TORONTO, ONTARIO--(Marketwire - Feb. 14, 2013) - Rockcliff Resources Inc. (TSX VENTURE:RCR) is pleased to announce that its winter drill program has commenced at the former Dickstone Copper Mine. The untested drill target is interpreted as a large buried conductive anomaly beneath the existing mine workings. Also, at the Tower Property, a DPEM geophysical survey is being completed after which drilling will commence. Both properties are part of Rockcliff's Snow Lake Project located within central Manitoba and hosted within the Flin Flon-Snow Lake greenstone belt; the largest Paleoproterozoic VMS district in the world.
At Dickstone, the buried conductive anomaly measures 250m wide by 800m long and is located below the existing mine workings. Last year's drill hole RDS12-002 intersected the bottom edge of the anomaly and intersected 2.7% copper, 0.4g/t gold, 0.3% zinc, 8.6g/t silver across 2.5m.
At Tower, DPEM geophysics is concentrating on an area 200m east of the previously announced NI 43-101 T-1 Copper Deposit where last year's drill program discovered the T-2 Copper Zone. Hole TP12-025 intersected 2.44% copper, 0.7g/t gold, 0.3% zinc, 18.2g/t silver across 4.0m including 3.3% copper, 0.8g/t gold, 24.6g/t silver, 0.4% zinc across 2.0m in a strongly VMS altered bimodal rock package. The zone appears to be located at the very south edge of a potential +500m long untested DPEM geophysical anomaly. Please refer to the press releases dated December 6, 2012 and January 22, 2013 or access www.rockcliffresources.com for more information on the high grade NI 43-101 resource of the T-1 Copper Deposit.
Rockcliff has the exclusive right to earn a 100% interest in the Dickstone Property from Xstrata Copper Canada, a division of Xstrata Canada Corporation (Xstrata). Rockcliff will be required to incur aggregate exploration expenditures totaling $3,500,000 over four years. If Rockcliff earns a 100% interest in the Dickstone Property, Xstrata then has a right to acquire up to a 70% interest in the Dickstone Property. Please refer to the press release dated February 22, 2011 for further details.
Pursuant to an exploration and option agreement with Pure Nickel Inc., to earn a 70% interest in the property, Rockcliff must pay $150,000 in incremental payments and is required to incur aggregate exploration expenditures totalling $4,000,000.
On April 19, 2012, Rockcliff announced that it had exercised the option to earn its 50% interest in the Tower Property by spending $2,000,000 on exploration expenditures and paying $90,000 to Pure Nickel Inc. Under the terms of the original option agreement with Pure Nickel, a joint venture is to be formed once Rockcliff earns its 50% interest. The parties are negotiating the terms of joint venture agreement. Rockcliff is continuing to earn an additional 20% in the property by spending an additional $2,000,000 (approximately $1,300,000 of which has been spent to date) in exploration expenditures and paying a total of $60,000 over the next 2 years. Once completed, Rockcliff will control a 70% interest in the Tower Property. An underlying 2% NSR on the property is held by Xstrata Nickel, of which half can be purchased for $1,000,000.
Samples of half core are packaged and shipped directly from Rockcliff's field office to TSL Laboratories (TSL), Saskatoon, Saskatchewan. TSL is a Canadian assay laboratory and is accredited under ISO/IEC 17025. Each bagged core sample is dried, crushed to 70% passing 10 mesh and a 250g pulp is pulverized to 95% passing 150 mesh for assaying. A 0.5g cut is taken from each pulp for base metal analyses and leached in a multi acid (total) digestion and then analyzed for copper, lead, zinc and silver by atomic absorption. Gold concentrations are determined by fire assay using a 30g charge followed by an atomic absorption finish. Samples greater than upper detection limit (3000 ppb) are reanalyzed using fire assay gravimetric using a 1 AT charge. Rockcliff inserted certified blanks and standards in the sample stream to ensure lab integrity.
The information in this news release has been reviewed and approved by 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.
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 advancement of its high-quality mineral properties at its Snow Lake Project. Rockcliff presently controls the Snow Lake Project totalling in excess of 400 km2. The project includes two VMS copper rich NI 43-101 Resources (Rail and T-1 Copper Deposit), one former copper rich VMS mine (Dickstone), one historic VMS copper deposit (Lon) and the T-2 Copper Zone (Tower). Rockcliff also controls a zinc-silver rich NI 43-101 Resource (Shihan) and a precious metal property including one former gold mine (Century Mine).
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.