Rockcliff Identifies Two Large Untested DPEM Geophysical Targets Near its High Grade T-1 Copper Deposit, Manitoba
Trading Symbol RCR: TSXV
www.rockcliffresources.com
TORONTO, Aug. 12, 2013 /CNW/ - Rockcliff Resources Inc. (RCR: TSXV) is pleased to announce that a winter Deep Penetrating Electromagnetic (DPEM) Geophysical Survey at its Tower Property, Manitoba, has identified two large untested DPEM drill targets. The two targets represent possible VMS mineralized zones and are viewed by the Company as Priority 1 targets. The Company plans to drill test both targets in 2013-14 to determine their copper significance.
Both DPEM targets are located proximal to Rockcliff's nearby high grade T-1 Copper Deposit and are strategically located within a kilometer from an all season highway and two sets of power lines. Their geophysical size of both targets is larger than the geophysical response associated with the nearby T-1 Copper Deposit. Both targets are interpreted to be within 100m from surface.
Presently, the high grade T-1 Copper Deposit Mineral Resource is outlined below (please see the news release dated December 6, 2012 for complete details of the Mineral Resource).
Please access the Company's website at www.rockcliffresources.com to view the geophysical report identifying the two priority 1 geophysical drill targets.
Mineral Resource Statement, T-1 Copper Deposit, Manitoba, by Caracle Creek International Consulting Inc., dated December 2, 2012:
Resource Category | Tonnes | Cu (%) | Zn (%) | Ag (g/t) | Au (g/t) | Contained Pounds-Cu |
Indicated | 1,084,186 | 3.73 | 1.05 | 17.28 | 0.55 | 88,968,303 |
Inferred | 1,253,522 | 2.00 | 1.02 | 9.78 | 0.27 | 55,154,968 |
Notes:
- CIM definitions were followed for the estimation of mineral resources.
- Mineral resources are estimated at a Cu cut-off of 0.5%.
- Cut-off grade was based on a copper price of US$3.63 per 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.
- 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.
- 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).
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. A 50/50 Joint venture has now been formed. Rockcliff can now earn an additional 20% in the property by spending an additional $2,000,000 (approximately $1,900,000 of which has been spent to date) in exploration expenditures and paying a total of $60,000 to Pure Nickel ($30,000 has been paid to date) by March of 2014. 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.
Ken Lapierre, P.Geo., President & CEO of Rockcliff Resources Inc. of Rockcliff Resources Inc., is a Qualified Person under the definition of National Instrument 43-101. Mr. Lapierre has reviewed and approved the information in this press release.
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 in Manitoba, totalling in excess of 400 km2. The project includes two VMS copper rich NI43-101 Resources (Rail and T-1 Copper Deposit), one historic VMS copper deposit (Lon) and the T-2 Copper Zone (Tower). Rockcliff also controls a zinc-silver rich NI43-101 Resource (Shihan) in 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.
SOURCE: ROCKCLIFF RESOURCES INC.
Rockcliff Resources Inc.
Ken Lapierre P.Geo.
President & CEO
[email protected]
(416) 863-9800 or (647) 678-3879
Cor Capital Inc
Garett Prins
President
[email protected]
(647) 500-8223 direct
(877) 308-8223
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