TORONTO, ONTARIO -- (Marketwire) -- 02/14/13 -- Rockcliff Resources Inc. (TSX VENTURE: RCR) is pleased to announce that its winter drill program has commenced at the former Dickstone Copper Mine. The untested drill target is interpreted as a large buried conductive anomaly beneath the existing mine workings. Also, at the Tower Property, a DPEM geophysical survey is being completed after which drilling will commence. Both properties are part of Rockcliff's Snow Lake Project located within central Manitoba and hosted within the Flin Flon-Snow Lake greenstone belt; the largest Paleoproterozoic VMS district in the world.
At Dickstone, the buried conductive anomaly measures 250m wide by 800m long and is located below the existing mine workings. Last year's drill hole RDS12-002 intersected the bottom edge of the anomaly and intersected 2.7% copper, 0.4g/t gold, 0.3% zinc, 8.6g/t silver across 2.5m.
At Tower, DPEM geophysics is concentrating on an area 200m east of the previously announced NI 43-101 T-1 Copper Deposit where last year's drill program discovered the T-2 Copper Zone. Hole TP12-025 intersected 2.44% copper, 0.7g/t gold, 0.3% zinc, 18.2g/t silver across 4.0m including 3.3% copper, 0.8g/t gold, 24.6g/t silver, 0.4% zinc across 2.0m in a strongly VMS altered bimodal rock package. The zone appears to be located at the very south edge of a potential +500m long untested DPEM geophysical anomaly. Please refer to the press releases dated December 6, 2012 and January 22, 2013 or access www.rockcliffresources.com for more information on the high grade NI 43-101 resource of the T-1 Copper Deposit.
Rockcliff has the exclusive right to earn a 100% interest in the Dickstone Property from Xstrata Copper Canada, a division of Xstrata Canada Corporation (Xstrata). Rockcliff will be required to incur aggregate exploration expenditures totaling $3,500,000 over four years. If Rockcliff earns a 100% interest in the Dickstone Property, Xstrata then has a right to acquire up to a 70% interest in the Dickstone Property. Please refer to the press release dated February 22, 2011 for further details.
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.
On April 19, 2012, Rockcliff announced that it had exercised the option to earn its 50% interest in the Tower Property by spending $2,000,000 on exploration expenditures and paying $90,000 to Pure Nickel Inc. Under the terms of the original option agreement with Pure Nickel, a joint venture is to be formed once Rockcliff earns its 50% interest. The parties are negotiating the terms of joint venture agreement. Rockcliff is continuing to earn an additional 20% in the property by spending an additional $2,000,000 (approximately $1,300,000 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 Tower Property. An underlying 2% NSR on the property is held by Xstrata Nickel, of which half can be purchased for $1,000,000.
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