TORONTO, March 19, 2013 (GLOBE NEWSWIRE) -- Pure Nickel Inc. (TSX:NIC) is pleased to report on the Tower Property located in Manitoba. A press release, outlining a new intersection of high grade copper mineralization at the T-1 Copper Deposit, issued by its partner on the property appears below in its entirety.
Rockcliff Intersects High Grade Copper at Tower Property 4.3% Copper, 0.5g/t gold, 1.3% Zinc, 23.5g/t Silver across 5.5m including 8.4% Copper, 0.9g/t Gold, 2.4% Zinc, 44.6 g/t Silver across 2.7m
TORONTO, Ontario (March 19, 2013) Rockcliff Resources Inc. is pleased to announce that drilling at the Tower Property has intersected high grade copper mineralization at the T-1 Copper Deposit. Additional drilling and a DPEM Geophysical survey completed east of the Deposit have identified the potential sulphide source of the T-2 Copper Zone.
Significant assay results from TP13-34 and TP13-35 drill holes are tabulated below.
- 2.8% copper, 0.7g/t gold, 0.9% zinc, 17.2g/t silver across 3.0m including
6.8% copper, 1.6g/t gold, 1.8% zinc, 41.5g/t silver across 1.1m (hole 34)
- 4.3% copper, 0.5g/t gold, 1.3% zinc, 23.5g/t silver across 5.5m including
8.4% copper, 0.9g/t gold, 2.4% zinc, 44.6g/t silver across 2.7m (hole 35)
Rockcliff's winter drill program at the Tower Property has now been completed in five (5) drill holes totalling almost 1500m. Two holes tested within T-1 Copper Deposit and three holes tested the T-2 Copper Zone.
At the T-1 Copper Deposit, two holes (hole TP13-034 and TP13-035) tested an area south of the Deposit's high grade copper Indicated Resource within the Deposit's lower grade Inferred Resource in an area void of drilling. Both holes intersected high grade copper mineralization (2.8% copper across 3.0m and 4.3% copper across 5.5m) which was significantly higher than the overall Inferred Resource grade of 2.0% copper.
Highlights of the recently completed drill program at the T-1 Deposit are tabulated below. Previously reported drill results (holes 1-33) can be viewed on the Company website at www.rockcliffresources.com.
|Borehole*||From (m)||To (m)||Length *(m)||Copper %||Gold g/t||Zinc %||Silver g/t||Grid N/E/Azimuth/Dip*|
|* Lengths reported above are drill intersected core lengths and do not represent true widths.|
Presently, the T-1 Copper Deposit Mineral Resource is outlined below (please see the news release dated December 6, 2012 for complete details of the Mineral Resource).
Mineral Resource Statement, T-1 Copper Deposit, Manitoba, by Caracle Creek International Consulting Inc., dated December 2, 2012:
|Resource category||To||Cu (%)||Zn (%)||Ag (g/t)||Au (g/t)||Contained Pounds-Cu|
|1. CIM definitions were followed for the estimation of mineral resources.|
|2. Mineral resources are estimated at a Cu cut-off of 0.5%.|
|3. Cut-off grade was based on a copper price of US$3.63 per pound.|
|4. Given the tonnage, grade and orientation of the deposit, Caracle Creek considers the T-1 Copper Deposit to be reasonably amenable to extraction using underground mining methods.|
|5. Specific Gravity measurements were taken on a portion of the samples and where actual measurements were not available an average of 3.00 was used.|
|6. Mineral resources are not mineral reserves and do not have demonstrated economic viability.|
At the T-2 Copper Zone, three (3) holes intersected a thick section of pervasive VMS alteration over a strike length of 150 meters north on last year's discovery hole (TP12-025 intersected four (4) meters grading 2.44% copper, 0.7 g/t gold, 18.2 g/t silver, 0.3% zinc. Please see news release dated May 23, 2012).Drill hole's TP13-001, 002 and 003 intersected scattered anomalous values from trace up to 6.0% copper over narrow widths within the alteration package. The recently completed DPEM geophysics has identified an untested conductive anomaly on strike to the north. Future drilling will be required to determine if the conductive anomaly on strike of the present mineralization could represent the concentrated source of the copper mineralization intersected to date.
Ken Lapierre, President and CEO, commented, "This winter's drill program was successful on two fronts. It identified higher grade copper mineralization within the lower grade T-1 Copper Deposit Inferred Resource. Also, drilling along the T-2 Copper Zone intersected copper mineralization within the favorable VMS alteration package trending towards an untested newly identified DPEM conductive source that could represent a significant concentration of copper sulphides for future discovery."
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.
Rockcliff has recently exercised the option to earn its 50% interest by spending $2,000,000 on exploration expenditures and paying $90,000 to Pure Nickel Inc. over the last two years. Both parties will now form a joint venture and Rockcliff will earn an additional 20% in the property by spending an additional $2,000,000 (approximately $1,600,000 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 property. An underlying 2% NSR on the property is held by Xstrata Nickel, of which half can be purchased for $1,000,000.
Quality Control and Quality Assurance
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.
Ken Lapierre, P.Geo., President & CEO of Rockcliff Resources Inc. of Rockcliff Resources Inc., is a Qualified Person under the definition of National Instrument 43-101. Mr. Lapierre has reviewed and approved the information in this press release.
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 500 km2. The project includes two VMS copper rich NI43-101 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 NI43-101 Resource (Shihan) and a precious metal property including one former gold mine (Century Mine).
Forward Looking Statements (Rockcliff Resources Inc.)
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
About Pure Nickel Inc.
Pure Nickel is a TSX listed mineral exploration company with a premium collection of properties in North America. The Company has been actively exploring its two Alaskan Properties, MAN and Salt Chuck. In 2012 the Company announced a gold discovery at Salt Chuck and completed a US$4.2 million exploration program at MAN, which was fully funded by their option partner. In addition, the Company is actively pursuing other, non-nickel properties in North America and overseas.
Forward Looking Statements (Pure Nickel Inc.)
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, expectations, plans, and objectives of Pure Nickel are forward-looking statements that involve various risks. The following are important factors that could cause Pure Nickel'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 exploration activities and cash flows, 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. Pure Nickel 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.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
CONTACT: CHF Investor Relations Cathy Hume T. (416) 868-1079 x 231 Email: firstname.lastname@example.org Website: www.chfir.com The Howard Group Investor Relations Jeff Walker T. (888) 221-0915 Email: email@example.com Website: www.howardgroupinc.com Pure Nickel Inc. David McPherson President and CEO T. (416) 644-0066 Email: firstname.lastname@example.org Website: www.purenickel.comSource:Pure Nickel Inc.