Rockland Minerals Corp. (TSX VENTURE:RL) -
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Rockland Minerals Corp. (the "Company") reports the Company has
entered into an binding letter agreement with La Fosse Platinum
Group Inc. ("La Fosse") to option five separate mining leases
including the Blue Lake Cu-Ni-PGM "deposits" located in the heart
of the Labrador Trough, Quebec.
The agreement covers special mining leases, originally granted
to Hollinger North Shore Exploration Ltd. ("Hollinger") within the
province of Quebec. They include the Blue Lake, Jimmick, Chance
Lake, Glance Lake, Fredrickson properties and the Lac Aulneau claim
group in the Marymac area of the Labrador Trough. Historical
information is being compiled on the various mining leases and
claims and will be provided in a future announcement.
The Blue Lake "deposits" or "cluster" of disseminated Cu-Ni-PGE
bearing sulphide lenses are well documented in various reports by
government and independent geologists and have historical estimates
as follows:
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Copper Nickel Pt+Pd
Zone Reference Tonnes % % (g/t)
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Blue Lake #1 (Clark 1994) 400,000 0.99 0.66 1.13
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Blue Lake #2 (Clark 1994) 1,000,000 0.88 0.41 0.80
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Centre (Clark and Wares 2005) 1,390,000 0.77 0.59 0.90
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Pogo (Clark and Wares 2005) 1,240,000 0.96 0.49 0.71
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((i) 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.)
The total historical tonnage and weighted average of these 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.
Hollinger North Shore Exploration Ltd. was part of Iron Ore
Company of Canada (IOC) during the post-WWII exploration and
development of the iron ore deposits of the Labrador Trough, and
controlled vast mining leases granted by the Quebec government to
foster mineral development. Pioneering IOC geologist Joseph A.
Retty named Retty Lake in the late 1940's and carried out some of
the first exploration of the Blue Lake deposits. Hollinger
delineated Cu-Ni mineralization at Blue Lake in the 1950's and
1960's. During that period no precious metal assays were done on
the copper-nickel ores. In the mid-80's La Fosse Platinum Group
re-sampled Blue Lake core and discovered significant
platinum-palladium values. In 1985, La Fosse purchased Hollinger's
entire mining concession, which covered Blue Lake and other
showings in the Labrador Trough. La Fosse continued development
drilling, and drove a 350 meter underground bulk sampling adit into
one of the Blue Lake sulfide lenses in 1987, however work on the
adit and the property was cut short due to the economic climate at
the time. No work on the Blue Lake sulfide deposits has occurred
since. The acquisition of the Blue Lake mining lease presents a
major opportunity for Rockland.
Key Benefits from Rockland - La Fosse Agreement
-- Allows Rockland to begin work towards a potential 43-101
compliant resource at Blue Lake.
-- Creates the opportunity to increase tonnage through down dip
and step-out drilling at Blue Lake and make new discoveries along
fertile horizon at neighboring Retty Lake property.
-- Rockland can begin analyzing important data generated from
the Blue Lake #1 adit developed in 1985.
-- The five special mining leases present significant advantages
in rapidly developing potential mineral resources.
-- Rockland will have access to Hollinger North Shore
Exploration's world-class exploration database.
-- The Blue Lake lenses are well located, approximately 60 km
from Schefferville, where rail and airport exist.
-- Rockland will control key mining leases in several areas
throughout the Labrador Trough, making it one of the top regional
players in this world-class area.
Rav Mlait, President of Rockland states: "The acquisition of
these mining leases and claims in the Labrador Trough represents a
major milestone for Rockland. The development of Cu-Ni-Pt-Pd assets
near world-class infrastructure and in a mining-friendly
jurisdiction like Quebec, presents a significant advantage.
Investors have shown tremendous interest in Canadian projects that
are on a path to development, an example being Prophecy Platinum's
Wellgreen PGM-Ni-Cu project. Rockland now has an opportunity to
develop its own advanced mineral project starting with Blue
Lake."
Under the letter 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 of the letter agreement are subject to due
diligence, signing of a definitive option agreement and 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.
References cited for historical estimate:
Clark, T., 1994, Geologie et gites de l'Orogene du
Nouveau-Quebec et de son arriere-pays. In: Geologie du Quebec.
Ministere des Ressources naturelles, Quebec; MM 94-01, pages 47-65,
C. Dube editor, ISBN 2-551-13934-1.
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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