Trading Symbol RCR: TSXV
TORONTO, Feb. 6, 2014 /CNW/ - Rockcliff Resources Inc. ("Rockcliff") (TSXV: RCR) is pleased to announce that drilling has commenced on the Tower Property, central Manitoba. Drilling is targeting conductive DPEM anomalies near the existing remobilized high grade T-1 Copper Deposit. Rockcliff's previous airborne and surface geophysics have now identified four (4) undrilled DPEM (Deep Penetrating Electro Magnetic) anomalies associated along the flanks of a magnetic body located east and proximal to the high grade T-1 Copper Deposit. Initial drilling will focus on anomaly #1 of four (4), identified as a coincident mag and strongly conductive DPEM anomaly located within 1.5 kms of the deposit, major highway and two sets of active power lines. The DPEM anomalies are interpreted as the potential source of the remobilized massive sulphides of the deposit. Mineralization targeted is high grade copper with secondary zinc, gold and silver (VMS) mineralization.
A minimum 1,000 meter drill program is now underway at the Tower property. Additional recent DPEM geophysical surveys were completed over anomaly #1, which will be the initial target of the drill program. The remaining three (3) anomalies will be tested in a later program. Drilling will determine if anomaly #1 is the source of the remobilized high grade massive sulphides of the T-1 Copper Deposit (see below table for the NI 43-101 T-1 Deposit Resource). Anomaly #1 is interpreted as a highly conductive +600m long, north-south trending, moderately flat west dipping, untested anomaly associated along the flanks of a magnetic body. It is classified as a Priority one (1) VMS target. A minimum of two to four holes are anticipated to be completed by the end of February with results announced thereafter.
Additional geophysical maps from recent surveys can be found at www.rockcliffresources.com.
Outlined below is the National Instrument (NI)43-101 Mineral Resource Statement, T-1 Copper Deposit, Manitoba, completed by Caracle Creek International Consulting Inc., dated December 2, 2012. The deposit remains open in all directions.
|Resource Category||Tonnes||Cu (%)||Zn (%)||Ag (g/t)||Au (g/t)||Contained Pounds-Cu|
- CIM definitions were followed for the estimation of mineral resources.
- Mineral resources are estimated at a Cu cut-off of 0.5%.
- Cut-off grade was based on a copper price of US$3.63 per pound.
- Given the tonnage, grade and orientation of the deposit, Caracle Creek considers the T-1 Copper Deposit to be reasonably amenable to extraction using underground mining methods.
- Specific Gravity measurements were taken on a portion of the samples and where actual measurements were not available an average of 3.00 was used.
- Mineral resources are not mineral reserves and do not have demonstrated economic viability.
- The report entitled "Independent Technical Report, Tower Property, Grand Rapids, Manitoba" dated January 20, 2013
(the "Tower Deposit Report") was prepared by Zsuzsanna Magyarosi, Julie Selway, Jason Baker and Julie Palich, independent qualified persons under NI 43-101, for Caracle Creek International Consulting Inc. (Caracle Creek).
At Tower, Rockcliff exercised the option to earn its 50% interest by spending $2,000,000 on exploration expenditures and paying $90,000 to Pure Nickel Inc. A 50/50 Joint venture has now been formed. Rockcliff can now earn an additional 20% interest in the property by spending an additional $2,000,000 (over $1,900,000 of which has been spent to date) in exploration expenditures and paying a total of $60,000 to Pure Nickel ($30,000 has been paid to date) by March of 2014. 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.
Ken Lapierre, P.Geo., President & CEO of Rockcliff Resources Inc., is a Qualified Person under the definition of National Instrument 43-101. Mr. Lapierre has reviewed and approved the technical information in this press release.
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 in Manitoba, totalling in excess of 400 km2. The project includes two VMS high grade copper rich NI43-101 Resources (Rail and T-1 Copper Deposits), one historic VMS copper deposit (Lon), the T-2 Copper Zone (Tower), numerous untested geophysical anomalies and several additional properties with VMS potential (Freebeth, Dickstone North). Rockcliff also owns a zinc-silver rich NI43-101 Resource (Shihan) in Ontario.
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
tel: (416) 644-1752 or cell: (647) 678-3879
Rockcliff New Address:
520-141 Adelaide St. W.
Toronto, ON M5H 3L5