Nov 8 2010
Rockcliff Resources Inc. (RCR: TSXV) has announced that it has received an independent - Mineral Resource Estimate prepared by Mr. Sebastien Bernier, PGeo (APGO # 1847) of SRK Consulting (Canada) Inc. for the Rail Deposit in central Manitoba.
Ken Lapierre, President and CEO commented, "The NI 43-101 Resource Estimate is our first estimate on our Snow Lake Property. At a 2.0% cut-off grade, the Rail Deposit contains over 55,000,000 pounds of copper, 16,000,000 pounds of zinc, 240,000 ounces of silver and 17,000 ounces of gold. The deposit has excellent grade, is continuous, predictable and has potential for significant expansion. It also subcrops at surface, dips vertically and is completely open in all directions where adjacent untested geophysical targets exist along strike and at depth. Excellent potential remains to significantly expand the initial resource at Rail. With additional top quality copper and gold properties in our portfolio we remain confident that additional discoveries will be achieved moving forward."
The mineral resources are reported at a cut-off grade of 2.0 per cent copper to reflect "the reasonable prospects" for economic extraction. SRK considers the Rail Deposit to be amenable to extraction using underground mining methods. The Mineral Resources Statement for the Rail Deposit presented are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves. The Indicated Mineral Resource for the Rail Deposit was classified according to the CIM Definition Standards for Mineral Resources and Mineral Reserves (December 2005) by Sebastien Bernier, P.Geo (APGO#1847), an appropriate independent person for the purpose of National Instrument 43-101. Mr. Bernier has reviewed the technical content of this news release.
The Rail Deposit is a single, vertical dipping, high grade, VMS vein that subcrops at surface and ranges in width from 0.35m to 3.75m. It consists of stringers and massive sulphide lenses of chalcopyrite, pyrite, pyrrhotite and sphalerite. Drilling has intersected the deposit over a strike length of 700m and to a vertical depth of 450m. The mineralization remains open along strike and at depth where it has been identified by surface (DPEM) and bore hole geophysics. The deposit is associated within a 5km long conductive horizon hosting the same type of juvenile arc rocks that hosts all of the VMS mines within the Flin Flon and Snow Lake mining camps.
Resource Estimation Methodology
The mineral resource was estimated using kriging and verified using inverse power distance squared, cubed and nearest neighbor methods. The drill database includes 58 core boreholes totaling 14,764m and 1,527 sample intervals with analysis for copper, zinc, gold and silver. The resource estimate is the result of diamond drill programs conducted by Rockcliff Resources Inc. between 2007 and 2010.
This is the first Mineral Resource Estimate for the Rail Deposit reported in accordance with Canadian Securities Administrators National Instrument 43-101 and was estimated in conformity with generally accepted CIM "Estimation of Mineral Resource and Mineral Reserves Best Practices Guidelines". The mineral resource was classified as Indicated primarily based on bloc distance from the nearest informing composites and on variography results. Classification is based on copper data alone.
Extent to Which Estimate of Mineral Resource may be Materially Affected by any Known Relevant Issues.
Neither Rockcliff's Qualified Person, Ken Lapierre, nor SRK's Qualified Person, Sebastien Bernier, nor Management of Rockcliff is aware of any known environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues that may materially affect the estimate of the mineral resource.
A complete Technical Report, compiled in accordance to Canadian Securities Administrators National Instrument Form 43-101 Guidelines, will be filed on SEDAR within 45 days of release of this press release.
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, is responsible for the information in this press release.
Rockcliff has the exclusive right to earn a 100% interest in the Rail Property from Hudson Bay Exploration and Development Company Limited (HBED), a wholly owned subsidiary of HudBay Minerals Inc. (HBM: TSX). If Rockcliff earns its interest in the Rail Property, HBED will receive a 2% Net Smelter Return Royalty. If Rockcliff earns a 100% interest in the Rail Property, HBED then has the right to acquire up to a 65% interest in the Rail Property. Please refer to the News Release dated March 23, 2007 for further details.
Source: Rockcliff Resources Inc.