Pacific Wildcat Resources Corp.
TSX VENTURE : PAW

Pacific Wildcat Resources Corp.

May 05, 2011 10:25 ET

Pacific Wildcat Resources Corp.: Further High Grade Niobium and Rare Earth Results Show Depth Potential of Mrima Hill

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 5, 2011) -Pacific Wildcat Resources Corp. (TSX VENTURE:PAW) ("PAW" or the "Company") has now received all results from its 31 hole Reverse Circulation ("RC") drill program at the Mrima Hill Project, located 70 kilometres south of Mombasa, Kenya, the largest port in East Africa.

Highlights

  • Significant new Total Rare Earth and Niobium Intersections
  • Confirmation of Niobium and Total Rare Earth mineralization over a large lateral area (1,000m x 600m)
  • Potential high value mix of Heavy Rare Earth Oxides and Yttrium
  • Confirmation of extensive depth potential of mineral deposit

Results

The Company is pleased to announce further high grade Niobium and Rare Earth assay results that confirm the large lateral extent of the Niobium and Rare Earth mineralization and show the extensive depth potential of the mineral deposit.

Significant Niobium and/or Rare Earth mineralization was encountered in all 15 RC holes for which the remaining assay results have now been received.

New Niobium Results

DRILL HOLEINTERSECTION
PAWRC027:30m at 1.72% Nb205 from surface to EOH ("End of Hole")
PAWRC009:22m at 1.37% Nb205 from surface to EOH
PAWRC010:21m at 1.01% Nb205 from surface
PAWRC012:30m at 0.82% Nb205 from surface to EOH including 8m at 1.65% Nb205 from 8m
PAWRC031:17m at 0.65% Nb205 from surface
PAWRC028:13m at 0.64% Nb205 from surface

New Rare Earth Results

DRILL HOLEINTERSECTION
PAWRC003*:30m at 9.98% TREO ("Total Rare Earth Oxides" including Yttrium) from surface to EOH including 2m
at 17.52% TREO from 20m
PAWRC004*30m at 7.78% TREO from surface to EOH including 2m at 14.69% TREO
from 9m
PAWRC002*:30m at 7.80% TREO from surface to EOH
PAWRC009:22m at 5.00% TREO from surface to EOH
PAWRC027:30m at 4.82% TREO from surface to EOH
PAWRC010:27m at 4.47% TREO from surface to EOH
PAWRC001*:15m at 3.69% TREO from surface
PAWRC005*:21mat 3.45% TREO from surface to EOH
PAWRC012:18m at 3.22% TREO from surface
PAWRC011:30m at 2.56% TREO from surface to EOH
PAWRC013:12m at 2.66% TREO from surface
*Re-assays of the Nagrom assay laboratory as reported 28th March 2011.

The reported assay results are from the Genalysis Laboratory in Perth. All samples collected were from one metre intervals. Sample recovery was generally good. Poor sample return was rare and was usually due to the intersection of cavities with the drill hole. Drill samples were fed through a sample splitter and a sample size of one to three kilograms was submitted to Nagrom Mineral Processing in Perth, Western Australia for preparation. This preparation involved sample drying, splitting and pulverising. Sample analysis was performed by Genalysis Laboratory in Perth using peroxide fusion and acid dissolution with ICP-MS finish.

Confirmation of Historic Exploration Data

These results together with the 16 holes reported upon on 28th April 2011 (see press release titled "Further High Grade Niobium and Rare Earth Results from Pacific Wildcat Resources Inaugural Drilling Program at Mrima Hill") contain high grade and thick intercepts of both Niobium and Rare Earth mineralization at Mrima Hill. It is significant that high grade mineralization was found at the bottom of 20 (out of the 31) RC holes drilled, and these holes generally ended in supergene enriched clay. PAW has now confirmed the general tenor of the historic exploration data {historical results from test pits dug by Anglo American (Niobium) and the Kenyan Mines Department (Rare Earths) in the 1950's} with drilling having taken place over a wide area (approximately 1,000m x 600m). In general terms, Niobium intersections have broadly matched the historic data and Rare Earth results have exceeded the values from the historic data.

Heavy Rare Earth Oxides plus Yttrium Content

Based on the results from the 31 RC holes, the combined Yttrium and Heavy Rare Earth Oxide percentage (expressed as a percentage of the total proportion of Total Rare Earths Oxides plus Yttrium) is 9.39%. This represents a relatively high proportion of Heavy Rare Earths plus Yttrium when compared to many other mineral deposits and represents a potential high value product.

Depth Potential

As can be seen from Figures 3 and 4 the recent RC drilling program indicates the excellent potential to add significant tonnes of TREO and Niobium mineralization at depth. **Binge FW (1955) reports a total of 32 million tonnes of mineralization at 3.1% REO in the surface weathered profile down to approximately 8m depth (see Company News Release– dated 23rdJuly 2010). The historic Niobium mineralization target is 40 to 50 million tonnes @ 0.65 to 0.75% Nb2O5 down to a depth of a maximum of 10 metres.

Note that the potential quantities and grades of the above estimates are conceptual in nature, and there is insufficient exploration to date to define a current mineral resource and therefore it is uncertain if further exploration will result in the target being delineated as a current mineral resource. A "qualified person" as defined under National Instrument 43-101 has not completed sufficient work to classify the above mentioned historical estimate as a current mineral resource. The Company is not treating the historical estimate as a current mineral resource. The historical estimate is not compliant with NI 43-101 and should not be relied upon.

Technical Details of the RC Drill Program

The 31 RC holes drilled had a vertical orientation and averaged 30 metres in depth. The holes were sited on accessible tracks to drill beside former test pits dug by Anglo American (Niobium) and the Kenyan Mines Department (Rare Earths) to help verify the historical grades. This phase of drilling was completed in November 2010 and samples were submitted for assay in March 2011. Please see Figure 1 for the location of the 31 RC holes drilled by PAW in 2010 overlying a geological map taken from mapping by Anglo American in the mid 1950's plus the location of Anglo's test pits. Figure 2 shows the significant intersections of all the 31 RC holes.

The high grade TREO intersections coincide with the southern zone of mineralization, as drilled by holes PAWRC001-010. This area was originally outlined by the Kenyan Mines Department in the 1950's as being prospective for Rare Earth mineralization. For a record of the Rare Earth intersections reported please refer to Table 1.

Table 2 reports average results for the 31 RC holes of the entire drill campaign with the individual Rare Earth oxides reported as a percentage of total Rare Earth oxides including Yttrium, a transitional element that is generally associated with Rare Earth Oxides.

Significant Niobium mineralization was encountered by the Company primarily in the northern area drilled as reported in this announcement from holes PAWRC009-013 and PAWRC027-031.

The drill results coincide with the area identified by Anglo American as a zone of high grade Niobium mineralization which has been outlined from the multiple test pits that were dug in the mid 1950's to an average 9.1 metres depth. For a record of all intersections from the 15 holes being reported please refer to Table 3.

For all 31 RC holes now being reported upon, Thorium levels encountered averaged 539 ppm in the Rare Earths intercepts and 486 ppm in the Niobium intercepts.

Closing Comments

PAW's President Mr. Darren Townsend commented, "We are very excited that PAW's first RC drill program has broadly confirmed the grade and the large lateral extent of the historic exploration data and has also shown the mineral deposit has extensive depth potential. This combined with the high grade tenor of the mineralization and relatively high percentage of Heavy Rare Earth Oxides plus Yttrium bode well for the potential economics of the mineral deposit. We look forward to confirming further depth potential of the mineral deposit and obtaining diamond core for metallurgical testing from the 1,700 metre diamond drilling program currently in progress on site."

ON BEHALF OF THE BOARD OF DIRECTORS OF PACIFIC WILDCAT RESOURCES CORP.

Darren Townsend, President

Investors are cautioned that trading in the securities of Pacific Wildcat Resources Corp. should be considered highly speculative. The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Cautionary note: This press release contains forward looking statements, particularly those regarding cash flow, capital expenditures, work programs and investment plans. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Resource estimates, unless specifically noted, are considered speculative. The Company intends to file a NI 43-101 report on the Mrima Hill property to confirm the historical resource estimate as soon as the information is available. All the niobium and rare earth estimates of historic resources predate and are therefore non-compliant with National Instrument 43-101 ("NI 43-101") reporting standards and should not be relied upon. The Company is not treating the historical estimates as current mineral resources or reserves. The Company has not undertaken any independent investigation of the historic resource estimates nor has it independently analysed the results of the previous exploration work in order to verify the resources and therefore the historical estimates should not be relied upon. The Company believes that these historical resource estimates provide a conceptual indication of the potential of mineral occurrences within the project and are relevant to ongoing exploration. The Company intends to confirm the historic resource estimates through drilling as soon as possible.

** Binge FW 1955 – Assay Plan and values for REE, Mrima Hill, internal unpublished report of Geological Survey of Kenya

A Quality Assurance/Quality Control (QA/QC) program forms part of the drilling, sampling and assay program on the Mrima Hill Project. This program includes chain of custody protocol as well as systematic submittal of certified reference materials and blank samples into the flow of samples produced by the drilling. The results of the Company's drill program have been reviewed, verified (including drill logs, assay certificates, test data and additional supporting information sources) and compiled by the Company's Exploration Manager (Timothy David Major, who is a qualified person for the purpose of NI 43-101 – Standards of Disclosure for Mineral Projects).

QUALIFIED PERSON AND DISCLAIMER

Qualified Person: Timothy David Major, BSc, MSc – Geology and Mineral Exploration. MAusIMM. Qualified person under NI 43‐101, and as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' has reviewed the scientific and technical data and exploration data relating to the Mrima Hill Project contained in this news release and consents to its release.

To view the tables and figures accompanying this press release please visit the following link: http://media3.marketwire.com/docs/PAWTabs.pdf

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.

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