Rockcliff Earns 100% Interest in Freebeth VMS Property
Trading Symbol RCR: TSXV
TORONTO, March 29, 2012 /CNW/ - Rockcliff Resources Inc. (RCR: TSXV) is pleased to announce that drilling is continuing at the Snow Lake Project located in central Manitoba. Two drill rigs are testing DPEM geophysical targets on the Tower (T-3 anomaly), Spruce Point (SP-1 anomaly) and Dickstone (D-1 anomaly) properties. This phase of the winter drill program is focussed on identifying previously untested priority #1 DPEM geophysical anomalies located proximal to known deposits and excellent infrastructure. A summer drill program is planned and will focus on resource generation of the Tower, Spruce Point and Dickstone Deposits.
At the Tower property, drilling has concentrated on the T-3 anomaly. The first hole was lost before it reached the target. The second hole intersected a narrow lens of massive sulphides (pyrrhotite rich) which failed to explain the source of the T-3 anomaly. A borehole geophysical survey down hole two located a large strong conductor below and north of the hole which is interpreted to be the location of the T-3 anomaly. Hole three is presently testing this target to determine its VMS significance. Rock samples from hole two are out for assay and will be reported on when received from the assay lab.
At the Spruce Point property the second drill completed one drill hole at a surface DPEM target east of the Spruce Point Mine. Massive sulphides (pyrrhotite rich) were intersected and explained the source of the DPEM target. Rock samples from hole one are out for assay and will be reported on when received from the assay lab. The drill has now moved to the Dickstone property and is presently testing a large, strong untested DPEM target along strike of the former copper rich Dickstone mine and along the favourable geological mine trend. Previous historical holes above this DPEM target identified copper rich sulphides along the same trend.
Drilling will continue until spring thaw and then recommence for the spring and summer drill seasons.
Please visit the Company website at www.rockcliffresources.com to view the power point presentations on the Snow Lake Project.
Also, Rockcliff is pleased to announce that it has earned a 100% interest in the Freebeth VMS Property in Snow Lake, Manitoba.
Pursuant to an option agreement with Hudson Bay Exploration and Development Company Limited (HBED), a wholly owned subsidiary of HudBay Minerals Inc. (HBM: TSX), Rockcliff was required to pay an aggregate of $85,000 cash and incur exploration expenditures totalling $900,000 over a five year period in order to earn a 100% interest in the Freebeth Property. Rockcliff has satisfied these requirements and earned its 100% undivided interest in the Freebeth Property. HBED holds a 2% Net Smelter Return Royalty in the property and has the right to earn back up to a 65% interest in the Freebeth Property. For further information, please see the Press Releases dated March 23, 2007.
The Freebeth VMS Property strategically surrounds the former Spruce Point Mine, under option to Rockcliff from HBED, and hosts two known copper rich occurrences. The Last Hurrah and Grid 4 Copper Zones are located SE and SW of the mine and are quality VMS zones with excellent upside potential.
To earn a 70% interest in the Tower property, Rockcliff must pay $150,000 in incremental payments to Pure Nickel Inc. over four years and will be required to incur aggregate exploration expenditures totalling $4,000,000 over four years; $2,000,000 over two years to earn a 50% working interest and a further $2,000,000 to earn a further 20% working interest. For additional information please refer to the February 21, 2008 news release.
Rockcliff has the exclusive right to earn a 100% interest in the Spruce Point property from HBED, 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 earn back 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.
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