2.7% Copper, 0.4g/t Gold, 0.3% Zinc, 8.6g/t Silver across 2.5m including 4.6% Copper, 0.8g/t Gold, 0.4% Zinc, 14.2g/t Silver across 1.3m
Geophysics Discovers Large Strong Conductive Anomaly with Mineralization
Trading Symbol RCR: TSXV
TORONTO, June 5, 2012 /CNW/ - Rockcliff Resources Inc. (RCR: TSXV) is pleased to announce that it has intersected high grade copper mineralization at its Dickstone Property. Down hole geophysics indicates the copper mineralization is located at the bottom edge of a large strong conductive anomaly below the existing mine workings in an area virtually untested by previous drill holes. The property is host to the former producing Dickstone VMS (copper-zinc) Mine and is located, by road, 30km west of Snow Lake, Manitoba.
Drill hole RDS12-002 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
including 4.6% Copper, 0.8g/t Gold, 0.4% Zinc, 14.2g/t Silver across 1.3m
The hole intersected copper mineralization at 520m vertical, approximately 170m below and 50-75m north of the last level of the mine (350m level). Stringer to massive sulphides consisting of chalcopyrite, pyrite, pyrrhotite and sphalerite are associated within a bimodal altered host rock ranging from rhyolitic to mafic in composition. The mineralization represents the down dip continuation of the copper zone (Dickstone #1) in an area not previously tested by drilling and located below the 350m level. Down hole geophysics of RDS12-002 identified a large strongly conductive, north-south trending, flat plunging anomaly below the 350m level and measuring 200m wide by 700m long. The flat plunging anomaly is located below the steeply plunging mine workings and above the RDS12-002 hole and represents a potential change in the geometry of the copper zone and a new area with significant copper potential not previously identified.
Rockcliff's President and CEO Ken Lapierre commented, "The work to date and discovery of a flat plunging anomaly corresponding to the massive sulphide intersection in RDS12-002 below the mine workings at Dickstone represents a significant breakthrough in the property's potential to host significant additional high grade copper. The proximity of this discovery to our existing Rail and Lon Deposits gives us a strategic opportunity to locate additional resources in a concentrated area thereby assisting in the economics of the region".
The Dickstone Deposit was discovered in 1936 and production began in 1970 from two VMS-rich zones (one copper, the other zinc). Two-350m deep production shafts hoisted ore between 1970 and 1975. The mine was shut down due to low commodity prices. Combined five year production figures are tabulated below.
At closure, the following additional historical resources were present below the underground workings at the Dickstone Mine:
Both the copper (Dickstone #1) and zinc (Dickstone #2) rich deposits are open at depth. The historical resources were documented in the 1975 annual report for Dickstone Copper Mines Ltd. and in the Mineral Deposit Series completed by the Manitoba Energy and Mines Geological Services in 1996. Although the 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.
To earn a 100% working interest in the property, Rockcliff must pay Xstrata Copper Canada, a division of Xstrata Canada Corporation (Xstrata), $50,000 cash (completed) on signing and incur aggregate, escalating exploration and reclamation expenditures totalling $3.5M over a four year period with a minimum of 12,500 metres of drilling. If Rockcliff earns its interest in the property, Xstrata will retain a 2% Net Smelter Return Royalty. In its first year of the option, Rockcliff must spend $500,000 on exploration (completed). Once Rockcliff has earned its 100% interest in the property, Xstrata has a buy back right to acquire a 51% interest in the property by paying cash to Rockcliff totalling three times Rockcliff's work expenditures. Xstrata can increase its interest to 70% (an additional 19%) by either completing a Feasibility Study or expending no less than $10,000,000 on Feasibility Study Expenditures. In order for Xstrata's buy back right to take effect, Rockcliff must discover at least 500,000 tonnes of copper equivalent (NI 43-101 compliant).
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 500 km2. The project includes one VMS copper rich NI43-101 Indicated Resource (Rail), one former copper rich VMS mine (Dickstone), one historic VMS copper deposit (Lon) and the T-1 Copper Deposit (Tower). Rockcliff also controls a zinc-silver rich NI43-101 Indicated Resource (Shihan) and a portfolio of precious metal properties including one former gold mine (Century Mine) and one surface gold deposit (C-Zone) in Manitoba and the Black Gold Property 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
For further information:
Rockcliff Resources Inc.
Ken Lapierre P.Geo.
President & CEO
(416) 863-9800 or (647) 678-3879