Rencore Resources Ltd.
CNSX : RNC

Rencore Resources Ltd.

June 16, 2011 17:12 ET

Rencore Completes NI43-101 Report for Ring of Fire Claims CAD$2.7 Million Exploration Program

TORONTO, ONTARIO--(Marketwire - June 16, 2011) -Rencore Resources Ltd. (CNSX:RNC) ("Rencore" or the "Company") is pleased to announce that a National Instrument (NI) 43-101 Technical Report has been completed for its Ring of Fire Claims located in the western portion of the Ring of Fire Area, west of Webequie, Ontario. The report was completed by John C. Archibald, B.Sc. (Hons.) Geol., P.Geo. ("Archibald") of Toronto, Ontario. The entire report dated May 14, 2011 and titled "Technical Report on the Rencore Claim Groups, Thunder Bay Mining Division, Ontario, Canada" can be viewed at www.sedar.com.

Rencore holds thirty claims in four groups totalling 450 claim units comprising approx. 7,200 ha. referred to as the REN-6 and REN-8 claim groups (the "Ring of Fire Claims") covering high-potential airborne geophysical anomalies. The Rencore claims are strategically located to the west of the main Ring of Fire structure that hosts a number of Ni-Cu-PGE MMS deposits, Cu-Zn-Pb VMS deposits as well as Cr and Fe-Ti-V magmatic oxide deposits. Prior to staking properties in this area, Rencore evaluated public domain airborne Magnetic and Electromagnetic surveys that had been conducted within the main Ring of Fire structure. Since it appears that the geophysical signature extends westward, Rencore's management determined this ground had potential for hosting economic grades of VMS and MMS-type massive sulphide mineralization.

Rencore commissioned Geotech Ltd. to fly the target area using airborne geophysics (Magnetic and VTEM-Electromagnetics). Scott Hogg & Associates interpreted an airborne Magnetic and Electromagnetic (VTEM) survey in an area west of Webequie and identified 16 potential drill targets over two areas. In late November, 2010, the area comprising these drill targets was staked as REN-6 and REN-8 on behalf of Rencore. Dr. James Mungall was also contracted to look at this information and determine its geological relevance and significance. It was decided at that point that these targets should be systematically drilled and tested. Based on the interpretations by Scott Hogg and Associates and Dr. James Mungall, a diamond drill program has been recommended by Archibald to test the top-rated geophysical anomalies in both claim groups.

Fixed-wing and helicopter-borne magnetic and electromagnetic surveys have consistently located kimberlite, VMS and MMS-type mineralization targets under thick Pleistocene and Paleozoic cover from Webequie over to James Bay. The best way to test the number of high priority targets outlined from the airborne VTEM geophysical survey is to diamond drill them.

Archibald recommends an exploration program totalling CAD$2.7 Million. The program includes an estimated 2500 metres of 'NQ' drilling to test the sixteen airborne anomalies that were found in the Ring of Fire Claims. The costs for doing this will be dependent on the ground conditions, the weather and the speed that the drilling progresses. These costs also include the expenses of carrying out regular meetings and correspondence with the area's First Nations Peoples (two groups for this area) and the negotiation and fulfillment of the terms of memoranda of understanding and exploration agreements with these First Nations.

The information in this news release has been reviewed and approved by John C. Archibald, B.Sc. (Hons.) Geol., P.Geo., a Qualified Person in accordance with the Canadian regulatory requirements as set out in NI43-101.

On behalf of the board of directors of Rencore Resources Ltd.,

Richard E. Nemis, President and Chief Executive Officer

Cautionary Note Regarding Forward­Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.

Contact Information

  • Rencore Resources Ltd.
    Richard E. Nemis
    President and Chief Executive Officer
    416 864 1456