Trading Symbol RCR: TSXV
TORONTO, Feb. 23 /CNW/ - Rockcliff Resources Inc. (RCR: TSXV) is pleased to announce that it has acquired through staking and property acquisition, two additional 100% owned VMS properties. Both properties form part of Rockcliff's Snow Lake Project located in central Manitoba. The first property adjoins Rockcliff's Rail Property north of where continued drilling has intersected high grade, copper-gold mineralization associated with the north trending Rail Zone. The new "Rail North" Property is strategically located approximately 2.5km north of the Rail Zone. The second property adjoins Rockcliff's Red VMS Property and is located approximately 1km west of the former producing Spruce Point VMS Mine. The Red Property hosts numerous VMS targets with copper-gold potential. Both properties host juvenile arc assemblage rocks, the same rock assemblage that hosts all of the VMS mines in the Flin Flon and Snow Lake mining camps.
The Rail North Property was acquired through staking. The property is located along strike and north of the north-trending Rail Zone and is considered a strategic addition to Rockcliff's Snow Lake Project. The property is located approximately 2.5km north of Rockcliff's recent drilling on the Rail Zone which intersected high grade copper-gold mineralization including 4.74m grading 9.02% copper, 3.46g/t gold, 1.62% zinc and 36.5g/t silver and 3.62m grading 5.05% copper, 1.76g/t gold, 2.77% zinc and 19.4g/t silver.
To earn its interest in the Red Property, Rockcliff must maintain the property in good standing and issue 100,000 Rockcliff shares over four years. The vendor will retain a 2% NSR of which Rockcliff can buy half for $500,000 and will have the right of first refusal on the remaining half. The Red Property is strategically located along the same favourable VMS trend that hosts the Lon, Rail and Reed Deposits and the former producing Spruce Point Mine. The Red Property is located approximately 1km west of the Spruce Point Mine and contains multiple VMS targets. One of these, a 500m long geophysical target, was tested with a single historic hole that intersected two zones hosted in strongly altered, sericite-cordierite-chlorite (VMS alteration) rhyolites with 1 to 10% chalcopyrite (copper-bearing) mineralization. One of the zones averaged 0.58% copper, 0.13g/t gold across 6.0m, including a narrow stringer grading 2.19% copper over 0.1m. This transaction is subject to regulatory approval.
Rockcliff is also pleased to announce that a second drill rig has been mobilized and will begin drilling shortly on the Reed Lake Property located southwest of Snow Lake. Drilling will focus on a series of deep, off-hole anomalies located in last winter's drill program. Borehole geophysics (BHPEM) outlined four off-hole anomalies at vertical depths of 500m, 750m, 880m, and 930m. The anomalies are hosted in juvenile arc rocks and are indicative of multiple, stacked, highly conductive lenses with conductivities typical of massive sulphide mineralization. Additional properties are planned to be drilled in this winter program.
Rockcliff has the exclusive right to earn a 100% interest in the Rail and Reed properties from Hudson Bay Exploration and Development Company Limited (HBED), a wholly owned subsidiary of HudBay Minerals Inc. (HBM: TSX). If Rockcliff earns its interest in the Rail and Reed properties, HBED will receive a 2% Net Smelter Return Royalty in each of the properties. If Rockcliff earns a 100% interest in the Rail and Reed properties, HBED then has a right to acquire up to a 65% interest in the Rail and Reed properties. Please refer to the Press Release dated March 23, 2007 for further details.
Rockcliff Resources Inc.
Rockcliff Resources Inc. is a Canadian resource exploration company focused on discovery and advancement of its high-quality mineral assets on its Snow Lake Project. Rockcliff presently controls the Snow Lake Project totalling in excess of 600km(2) of which approximately 440km(2) is 100% owned by Rockcliff and located within and proximal to the Snow Lake Camp. The project presently includes five historical VMS deposits (Lon (100%), Rail, Reed, Kof and Sylvia), the former producing Century Gold Mine (100%), the Squall, Tramping, Jackfish, Rail North, Red properties (all 100%), the Tower VMS property and additional areas with potential for VMS and gold mineralization. Rockcliff also controls the Shihan VMS Project (100%) located in Northern Ontario.
Additional maps and information of the property are now available on the Company website at www.rockcliffresources.com.
Peter Wood, P.Eng., P.Geo., VP Exploration of Rockcliff, a Qualified Person under the definition of National Instrument 43-101, is responsible for the technical information in this news release.
Forward Looking Statement:
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Rockcliff undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
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.
SOURCE Rockcliff Resources Inc.
For further information: For further information: please visit our website at www.rockcliffresources.com or contact Ken Lapierre, P.Geo., President and CEO of Rockcliff Resources Inc. at (416) 863-9800 or at firstname.lastname@example.org