TORONTO, ONTARIO--(Marketwire - Dec 6, 2012) - Rockcliff Resources Inc. (TSX VENTURE:RCR) is pleased to announce that it has received an independent - Mineral Resource Estimate prepared by Mr. Jason Baker P.Eng. (APENS#9627), a Geological Engineer with Caracle Creek International Consulting Inc. (Caracle Creek) for the T-1 Copper Deposit located on the Tower Property, central Manitoba.
The Mineral Resource Statement prepared by Caracle Creek for the T-1 Copper Deposit is detailed below.
|Table 1: Mineral Resource Statement, T-1 Copper Deposit, Manitoba|
|Caracle Creek, December 2, 2012|
|Resource Category||Tonnes||Cu (%)||Zn (%)||Ag (g/t)||Au (g/t)||Contained Pounds-Cu|
|1.||CIM definitions were followed for the estimation of mineral resources.|
|2.||Mineral resources are estimated at a Cu cut-off of 0.5%.|
|3.||Cut-off grade was based on a copper price of US$3.63 per pound.|
|4.||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.|
|5.||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.|
|6.||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 the T-1 Copper Deposit. The deposit remains open in all directions, has exceptional grades, is continuous, predictable and has the potential for significant expansion with additional drilling. Rockcliff plans in early 2013 to advance the deposit''s potential by initiating a metallurgical study as well as drill test along strike and at depth. Additionally, with the recently discovered T-2 Copper Zone and highway and power line within 500m of the deposit, we remain extremely bullish that additional copper resources on this property will be achieved in close proximity to excellent infrastructure".
The Indicated and Inferred Mineral Resource for the T-1 Copper Deposit was classified according to the CIM Definition Standards for Mineral Resources and Mineral Reserves (December 2005) by Mr. Jason Baker P.Eng. (APENS#9627), who is an appropriate independent person for the purpose of National Instrument 43-101. Mr. Baker has reviewed and approved the technical content of this news release.
The T-1 Copper Deposit is a remobilized, single, vertical dipping, high grade, VMS lens that is located immediately below a 100m thick layer of Paleozoic limestone cover. It consists of stringers and massive sulphide lenses of chalcopyrite, pyrite, pyrrhotite and sphalerite. Drilling has intersected the deposit over a strike length of 800m and to a vertical depth of up to 600m. The Deposit mineralization remains open along strike and at depth where surface (DPEM) and bore hole geophysics have indicated a continuation of the sulphide conductivity beyond the limits of the resource. The deposit is associated with a 12km long accurate copper horizon hosting a second zone of copper mineralization (T-2 Copper Zone) and several additional conductive targets worthy of follow up exploration.
Resource Estimation Methodology
The drill hole database used for the resource estimation consisted of 41 drill holes assembled and validated by Caracle Creek. A total of 1098 assay intervals from 41 drill holes were imported into Gems 6.4 software. Thirty three holes were used for the resource estimation while the remaining eight holes were along the edge of the deposit and were either not mineralized or contained weak mineralization not meeting the Cu (ppm) cut-off of the 5,000ppm criteria. There were two major drilling campaigns completed, the first in 2000-2001 (Falconbridge) and the second in 2010-2012 (Rockcliff). The mineral resource was estimated using Gems 6.4 software with an origin at 486270m Easting, 5980365m Northing and 320m elevation. Block dimensions of 5m by 5m by 5m were selected based on volume variances analyses. The interpolation of the composited assay data was completed using an inverse distance cubed method of interpolation with two passes. This is the first Mineral Resource Estimate for the T-1 Copper 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 Inferred and Indicated. Classification includes copper, zinc, silver and gold data.
Extent to Which Estimate of Mineral Resource may be Materially Affected by any Known Relevant Issues.
Neither Rockcliff''s Qualified Person, Ken Lapierre, nor Caracle Creek''s Qualified Person, Jason Baker, 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.
Pursuant to an exploration and option agreement with Pure Nickel Inc., to earn a 70% interest in the property, Rockcliff must pay $150,000 in incremental payments and is required to incur aggregate exploration expenditures totalling $4,000,000.
Rockcliff has recently exercised the option to earn its 50% interest by spending $2,000,000 on exploration expenditures and paying $90,000 to Pure Nickel Inc. over the last two years. Both parties will now form a joint venture and Rockcliff will earn an additional 20% in the property by spending an additional $2,000,000 (in progress) in exploration expenditures and paying a total of $60,000 over the next 2 years. Once completed, Rockcliff will control a 70% interest in the property. An underlying 2% NSR on the property is held by Xstrata Nickel, of which half can be purchased for $1,000,000.
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 two VMS copper rich NI43-101 Resources (Rail and T-1 Copper Deposit), one former copper rich VMS mine (Dickstone), one historic VMS copper deposit (Lon) and the T-2 Copper Zone (Tower). Rockcliff also controls a zinc-silver rich NI43-101 Resource (Shihan) and a precious metal property including one former gold mine (Century Mine).
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.