VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 16, 2011) - Pacific Wildcat Resources Corp. (TSX VENTURE:PAW) ("PAW" or the "Company") is pleased to announce that a Reverse Circulation drill program is planned to commence in January 2012 at the Mrima Hill Niobium and Rare Earth project in Kenya. PAW has the contractual right to purchase an indirect 70% interest in the project. An appropriate rig has been identified and a contract entered into with R and L Exploration Limited.
The objective of the program is to identify a maiden Inferred Rare Earth Resource estimate of between 10 and 20 million tonnes at grades ranging from 3.0 to 5.0% Total Rare Earth Oxides ("TREO") by the end of the second quarter of 2012.
Approximately 5,000 meters of RC drilling is planned to an average vertical depth of 100m.
Please refer to Figure 1 showing the location of planned RC drilling.
Figure 2 outlines the significant Rare Earth drill results returned from drilling carried out by PAW over the last two drill campaigns, namely 975m of RC drilling in late 2010 and 1,810m of diamond drilling in 2011.
PAW's President Mr. Darren Townsend commented "The establishment of a maiden Rare Earth Resource for PAW will put the Mrima Hill deposit into context for investors. We are very confident of establishing a significant Rare Earth Resource Estimate and I invite interested parties to review slides 32 and 33 of our recent Company Presentation, as available on the company website, which puts the potential significance of the Mrima Hill asset into context. We look forward to concluding the Acquisition of the indirect 70% interest in the Mrima Hill Project."
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 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 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 mineralization has been identified and work will commence shortly 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.
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 current and previous drilling programs have intersected zones of REO mineralisation as previously reported in News Releases 2011-8 and 2011-11 dated April 27th and May 5th 2011, which have not yet been included in a Mineral Resource estimate. Benjamin Pollard acting as a competent person has made an allowance of between 10 million tonnes and 20 million tonnes at grades ranging from 3.0% to 5.0% for this REO exploration target based on conceptual interpretation of mineralisation within the limits of the current boundary of the reported niobium mineral resource at Mrima Hill as reported in the latest NI 43-101 report; reference SMS/027/11 of 15-8-11 and revised 30-9-11 and as filed on SEDAR. 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 REO exploration target and REO 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 as soon as possible.
Note: To view the figures associated with this release, please click the following link: http://media3.marketwire.com/docs/paw1216.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.