Trading Symbol RCR: TSXV
www.rockcliffresources.com
TORONTO,
Oct. 31, 2013 /CNW/ - Rockcliff
Resources Inc. ("Rockcliff" or the "Company")
(TSXV: RCR:) is pleased to announce that Hudson Bay
Exploration and Development Company Limited ("HBED"), a
subsidiary of HudBay Minerals Inc. ("Hudbay") (TSX:
HBM)(NYSE:HBM), has commenced a drill program to test five
targets at the Freebeth Property. Additionally, Rockcliff is
planning a drill program this winter at its Tower Property to test
two large targets near its existing high grade T-1 Copper
Deposit. Both drill programs are targeting copper, zinc, gold
and silver mineralization.
Freebeth Drilling
A 1,800 meter drill program has commenced at the Freebeth
property. The drill program will test one VTEM (airborne
geophysical survey) anomaly, three DPEM anomalies and one
stratigraphic target. Additional drilling has been budgeted in this
first phase program if results are warranted. The property is
strategically located approximately 14 kilometres southeast of the
Hudbay/VMS Ventures Reed Copper Project, which is slated for full
production in the first half of 2014.
Tower Drilling
A 1,500 meter drill program is planned for the winter at the Tower
Property. Two untested DPEM (Deep Penetrating Electro
Magnetic) anomalies measuring between 300-500 meters in strike
length are strategically located near the existing high grade T-1
Copper Deposit (see below table for T-1 Deposit Resources) on the
property. Both anomalies will be tested for their copper, zinc,
gold and silver potential.
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).
Financing Plans
The Company is presently completing a non-brokered flow-through
unit private placement and a non-brokered unit private placement to
raise aggregate proceeds of up to $600,000 (the "Offering") for additional
operating and exploration capital. The majority of the exploration
capital will be allocated towards the drill program at Tower this
winter.
Rockcliff is offering up to 4,000,000
flow-through units of the Company at a price of $0.075 per flow-through unit, for gross proceeds
of up to $300,000. Each flow-through
unit (a "FT Unit") consists of one flow-through common share
of the Company and one-half (1/2) non flow-through share purchase
warrant (a "Warrant"). Each full Warrant entitles the holder
to acquire an additional common share for twenty-four (24) months
from the closing of the Offering at a price of $0.10 per Common Share for twelve (12) months
from the closing of the Offering and thereafter at a price of
$0.20 per Common Share until the
expiry of the Warrants.
Rockcliff is also offering up to 5,000,000
working capital units of the Company at a price of $0.06 per working capital unit, for gross
proceeds of up to $300,000. Each
working capital unit (a "WC Unit") consists of one common
share of the Company and one (1) share purchase warrant (a "WC
Warrant"). Each WC Warrant entitles the holder to acquire an
additional common share for twenty-four (24) months from the
closing of the Offering at a price of $0.10 per Common Share for twelve (12) months
from the closing of the Offering and thereafter at a price of
$0.20 per Common Share until the
expiry of the WC Warrants.
The Company will pay finders fees of 10% cash
and issue Compensation Options equal to 10% of the number of WC
Units or FT Units placed by any eligible finders. Each Compensation
Option will entitle the finder to acquire one common share for
twenty-four (24) months from the closing of the Offering at
$0.10 per Common Share for twelve
(12) months from the closing of the Offering and thereafter at a
price of $0.20 per Common Share until
the expiry of the Compensation Options.
At Freebeth, the back-in option requires Hudbay
to pay a one-time cash payment of $170,000 to Rockcliff (completed) and incur a
minimum of $1.8 million in work
expenditures at Freebeth within three years to earn a 55% interest
in the property. Rockcliff will then hold a 45% undivided
interest. Hudbay can acquire an additional 10% interest in
the property (for a total of 65%) by bringing the property to
commencement of commercial production and financing Rockcliff's 35%
portion of the development cost, with such costs being reimbursed
to Hudbay from the proceeds of production. Please see
Rockcliff's press release dated March 23,
2007 for further details.
At Tower, 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% interest 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 technical 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 high grade
copper rich NI43-101 Resources (Rail and T-1 Copper Deposits), one
historic VMS copper deposit (Lon), the T-2 Copper Zone (Tower),
numerous untested geophysical anomalies and several additional
properties with VMS potential (Freebeth, Dickstone North).
Rockcliff also owns 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.