Trading Symbol RCR: TSXV
TORONTO, Jan. 24, 2013 /CNW/ - Rockcliff Resources Inc. (RCR: TSXV) is pleased to announce that its winter exploration program, including a minimum 1,500 meters of drilling, has begun at its Snow Lake Project located in central Manitoba. Line cutting and a DPEM geophysical survey have commenced on the Tower Property. Drilling will start in February or earlier and will begin at the former copper-zinc producer Dickstone Property then shift to the Tower Property. The Snow Lake Project is located within the prolific Flin Flon greenstone belt, host to the largest Paleoproterozoic VMS district in the world.
At Dickstone, drilling will follow-up on last year's hole RDS12-002 which intersected: 1.7% copper, 0.3g/t gold, 0.2% zinc, 6.1g/t silver across 4.2m including 2.7% copper, 0.4g/t gold, 0.3% zinc, 8.6g/t silver across 2.5m. Down hole geophysics determined that the hole hit the bottom edge of a large strong conductive anomaly which was identified north and south of the existing mine workings. The untested anomaly measured 250m wide and 800m long.
At Tower, drilling will initially focus on the T-2 Copper Zone, discovered last summer in hole TP12-025 which intersected 2.44% copper, 0.7g/t gold, 0.3% zinc, 18.2g/t silver across 4.0m including 3.3% copper, 0.8g/t gold, 24.6g/t silver, 0.4% zinc across 2.0m. It is located at the very south edge of a potential +500m long untested DPEM geophysical anomaly. Additional DPEM geophysics is in progress to assist in defining the total size and direction of the anomaly in an area of the property that has yet to see any modern exploration. The NI 43-101 T-1 Copper Deposit is located within 200m of the T-2 Copper Zone. Please refer to the press releases dated December 6, 2012 and January 22, 2013 for information on the high grade NI 43-101 resource of the T-1 Copper Deposit.
Ken Lapierre, President and CEO of Rockcliff commented, "Last year's discovery of the T-2 Copper Zone and our recently announced NI 43-101 resource of the high grade T-1 Copper Deposit outlines the tremendous potential of the Tower Property to host multiple high grade copper rich zones all located within 300m of a major all season highway and power line. Additionally, on the Dickstone Property, the large untested, strongly conductive geophysical target gives us the potential to identify significant copper rich mineralization with substantial size below existing mine workings." We are excited about the overall potential of this drill program and look forward to continued success through the drill bit!"
For additional maps of the Snow Lake Project please refer to the Company website at: www.rockcliffresources.com.
Pursuant to an exploration and option agreement with Pure Nickel Inc., to earn a 70% interest in the property, Rockcliff must pay $150,000 in incremental payments and is required to incur aggregate exploration expenditures totalling $4,000,000.
Rockcliff has recently exercised the option to earn its 50% interest by spending $2,000,000 on exploration expenditures and paying $90,000 to Pure Nickel Inc. over the last two years. Both parties will now form a joint venture and Rockcliff will earn an additional 20% in the property by spending an additional $2,000,000 (approximately $1,300,000 of which has been spent to date) in exploration expenditures and paying a total of $60,000 over the next 2 years. Once completed, Rockcliff will control a 70% interest in the property. An underlying 2% NSR on the property is held by Xstrata Nickel, of which half can be purchased for $1,000,000.
Rockcliff has the exclusive right to earn a 100% interest in the Dickstone Property from Xstrata Copper Canada, a division of Xstrata Canada Corporation (Xstrata). Rockcliff will be required to incur aggregate exploration expenditures totaling $3,500,000 over four years. If Rockcliff earns a 100% interest in the Dickstone Property, Xstrata then has a right to acquire up to a 70% interest in the Dickstone Property. Please refer to the press release dated February 22, 2011 for further details.
Samples of half core are packaged and shipped directly from Rockcliff's field office to TSL Laboratories (TSL), Saskatoon, Saskatchewan. TSL is a Canadian assay laboratory and is accredited under ISO/IEC 17025. Each bagged core sample is dried, crushed to 70% passing 10 mesh and a 250g pulp is pulverized to 95% passing 150 mesh for assaying. A 0.5g cut is taken from each pulp for base metal analyses and leached in a multi acid (total) digestion and then analyzed for copper, lead, zinc and silver by atomic absorption. Gold concentrations are determined by fire assay using a 30g charge followed by an atomic absorption finish. Samples greater than upper detection limit (3000 ppb) are reanalyzed using fire assay gravimetric using a 1 AT charge. Rockcliff inserted certified blanks and standards in the sample stream to ensure lab integrity.
The information in this news release has been reviewed and approved by Ken Lapierre P.Geo., President and CEO of Rockcliff Resources Inc., a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101.
For more information please visit our website at www.rockcliffresources.com
Rockcliff Resources Inc.
Rockcliff Resources Inc. is a Canadian resource exploration company focused on discovery and advancement of its high-quality mineral properties at its Snow Lake Project. Rockcliff presently controls the Snow Lake Project totalling in excess of 400 km2. The project includes two VMS copper rich NI 43-101 Resources (Rail and T-1 Copper Deposit), one former copper rich VMS mine (Dickstone), one historic VMS copper deposit (Lon) and the T-2 Copper Zone (Tower). Rockcliff also controls a zinc-silver rich NI 43-101 Resource (Shihan) and a precious metal property including one former gold mine (Century Mine).
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:
Rockcliff Resources Inc.
Ken Lapierre P.Geo.
President & CEO
(416) 863-9800 or (647) 678-3879
Cor Capital Inc