Rockcliff Receives NI 43-101 Indicated Resource Estimate for Rail - 822,000
Tonnes at 3.04% Copper, 0.90% Zinc, 9.25g/t Silver, 0.66g/t Gold
Rail Deposit Remains Open in all Directions
Trading Symbol RCR: TSXV
TORONTO, Nov. 4 /CNW/ - Rockcliff Resources Inc. (RCR: TSXV) is pleased to announce that it has received an independent - Mineral Resource Estimate prepared by Mr. Sebastien Bernier, PGeo (APGO # 1847) of SRK Consulting (Canada) Inc. (SRK) for the Rail Deposit in central Manitoba.
The Mineral Resource Statement prepared by SRK for the Rail Deposit is detailed below.
Table 1: Mineral Resources Statement*, Rail Deposit, Manitoba
SRK Consulting, November 3, 2010.
Resource Category | Quantity | Grade | Contained | |||
(tonnes) | Cu (%) | Zn (%) | Au (g/t) | Ag (g/t) | Cu (pounds) | |
Indicated | 822,000 | 3.04 | 0.90 | 0.66 | 9.25 | 55,090,000 |
* Reported at a cut-off grade of 2.00 percent copper. Cut-off grade is based on copper price of US$3.00/lb and a metallurgical recovery of 80 percent, without considering revenues from other metals. All figures rounded to reflect the relative accuracy of the estimates. Until an economic evaluation is completed, the economic cut off for this deposit is unknown. Based upon current base metal prices, SRK has determined that 2% copper is the minimum acceptable cut off grade to report. Mineral resources are not mineral reserves and do not have demonstrated economic viability. |
Ken Lapierre, President and CEO commented, "The NI 43-101 Resource Estimate is our first estimate on our Snow Lake Project. At a 2.0% cut-off grade, the Rail Deposit contains over 55,000,000 pounds of copper, 16,000,000 pounds of zinc, 240,000 ounces of silver and 17,000 ounces of gold. The deposit has excellent grade, is continuous, predictable and has potential for significant expansion. It also subcrops at surface, dips vertically and is completely open in all directions where adjacent untested geophysical targets exist along strike and at depth. Excellent potential remains to significantly expand the initial resource at Rail. With additional top quality copper and gold properties in our portfolio we remain confident that additional discoveries will be achieved moving forward."
The mineral resources are reported at a cut-off grade of 2.0 per cent copper to reflect "the reasonable prospects" for economic extraction. SRK considers the Rail Deposit to be amenable to extraction using underground mining methods. The Mineral Resources Statement for the Rail Deposit presented in Table 1 are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves. The Indicated Mineral Resource for the Rail Deposit was classified according to the CIM Definition Standards for Mineral Resources and Mineral Reserves (December 2005) by Sebastien Bernier, P.Geo (APGO#1847), an appropriate independent person for the purpose of National Instrument 43-101. Mr. Bernier has reviewed the technical content of this news release.
Sensitivity of Mineral Resources to Cut-off Grade
The Rail Deposit global quantities and grade estimates in the Rail block model are shown in Table 2 at various copper cut-off grades. The reader is cautioned that the figures in this table should not be misconstrued with the Mineral Resource Statement. The figures are only presented to show the sensitivity of the block model estimates to the selection of cut-off grade.
Table 2: Rail Deposit Global Block Model Quantities and Grade Estimates at Various Cut-off Grades
Indicated | Grade | Grade | Grade | Grade | |
Cut-off Copper % | Tonnage | Copper % | Zinc % | Silver g/t | Gold g/t |
0.00 | 3,375,523 | 1.01 | 0.39 | 3.93 | 0.22 |
0.50 | 956,895 | 2.70 | 0.81 | 8.31 | 0.58 |
1.00 | 828,810 | 3.03 | 0.90 | 9.23 | 0.66 |
1.50 | 828,383 | 3.03 | 0.90 | 9.23 | 0.66 |
2.00 | 822,045 | 3.04 | 0.90 | 9.25 | 0.66 |
2.50 | 616,812 | 3.28 | 1.05 | 10.22 | 0.72 |
3.00 | 366,145 | 3.66 | 1.03 | 10.92 | 0.82 |
3.50 | 174,247 | 4.16 | 1.54 | 13.89 | 1.04 |
4.00 | 81,288 | 4.68 | 2.22 | 18.67 | 1.34 |
4.50 | 46,398 | 5.01 | 2.32 | 20.21 | 1.46 |
5.00 | 25,024 | 5.22 | 2.31 | 21.06 | 1.51 |
The Rail Deposit is a single, vertical dipping, high grade, VMS vein that subcrops at surface and ranges in width from 0.35m to 3.75m. It consists of stringers and massive sulphide lenses of chalcopyrite, pyrite, pyrrhotite and sphalerite. Drilling has intersected the deposit over a strike length of 700m and to a vertical depth of 450m. The mineralization remains open along strike and at depth where it has been identified by surface (DPEM) and bore hole geophysics. The deposit is associated within a 5km long conductive horizon hosting the same type of juvenile arc rocks that hosts all of the VMS mines within the Flin Flon and Snow Lake mining camps.
Resource Estimation Methodology
The mineral resource was estimated using kriging and verified using inverse power distance squared, cubed and nearest neighbor methods. The drill database includes 58 core boreholes totaling 14,764m and 1,527 sample intervals with analysis for copper, zinc, gold and silver. The resource estimate is the result of diamond drill programs conducted by Rockcliff Resources Inc. between 2007 and 2010.
This is the first Mineral Resource Estimate for the Rail Deposit reported in accordance with Canadian Securities Administrators National Instrument 43-101 and was estimated in conformity with generally accepted CIM "Estimation of Mineral Resource and Mineral Reserves Best Practices Guidelines". The mineral resource was classified as Indicated primarily based on bloc distance from the nearest informing composites and on variography results. Classification is based on copper data alone.
Extent to Which Estimate of Mineral Resource may be Materially Affected by any Known Relevant Issues.
Neither Rockcliff's Qualified Person, Ken Lapierre, nor SRK's Qualified Person, Sebastien Bernier, nor Management of Rockcliff is aware of any known environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues that may materially affect the estimate of the mineral resource.
A complete Technical Report, compiled in accordance to Canadian Securities Administrators National Instrument Form 43-101 Guidelines, will be filed on SEDAR within 45 days of release of this press release.
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.
Rockcliff has the exclusive right to earn a 100% interest in the Rail Property from Hudson Bay Exploration and Development Company Limited (HBED), a wholly owned subsidiary of HudBay Minerals Inc. (HBM: TSX). If Rockcliff earns its interest in the Rail Property, HBED will receive a 2% Net Smelter Return Royalty. If Rockcliff earns a 100% interest in the Rail Property, HBED then has the right to acquire up to a 65% interest in the Rail Property. Please refer to the News Release dated March 23, 2007 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 totaling in excess of 600 km2 located within and proximal to the Snow Lake Mining Camp. The project presently includes four historic VMS deposits (Lon, Rail, Reed and Kof), the Tower VMS Prospect, a former gold mine (Century Mine), one gold deposit (C-Zone) as well as additional areas with potential for VMS (copper-rich) and gold mineralization. Rockcliff also controls precious metal properties in northern 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: For further information:
visit our website at www.rockcliffresources.com or contact Ken Lapierre, P.Geo., President and CEO of Rockcliff Resources Inc. at (416) 863-9800 or at [email protected]
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