Trading Symbol RCR: TSXV
TORONTO, Feb. 8, 2012 /CNW/ - Rockcliff Resources Inc. ("Rockcliff") (RCR: Tier 1 TSXV) is pleased to announce that the DPEM geophysical survey at the Spruce Point Property, located in central Manitoba, has identified multiple DPEM targets centered around the former Spruce Point Copper Mine. A drill has now been secured to test the DPEM targets beginning in mid-February. The Spruce Point Property hosts a former copper producer (Spruce Point Copper Mine) located within the Snow Lake Mining camp. The property is part of Rockcliff's Snow Lake Project which is located within the prolific Flin Flon greenstone belt, host to the largest Paleoproterozoic VMS district in the world.
Drilling will focus on at least two preliminary DPEM targets (T-4 and T-5) identified in the recently completed survey. The T-4 target has a strike length of +500m and begins at a vertical depth of approximately 300m. The T-5 target has a strike length of greater than 150m and begins at a vertical depth of approximately 100m. Both targets 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.
|Copper (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. If Rockcliff earns its interest in the Spruce Point Property, HBED then has a right to acquire up to a 65% interest in the Spruce Point Property. Please refer to the Press Release dated February 14, 2011 for further details.
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