Trading Symbol RCR: TSXV
www.rockcliffresources.com
TORONTO,
Jan. 22, 2014 /CNW/ - Rockcliff
Resources Inc. ("Rockcliff") (TSXV: RCR) is pleased
to announce that work permits and geophysical and drill contracts
are finalized for a winter drill program to commence shortly on the
Tower Property. Rockcliff will initially drill a large
coincident magnetometer and EM anomaly untested by previous
drilling. The drill program is targeting copper, zinc, gold and
silver (VMS) mineralization.
A minimum 1,000 meter drill program is planned
to begin in early February at the Tower Property. Last year's
reconnaissance DPEM (Deep Penetrating Electro Magnetic) survey
completed east of the high grade T-1 Copper Deposit outlined a
strong electromagnetic response southeast of the deposit and worthy
of follow-up exploration. This year's geophysical survey
covering the area identified a highly conductive, west dipping,
DPEM anomaly with a coincident high magnetic response. The
+600m long, north-south trending anomaly is a "priority 1 anomaly"
and is very similar in appearance to the geophysical anomaly
related to the high grade T-1 Copper Deposit (see below table for
the NI 43-101 T-1 Deposit Resource). Prior to drilling, additional
geophysics will be completed immediately south of the anomaly where
it remains open along strike. A minimum 4 holes will test the
anomaly under approximately 100m of limestone cover for its copper,
zinc, gold and silver potential.
Additional geophysical maps from recent surveys
can be found at www.rockcliffresources.com.
Outlined below is a National Instrument 43-101
Mineral Resource Statement, T-1 Copper Deposit, Manitoba, completed 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).
At Tower, Rockcliff 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., 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 also wishes to announce that an
aggregate of 1,325,000 options to purchase common shares of
Rockcliff at $0.10 per share for five
years have been granted to two (2) executive officers (675,000),
four (4) directors (575,000) and one (1) employee (75,000) of
Rockcliff.
The grants are subject to acceptance by the TSX
Venture Exchange.
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.