VANCOUVER, British Columbia, Oct. 02, 2018 (GLOBE NEWSWIRE) -- George Sanders, President of Goldcliff Resource Corporation (“Goldcliff” or “the Company”) (GCN: TSX.V, GCFFF: OTCBB PINKS) reports that Goldcliff is reviewing its asset development plans in response to the current environment of low asset valuations and scarcity of investment capital. Investors have recently responded with enthusiasm to high grade precious metals drill intercepts. With this in mind, Goldcliff is reviewing the high-grade setting and history of the company’s assets; one at Pine Grove Nevada, and two in southern British Columbia. All are located in former high-grade districts.
The Pine Grove gold deposit in Nevada, in which Goldcliff is earning a 40% interest, has a measured and indicated open pit resource grade of 1.37 g/t Au, which compares favourably with other open pit development projects in the western US and northern Mexico.
In the Pine Grove district, the Wilson Deposit produced high grade gold averaging over one ounce per ton from underground mining during the period of 1866 to the 1910’s. That historic mining occurred over a vertical range of only 110 metres and stopped at the canyon floor. Several stopes were mined to the lowest haulage level at the canyon floor. There has been no modern exploration for the continuation of high-grade mineralization down dip below the canyon floor. Goldcliff and partner Lincoln Mining Corporation are considering various low budget exploration strategies to unlock the high-grade potential at Pine Grove.
The Panorama Ridge gold property is situated in the Hedley gold district in south-central British Columbia. The district’s Nickel Plate mine was a major high-grade operation, producing approximately 1.5 million ounces at a grade of 13.95 g/t Au from 1905 to 1955. Goldcliff drilled over 16,000 metres from 2003 to 2008 and outlined a bulk tonnage gold occurrence at Panorama Ridge four kilometres from Nickel Plate. Those drill results will be re-examined for continuity of near surface mineralization exceeding 1.5 g/t Au. Also occurring at Panorama Ridge is Nickle Plate style high grade as demonstrated by the excavation of 315.82 g/t Au over 2.5 metres in the Bonanza trench. Goldcliff owns this asset 100% with no underlying royalties.
The second BC property is an early stage high-grade silver target on the Ainsworth project near Kaslo, British Columbia. This project has yet to be drilled. Located on the land tenure is the No. One mine, the largest former producer in the district. The No. One produced 1,983,847 ounces of silver from 40,169 tons for an average recovered grade of 49.39 opt Ag (Bulletin 53, Ministry of EMPR). The deposit was mined on four levels to a vertical depth of only 60 metres. The No. One mine area has not been drill tested to depth. Goldcliff owns this asset 100% with no underlying royalties.
Goldcliff is finalizing high grade focused exploration programs for budgeting and financing.
Ed Rockel, P. Geo, qualified person as defined by National Instrument 43-101 supervised the preparation and verification of the technical information contained in this release.
For further information, please contact George W. Sanders, President, at 250-764-8879, toll free at 1-866-769-4802 or email at info@directroyalty.com.
GOLDCLIFF RESOURCE CORPORATION
Per: “George W. Sanders”
George W. Sanders, President
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