Pacific Wildcat Resources Corp.
TSX VENTURE : PAW

Pacific Wildcat Resources Corp.

February 09, 2012 07:00 ET

PAW Diamond Drill Assay Results Confirm Lateral and Depth Extensions to High Grade Niobium and TREO Mineralisation at Mrima Hill

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 9, 2012) - Pacific Wildcat Resources Corp. (TSX VENTURE:PAW) ("PAW" or the "Company") is pleased to report Niobium and Rare Earth assay results from the final batch of 764 metres (7 holes) from the 1,810 metre (16 hole) diamond drill campaign completed at the Mrima Hill Niobium and Rare Earth deposit in Kenya in 2011.

PAW has a conditional purchase agreement to acquire an indirect 70% interest in Cortec Mining Kenya, owner of the Mrima Hill Niobium and Rare Earth project Kenya.

Highlights

  • Rare Earth and Niobium mineralisation has now been shown to extend well beyond 100m depth below surface and in many places remains open both laterally and at depth.
  • Shallow intercepts of High Grade Niobium mineralisation intersected including 6.48m at 1.86% Nb2O5 from 11.8m and 54.4m at 1.27% Nb2O5 from 21.4m.
  • Wide zones of High Grade Niobium mineralisation at depth with 24.25m at 1.03% Nb2O5 from 113.37m.
  • Wide High Grade Total Rare Earth Oxide ("TREO") intercepts including 24.5m at 8.92% TREO from 80.8m, 35.5m at 6.03% TREO from 15.85m, 28.8m at 5.63% TREO from 61.55m, 27.0m at 7.23% TREO from 85.65m and 43.95m at 6.06% TREO from 21.4m;
  • Very High Grade TREO results include 6.1m at 11.27% TREO from 87m, 4.0m at 11.78% TREO from 104.15m and 1.5m at 15.71% TREO from 31.8m;
  • A Reverse Circulation ("RC") rig is now on site at Mrima Hill and has commenced on a 5,000 metre drill program to target PAW's maiden Rare Earth Oxide resource.

Results

Significant Niobium and TREO mineralisation was encountered in the five deeper diamond holes drilled.

Figure 1 shows the location of the diamond and reverse circulation drilling programs in relation to the mapped geology of the carbonatite, as well as representing the location of two cross sections through the mineralisation. Figure 2 and Figure 3 show the drill results for Niobium and TREO respectively.

Significant Niobium Results
DRILL HOLE INTERSECTION
PAWDD010: 43.2m at 0.90% Nb2O5 from 43.8m (including 16.0m at 1.44% Nb2O5 from 44.8m).
PAWDD011: 74.5m at 0.81% Nb2O5 from 15.85m (including 15.23m at 1.14% Nb2O5 from 74.12m) and;
24.25m at 1.03% Nb2O5 from 113.37m.
PAWDD014: 6.0m at 0.88% Nb2O5 from 19.15m;
7.5m at 2.58% Nb2O5 from 43.15m and;
70.92m at 0.48% Nb2O5 from 72.23m (including 10.7m at 0.95% Nb2O5 from 98.6m).
PAWDD015: 6.48m at 1.86% Nb2O5 from 11.8m and;
54.4m at 1.27% Nb2O5 from 21.4m.
PAWDD016: 42.85m at 0.91% Nb2O5 from surface and;
35.53m at 0.54% Nb2O5 from 71.35m.

These reported Niobium results are from the Ultratrace assay labs in Perth, Western Australia using XRF assay techniques. All samples collected were from cutting the HQ3 diameter core into half which was drilled by triple tube techniques. All sample preparation was undertaken by the Nagrom assay labs in Perth with a proportion of the drill material is being stored for metallurgical test work to be undertaken by Nagrom. Prepared samples were dispatched to both the Ultratrace (Nb2O5 analysis by XRF) and Genalysis (for rare earth and matrix analysis by ICP-MS) assay labs in Perth, Western Australia. Please refer to Table 1 for a summary of Niobium results.

Significant Rare Earth Results
DRILL HOLE INTERSECTION
PAWDD010: 24.3m at 3.04% TREO from surface and;
17.5m at 5.64% TREO from 56.3m and;
24.5m at 8.92% TREO from 80.8m (including 2.0m at 13.34% TREO from 80.8m and 6.1m at 11.27% TREO from 87.0m).
PAWDD011: 35.5m at 6.03% TREO from 15.85m (including 5.11m at 9.97% TREO
from 18.85m) and;
28.8m at 5.63% TREO from 61.55m and;
24.25m at 4.08% TREO from 113.37m.
PAWDD014: 17.65m at 4.02% TREO from surface and;
12.0m at 6.73% TREO from 38.65m (including 1.5m at 11.28% TREO
from 46.15m) and;
13.15m at 4.34% TREO from 71.0m and;
27.0m at 7.23% TREO from 85.65m (including 1.5m at 12.62% TREO from 94.65m; 1.5m at 14.30% TREO from 100.65m; and 4.0m at 11.78% TREO from 104.15m).
PAWDD015: 43.95m at 6.06% TREO from 21.4m (including 13.95m at 8.94% TREO from 21.4m).
PAWDD016: 34.0m at 2.94% TREO from 3.85m and;
30.88m at 2.33% TREO from 73m.

The assay results reported for TREO are analysed from the Genalysis Laboratory in Perth, Western Australia using peroxide fusion and acid dissolution with ICP-MS finish. All samples collected were from cutting the HQ3 diameter core in half which was drilled by triple tube techniques. Table 3 provides a summary of the TREO results.

Significant Niobium and TREO mineralisation was encountered by the Company in the five deeper diamond holes covered in this release. For a record of all intersections from the diamond holes being reported please refer to Table 1 for Niobium and Table 3 for TREO. Technical details of the individual holes drilled as part of this release are included in Appendix 1.

For all diamond core assays received to date, Thorium levels encountered average 564 ppm in the Niobium intercepts and 572 ppm in the Rare Earths intercepts, while Uranium levels were 30ppm and 28ppm for Niobium and Rare Earth intercepts respectively.

Heavy Rare Earth Oxides plus Yttrium Content

Based on the overall results from the 2011 diamond core drilling program the combined Yttrium and Heavy REO percentage (expressed as a percentage of the total proportion of Total REO plus Yttrium) is 9.25%. This represents a relatively high proportion of Heavy REO's plus Yttrium when compared to many other mineral deposits and represents a potential high value product (Please see table by visiting the following link: http://media3.marketwire.com/docs/paw209a.jpg)

Closing Comments

PAW's President Mr. Darren Townsend commented "This final set of diamond drill results confirms the significant depth and lateral potential of the Mrima Hill Niobium and Rare Earth deposit. As can be seen from the cross sections we have now shown the high grade Niobium mineralisation extends at depths substantially deeper than the initial Inferred Niobium resource which is limited to a depth of 30 metres. The drilling also indicates the TREO mineralisation extends to significant depths, supporting the potential for a considerable Rare Earth Oxide resource target. A 5,000 metre RC drill program has now commenced (for details see News Release #2011-27 of December 16th 2011) and this drilling has the objective of both extending the current Inferred Niobium Resource and to provide a maiden Rare Earth resource in the 3rd Quarter of 2012.

To view Figures 1-3 please visit on the following link: http://media3.marketwire.com/docs/paw209fig13.pdf

To view Figures 4-7 please visit on the following link: http://media3.marketwire.com/docs/paw209fig47.pdf

To view Tables 1-3 and Appendix 1 please visit the following link: http://media3.marketwire.com/docs/paw209tab.pdf

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

Darren Townsend, President

About Pacific Wildcat Resources Corp. - Pacific Wildcat is a Toronto Venture Exchange listed Canadian mineral exploration company having the trading symbol "PAW". It has a producing Tantalum mine at Muiane in northern Mozambique where it has the largest land position of over 450 square kilometers on the Alto Ligonha pegmatite belt, the location of numerous historic Tantalum mines.

PAW's flagship project is located in Kenya where a conditional contract is in place whereby the Company has the right to acquire an indirect 70% interest in the Mrima Hill Niobium and Rare Earth Project. This is an ex Anglo American and Pechiney property the subject of extensive historic work. In July 2011 the Company completed an initial NI 43-101 compliant inferred Niobium resource estimate of 105.3 million tonnes at 0.65% Nb2O5 for a total of 1.519 billion pounds contained Nb2O5 to a depth of 30 metres from the surface In addition, substantial rare earths mineralisation has been identified and work has just commenced on a Rare Earth Resource RC drilling program.

For information about Pacific Wildcat Resources Corp. and its development and exploration activities shareholders and other interested parties are invited to visit the Company's website at www.pacificwildcat.com.

Investors are cautioned that trading in the securities of Pacific Wildcat Resources Corp. should be considered highly speculative.

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. There can be no assurance that the Company will be able to obtain a mining license or any of the permits that are required in order to commence mining operations at the Mrima Hill Project. The rare earths historical resource estimates is considered speculative and therefore noncompliant with National Instrument 43-101 ("NI 43-101") reporting standards and should not be relied upon. The Company is not treating the historical estimate as current mineral resources or reserves. The Company has not undertaken any independent investigation of the historic rare earths resource estimates. 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.

QUALIFIED PERSON

The individuals who completed the Niobium mineral resource estimate have extensive experience in the mining and exploration industry and are members in good standing of appropriate professional institutions are as follows:

  • Dr William (Bill) Northrop, PhD, Pr. Sci. Nat. (400164/87), FSAIMM, FGSSA, MGASA
  • Mr. Andre Deiss, BSc (Hons), Pr. Sci. Nat. (400007/97), MSAIMM

Dr. Northrop and Mr. Deiss are competent person's registered with the South African Council of Natural Scientists ("SACNASP") as well as with various mining and geological professional bodies and are qualified persons as defined under NI 43-101. Both Dr. Northrop and Mr. Deiss have reviewed the content of this press release and consent to its disclosure. ExplorMine has no beneficial interest in PAW or any other related companies and subsidiaries.

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.

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).

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. 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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