An expanded drilling campaign at Rockcliff’s Rail deposit, located near Snow Lake, has gotten underway after assay results from a previous drill campaign found high-grade copper mineralization.
Results from 20 drill holes completed late last year have showed what the company said shows high copper-equivalent values – 13.65 per cent across 2.4 metres and 10.57 per cent across 2.03 metres.
The drill program will be focused on finding further copper mineralization under the Rail deposit, south along the strike of the deposit to a vertical depth of around 600 metres.
“These results continue to confirm our belief that the Rail property will be shown to be a viable mine as we continue to generate and collect drill hole data for the preliminary economic assessment, to be completed in the second quarter of this year,” said Rockcliff president and chief executive officer Alistair Ross in a press release.
The company has also announced plans to complete a 70,000 metre drill program at its copper properties through 2020, continuing a previous drilling campaign from 2019. The campaign is focused on what Rockcliff representatives have referred to as the company’s “advanced-stage deposits” as well as other high-grade copper deposits.
Advanced-stage and exploration drilling will be included in the new campaign.
Flin Flon-based Copper Reef is taking a step to raise enough money to further research on northern targets.
The company announced a private placement financing deal to raise $1.5 million to finance projects around Flin Flon. In total, Copper Reef plans to offer more than two million common shares through the company at 48 cents apiece – $1 million in all – and 1.6 million common shares at 30 cents each – $500,000 in total – along with a strategic investment from Robert Cudney, a member of Copper Reef’s advisory board and a president and chief executive officer for investment firm Northfield Capital.
"The expected significant investment from Mr. Cudney is a strong endorsement of Copper Reef’s portfolio of base metal and precious metal prospects in northwest Manitoba and northeast Saskatchewan. This financing puts us in a strong financial position and allows the company to advance its priority exploration assets," said company president and CEO Stephen Masson.
With the proceeds from the offering, Copper Reef plans to drill as many as 16 exploration drill targets in its two main areas – the Hanson Lake camp in northern Saskatchewan and the company’s Flin Flon camp. Further research on the sites will include geological and ground geophysics, as well as a ZVTEM airborne survey, is also planned for the target sites. The rest of the funds will be used for what the company described as “general working capital purposes.”