Rockland Completes Definitive Agreement for Blue Lake Cu-Ni-PGM Mining Lease, Labrador Trough, Quebec
30 Novembro 2011 - 12:00PM
Marketwired
Rockland Minerals Corp. (TSX VENTURE:RL) (the "Company") reports
signing of the definitive option agreement with La Fosse Platinum
Group Inc. ("La Fosse) for the Blue Lake Cu-Ni-PGM "deposits"
located in the heart of the Labrador Trough, Quebec. The option
agreement was negotiated following a binding letter agreement
announced on October 13, 2011 covering five separate mining leases
with existing non-43-101 compliant mineral resources defined by
drilling from the 1950s up until 1988. Two of the properties also
have excellent exploration potential for zinc deposits.
The agreement covers Quebec Special Mining Leases, originally
granted to Hollinger North Shore Exploration Ltd. ("Hollinger") in
the Labrador Trough area of Quebec. They include the Cu-Ni-PGE Blue
Lake cluster in the south, and extend northward to the Chance Lake,
Glance Lake, and Lac Aulneau (Marymac) ultramafic-hosted
copper-nickel-platinum-palladium occurrences at the base of folded
peridotite sills in the Labrador Trough. The Jimmick and
Fredrickson Cu-Ni-Zn mineralization lies within a distinctive
"leopard rock" with a glomeroporphyritic gabbro texture, known to
be a favourable exploration target in this part of the Labrador
Trough. All these Quebec Special Mining Leases were first granted
by the Province to the Iron Ore Company of Canada following the end
of World War II. A quick search of the literature will confirm that
these are among the best Cu-Ni-PGE mineral showings in the southern
Labrador Trough.
The total historical tonnage and weighted average of the 4 main
deposits, plus smaller lenses at Blue Lake is 4.03 Mt at 0.85% Cu,
0.52% Ni and 0.84 g/t Pt+Pd. These deposits are well documented in
various reports by government and independent geologists and have
historical estimates as follows:
----------------------------------------------------------------------------
Pt+Pd
Zone Reference Tonnes Copper % Nickel % (g/t)
----------------------------------------------------------------------------
Blue Lake #1 (Clark 1994) 400,000 0.99 0.66 1.13
----------------------------------------------------------------------------
Blue Lake #2 (Clark 1994) 1,000,000 0.88 0.41 0.80
----------------------------------------------------------------------------
Centre (Clark and Wares 2005) 1,390,000 0.77 0.59 0.90
----------------------------------------------------------------------------
Pogo (Clark and Wares 2005) 1,240,000 0.96 0.49 0.71
----------------------------------------------------------------------------
Total Weighted Average 4,030,000 0.85 0.52 0.84
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(All grades and tonnages presented in this press release are historical and
are not NI 43-101 compliant. Please see section on historical estimates
below.(i))
Historical information is being compiled on the Jimmick, Chance
Lake, Glance Lake, Fredrickson mining leases and the Lac Aulneau
claims and will be provided in a future announcement.
Recently, the Company announced partial drill results from its
neighboring Retty Lake property. The results confirm the presence
of strongly anomalous copper, nickel platinum and palladium in the
target rocks of the Retty Lake middle peridotite sill. This middle
peridotite unit hosts the adjacent Blue Lake Cu-Ni-PGE deposits.
Drilling results also confirm the existence of "stacked" Cu-Ni-PGE
mineralization in multiple horizons, similar to new discoveries in
the southern Raglan Belt in Quebec's Ungava region. The drilling at
Retty Lake also reported 2 meters of 444 g/t Ag and 0.19% Cu
occurring in sulfide-rich black shales.
Under the option agreement, the Company can acquire a 55%
interest in the Property over a 4 year period by making cash
payments totaling $350,000 and issuing an aggregate of 5 million
common shares and by spending $4.5 million in exploration on the
property. The terms still require approval of the TSX Venture
Exchange.
Historical Estimate
(i) The historical resources referred to in this press release
are based on work completed and estimates prepared by La Fosse
Platinum Group prior to the existence of National Instrument 43-101
and therefore not prepared in accordance with National Instrument
43-101. The Company considers the historical resource estimates
relevant and reliable. The Company is not treating the historical
resource estimate as a current mineral resource. A Qualified Person
has not done sufficient work to classify the historical estimate as
current mineral resources.
These historical estimates do not have categories used in
sections 1.2 and 1.3 of National Instrument 43-101. The Company is
currently studying what future steps will be required to upgrade or
verify the historical estimate presented above. Reference cited for
historical estimate: Clark, T., and M. Wares, 2005 Lithotectonic
and metallogenic synthesis of the New Quebec Orogen (Labrador
Trough): Ministere des Ressources naturelles, Quebec; MM 2005-01,
175 p.
George F. Sanders, P.Geo, a director of the Company, is the
Qualified Person under NI 43-101 responsible for the technical
content of this News Release.
We seek Safe Harbor.
On behalf of the Board of Directors
Rav Mlait, President and CEO
Rockland Minerals Corp.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Rockland Minerals Corp. Rav Mlait President and CEO
(604) 551-7831 604-676-2767
(FAX)info@rocklandminerals.cawww.rocklandminerals.ca
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