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
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Tonnes
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Cu (%)
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Zn (%)
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Ag (g/t)
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Au (g/t)
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Contained Pounds-Cu
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|
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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
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|
|
|
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Notes:
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CIM definitions were followed for the estimation of mineral resources.
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Mineral resources are estimated at a Cu cut-off of 0.5%.
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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.