Rockgate Capital Corp.
TSX : RGT

Rockgate Capital Corp.

January 18, 2011 07:01 ET

Rockgate Significantly Increases Uranium/Silver Resource Size and Grade; adds Copper resource at Falea Project, Mali, West Africa

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 18, 2011) - Rockgate Capital Corp. (TSX:RGT) (the "Company") is pleased to announce a new National Instrument ("NI") 43-101 compliant Mineral Resource Estimate (MRE) for its 100%-owned Falea Uranium-Silver-Copper project located in Mali, West Africa. The estimate was completed by independent consultant Golder Associates Ltd. ("Golder"), updating the initial estimate completed in May 2009. The complete Golder Associates report will be available on SEDAR within 45 days.

Highlights:

  • Overall, 37.0% increase in pounds of U3O8 and 29.5% increase in U3O8 grade at 0.03% cut-off grade over 2009 estimate (uncapped).
  • Overall, 28.6% increase in ounces and 22.5% increase in Ag grade over 2009 estimate (uncapped).
  • Almost 7-fold increase in Indicated pounds of U3O8 over 2009 estimate (uncapped).
  • Greater than 11-fold increase in Indicated ounces of Ag oz over 2009 estimate (uncapped).
  • Indicated: 89.6% of lbs U3O8, 98.1% of oz Ag, and 77.5% of the lbs Cu are located in the North Zone.
  • Inferred: 77.3% of lbs U3O8, 93.8% of oz Ag, and 53.6% of the lbs Cu are located in the North Zone.
  • Updated resource based on predominantly "infill" drilling.

Table 1 Falea Mineral Resource Summary 2011 Compared to 2009 - Uncapped

Date of Report Resource
Category
Cut-off
U
3O8 (%)
Tonnes U3O8
(%)
Ag
(g/t)
Cu
(%)
U3O8
(lbs)
Ag
(oz)
Cu
(lbs)
Jan. 2011 Indicated 0.03 1,961,000 0.140 196 0.18 6,071,000 12,361,000 7,907,000
Jan. 2011 Inferred 0.03 9,448,000 0.104 93 0.23 21,681,000 28,288,000 47,447,000
                   
May 2009 Indicated 0.03 572,000 0.069 61 N/A 871,000 1,116,000 N/A
May 2009 Inferred 0.03 10,270,000 0.086 92 N/A 19,381,000 30,484,000 N/A

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 265 drill holes totalling approximately 66,600 metres and 2900 assays.
  • Deposit wireframe modelling is based on drill hole data using assay cut-off grade of 0.01% U and radiometric probe data greater than background.
  • 20 U3O8 assays, 25 Ag assays, and 14 Cu assays were capped.
  • 1.0 metre composite length was selected.
  • Based on 340 drill core samples, a bulk density of 2.654 g/cm3 was applied to all mineralized zones.
  • Block model using parent block size of 12.5m (x) by 12.5m (y) by 2.0m (z) and sub-blocks of 3.125m (x) by 3.125m (y) by 0.5m (z) was generated by Datamine Studio 3 software.
  • Blocks that lie within 50m of 2 drill holes and have a minimum of 10 samples were classified as Indicated Mineral Resources. Blocks not classified as Indicated but within the wireframe model were classified as Inferred Mineral Resources.
  • Estimate uses Ordinary Kriging (OK) method for 5 mineral zones (North Upper, North Deep, Central, Central Deep, and Bodi).

Table 2 2011 Falea Mineral Resource Summary - Capped

Resource
Category
Cut-off
U
3O8 (%)
Tonnes U3O8
(%)
Ag
(g/t)
Cu
(%)
U3O8
(lbs)
Ag
(oz)
Cu
(lbs)
Indicated 0.03 1,960,000 0.125 92 0.18 5,417,000 5,797,000 7,874,000
Inferred 0.03 9,448,000 0.095 60 0.22 19,723,000 18,145,000 45,934,000

Table 3 Indicated Mineral Resource by Mineral Zone – Capped

Mineral Zone Cut-off
U
3O8 (%)
Tonnes U3O8
(%)
Ag
(g/t)
Cu
(%)
U3O8
(lbs)
Ag
(oz)
Cu
(lbs)
North Upper 0.03 1,489,000 0.139 99 0.17 4,558,000 4,756,000 5,624,000
North Deep 0.03 81,000 0.165 358 0.27 295,000 933,000 479,000
Central 0.03 390,000 0.066 9 0.22 565,000 111,000 1,771,000
Central Deep 0.03 - - - - - - -
Bodi 0.03 - - - - - - -
Indicated 0.03 1,960,000 0.125 92 0.18 5,417,000 5,797,000 7,874,000

Note: Totals subject to rounding error

Table 4 Inferred Mineral Resource by Mineral Zone – Capped

Mineral Zone Cut-off
U
3O8 (%)
Tonnes U3O8
(%)
Ag
(g/t)
Cu
(%)
U3O8
(lbs)
Ag
(oz)
Cu
(lbs)
North Upper 0.03 3,369,000 0.122 78 0.19 9,035,000 8,408,000 13,903,000
North Deep 0.03 2,376,000 0.118 113 0.20 6,201,000 8,609,000 10,708,000
Central 0.03 3,323,000 0.055 9 0.25 4,032,000 1,009,000 18,542,000
Central Deep 0.03 224,000 0.042 12 0.37 207,000 88,000 1,827,000
Bodi 0.03 155,000 0.072 6 0.28 246,000 28,000 948,000
Inferred 0.03 9,448,000 0.095 60 0.22 19,723,000 18,145,000 45,934,000

Note: Totals subject to rounding error

General Discussion

  • Currently, diamond drilling is focused on extending the Plateau Edge Structure (PES) and locating additional high-grade mineralization on other North Zone structures.
  • Diamond drilling will also test the Bodi and Kania showings to identify near-surface, bulk tonnage mineralization.
  • The Falea Sedimentary Basin appears to be similar in age and geological setting to the Athabasca Basin in Canada. These recent developments now indicate the Falea Basin hosts high-grade uranium mineralization similar to that of the Athabasca Basin.
  • To date, only 5-6 percent of area hosting down-hole radiometric anomalies has been drill tested.

Rockgate president Karl Kottmeier commented, "We are very pleased to report a substantial increase in contained pounds of Uranium and ounces of Silver as well as the addition of a significant Copper resource. The increase in overall grade is particularly encouraging and supports the Company's belief that the Falea deposit is a world class high-grade uranium deposit. The updated MRE demonstrates the significant potential of the Falea Project. While the latest drilling programme has focused on the North Zone, we believe that there is excellent potential to significantly increase the MRE further in this Zone and in other areas covered by the Exploration License. The increased scale and confidence of the updated MRE has led to the initiation of a Scoping Study for the project."

Mr. Lorne Warner, P. Geo, Director and VP Exploration, is the Qualified Person for the Company under NI 43-101. All core samples are cut in half on site and sent to ALS-Chemex in Bamako for direct shipment to ALS-Chemex in Johannesburg, South Africa, for ICP-MS and XRF analysis. The company inserts a standard, blank and requests a duplicate sample be run in every batch of 20 samples. In addition, the lab inserts in-house blanks, standards, and duplicates with each shipment. Data that falls outside the control limits are checked and repeated as necessary.

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