Rockcliff Options High Grade Talbot Deposit From Hudbay Minerals Inc., Historic Inferred Resource of 1,434,000 tonnes @ 3.4% ...
April 23 2014 - 9:29AM
Marketwired
Rockcliff Options High Grade Talbot Deposit From Hudbay Minerals
Inc., Historic Inferred Resource of 1,434,000 tonnes @ 3.4% Copper,
1.9g/t Gold, 2.9% Zinc, 58.4g/t Silver
TORONTO, ONTARIO--(Marketwired - Apr 23, 2014) - Rockcliff
Resources Inc. ("Rockcliff" or the "Company") (TSX-VENTURE:RCR) is
pleased to announce that it has signed an option agreement to earn
a 51% interest in the Talbot Property from Hudson Bay Exploration
and Development Company Limited (HBED), a wholly owned subsidiary
of Hudbay Minerals Inc. (TSX:HBM). The property hosts the high
grade Talbot Deposit which hosts a historic inferred mineral
resource of 1,434,000 tonnes at a grade of 3.4% Copper, 1.9g/t
Gold, 2.9% Zinc and 58.4g/t Silver. The Talbot Property is
strategically located 35km west of Rockcliff's high grade NI 43-101
T-1 Deposit. The Talbot Property covers a total of 4,458 hectares
and represents a geological environment similar to that of present
and past producing base metal mines associated with bi-modal
volcanic rocks in the Flin Flon-Snow Lake Greenstone Belt.
Rockcliff's President & CEO stated, "Rockcliff's portfolio
now consists of four (4) high grade deposits of which two (2) have
NI 43-101 copper resources with significant credits in gold, silver
and zinc. The acquisition of the high grade Talbot Deposit into our
existing high grade copper portfolio represents a significant
strategic breakthrough for our Company. It now provides us with two
high grade copper deposits in close proximity to each other near a
highway and active power lines. As a result, the economic viability
of the region is greatly enhanced and we look forward to advancing
both deposits in 2014."
Hudbay Minerals Inc. prepared an internal report (see reference
to Talbot Report below) which Rockcliff is treating as a historic
estimate. The historic estimate for the Talbot Deposit is detailed
below.
|
Zone |
Resource Category |
Tonnes |
Cu (%) |
Zn (%) |
Ag (g/t) |
Au (g/t) |
|
|
|
|
|
|
|
|
|
10 |
Inferred |
1,170,000 |
3.9 |
3.0 |
65.7 |
2.0 |
|
15 |
Inferred |
43,000 |
3.4 |
1.8 |
48.3 |
1.1 |
|
20 |
Inferred |
221,000 |
1.0 |
2.8 |
21.5 |
1.4 |
|
TOTAL |
Inferred |
1,434,000 |
3.4 |
2.9 |
58.4 |
1.9 |
Notes:
- CIM definitions were followed for the estimation of mineral
resources.
- Mineral resources are estimated at a minimum zinc equivalent
cut-off of 4.0% over a minimum two meter core length.
- Cut-off grade was based on a $2/pound copper, $700/ounce gold,
$0.85/pound zinc, $12/ounce silver.
- Specific Gravity measurements were taken by HBED and HBMS
personnel on sampled assay interval included in the resource
estimation.
- Mineral resources are not mineral reserves and do not have
demonstrated economic viability.
- The report entitled "Technical Report Talbot Lake Deposit,
Manitoba" dated December 19, 2008 (the "Talbot Report") was
prepared by Mr. Brian Hartman, Central Geologist, HBMS under the
supervision of Robert Carter, P.Eng., Senior Mines Analyst, HBMS, a
Qualified Person under NI 43-101. Kimberley Lau, P.Geo., Mines
Technical Services Superintendent, HBMS, a Qualified Person under
NI 43-101, peer reviewed the report.
Historical estimates of grade and tonnage given in this Press
Release are viewed as reliable and relevant based on the
information and methods used at the time. They were prepared in
compliance with resource definitions under NI 43-101 but must be
considered only as historic resources as the Talbot Report is not a
public document. Neither Rockcliff nor its Qualified Persons have
done sufficient work to classify the historic estimate as a current
mineral resource under current mineral resource or mineral reserve
terminology and are not treating the historic estimate as a current
mineral resource. The historic resource should not be relied
upon.
Rockcliff can earn a 51% interest in the Talbot Property by
spending $6,120,000 on exploration expenditures over the next six
(6) years. Rockcliff is not required to make any cash or stock
payments under the agreement. The first and second year expenditure
commitments are $200K and $400K respectively with escalating
expenditure commitments over the remaining years. The agreement
provides that once Rockcliff has earned its 51% interest in the
Property, Rockcliff (51%) and Hudbay (49%) will form a joint
venture and Rockcliff will be the Operator of the joint venture.
Provided Hudbay contributes its pro rata (49%) share of
expenditures under the joint venture, it will have two (2) years
from the date Rockcliff earns its 51% interest to purchase an
additional 2% interest for a cash payment of $240,000 and either
incurring expenditures over a two (2) year period equivalent to 2%
of the joint venture expenditures made since the formation of the
joint venture or paying such amount to Rockcliff in cash. If Hudbay
acquires the additional 2%, it will become the Operator of the
joint venture. Once a positive Feasibility Study has been completed
and mining development has commenced, the Operator can increase its
interest in the Property to 65% by paying the other participant a
cash payment equal to the pro rata share of expenditures made by
the other participant to reduce it to a 35% interest. The Operator
would then fund the costs of development and will be reimbursed for
100% of the development costs including the 35% interest of the
non-operator. Once the costs of development have been repaid, the
parties will be reimbursed their pro rata share of expenditures
made prior to the date development commences before net profits are
distributed pro rata.
The Talbot Deposit is defined as a volcanogenic massive sulphide
deposit, a stratabound accumulation of sulphide minerals that
precipitated at or near the seafloor in association with
contemporaneous volcanism. The depositional environment is similar
to that of present and past producing base metal deposits of felsic
to mafic volcanic and volcaniclastic rocks in the Flin Flon - Snow
Lake Greenstone Belt. Three lenses outline the Talbot Deposit and
mineralization tops at 150m vertical and consists generally of
coarse-grained disseminated to massive sulphides of pyrite,
chalcopyrite, sphalerite, and pyrrhotite in a quartzofeldspathic
gneiss.
The authors of the Talbot Report recommended completing a
Preliminary Economic Assessment on the Talbot Deposit and
metallurgical sampling to determine metallurgical performance and
appropriate treatment protocols for the Talbot material. They also
recommended if warranted, further diamond drilling to increase the
confidence level of the inferred resource.
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, has reviewed and approved the
information in this press release.
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 resource growth of its
high-quality mineral properties at its Snow Lake Project. Rockcliff
presently controls the Snow Lake Project in central Manitoba,
totalling in excess of 400 km2. The project includes two (2) VMS
high grade copper rich NI 43-101 Resources (T-1, Rail), two (2)
historic VMS copper deposits (Lon and Talbot), the T-2 Copper Zone
(Tower), numerous untested geophysical anomalies and several
additional properties with VMS potential (Freebeth, Dickstone
North). Rockcliff also owns a zinc-silver rich NI 43-101 Resource
(Shihan) in Ontario.
Additional information can be viewed at
www.rockcliffresources.com.
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.
Rockcliff Resources Inc.Ken Lapierre P.Geo.President &
CEO(416) 644-1752 or Cell: (647)
678-3879klapierre@rockcliffresources.comwww.rockcliffresources.comRockcliff
New Address:520-141 Adelaide St. W.Toronto, ON M5H 3L5