VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 11, 2012) - Pacific Wildcat Resources Corp. (TSX VENTURE:PAW) ("PAW" or the "Company") is pleased to report Niobium and Rare Earth assay results from the first 1,462 meters (14 holes) of reverse circulation ("RC") drilling from a recently completed 4,941 metres program at Mrima Hill Niobium and Rare Earth project, in Kenya.
Assay results delineating, thick, high grade Niobium and Total Rare Earth Oxide ("TREO") intercepts have been received from RC drilling in the south west of Mrima Hill.
PAW has a conditional purchase agreement to acquire an indirect 70% interest in Cortec Mining Kenya, owner of the Mrima Hill project.
- Wide zones of TREO intercepts from surface and at depth. Intercepts include 23m at 14.80% TREO from 77m (open at depth), 65m at 4.02% TREO from surface and 91m at 4.78% TREO from 21m
- Niobium mineralisation intersected by this drilling has yielded 62m at 1.07% Nb2O5 from surface (including 10m at 2.08% Nb2O5 from 25m), 93m at 0.88% Nb2O5 from 10m (including 38m at 1.28% Nb2O5 from 21m), 23m at 1.44% Nb2O5 from 77m, 12m at 1.30% Nb2O5 from 22m, 14m at 1.35% Nb2O5 from 15m, 11m at 1.65% Nb2O5 from 46m, and 12m at 1.66% Nb2O5 from 97m.
- New intrusive system identified on the south western ridge on Mrima Hill (named "Camp Hill").
Drill Program and Results
A total of 51 RC holes for 4,941m from the 2012 drilling program have now been completed, targeting TREO and Niobium mineralisation on the southern half of Mrima Hill. This announcement comprises the results from the first 14 holes of this program (holes PAWRC032 to PAWRC045) situated in the southwestern corner of the project forming a ridge known as Camp Hill (Figure 1). Samples in this announcement represent 1m downhole intervals, comprising the first 1,462 meters of the program. Camp Hill from element associations appears to be a separate more Potassium and Titanium rich intrusion that has lower levels of Thorium than the other carbonatites to the north. This separate intrusion is also characterized by minor mafic and agglomerate lithologies on its periphery.
Based on previous TREO drilling results, the TREO Exploration Target for Mrima Hill is between 30 million to 40 million tonnes at grades averaging 4.0% to 5.0% TREO (see news release NR2012-06, dated 13th of March 2012). The potential quantities and grades of the aforementioned 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 estimate as a current mineral resource. At the time of this release 50% of the planned 10,000m program has been drilled, with holes intersecting prospective soils, laterite, saprolitic clays and saprock. Of the 4,941m meters completed, 3,479 meters are yet to be assayed. At this time drilling has been temporally halted pending a review of all available geological and drill data to ensure optimization of the residual portion of the program.
Holes so far assayed are located on the edge of the high grade TREO area identified by the Kenyan Mines Department in the 1950's (refer to contours on Figure 1), and some 800m from the center of the high grade Niobium Resource area to the north that was originally outlined by test pitting by Anglo American in the 1950's.
This initial set of assay results are from fourteen holes collared in pre-existing tracks and angled at 60 degrees. These holes were drilled between 81 and 120m depth, averaging 104m depth, with their objective to provide a maiden Inferred TREO Resource to 100m vertical depth. Seven of these holes finished in prospective clays circa 105m depth, the remaining RC holes terminated in saprock, fresh carbonatite or agglomerate.
RC drilling productivity in 2012 has also improved with an average 79m being achieved per shift.
Significant Niobium and TREO mineralization was encountered in 13 of the 14 RC holes being reported. RC drill hole PAWRC041 is interpreted to be on the western edge to Niobium and TREO mineralisation.
Figure 1 shows the location of the 2012 reverse circulation drilling recently completed (4,941m) with the location of the 14 RC holes being reported (1,462m) being highlighted. It also shows the location of the remainder of the planned program to be drilled for the maiden TREO resource. Figure 2 depicts the location and significant results for Niobium for the 1,462m being reported plus the location of the two sections through the Niobium mineralisation (Figure 3 and Figure 4). Figure 5 depicts the location and significant results for the TREO mineralization for the 1,462m reports plus the location of the two sections through TREO mineralisation (Figure 6 and Figure 7).
To view the figures associated with this press release, please click on the following link: http://media3.marketwire.com/docs/paw511maps.pdf.
Significant Niobium Results
|PAWRC032:||39 m at 0.46% Nb2O5 from surface and;|
|40m at 0.84% Nb2O5 from 60m (including 7m at 1.29% Nb2O5 from 88m)|
|PAWRC033:||63 m at 0.63% Nb2O5 from surface and;|
|4m at 1.37% Nb2O5 from 68m|
|PAWRC034:||30m at 0.53% Nb2O5 from surface and;|
|17m at 0.84% Nb2O5 from 51m and:|
|23m at 1.44% Nb2O5 from 77m|
|PAWRC035:||11m at 0.50% Nb2O5 from surface and;|
|26m at 0.52% Nb2O5 from 22m|
|PAWRC036:||12m at 0.53% Nb2O5 from surface and;|
|12m at 1.30% Nb2O5 from 22m and:|
|83m at 0.73% Nb2O5 from 37m (including 5m at 1.58% Nb2O5 from 94m)|
|PAWRC037:||17m at 0.62% Nb2O5 from surface.|
|PAWRC038:||21m at 0.59% Nb2O5 from surface.|
|PAWRC039:||16m at 0.68% Nb2O5 from surface.|
|PAWRC040:||14m at 0.70% Nb2O5 from surface and;|
|50m at 0.81% Nb2O5 from 61m (including 12m at 1.66% Nb2O5 from 97m)|
|PAWRC042:||22m at 0.68% Nb2O5 from surface and;|
|5m at 1.54% Nb2O5 from 52m|
|PAWRC043:||62m at 1.07% Nb2O5 from surface (including 10m at 2.08% Nb2O5 from 25m and 8m at 1.88% Nb2O5 from 43m) and;|
|33m at 0.71% Nb2O5 from 76m (including 3m at 1.73% Nb2O5 from 90m)|
|PAWRC044:||4m at 0.78% Nb2O5 from surface and;|
|93m at 0.88% Nb2O5 from 10m (including 38m at 1.28% Nb2O5 from 21m)|
|PAWRC045:||11m at 0.99% Nb2O5 from surface and;|
|14m at 1.35% Nb2O5 from 15m and;|
|11m at 1.65% Nb2O5 from 46m and;|
|7 m at 1.53% Nb2O5 from 70m|
These reported Niobium results are from the Ultratrace assay labs in Perth using XRF assay techniques. All samples collected were from the cyclone on the RC drill rig with samples fed through a sample splitter and a sample size of 1-3 kilograms submitted to the Nagrom assay labs in Perth with sample preparation being undertaken by the Nagrom assay laboratory. Prepared samples were dispatched to both the Ultratrace (Nb2O5 analysis by XRF) and Genalysis (for rare earth and matrix analysis by ICP-MS) assay labs in Perth, Western Australia. Please refer to Table 1 for a summary of Niobium results.
Significant Rare Earth Results
|PAWRC032:||33 m at 2.12% TREO ("Total Rare Earth Oxides" including Yttrium) from 6m and;|
|40 m at 2.74% TREO from 60m|
|PAWRC033:||45 m at 3.31% TREO from surface (including 11m at 5.77% TREO from 29m) and;|
|13m at 3.08% TREO from 50m and;|
|3m at 4.02% TREO from 82m|
|PAWRC034:||31 m at 2.43% TREO from surface and;|
|17 m at 2.83% TREO from 51m and;|
|23m at 14.80% TREO from 77m|
|PAWRC035:||11 m at 2.68% TREO from surface and;|
|21 m at 2.56% TREO from 22m;|
|PAWRC036:||91 m at 4.78% TREO from 21m (including 9m at 12.09% TREO from 22m and 9m at 8.60% TREO from 50m) and;|
|5m at 2.29% TREO from 115m|
|PAWRC037:||17m at 3.00% TREO from surface and;|
|13m at 3.97% TREO from 21m and;|
|13m at 4.20% TREO from 69m and;|
|26m at 3.56% TREO from 94m|
|PAWRC038:||17m at 2.98% TREO from surface|
|PAWRC039:||14m at 3.05% TREO from surface|
|PAWRC040:||12m at 3.04% TREO from surface|
|PAWRC042:||22m at 2.98% TREO from surface and;|
|5m at 4.71% TREO from 52m|
|PAWRC043:||65 m at 4.02% TREO from surface (including 9m at 9.91% TREO from 25m) and;|
|31m at 3.53% TREO from 78m (including 4m at 6.85% TREO from 87m)|
|PAWRC044:||72m at 2.99% TREO from 21m and;|
|7m at 6.09% TREO from 48m|
|PAWRC045:||19m at 3.82% TREO from 16m and;|
|10m at 3.31% TREO from 47m|
The assay results reported for TREO are analysed from the Genalysis Laboratory in Perth, Western Australia using peroxide fusion and acid dissolution with ICP-MS finish. All samples were collected at the cyclone on the RC drill rig with samples fed through a sample splitter and a sample size of 1-3 kilograms submitted to the Nagrom assay labs in Perth with sample preparation being undertaken by the Nagrom assay labs. Table 2 provides a summary of the TREO results.
For the 14 holes being reported the average Thorium level intersected above reported cutoff grade is 288 ppm in the Niobium intercepts and 293 ppm in the TREO intercepts, while Uranium levels were 28ppm and 29ppm for Niobium and TREO intercepts respectively. Both Niobium and TREO laboratory repeats and "blind" duplicates show a very strong correlation that indicate an even distribution of grade throughout the samples and the absence of any nugget affect (Blind repeats for TREO R2=0.988 and Nb2O5 R2=0.9927).
Heavy Rare Earth Oxides plus Yttrium Content
Based on the overall results from the first 14 RC holes of the 2012 drilling program plus the 2011 diamond core drilling program and the 2010 RC drilling program (4,247m of drilling) the combined Yttrium and Heavy REO percentage (expressed as a percentage of the total proportion of Total REO plus Yttrium) is 9.25%. This represents a relatively high proportion of Heavy REO's plus Yttrium when compared to many other mineral deposits and represents a potential high value product (Table 3).
For the 1,462m of drilling in the first 14 RC drill hole results the combined Yttrium and Heavy REO percentage (expressed as a percentage of the total proportion of Total REO plus Yttrium) is 9.12% (Table 4).
PAW has begun analyzing for Vanadium in the 2012 drilling program and has recorded significant levels. The better intercepts include 51m of 0.31% V2O5 from drill hole PAWRC043 and 20m at 0.35% V2O5 from drill hole PAWRC034. See Table 5 that records the intercepts wider than 10m and above a 0.2% lower cut for V2O5.
PAW's President Mr. Darren Townsend commented "The initial results from the 2012 RC drill program are highly encouraging for both depth and grade of Rare Earths and Niobium. Work continues on evaluating all the drill results received to date and once this is complete we look forward to finishing the residual 5,000 meters of the drill program and progressing towards an inaugural Rare Earth Resource for Mrima Hill".
ON BEHALF OF THE BOARD OF DIRECTORS OF PACIFIC WILDCAT RESOURCES CORP.
Darren Townsend, President
About Pacific Wildcat Resources Corp. - Pacific Wildcat is a TSX 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 350 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.
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.
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 and 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. Resource estimates, unless specifically noted, are considered speculative. There can be no assurance that the Company will be able to obtain a mining license 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 as soon as possible.
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. ExplorMine has no beneficial interest in PAW or any other related companies and subsidiaries.
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 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 27 th , May 5th 2011, 13th September 2011, 25th October 2011 and February 28 th 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, and stated in News Release 2012-06. 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.
To view the tables associated with this press release, please click on the following link: http://media3.marketwire.com/docs/paw511tables.pdf.
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.