Trading Symbol RCR: TSXV
www.rockcliffresources.com
TORONTO,
May 7, 2014 /CNW/ - Rockcliff
Resources Inc. ("Rockcliff") (RCR: Tier 1 TSXV) is
pleased to announce that it has exercised its option to earn an
additional 20% interest in the Tower Property and now holds a
70% controlling interest in the property. The Tower property
hosts high grade copper in the National Instrument 43-101 T-1
Deposit, the T-2 Copper zone and numerous untested VMS targets
worthy of additional drill testing.
Ken Lapierre, President and CEO
of Rockcliff commented, "The T-1 Deposit is an exceptional asset in
a world class VMS camp located beside a highway and two active
power lines. With the addition of the high grade Talbot
Deposit (see news release dated April 23,
2014), Rockcliff now has the potential to achieve critical
mass by expanding on both of these deposits. We plan an
aggressive drilling campaign and look forward to advancing our
copper assets in this area".
Outlined below is a National Instrument 43-101
Mineral Resource Statement, T-1 Deposit, Manitoba, completed by Caracle Creek
International Consulting Inc., dated December 2, 2012 and an historic resource for the
Talbot Deposit in an internal report by Hudbay Minerals dated
December 19, 2008:
Deposit:
Category |
Tonnes |
Cu (%) |
Au (g/t) |
Zn (%) |
Ag (g/t) |
Pounds-Cu |
Cu Eq.(%) |
|
T-1: Indicated
|
1,084,186 |
3.7 |
0.6 |
1.1 |
17.3 |
88,968,303 |
4.5% |
T-1:
Inferred |
1,253,522 |
2.0 |
0.3 |
1.0 |
9.8 |
55,154,968 |
2.6 |
Talbot:
historical |
1,434,000 |
3.4 |
1.9 |
2.9 |
58.4 |
Notes:
- CIM definitions were followed for the estimation of mineral
resources.
- T-1 Mineral resources are estimated at a Cu cut-off of 0.5%.
Talbot estimated at minimum zinc equivalent cut-off of 4%
- T-1 cut-off grade was based on a copper price of US$3.63 per pound. Talbot was based on
$2/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.
- T-1 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. Talbot specific gravity measurements were
taken by HBED and HBM personnel.
- 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).
- The report entitled "Technical Report Talbot Lake Deposit,
Manitoba" dated December 19, 2008 was prepared by Mr.
Brian Hartman, Central Geologist,
HBMS under the supervision of Robert
Carter, P.Eng., Senior Mines Analyst, HBMS, a Qualified
Person under NI 43-101. Kimberley
Lau, P.Geo., Mines Technical Services Superintendent , HBMS,
a Qualified Person under NI 43-101, peer reviewed the report.
- Copper equivalent grade is based on $3 copper, $1300
gold, $0.9 Zinc, $20 silver.
- Historical Talbot estimates of grade and tonnage given in this
Press Release are viewed as reliable and relevant based on the
information and methods used at the time. They were prepared in
compliance with resource definitions under NI 43-101 but must be
considered only as historic resources as the Talbot Report is not a
public document. Neither Rockcliff nor its Qualified Persons have
done sufficient work to classify the historic estimate as a current
mineral resource under current mineral resource or mineral reserve
terminology and are not treating the historic estimate as a current
mineral resource. The historic resource should not be relied
upon.
Pursuant to an exploration and option agreement with Pure Nickel
Inc. (NIC: TSXV), to earn a 70% interest in the property,
Rockcliff has paid a total of $150,000 in payments and has incurred exploration
expenditures totalling over $4,000,000. After review and confirmation of the
expenditures by Pure Nickel, Rockcliff now controls a 70% interest
in the property while Pure Nickel holds the remaining 30%. An
underlying 2% NSR on the property is held by Xstrata Nickel
(Glencore Xstrata plc), of which half can be purchased for
$1,000,000.
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.
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 resource growth of its high-quality
mineral properties at its Snow Lake Project. Rockcliff presently
controls the Snow Lake Project in central Manitoba, totalling in excess of 400
km2. The project includes two (2) VMS high grade
copper rich NI43-101 Resources (T-1, Rail), two (2) historic VMS
copper deposits (Talbot, 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.
Additional information can be viewed at
www.rockcliffresources.com.
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.