VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/19/13 -- Rockland Minerals Corp. (TSX VENTURE: RL) (the "Company") is pleased to announce it has entered into an agreement to complete a 100% earn-in on the Retty Lake, Cu-Ni-PGM property, Labrador Trough, Quebec. Rockland will pay (optionor) Ernest D. Black a final payment of 1,600,000 common shares to compete the option.
The Retty Lake claims surround the historical Blue Lake Cu-Ni-PGM massive sulfides and contain strongly mineralized showings on-trend, most notably at Starr Lake (Lac Retty Ouest), and at Berry Lake, adjacent to Anglo American's large claim block. Geological studies based on new Rockland drilling are beginning to define intrusive centres and magma conduits feeding the Retty Lake ultramafic complex. Sulphur-contamination of these ultramafic peridotite magmas by assimilation of black shales, rich in iron sulfide, created the Cu-Ni-PGM deposits. In a scenario very similar to the Southern Raglan Belt further to the north, the best mineralization occurs in the intrusive centres which are "refreshed" with new ultramafic magmas. These multiple events led to accumulation of massive Cu-Ni-PGM sulfides at the base of the intrusive sills, which have been intercepted in drilling at Blue Lake, Starr Lake and Berry Lake. Regional copper-palladium trace element geochemistry points to strong discovery potential in these areas, as well as the Lost Lake, Nancy Lake and Terrier Lake zones, which contain broad intercepts up to 30 metres thick of anomalous Cu-Ni-PGM sulfides believed to be at the fringes of additional massive sulfide lenses. New graphics on the Retty Lake targets will be posted to rocklandminerals.ca.
Rockland had approximately $620,000 in work commitments remaining on the Retty Lake property and the final share payment to E.D. Black will eliminate the work commitment. The amended option agreement is subject to TSX Venture Exchange acceptance. Mr. Black will retain a 3% NSR on the property that is subject to a buy-back right of the Company to repurchase the NSR for $3,000,000. 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 THE 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.
Rockland Minerals Corp.
President and CEO
(604) 676-2767 (FAX)
Most Popular Stories
- World Bank: Rich Countries Must Curb Emissions
- Airport Garners Social Media Award
- Social Media Campaign Increases Organ Donor Registrations
- What Will Happen When Quantitative Easing Ends?
- Immigration Reform Would Decrease U.S. Budget Deficit
- MillerCoors Taps New Hispanic Ad Agency
- Aetna Leaving California's Individual Health Insurance Market
- Conference Slated for Hispanic Tech Startups
- Tea Party Wants to 'Audit the IRS'
- Calories Count: Starbucks to Post the Numbers on Menu Boards