Rockcliff Commences Drill Program at Former Spruce Point Copper Mine Multiple DPEM Targets and Copper Zone to be Drill Tested
Feb 23, 2012, 08:00 ET
Trading Symbol RCR: TSXV
TORONTO, Feb. 23, 2012 /CNW/ - Rockcliff Resources Inc. ("Rockcliff") (RCR: Tier 1 TSXV) is pleased to announce that drilling has commenced at the Spruce Point Property in the Snow Lake mining camp located in central Manitoba. A minimum of 1,500m of drilling is planned to test 3 DPEM geophysical targets (T-4a, T-4b, and T-5) and an historic copper rich zone (C-1 Zone). All DPEM targets and C-1 Zone are located east of the former Spruce Point Copper mine. The Spruce Point property which includes the former Spruce Point Copper Mine is part of Rockcliff's Snow Lake Project and is hosted within the prolific Flin Flon greenstone belt, the largest Paleoproterozoic VMS district in the world.
At Spruce Point, drilling will test three DPEM targets (T-4a, T4b and T-5) recently identified in a surface DPEM geophysical survey. The T-4 targets are stacked upon each other (75m apart) and have strike lengths of +200m. They both start at vertical depth of approximately 300m and continue to a depth of over one kilometer. The T-5 target, located east of the T-4 targets has a strike length of greater than +200m and begins at a vertical depth of approximately 100m. Drilling will also test a copper rich zone (C-1 Zone, see table below) which is open in all directions with an unknown plunge direction. The C-1 Zone is located east and below the mine workings and is hosted by semi-massive to massive copper rich sulphides. All DPEM targets and C-1 Zone are high priority drill targets with massive sulphide potential.
The Spruce Point Mine was discovered in 1972 and one-650m deep production shaft was completed by 1981. Production began in 1982 and was completed in 1988 from several VMS-rich (copper, gold, zinc, silver) zones. Production figures are tabulated below.
Additional historical resources within and below the underground workings are tabulated below. The historical resources were documented in the Mineral Deposit Series Report #33 completed by the Manitoba Energy and Mines Geological Services in 1996 and by Hudson Bay Exploration and Development Company Limited (HBED) in 1992.
|Multiple zones above 650m||567,000||2.15%||1.7%||15.04g/t||1.44g/t|
|C-1 Zone(lower, central)||900,172||2.34%||----||----||----|
Although the historical resources are viewed as reliable and relevant based on the information and methods used at the time they do not satisfy the requirements set out by NI 43-101. Neither Rockcliff nor its Qualified Persons have done sufficient work to classify the historical estimates as current mineral resources and are not treating the historical estimates as current mineral resources. The historical resources should not be relied upon.
Rockcliff has the exclusive right to earn a 100% interest in the Spruce Point Property from HBED, a wholly owned subsidiary of HudBay Minerals Inc. (HBM: TSX). Rockcliff will be required to incur aggregate exploration expenditures totalling $2,400,000 over four years. Rockcliff must pay HBED an aggregate of $0.5 Million in escalating, incremental cash payments over a four year period or, with respect to $0.47 Million of the cash option payments, elect either to make an additional $0.94 Million in expenditures on the Property or issue $0.47 Million in treasury shares priced at the time of issuance. In the first year of the option, Rockcliff must pay $10,000 in cash payments and expend $200,000 on exploration on the property (completed). Once Rockcliff has earned its 100% interest in the property, HBED has one year to decide to exercise its buy back right to acquire a 55% interest in the property by paying Rockcliff 200% of Rockcliff's cash option payments paid in respect of the property and spending 200% of Rockcliff's work expenditures. HBED can increase their interest to 65% (an additional 10%) by bringing the property to commencement of commercial production and by financing Rockcliff's 35% portion, with such costs recovered from Rockcliff's share of profits realized from future production.
Rockcliff Resources Inc.
Rockcliff Resources Inc. is a Canadian resource exploration company focused on discovery and advancement of its high-quality mineral assets at its Snow Lake Project. Rockcliff presently controls the Snow Lake Project totalling in excess of 500 km2. The project includes one copper rich NI43-101 Indicated Resource (Rail), two former copper rich VMS Mines (Spruce Point and
Dickstone), one historic VMS copper deposit (Lon) and the Tower Copper Deposit. Rockcliff also controls a zinc-silver rich NI43-101 Indicated Resource (Shihan) and a portfolio of precious metal assets including one former gold mine (Century Mine) and one surface gold deposit (C-Zone) in Manitoba and the Black Gold Property in Ontario.
Ken Lapierre P.Geo., President and CEO of Rockcliff Resources Inc. is a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, and is responsible for the information in this press release.
For more information please visit our website at www.rockcliffresources.com
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.
For further information:
Rockcliff Resources Inc.
Ken Lapierre P.Geo.
President & CEO
(416) 863-9800 or (647) 678-3879
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