VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 31, 2014) -
- Québec Silica Project Samples Up To 99.54% SiO2, Identifies 1.1 km Strike Length
- NI 43-101 Technical Report Completed
- Airborne Survey Conducted to Delineate Silica Structure
- Geo-Metallurgy Being Carried Out On Nickel Mineralized Ultra-Mafics at Langmuir Nickel Project
- Preliminary Baseline Environmental Study Initiated At Radio Hill Iron Ore Project
- East-West Property Option Agreement Terminated
- Senior-Vice President Named
- Private Placement Oversubscribed
- Timmins, Ontario Real Estate Asset Sold For Net Proceeds of $565,000
Rogue Resources Inc. (TSX VENTURE:RRS) ("Rogue" or the "Company") is pleased to provide a comprehensive year-end review and an overview of plans moving forward. The Company recently acquired a silica-rich property east of Québec City in anticipation of the growth in demand for high purity quartz. A technical report was commissioned and has been filed on SEDAR. The Company has a number of advanced stage projects which are currently being advanced with the view of preparing them for option or sale, as the Company continues to refine its focus on advancing its silica asset. At year-end the Company has $2.0 million in cash and 47.3 million shares outstanding.
Lac de la Grosse Femelle Property
Exploration has commenced on the Lac de la Grosse Femelle property (the "Femelle Project"), located approximately 95 km northeast of Québec City, 42 km north of Baie-Saint Paul, situated on the St. Lawrence River, and 4 km northeast of the Mine Sitec silica mine.
http://www.rogueresources.ca/i/maps/Lac-de-la-Grosse-Regional-Setting-QC.jpg
Geochemical sampling was completed on the Femelle Project in September 2014 by Geologica Inc. of Val-d'Or, Québec. Of 22 samples taken, 15 surface samples of white quartzites were collected within one of the two quartzite units located on the property. Six of the 15 samples returned oxide assays ranging between 99.09 to a high of 99.54% SiO2, 0.17 to 0.59% Al2O3, 0.07 to 0.12% Fe2O3, and 0.02 to 0.12% TiO2, with the other nine samples returning oxide assays of 97.61 to a high of 98.94% SiO2. The quartzite unit was also sampled on strike a distance of 1.1 km east-northeast of the southeast sample site with quartzite samples returning oxide assays of 97.61% to a high of 98.66% SiO2, 0.76 to 0.9% Al2O3, 0.16 to 0.2% Fe2O3, and 0.06 to 0.07% TiO2. Samples were analyzed by ALS Chemex in Vancouver, B.C. for whole rock and trace elements (ME-XRF and ME-XRF06).
http://www.rogueresources.ca/i/maps/Assay-Results-Central-G-Quartzite-Structure.jpg
http://www.rogueresources.ca/i/maps/Assay-Results-SW-G-Quartzite-Structure.jpg
An airborne Heli-MAG survey was flown over the quartzites of the Femelle Project on December 7, 2014, with preliminary maps and reports to follow. The survey consisted of 321 km of north-northwest oriented flight lines spaced at 100 m, in an effort to better define under-exposed quartzite on the project.
A comprehensive Phase I exploration plan for 2015 has been completed pending the geo-compilation of the airborne Mag survey. Determining the width and strike length of the two northeast oriented quartzites through mapping and sampling will be one of the Company's first priorities.
The Company has initiated community consultations and presented its project to various local groups (MRC de Charlevoix, MRC de Charlevoix Est, MRNQ in La Malbaie, the Mairie de St.Urbain, and Zec des Martes). The Company plans to continue working with the local community as it advances the project.
The Québec government recently announced a $382 million investment in FerroAtlantica, one of the world's largest silicon metal producers, which is preparing to build a silicon metal plant at Port Cartier, Québec, located on the St Lawrence River approximately 400 km southeast of the project. This plant is projected to come on stream in June 2016.
Silicon Metal Market Outlook Report, published on March 28, 2014, reports that the resumption of stronger growth in demand has improved the prospects for the silicon market. "Recent price gains can mainly be attributed to tightening supply due to low current levels of production in Brazil and China, but increasing demand will sustain these gains and support a further rise in silicon prices through to 2017."
A NI 43-101 compliant Technical Report was completed and has been filed on SEDAR.
Langmuir Nickel Project Update:
The Company continues to explore ways to maximize the value of its Langmuir nickel resource, situated 30 km south of Timmins, Ontario. The reopening of the Redstone Nickel Mill adjacent to the Langmuir claims has created new interest in the area. VTEM and magnetic airborne surveys previously conducted on the Project are being reprocessed and evaluated by a consulting geophysicist to identify new targets. Previous environmental and metallurgical work carried out on the project by the Company is also being reviewed. Geo-metallurgy is also being carried out on the nickel mineralized ultramafics to better understand the mineralogy.
Radio Hill Iron Ore Project Update
An internal study and evaluation continues on the Company's Radio Hill Iron Ore project ("Radio Hill"). More than 10,000 meters drilled in 2011/2012 were to be incorporated into an updated resource estimate; however, due to the metallurgical complexity of the project the Company decided a resource estimate without sufficient metallurgical testing could be misleading. Further geo-metallurgical work on the iron ore is being carried out to better understand the iron ores mineralogy and define a metallurgical process for testing the ores. Work has also begun on obtaining a First Nations agreement for the Radio Hill project.
A Phase 1 (preliminary) Baseline Environmental Study has begun and an initial site visit conducted. Recent LIDAR survey data covering the Radio Hill iron ore deposit has been purchased and is being utilized in ongoing geological modelling for a future drill program. VTEM and magnetic airborne surveys previously conducted at Radio Hill are being reprocessed and evaluated by a consulting geophysicist to better define the iron formations. Drill and trench data are being compiled, interpreted and modeled to assist in preparing for a future resource calculation.
Termination of the East-West Option
The Company has decided to terminate its option agreement on the East-West Property. After a number of site visits, the compilation of data, and in consideration of today's markets, management came to the decision that focusing on advancing the silica project located east of Québec City has greater potential to create near term value for the Company and shareholders. The property was returned in good standing.
Senior Vice-President Named
Mr. Eddy Canova's 35 years' working experience in the mineral exploration and mining industry working in Archean, Proterozoic and Tertiary environments in Canada, West Africa, Mexico, Central America and South America gives him the expertise needed to advance the Company and its projects. He has worked on early stage to advanced exploration projects and production in a variety of commodities, including gold, silver, base metals, iron ore, PGE's and uranium.
Prior to his appointment, Mr. Canova held senior officer and director roles in a number of TSX-V listed companies. He is a professional geologist who has consulted to mineral exploration companies throughout North and South America and Africa for the past 35 years.
Private Placement Offering
A private placement announced on July 30, 2014, was over-subscribed and closed on September 23, 2014, for $2.51M. The proceeds of the placement will primarily be directed towards advancing the Femelle Silica Project.
Sale of Timmins, Ontario Real Estate Asset
The Company closed the sale of the Timmins office complex on November 28, 2014 with net sale proceeds of $565,000. The proceeds of the sale will be used to advance the silica property through exploration and for general working capital.
Qualified Person
The Lac de la Grosse Femelle exploration project is under the direct supervision of Eddy Canova, P Geo., and Senior Vice-President of the Company, a Qualified Persons ("QP") as defined by National Instrument 43-101, assisted by Alain-Jean Beauregard, P.Geo., and Daniel Gaudreault, Eng., Geo. of Geologica Inc., both independent QPs as defined by National Instrument 43-101. The Langmuir Nickel and Radio Hill Iron Ore Projects are supervised by Kevin Montgomery, P.Geo., an independent QP as defined by National Instrument 43-101. The Company's QP has approved the scientific and technical content of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
John de Jong, CEO & President
Neither the 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 news release.
Cautionary Note Regarding Forward Looking Statements: Certain disclosures in this release constitute forward-looking statements, including timing of completion of exploration work. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including that the Company is able to obtain any government or other regulatory approvals, that the Company is able to procure personnel, equipment and supplies required for its exploration and development activities in sufficient quantities and on a timely basis and that actual results are consistent with management's expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, those matters identified in its continuous disclosure filings, including its most recently filed MD&A. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.