Trading Symbol RCR: TSXV
TORONTO, May 7, 2014 /CNW/ - Rockcliff Resources Inc. ("Rockcliff") (RCR: Tier 1 TSXV) is pleased to announce that it has exercised its option to earn an additional 20% interest in the Tower Property and now holds a 70% controlling interest in the property. The Tower property hosts high grade copper in the National Instrument 43-101 T-1 Deposit, the T-2 Copper zone and numerous untested VMS targets worthy of additional drill testing.
Ken Lapierre, President and CEO of Rockcliff commented, "The T-1 Deposit is an exceptional asset in a world class VMS camp located beside a highway and two active power lines. With the addition of the high grade Talbot Deposit (see news release dated April 23, 2014), Rockcliff now has the potential to achieve critical mass by expanding on both of these deposits. We plan an aggressive drilling campaign and look forward to advancing our copper assets in this area".
Outlined below is a National Instrument 43-101 Mineral Resource Statement, T-1 Deposit, Manitoba, completed by Caracle Creek International Consulting Inc., dated December 2, 2012 and an historic resource for the Talbot Deposit in an internal report by Hudbay Minerals dated December 19, 2008:
|Deposit: Category||Tonnes||Cu (%)||Au (g/t)||Zn (%)||Ag (g/t)||Pounds-Cu||Cu Eq.(%)|
- CIM definitions were followed for the estimation of mineral resources.
- T-1 Mineral resources are estimated at a Cu cut-off of 0.5%. Talbot estimated at minimum zinc equivalent cut-off of 4%
- T-1 cut-off grade was based on a copper price of US$3.63 per pound. Talbot was based on $2/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.
- T-1 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. Talbot specific gravity measurements were taken by HBED and HBM personnel.
- 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).
- The report entitled "Technical Report Talbot Lake Deposit, Manitoba" dated December 19, 2008 was prepared by Mr. Brian Hartman, Central Geologist, HBMS under the supervision of Robert Carter, P.Eng., Senior Mines Analyst, HBMS, a Qualified Person under NI 43-101. Kimberley Lau, P.Geo., Mines Technical Services Superintendent , HBMS, a Qualified Person under NI 43-101, peer reviewed the report.
- Copper equivalent grade is based on $3 copper, $1300 gold, $0.9 Zinc, $20 silver.
- Historical Talbot estimates of grade and tonnage given in this Press Release are viewed as reliable and relevant based on the information and methods used at the time. They were prepared in compliance with resource definitions under NI 43-101 but must be considered only as historic resources as the Talbot Report is not a public document. Neither Rockcliff nor its Qualified Persons have done sufficient work to classify the historic estimate as a current mineral resource under current mineral resource or mineral reserve terminology and are not treating the historic estimate as a current mineral resource. The historic resource should not be relied upon.
Pursuant to an exploration and option agreement with Pure Nickel Inc. (NIC: TSXV), to earn a 70% interest in the property, Rockcliff has paid a total of $150,000 in payments and has incurred exploration expenditures totalling over $4,000,000. After review and confirmation of the expenditures by Pure Nickel, Rockcliff now controls a 70% interest in the property while Pure Nickel holds the remaining 30%. An underlying 2% NSR on the property is held by Xstrata Nickel (Glencore Xstrata plc), of which half can be purchased for $1,000,000.
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, is responsible for the information in this press release.
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 resource growth of its high-quality mineral properties at its Snow Lake Project. Rockcliff presently controls the Snow Lake Project in central Manitoba, totalling in excess of 400 km2. The project includes two (2) VMS high grade copper rich NI43-101 Resources (T-1, Rail), two (2) historic VMS copper deposits (Talbot, 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.
Additional information can be viewed 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.
SOURCE: ROCKCLIFF RESOURCES INC.
For further information:
Rockcliff Resources Inc.
Ken Lapierre P.Geo.
President & CEO
tel: (416) 644-1752 cell: (647) 678-3879
Rockcliff New Address:
520-141 Adelaide St. W.
Toronto, ON M5H 3L5