Business
Northcliff updates mineral resources for Sisson Tungsten-Molybdenum Project
VANCOUVER, May 17, 2012 /CNW/ - Northcliff Resources Ltd. ("Northcliff" or the "Company") (...
About this update from Northcliff Resources Ltd.
[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, May 17, 2012 /CNW/ - Northcliff Resources Ltd. (\"Northcliff\"\n or the \"Company\") (TSX: NCF) announces an updated mineral resource\n estimate for the Sisson Tungsten-Molybdenum Project, located in central\n New Brunswick, Canada.  The estimate incorporates results from the 2011\n drill program and will form the basis for Northcliff's Feasibility\n Study of the Sisson Project, due for completion in Q3 2012.\n\n\nThe new estimate is based on 64,768 m of drilling in 304 holes (with\n 31,893 assayed intervals) completed between 1979 and 2011, including\n 11,175 m of drilling in 66 holes (with 3,698 assayed intervals) drilled\n by Northcliff in 2010-2011. In addition to increasing the mineral\n resources in the measured category, recent drilling has supplied\n metallurgical, geomechanical, geotechnical and hydrogeological data to\n support feasibility work.\n\n\nAt a $9.00 NSR/t (Net Smelter Return) cutoff, the Sisson deposit\n comprises:\n\n\n383 million tonnes of measured and indicated resources containing 25.6\n million metric tonne units (mtu) of WO3 and 178.3 million lb of molybdenum, and\n\n178 million tonnes of inferred resources containing 9.1 mtu of WO3 and 82.4 million lb of molybdenum.\n\n\n\"We have seen a substantial increase in total resources since the last\n mineral resource estimate for the Sisson deposit was published in 2009\n primarily due to the positive and strengthening price environment for\n tungsten. Certainly the additional drilling and geological modeling\n that Northcliff has undertaken since becoming operator of the Sisson\n Project in 2010 have also enhanced our confidence in the resource,\"\n said Chris Zahovskis, Northcliff President and CEO.\n\n\n\"The augmented geological model and resource that we're working with\n today will provide real opportunities for Northcliff engineers working\n to complete the Feasibility Study to both enhance output and extend the\n operating life of the Sisson Project.  It is clear now that the Sisson\n Project hosts one of the most important resources of tungsten in the\n world, with excellent potential for becoming a globally-important, long\n life, low-cost and near-term producer.\"\n\n\nThe mineral resources at various NSR/t cutoffs are summarized in the\n table below.  A plan map and cross sections showing the NSR blocks in\n...