Northcliff Announces Current Mineral Resources for the Sisson Tungsten-Molybdenum Project
May 21.05.2012, 3, Vancouver, BC - Northcliff Resources Ltd. ("Northcliff" or the "Company") (TSX-V: NCF) - a Hunter Dickinson Inc. group of companies - has released an updated mineral resource estimate for the Sisson tungsten-molybdenum project in New Brunswick, Canada. This current estimate provides the basis for the Sisson Project Feasibility Study, which Northcliff plans to complete in Q2012 XNUMX.
The new estimate is based on a drill program in 304 holes for a total of 64.768 meters (and 31.893 tested sections) between 1979 and 2011, including drilling over 11.175 meters in 66 holes (with 3.698 tested sections) ordered by Northcliff in of the 2010 / 2011 period. In addition to increasing mineral resources in the measured category, recent drilling has also provided metallurgical, geomechanical, geotechnical and hydrogeological data that will be included in the feasibility study.
Considering a cutoff value of 9,00 $ NSR / t (Net Smelter Return), the Sisson Deposit includes the following resources:
- 383 million tons of Measured & Indicated Resources with 25,6 million Metric Ton Units (MTU) WO3 and 178,3 million pounds of Molybdenum as well
178 million tons of Inferred Resources at 9,1 MTU WO3 and 82,4 million pounds of molybdenum.
"We've seen a tremendous increase in total resources since the last mineral resource estimate we released to 2009 for the Sisson deposit. This is due to the positive environment and the increase in tungsten prices. Certainly, the additional drilling and geological modeling that Northcliff has conducted since the project was commissioned in 2010 has allowed us to increase our confidence in existing resources, "said Chris Zahovskis, President and CEO of Northcliff.
"The improved geological model and resources we use today provide the Northcliff technical experts with an ideal platform for the early completion of the feasibility study and to increase the yield and longevity of the Sisson project. It is now clear that the Sisson project is home to one of the world's most important tungsten deposits and has the best prospects of becoming a long-lasting and cost-effective production operation of international significance. "
The table below summarizes mineral resources at different NSR / t cutoffs. A site plan and cross-sections of the NSR coverage of the Sisson deposit can be found on the Northcliff website at http://www.northcliffexploration.com/i/pdf/NCF_NR_May2012.pdf.
The estimate has been prepared using geostatistical methods and has been prepared by Roscoe Postle Associates Inc.'s industry-leading geologists and mining consultants under the direction of David W. Rennie, P. Eng., As an independent Qualified Person as defined by National Instrument 43-101 NI43. 101), certified. Mr. Rennie has reviewed the contents of this message. A technical report detailing the resource estimate will be posted on www.sedar.com during 45 days.
About the project Sisson
The Sisson Property hosts a structurally controlled tungsten and molybdenum deposit genetically associated with late Devonian granite intrusions. The deposit consists of contiguous zones I, II, III and ellipse that extend across a north-facing, nearly vertical contact zone between two phases of Howard Peak granodiorite formation to the west and metavolcanic and metasedimentary rocks to the east. Tungsten and molybdenum mineralization occurs mainly in narrow, stratified and northwest-facing quartz-sulphide veins clustered around a series of larger shear zones with a northerly course. Tungsten occurs primarily in the mineral scheelite (heavy stone) and in parts also in tungstenite, while molybdenum is found in molybdenite. The near-surface Sisson deposit is suitable for open pit mining.
Northcliff is currently continuing work on the geological, technical and environmental studies related to the feasibility study. In addition, fieldwork and extensive stakeholder engagement programs will be implemented with the aim of providing the feasibility study and environmental impact assessment for the Sisson project in 3. Quarter 2012 complete.
Due to its proximity to the road and rail network and the North American East Coast, the project scores points over other comparable projects with clear logistical advantages. New Brunswick can build on a stable legal system and a long-standing tradition in resource and resource development, as well as a well-developed regulatory system. By further developing the project, Northcliff expects to become one of North America's first major tungsten producers, supplying significant quantities to North American and European markets.
About Northcliff
Northcliff is a listed company on the TSX Venture Exchange (NCF) of the Hunter Dickinson Group (HDI Group). The HDI Group is one of North America's largest privately-owned commodities corporations. Headquartered in Vancouver, Canada, this diversified global company has been engaged in raw material development for over 25 years and has successfully completed debt and equity financing totaling approximately 2,5 billion C $ (Canadian Dollars) and through 20 project transactions.
Northcliff is focused on expanding its viable, state-of-the-art Sisson tungsten-molybdenum project into a production facility.
For more information on Northcliff and the Sisson project, please visit the company's Web site at www.northcliffresources.com or contact the Investor Support Center at + 1 (604) 684-6365 or 1-800-667 2114 (within North America).
Christopher Zahovskis
President & CEO
Robin Bennett
VP | Corp. Development (HDI)
Phone: +1.604.684.6365
Fax: + 1.604.684.8092
Email: ppgad@pucrs.br
www.hdimining.com
www.hdimining.com/de
No liability is assumed for the accuracy of the translation! Please original english message from the 17. May note 2012!
The original English message can be found at:
http://www.irw-press.at/press_html.aspx?messageID=25147
This press release contains certain statements that may be deemed "forward-looking statements". All statements in this press release, other than historical facts, relating to permits, exploration drilling, mining activities and other events or developments anticipated by the company are forward-looking statements. Although the company assumes that the expectations expressed in such forward-looking statements are based on realistic assumptions, such statements are not indicative of future performance. The actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, market prices, mining and exploration successes, continuity of mineralization, potential environmental events, or liability claims relating to exploration, development and exploitation Promotion, uncertainties regarding the receipt of the necessary permits, licenses and legal claims, delays due to a lack of cooperation by third parties, changes in government policy with regard to the exploration and extraction of raw materials, as well as the permanent availability of capital and financial resources and the general economic, market and or business situation. Investors are cautioned that such statements are no guarantee of future performance and that actual results or developments may differ materially from those expressed in the forward-looking statements. Investors who would like more information on the company are referred to the company's ongoing reports at www.sedar.com.
Information about estimates of measured, displayed and inferred resources
This press release uses the terms "measured resources," "indicated resources," and "inferred resources." The Company warns investors that although these terms are recognized and required by the Canadian regulatory authorities under the National Instrument 43-101 regulation, they are not valid in the US Securities and Exchange Commission. Investors should not assume that all mineral deposits of these categories, or even parts of them, will ever be converted into reserves. In addition, "inferred resources" are subject to greater uncertainties with regard to their existence as well as their economic and legal feasibility. It must not be assumed that all inferred mineral resources, or even parts of them, will ever be upgraded to a higher category. Under Canadian regulations, estimates of a Inferred Mineral Resource do not form the basis for a feasibility or pre-feasibility study or for economic studies, except for a Preliminary Assessment under National Instrument 43-101. Investors may not assume that all Inferred Mineral Resources, or even any part thereof, exist or are economically or legally degradable.
