Reconnaissance Sampling, Including 10.9 g/t Gold, Confirms Exploration Potential at Pine Grove, Nevada
12.01.2017 | Marketwire
VANCOUVER, Jan. 12, 2017 - George W. Sanders, President of Goldcliff Resource Corporation (TSX VENTURE:GCN) (OTC PINK:GCFFF) (the Company) is pleased to report that recently received surface sampling gold values confirm the exploration potential of the Pine Grove property beyond the areas of the drilled resources. The current Measured and Indicated resource of 3,060,000 tonnes grading 1.37 g/t gold (Amended & Restated Technical Report, February 4, 2015 by Telesto) occurs in two distinct deposits, one on the Wilson patented claims and one on the Wheeler patented claims. Beyond the two patented claim blocks there are several areas of favourable rock type and structure that have strong exploration potential. The recent reconnaissance program confirms this potential and gold values returned are consistent with grades found in the Measured and Indicated resource.Field work focused on the northern flank of a high ridge, approximately 3,000 ft (914 m) south of the Wheeler gold deposit. Sampling was concentrated on a steep ridge between two semi-parallel, north trending topographic lineaments that cut Jurassic granodiorite. Granodiorite is the preferred host rock at Pine Grove. Sixteen grab samples were collected from various old prospect dumps (early 1900's) along the steep ridge that were previously sampled by Teck Resources in the early 1990's and found to be anomalous in gold. Of the 16 samples collected by geologists for project operator Lincoln Mining Corporation, seven returned assays greater than 0.5 g/t gold. The anomalous gold samples returned values of 0.516, 0.638, 0.772, 1.31, 1.52, 1.91, and 10.9 g/t Au. The higher grade 10.9 g/t sample is consistent with Pine Grove mineralization where previous drilling has encountered zones of high grade including multi ounce values. Anomalous copper is also present and is a characteristic of the Pine Grove gold system. High copper values included 1410, 1435, 1775 ppm Cu and 1.83% and 2.75% Cu.
This new target area is on the Southern Cross lode claims and is 100% controlled by the Pine Grove Joint Venture. Goldcliff is earning a 40% Joint Venture interest from Lincoln Mining Corporation by spending US$ 1.4 million over three years. The Southern Cross target has not yet been trenched or drilled.
In early 2017, the Joint Venture will focus on detailed permitting and preparation of a Plan of Operations submission to State and Federal regulators. Assay results from the recent step out drill program on the Wilson patented claims should be received by the middle of the first quarter and will be incorporated into the resource data base. Permits will be prepared and submitted for exploration drilling on targets beyond the boundaries of the patented claims.
On December 20, 2016, the Company received notice from FINRA that Goldcliff shares can now be quoted for trading in the United States on the OTC Pink Sheets. The US trading symbol is GCFFF.
Jeffery Wilson, Vice President of Exploration of Lincoln Mining Corporation, and a Qualified Person under NI 43-101 has reviewed the technical disclosure contained in this news release.
GOLDCLIFF RESOURCE CORPORATION
George W. Sanders
President
Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or the accuracy of this news release.
Contact
Goldcliff Resource Corporation
George W. Sanders, President
250-764-8879 of Toll Free: 1-866-769-4802
info@directroyalty.com
www.goldcliff.com or www.directroyalty.com