Mining Report: Rockcliff reaches Wekusko Lake deals

Rockcliff announced July 26 that the company has entered an agreement with Kinross Gold Corporation on the Laguna and Lucky Jack gold properties.

Both are located on the southeast shore of Wekusko Lake, about 15 kilometres away from Snow Lake.

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First mined over a century ago and mostly untouched since 1944, the Laguna gold property was home to Manitoba’s first gold mine and has been reported to be a high-grade gold deposit.

A press release issued by Rockcliff states that Kinross will have the right to earn a 70 per cent interest in both properties by spending at least $5.5 million to explore the sites over the next six years. The company has already committed to spend $1.25 million to explore the site in the first and second years of the deal.

Rockcliff received a $150,000 payment from Toronto-based Norvista Capital to close the sale of the Talbot property and option agreement.

The sale enables Rockcliff to consolidate its outstanding capital and move ahead with a $2.4 million private placement.

The company plans to issue just under 54 million shares after the consolidation and before the placement financing. After the placement, the company will consist of just under 84 million common shares – exactly 30 million more.

Money raised through the financing will go toward funding further exploration for Rockcliff’s Manitoba properties, including those near Snow Lake.

The consolidation and financing are expected to close by August 16.

 

McIlvenna Bay

Foran Mining Corporation has begun a summer drilling program at its McIlvenna Bay property west of Flin Flon.

In a press release issued on July 26, the company states that more than 30 people are at the site carrying out a combined 11,000 metres of drilling. Four drills will be used to carry out the campaign.

Earlier this summer, the company raised about $9.4 million in gross proceeds after two rounds of private placement financing, bolstered by ongoing work on the McIlvenna Bay project.

The project is primarily geared toward zinc and copper discovery.

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