Mining report: Rockcliff, Callinex, Far announce northern progress

Rockcliff Metals has been on a transaction spree, inking deals with two financial institutions and increasing their real estate in northern Manitoba.

The Toronto-based mining company announced Feb. 22 that it had agreed to a transaction with Greenstone Resources and an asset transfer with Norvista Capital Corporation.

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Greenstone, a London-based private equity firm specializing in metals and mining financing, will pump just less than $7.5 million in common share purchases into Rockcliff’s coffers. The money will go toward drilling and a pre-feasibility study for Rockcliff’s Talbot and Tower projects, as well as a drilling campaign throughout several of the company’s northern Manitoba deposits. The campaign will continue through 2019 and 2020.

Both the Talbot and Tower properties are located about 50 kilometres north of Grand Rapids and about 80 kilometres south of Snow Lake, not far from Highway 6.

Meanwhile, Rockcliff also announced an asset purchase agreement with Norvista Capital Corporation through a mining company that Norvista owns a majority stake in, Akuna Minerals. Rockcliff is set to buy 100 per cent of Norvista’s interest in the Talbot property, 100 per cent of their interest in the Tower property and 100 per cent of their interests in the former Bucko Lake mine facility near Wabowden.

One representative from both Greenstone and Norvista will join the board of directors of Rockcliff after the transaction is finalized, along with two other representatives and current company CEO Ken Lapierre.

Rockcliff also acquired a seven-year lease on processing for the Bucko Lake mine mill and tailing storage facilities and announced plans to update the resource estimate for the Tower property.

The transactions with Greenstone and Norvista are scheduled to be finalized by April.

Earlier in February, Rockcliff announced it was kicking off a 15-hole drill campaign on the company’s Bur zinc property in northern Manitoba. The company co-owns the property with Hudbay, but may be able to earn a 100 per cent interest in the site at a later date.

Callinex

Vancouver-based mining company Callinex has started work at their Pine Bay project, announcing a new run of surveys on the site.

The company, working with Quebec surveying company Abitibi Geophysics, plans to conduct deep penetrating induced polarization in the area with intentions of finding new mineralization locations on the property that may contain high-grade copper and zinc. Callinex has conducted aerial surveys and drilling at the project, located between 15 and 20 kilometres east of Flin Flon, in recent years.

“The goal of the survey is to model lowly conductive pyrite that has the potential to host high-grade zinc, copper, gold and silver mineralization. Previous exploration discovered multiple pyrite-rich massive sulphide intersections that are very poorly conductive and as a result traditional electromagnetics has been an ineffective vectoring tool in this geological environment,” read a letter to Callinex shareholders released earlier this year.

“The discovery of an economic deposit is critical for the future for the community of Flin Flon, where Hudbay’s 777 mine will be shut down in three years and no new discovery has been made to fill the impending void.”

Far

Far Resources announced a recent drilling campaign has found some success; the discovery of five new pegmatite dikes at their Zoro project near Snow Lake.

The discovery of the five new dikes brings the company’s total to 13 at the site, including some with significant amounts of spodumene and tantalite, two lithium-heavy minerals.

Far, a Vancouver-based mining company, announced the results on Feb. 19.

Far operates about 3,000 hectares of land near Snow Lake. Sample collection and testing is ongoing for the site.

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