Diamond Drilling confirms depth potential for mineralisation at Mrima Hill.

Transcription

1 TSX VENTURE EXCHANGE: TSXV-PAW Diamond Drilling confirms depth potential for mineralisation at Mrima Hill. December 22 nd, 2011 News Release # Vancouver, BC, Canada: Pacific Wildcat Resources Corp. (TSXV-PAW) ( PAW or the Company ) is pleased to announce that geological logging has now been completed on the recent 1,810m, sixteen hole diamond drill campaign at the Mrima Hill Niobium and Rare Earth deposit in Kenya. PAW has a conditional purchase agreement to acquire an indirect 70% interest in Cortec Mining Kenya, owner of the Mrima Hill Niobium and Rare Earth project. The plan (Figure 1) shows the location of the diamond and reverse circulation drilling programs in relation to the mapped geology of the Carbonatite as well as the location of two cross sections though the mineralisation which highlight the depth of the prospective weathered zone that has been outlined by this program. Section 1 (A A ) running N-S through the deposit indicates that a weathered zone of saprolite, (which includes saprolitic clays, soil and saprock) prospective for Niobium (Figure 2) and Rare Earth mineralisation (Figure 3), has been identified to a depth of between 70 and greater than 125m from the surface. Section 2 (B B ) running SW-NE through the deposit indicates that a weathered zone of saprolite, prospective for Niobium (Figure 4) and Rare Earth mineralization (Figure 5), has been identified to a depth of between 25 and greater than 140m from the surface. Closing Comments PAW s President and CEO Mr. Darren Townsend commented The completion of this geological logging of the diamond core is a watershed moment as it shows the significant depth potential of the mineralisation at Mrima Hill. We look forward to receiving the results from the residual 784 metres of diamond core which is currently in transit from Kenya to the laboratory in Perth. ON BEHALF OF THE BOARD OF DIRECTORS OF PACIFIC WILDCAT RESOURCES CORP. Darren Townsend Darren Townsend, President & CEO Contact information: Toronto: Don Willoughby Corporate Communications Manager Pacific Wildcat Resources Corp. info@pacificwildcat.com Telephone:

2 Calgary: Graeme Dick or Scott Koyich Brisco Capital Partners Corp. Investor Relations Telephone: Pacific Wildcat Resources Corp. website: 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 450 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 compliant inferred niobium resource estimate of million tonnes at 0.65% Nb 2 O 5 for a total of billion pounds contained Nb 2 O 5 to a depth of 30 metres from the surface In addition, substantial rare earths mineralisation has been identified and work will commence in January 2012 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 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 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 , 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 Standards of Disclosure for Mineral Projects). Investors are cautioned that trading in the securities of Pacific Wildcat Resources Corp. should be considered highly speculative. 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. 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 ( NI ) 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 as soon as possible. 2

3 Figure 1: Plan of the diamond drilling and reverse circulation drill hole locations in relation to the geology. 3

4 Figure 2: Section 1 of the Niobium intersects at Mrima Hill; showing the base of weathering. 4

5 Figure 3 Section 1 of the TREO intersects at Mrima Hill; showing the base of weathering. *Note that the potential quantities and grades of the above REO 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 has not completed sufficient work to classify the above mentioned historical estimate as a current mineral resource. The Company is not treating the historical estimate as a current mineral resource. The historical estimate is not compliant with NI and should not be relied upon. 5

6 Figure 4: Section 2 of the Niobium intersects at Mrima Hill; showing the base of weathering. 6

7 Figure 5: Section 2 of the TREO intersects at Mrima Hill; showing the base of weathering. *Note that the potential quantities and grades of the above REO 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 has not completed sufficient work to classify the above mentioned historical estimate as a current mineral resource. The Company is not treating the historical estimate as a current mineral resource. The historical estimate is not compliant with NI and should not be relied upon. 7