Rockgate Capital Corp.

TSX : RGT


Rockgate Capital Corp.

December 04, 2012 07:00 ET

Rockgate Increases Mineral Resources at Falea Uranium-Silver-Copper Project, Mali

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 4, 2012) - Rockgate Capital Corp. (TSX:RGT) (the "Company" or "Rockgate") is pleased to announce updated mineral resource estimates ("MRE") for the Falea Uranium-Silver-Copper Project located in Mali, West Africa. The new MRE reflects the addition of 396 drill holes completed in late 2011 and the first half of 2012 to the January 2012 MRE. Falea is an advanced exploration project comprising three permits totalling 267 square kilometres located in western Mali, West Africa. The Falea Project is 100%-owned by Rockgate.

Table 1: Updated Falea Mineral Resources - (0.03% U3O8 Cut-off Grade)

Category Tonnes
Mt
U3O8
(%)
Ag
(g/t)
Cu
(%)
U3O8
(Mlbs)
Ag
(Moz)
Cu
(Mlbs)
M & I 15.67 0.086 55 0.22 29.58 27.94 74.22
Inferred 15.35 0.050 18 0.24 15.69 8.91 81.19

Table 2: January 2012 Falea Mineral Resources - (0.03% U3O8 Cut-off Grade)

Category Tonnes
Mt
U3O8
(%)
Ag
(g/t)
Cu
(%)
U3O8
(Mlbs)
Ag
(Moz)
Cu
(Mlbs)
M & I 9.70 0.094 63 0.20 20.03 19.48 43.67
Inferred 3.74 0.093 44 0.22 7.63 5.24 18.48

Mineral Resources - Key Developments

  • 48% increase in M & I pounds of U3O8 to 29.58 million pounds.
  • 43% increase in M & I ounces of silver to 27.94 million ounces.
  • 70% increase in M & I pounds of copper to 74.22 million pounds.
  • 48% increase in Measured pounds of U3O8 to 4.29 million pounds.
  • 61% increase in Measured and Indicated ("M & I") tonnes.
  • Increase in M & I resources AND expansion of Inferred resources.
  • 106% increase in Inferred pounds of U3O8 to 15.69 million pounds.
  • Addition of potential open-pit resources at Bodi, including 1.70 million M & I pounds U3O8.
  • 22.30 million M & I pounds U3O8 and 26.14 million ounces of silver in North Zone, adjacent to possible underground access point from north side of the plateau at Bodi.
  • North Zone Upper Indicated and Inferred resources include new high-grade South Block.
  • East Zone upgraded from exploration target to Indicated and Inferred mineral resource.
  • Average mineralized widths for various areas of M & I mineral resources are:
    • North Zone - 2.29 metres (North Deep) to 5.56 metres (PES)
    • Central Zone - 4.81 metres
    • Bodi - 0.68 metres (Bodi Deep) to 0.86 metres (Bodi Upper)
    • East Zone - 4.50 metres
  • Resource estimate includes 838 drill holes completed as of July 31, 2012.

The Mineral Resource estimate was prepared by Minxcon (Pty) Ltd ("Minxcon") of Johannesburg, South Africa, according to the definitions stated in the Standards of Disclosure for Mineral Projects, as defined by the Canadian Institute of Mining ("CIM"). The Technical Report, prepared in accordance with NI 43-101 will be filed on SEDAR (www.sedar.com) within 45 days. Mr. Charles Muller, Director and Head of Geology for Minxcon, Mr. Antonio Umpire, Mineral Resource Manager, and Mr. J Mamphey, AusIMM, Senior Resource Geologist, West Africa, are the Qualified Persons as defined in NI 43-101.

Intensive metallurgical testwork at ANSTO and engineering studies by the DRA Group over the last twelve months have confirmed the recoveries of uranium, silver and copper on a consistent basis, and hence the contribution of all these metals that may be expected from the extraction process and the indicated operating costs. This has culminated in the commencement of a Pre-Feasibility Study by the DRA Group. The financial model based upon, inter alia, the afore-mentioned results together with an enhanced understanding of the orebody and possible mining and metallurgical solutions has indicated that a cut-off grade of 0.03% U3O8 is appropriate when determining the resource.

Tables 2 and 3 below state the new mineral resources by category and mineralized area at both 0.03% and 0.04% U3O8 cut-off grades.

Table 2: Falea Mineral Resources - 0.03% U3O8 Cut-off Grade

Category Area Tonnes
Mt
U3O8
(%)
Ag
(g/t)
Cu
(%)
U3O8
(Mlbs)
Ag
(Moz)
Cu
(Mlbs)
Measured North Upper 1.39 0.140 79 0.20 4.29 3.52 6.05
Indicated North Upper 4.99 0.100 85 0.17 11.00 13.72 18.99
North Deep 2.89 0.110 96 0.22 7.01 8.91 14.25
Central Upper 4.75 0.044 10 0.25 4.65 1.53 26.68
Bodi Upper 0.37 0.150 10 0.29 1.22 0.12 2.35
Bodi Deep 0.27 0.081 7 0.29 0.48 0.06 1.71
East 1.01 0.042 3 0.19 0.93 0.10 4.20
Total 14.28 0.080 53 0.22 25.29 24.43 68.17
M & I Total 15.67 0.086 55 0.22 29.58 27.94 74.22
Category Area Tonnes
Mt
U3O8
(%)
Ag
(g/t)
Cu
(%)
U3O8
(Mlbs)
Ag
(Moz)
Cu
(Mlbs)
Inferred North Upper 3.32 0.050 20 0.22 3.66 2.11 15.85
North Deep 1.51 0.090 80 0.22 2.99 3.90 7.42
Central Upper 7.42 0.034 9 0.25 5.58 2.14 40.57
Central Deep 1.71 0.040 11 0.26 1.51 0.63 9.99
Bodi Deep 0.30 0.150 7 0.27 0.99 0.07 1.78
East 1.09 0.040 2 0.23 0.96 0.07 5.59
Inferred Total 15.35 0.050 18 0.24 15.69 8.91 81.19

Table 3: Falea Mineral Resources - 0.04% U3O8 Cut-off Grade

Category Area Tonnes
Mt
U3O8
(%)
Ag
(g/t)
Cu
(%)
U3O8
(Mlbs)
Ag
(Moz)
Cu
(Mlbs)
Measured North Upper 1.20 0.152 81 0.21 4.03 3.13 5.43
Indicated North Upper 4.12 0.113 96 0.18 10.25 12.71 15.91
North Deep 2.75 0.110 99 0.23 6.67 8.80 13.67
Central Upper 1.94 0.060 11 0.26 2.56 0.67 11.06
Bodi Upper 0.33 0.160 10 0.31 1.16 0.11 2.24
Bodi Deep 0.22 0.090 8 0.28 0.44 0.05 1.37
East 0.42 0.052 4 0.20 0.48 0.05 1.82
Total 9.78 0.100 71 0.21 21.55 22.39 46.07
M & I Total 10.98 0.110 72 0.21 25.58 25.52 51.50
Category Area Tonnes
Mt
U3O8
(%)
Ag
(g/t)
Cu
(%)
U3O8
(Mlbs)
Ag
(Moz)
Cu
(Mlbs)
Inferred North Upper 1.56 0.064 31 0.21 2.19 1.56 7.25
North Deep 1.48 0.091 82 0.22 2.97 3.89 7.26
Central Upper 0.11 0.050 9 0.25 0.12 0.03 0.60
Central Deep 0.15 0.064 31 0.24 0.21 0.15 0.78
Bodi Deep 0.30 0.150 7 0.27 0.99 0.07 1.78
East 0.35 0.050 2 0.28 0.39 0.02 2.17
Inferred Total 3.95 0.080 45 0.23 6.86 5.72 19.83

Resource Estimate Parameters

  • Estimate conforms to NI 43-101, Standards of Disclosure for Mineral Projects, utilizing definitions and guidelines from CIM Standards on Mineral Resources and Reserves.
  • Estimate is based on 838 diamond drill holes and 3,148 1-metre composite samples.
  • A geological cut-off of 100 ppm uranium was applied to define the mineralized horizon and 3D wireframes of the mineralized horizon were constructed.
  • A block model was constructed using 10m (x), by 10m (y) by 1m (z) blocks.
  • Nine geostatistical domains were established.
  • Both ordinary kriging and simple kriging methods of geostatistical estimation were employed.
  • Based on 340 drill core samples, a bulk density of 2.654 g/cm3 was applied to all mineralised zones.
  • Mineral Resources were classified based on several parameters including quality assurance and quality control ("QAQC"), geological confidence, number of samples used to estimate a specific block, distance from sample (variogram range), kriging efficiency and others.
  • Conversion to Oz - kg:Oz - 1:32.15076; Conversion to lb - 1 kg : 2.2046lb.

This news release was prepared by Christopher J. Wild, P.Eng., Vice-President Exploration for Rockgate, a Qualified Person as defined by NI 43-101. Please refer to the Technical Report for further information regarding the Mineral Resource estimate contained herein, a full description of the key assumptions, parameters, and methods used to estimate the aforementioned Mineral Resources, and a general discussion of the extent to which this Mineral Resource estimate may be materially affected by any unknown environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

Please visit our website at www.rockgatecapital.com.

ON BEHALF OF THE BOARD OF DIRECTORS OF ROCKGATE CAPITAL CORP.

Karl Kottmeier, President

Neither Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Rockgate Capital Corp.
    Karl Kottmeier
    President
    (604) 678-8941

    Rockgate Capital Corp.
    Kirk Gamley
    VP Corporate Development
    (604) 678-8941
    (604) 689-7442 (FAX)
    www.rockgatecapital.com