Rogue Resources Intersects 354.0 meters of Iron
Mineralization at
Radio Hill, Estimated 73% True Width
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- FIRST DRILL PROGRAM SINCE 1965 TO TEST IRON POTENTIAL AT RADIO HILL
- HISTORICAL 90 MILLION TONNE RESOURCE ESTIMATE ONLY TOOK INTO
CONSIDERATION MINERALIZATION 150 METERS BELOW SURFACE
- MINERALIZATION CONFIRMED TO 320 METERS VERTICALLY, IRON FORMATION
REMAINS OPEN AT DEPTH
- 4 MILLION SHARE FINANCING UNDERWAY, $0.40 NFT/ $0.50 FT
VANCOUVER, BC - Rogue Resources Inc. (TSX-V: RRS) (the "Company") is
pleased to announce preliminary visual results from the first hole
drilled on the Radio Hill iron-ore project. Micon
International
Limited was contracted by the Company to assist with the drill program
and logging core.
To view the latest Company PowerPoint presentation updated with maps
and pictures of Radio Hill drill core please click on the following
links:
RH10-01 Cross-section:
http://www.brmstatpack.com/lt/1001/1141/radio-hill-cross-section
Rogue Corporate Presentation:
http://www.brmstatpack.com/lt/1001/1142/rogue-corporate-presentation
"The historical 90 million tonne resource
estimate described in the
recent Radio-Hill 43-101 Property of Merit report only took into
consideration mineralization for the first 150 meters below surface.
Drilling has confirmed mineralization is consistent to at least 320
meters and is still open at depth. Numerous historical estimates have
been completed on the project, ranging from 90 to 427 million tonnes of
25 to 27% iron," comments Company President, Steve de Jong.
"Given
current iron-ore prices and the newly confirmed size potential of the
iron formation we are expediting exploration. The Company's primary
focus is to upgrade existing resources to NI 43-101 standards to ensure
the true value of the project is realized.. The
Company is currently
weighing its options as to the most efficient value-adding approach to
fund the upgrade of the project, be it through a share issuance or JV
partner. We are expecting to close the current financing in the near
future and will provide a planning update at that time. I encourage
investors to visit the Company's interim website and view our latest
corporate presentation."
A feasibility study was completed in 1965 by FENCO which included
significant metallurgical work. In this study a 3.5 concentration
ratio (3.5 tonnes of ore produce one tonne of 67% iron concentrate)
ratio was used, showing the projects potential ability to produce a 67%
concentrate. Upon completion of the study a railroad siding was built
on the CN mainline specifically for Radio Hill, approximately 5 km from
the project. It is believed production on the project was never
realized due to falling iron prices at the time and the developer's
inability to secure financing.
Radio Hill Diamond Drill Hole RH10-01:
The Radio Hill iron formation has never been adequately tested at
depth. Drill hole RH10-01 confirmed the continuity of the iron
formation down to a vertical depth of approximately 320 meters, similar
to the depth of the existing historic resource estimate of 327 million
tonnes of 27.3% iron. Although these are
historic, non-NI 43-101
resource estimates and cannot be relied upon the Company feels they
provide valuable insight into the potential of the project.
Radio Hill diamond drill hole RH10-01 was 446 meters long and
intersected iron formation from 71 to 425 meters for a total length of
354 meters, before terminating in footwall volcanics.
The hole was
drilled from north to south at a dip of -50 deg., representing an
approximate, estimated true width of 260 meters, or 73% of the
intersection. The thickened portion of the iron formation remains open
down-dip to the north and down plunge to the northwest, indicating
further drilling is required to test the potential at depth as well as
determine if the higher grade iron section indicated in historic drill
sections continues to expand.
The iron formation intersected by hole RH10-01
consists of magnetite
interbedded with variable thicknesses of chert and chert-silicates.
No
siderite and only very limited sulphide iron
formation was intersected.
The drill hole has been logged and samples have been selected for
analysis. The samples are now cut and/or split and will be sent
shortly to an independent commercial lab for Davis Tube iron analyses.
The Company also announces it has launched an interim webpage with
information and reports regarding its various projects, financing
information and an updated corporate presentation. The new site can be
viewed at www.roguemining.com.
Kevin Montgomery, P.Geo., is the qualified person for the purposes of
National Instrument 43-101 for the Company's Radio Hill Project. The
contents of this press release have been reviewed and approved by Mr.
Montgomery.
ABOUT ROGUE RESOURCES
Rogue Resources is an advanced stage exploration company, with offices
in Vancouver, British Columbia and Timmins, Ontario. In addition to
its Radio Hill iron-ore project it is currently exploring the Langmuir
nickel deposit in Ontario, Carlin type gold occurrences in Nevada,
volcanogenic massive sulphide deposits in the
Bathurst camp in New
Brunswick and several gold targets in northern and western Ontario.
CONTACT INFORMATION
Steve de Jong
Phone: (604) 629-1808
Email: sdejong@roguemining.com
Website: www.roguemining.com
* The historical estimates contained in this news release are not in
accordance with the mineral resources or mineral reserves
classifications contained in the CIM Definition Standards on Mineral
Resources and Mineral Reserves, as required by National Instrument
43-101 ("NI 43-101"). Accordingly, the Company is not treating these
historical estimates as current mineral resources or mineral reserves
as defined in NI 43-101 and such historical estimates should not be
relied upon. A qualified person has not done sufficient work to date to
classify the historical estimates as current mineral resources or
mineral reserves. The term "ore" in this release is being used in a
descriptive sense for historical accuracy, and is not to be
misconstrued as representing current economic viability.
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.
This news release does not constitute an offer to sell or solicitation
of an offer to sell any securities in the United States. The
securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act")
or any state securities laws and may not be offered or sold within the
United States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
Cautionary Note Regarding Forward Looking Statements: Certain
disclosure in this release, including statements regarding the possible
completion of a private placement and use of the proceeds from the
proposed private placement, constitute forward-looking statements. 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 will
obtain required regulatory approvals of, and investor participation in,
the proposed private placement and that that the Company is able to
obtain any government or other regulatory approvals required to
complete the Company's planned exploration activities, that the Company
is able to procure personnel, equipment and supplies required for its
exploration activities in sufficient quantities and on a timely basis
and that actual results of exploration activities 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, that the Company will be
unable to obtain required regulatory approvals and investor
participation in the proposed private placement on a timely basis or at
all, that actual results of the Company's exploration activities will
be different than those expected by management and that the Company
will be unable to obtain or will experience delays in obtaining any
required government approvals or be unable to procure required
equipment and supplies in sufficient quantities and on a timely basis.
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.
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