcliff on closing, at which time the 70 per cent interest is to be transferred to Akuna, and Rockcliff will retain a 1.5 per cent NSR in any future production from the property.
Akuna is then required to spend at least $500,000 on a drill program on the T-1 deposit by December 31, 2015 and deliver a report on the program by February 28, 2016.
Among other requirements, Akuna must also complete a preliminary economic assessment of T-1 within six months of the transaction closing.
Note: Neither the TSX Venture Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of information supplied by Rockcliff.
