Pacific Wildcat Resources Corp.: Update on Progress at Mrima Hill and Increased Rare Earth Resource Target
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/13/12 -- Pacific Wildcat Resources Corp. (TSX VENTURE: PAW) ('PAW' or the 'Company') is pleased to report that good progress is being achieved with the reverse circulation ('RC') resource drill program currently underway at the Mrima Hill Niobium and Rare Earth Project in Kenya. Originally planned for 5,000m (NR #2011-27), the RC program has now been doubled to 10,000m as further drill access tracks (Figure 1) have been authorized by regulatory authorities and early drilling has demonstrated increased depth potential of the mineralized saprolitic clays and saprolitic rock. PAW has a conditional purchase agreement to acquire an indirect 70% interest in Cortec Mining Kenya ('CMK'), owner of the Mrima Hill project.
Highlights
-- PAW has doubled the planned amount of RC drilling to be undertaken at
Mrima Hill to 10,000m
-- 1km of additional drill access tracks approved and cleared at Mrima Hill
over a high grade Total Rare Earth Oxide ('TREO') region.
-- RC resource drilling underway with good recoveries and intersecting
prospective saprolite below 100m drill depth.
-- Recent TREO diamond drilling results (NR #2012-03) together with
previous TREO results have supported an upward revision of the initial
Exploration Target(i) for the TREO mineralisation of between 30 million
to 40 million tonnes at grades ranging from 4.0% to 5.0% TREO.
-- Community projects progressing well with the provision of school
buildings and waterbores.
To view Photo 1, please click the following link: http://media3.marketwire.com/docs/pacificphoto1.pdf
(i)Note that the potential quantities and grades of the above TREO estimates are conceptual in nature, and there is insufficient exploration to date to define a current mineral resource and therefore it is uncertain if further exploration will result in the target being delineated as a current mineral resource. A 'qualified person' as defined under National Instrument 43-101 has not completed sufficient work to classify the above mentioned historical estimate as a current mineral resource. For details of individual Rare Earth Oxides that contribute to the TREO Exploration Target see Table 1.
A track mounted rig (Photo 2) is now in full production having completed 16 holes totaling 1,658m of RC drilling (Figure 2 and 3). Most drilled holes have achieved their planned average depth of 100m, and often been extended up to a depth of 120m (Photo 1). Sample recovery and metre production rates have improved in comparison to the 2010 RC program. An average production day drill rate of 64m per shift has been achieved project to date.
The initial drilling has commenced in the south west corner of Mrima Hill. This is one of the areas found to be anomalous for TREO by the Kenyan Mines Department who sampled 81 pits to a depth of 8m throughout Mrima Hill in 1955, an anomaly that was confirmed by the PAW diamond drill program of 2011 (see News Releases - NR #2011-21, NR #2011-22, NR #2012-03). The saprolite is prospective for TREO and niobium and has formed as a product of a weathered carbonatite intrusion. The RC holes are at 100m spacing and aim to achieve a maiden National Instrument 43-101 resource for TREO, as well as an update on the Initial Niobium Resource reported on the 7th of July 2011 ('NR #2011-14'); at Mrima Hill. These resource estimates are expected to be completed in the third quarter of 2012.
The revised initial Exploration Target(i) for the deposit of between 30 million to 40 million tonnes at grades ranging from 4.0% to 5.0% TREO has been developed taking into account all available assay data from the completed RC and diamond drilling programs at Mrima. This estimate is based on the development of a conceptual interpretation of the available drilling data utilising a 1.0% TREO lower cut-off. This interpretation was subsequently constrained to the surveyed topographic surface and limited to a maximum depth of 80 metres below surface. TREO mineralisation however has been intersected at depths greater than 80 metres, implying a level of conservatism in the conceptual target. Further planned drilling will increase confidence and allow a deeper base to the Exploration Target.
To view Photo 2, please click the following link: http://media3.marketwire.com/docs/pacific_photo2.pdf
To view Figure 1, please click the following link: http://media3.marketwire.com/docs/pacific_figure1.pdf
To view Figure 2, please click the following link: http://media3.marketwire.com/docs/pacific_figure2.pdf
(i)Note that the potential quantities and grades of the above TREO estimates are conceptual in nature, and there is insufficient exploration to date to define a current mineral resource and therefore it is uncertain if further exploration will result in the target being delineated as a current mineral resource. A 'qualified person' as defined under National Instrument 43-101 has not completed sufficient work to classify the above mentioned historical estimate as a current mineral resource. For details of individual Rare Earth Oxides that contribute to the TREO Exploration Target see Table 1.
Community Projects
PAW and CMK are also pleased to report good progress being made with a number of community projects at Mrima Hill. Highlights include completion of two class rooms built at the schools of Mwabovo and Bumbuni. A communal water bore has been drilled at Mwabovo School and a second at Dzuni. Construction of a workshop at the Mrima Polytechnic has also been completed.
To view Photos 3-7, please click the following link: http://file.marketwire.com/release/pacific_photos.pdf
Closing Comments
PAW's President and CEO Mr. Darren Townsend commented 'I am very pleased with the improved drill rig productivity at Mrima Hill as we work towards completing our inaugural Rare Earth Resource estimate. PAW and CMK continue to work together positively with the community at Mrima and we thank the community for their support and supply of a workforce assisting with drill site preparation, sampling and rehabilitation. The Company is pleased to report positive ongoing discussions continue with a number of potential financiers for providing debt/equity financing for completion of the Mrima Hill Acquisition and we will provide further updates to the market when arrangements have been finalised.'
ON BEHALF OF THE BOARD OF DIRECTORS OF PACIFIC WILDCAT RESOURCES CORP.
Darren Townsend, President & CEO
About Pacific Wildcat Resources Corp. - Pacific Wildcat is a Toronto Venture Exchange listed Canadian mineral exploration company having the trading symbol 'PAW'. It has a producing Tantalum mine at Muiane in northern Mozambique where it has the largest land position of over 300 square kilometers on the Alto Ligonha pegmatite belt, the location of numerous historic Tantalum mines.
PAW's flagship project is located in Kenya where a conditional contract is in place whereby the Company has the right to acquire an indirect 70% interest in the Mrima Hill Niobium and Rare Earth Project. This is an ex Anglo American and Pechiney property the subject of extensive historic work. In July 2011 the Company completed an initial NI 43-101 compliant inferred niobium resource estimate of 105.3 million tonnes at 0.65% Nb2O5 for a total of 1.519 billion pounds contained Nb2O5 to a depth of 30 metres from the surface In addition, substantial rare earths mineralisation has been identified and work has commenced on a Rare Earth Resource RC drilling program.
For information about Pacific Wildcat Resources Corp. and its development and exploration activities shareholders and other interested parties are invited to visit the company's website at www.pacificwildcat.com.
To view Table 1, please click the following link: http://media3.marketwire.com/docs/pacific_table1.pdf
Qualified Person
The individuals who completed the niobium mineral resource estimate have extensive experience in the mining and exploration industry and are members in good standing of appropriate professional institutions are as follows:
-- Dr William (Bill) Northrop, PhD, Pr. Sci. Nat. (400164/87), FSAIMM,
FGSSA, MGASA
-- Mr. Andre Deiss, BSc (Hons), Pr. Sci. Nat. (400007/97), MSAIMM
Dr. Northrop and Mr. Deiss are competent person's registered with the South African Council of Natural Scientists ('SACNASP') as well as with various mining and geological professional bodies and are qualified persons as defined under NI 43-101. Both Dr. Northrop and Mr. Deiss have reviewed the content of this press release and consent to its disclosure.
Timothy David Major, BSc, MSc - Geology and Mineral Exploration. MAusIMM. Qualified person under NI 43-101, and as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' has reviewed the scientific and technical data and exploration data relating to the Mrima Hill Project contained in this news release on behalf of the Company and consents to its release.
A Quality Assurance/Quality Control (QA/QC) program forms part of the drilling, sampling and assay program on the Mrima Hill Project. This program includes chain of custody protocol as well as systematic submittal of certified reference materials and blank samples into the flow of samples produced by the drilling. The results of the Company's drill program have been reviewed, verified (including drill logs, assay certificates, test data and additional supporting information sources) and compiled by the Company's Exploration Manager (Timothy David Major, who is a qualified person for the purpose of NI 43-101 - Standards of Disclosure for Mineral Projects).
The previous drilling programs have intersected zones of TREO mineralisation as previously reported in News Releases 2011-8,2011-11, 2011-21, 2011-22, and 2012-03 dated April 27th, May 5th 2011, 13th September 2011, 25th October 2011 and February 28th 2012, which have not yet been included in a Mineral Resource estimate. Benjamin Pollard acting as a competent person has made an allowance of between 30 million tonnes and 40 million tonnes at grades ranging from 4.0% to 5.0% TREO (incl. Yttrium) for this exploration target based on conceptual interpretation of mineralisation intercepted during drilling and most recently reported in News Release 2012-03. The above noted quantity and grade are conceptual in nature and there has been insufficient exploration to define a Mineral Resource. It is uncertain if further exploration will result in the exploration target being defined as a Mineral Resource.
Benjamin Craig Pollard, BSc - Mineral Exploration and Mine Geology. MAusIMM. Qualified Person under NI 43-101, and as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code) has reviewed the scientific and technical data and exploration data related to the TREO exploration target and TREO historical estimate referred to in this presentation and consents to its release. Mr. Pollard is a full-time employee of BMGS Perth Pty Ltd.
Investors are cautioned that trading in the securities of Pacific Wildcat Resources Corp. should be considered highly speculative.
Cautionary note: This press release contains forward looking statements, particularly those regarding cash flow, capital expenditures, work programs, the estimation of mineral resources and the Company's plans with respect to the exploration and development of its projects and its investment plans. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. There can be no assurance that the Company will be able to obtain a mining licence or any of the permits that are required in order to commence mining operations at the Mrima Hill Project. The rare earths historical resource estimates is considered speculative and therefore noncompliant with National Instrument 43-101 ('NI 43-101') reporting standards and should not be relied upon. The Company is not treating the historical estimate as current mineral resources or reserves. The Company has not undertaken any independent investigation of the historic rare earths resource estimates. The Company believes that these historical resource estimates provide a conceptual indication of the potential of mineral occurrences within the project and are relevant to ongoing exploration. The Company intends to confirm the historic resource estimates through drilling currently underway.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. 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.
Contacts:
Pacific Wildcat Resources Corp. - Toronto
Don Willoughby
Corporate Communications Manager
+1-416-306-5777
info@pacificwildcat.com
www.pacificwildcat.com
Brisco Capital Partners Corp. - Calgary
Graeme Dick or Scott Koyich
Investor Relations
+1-403-262-9888
lgermiquet@briscocapital.com