VANCOUVER, British Columbia, Sept. 25, 2019 (GLOBE NEWSWIRE) -- George Sanders, President of Goldcliff Resource Corporation (“Goldcliff” or the “Company”) (GCN: TSX.V, GCFFF: OTCBB PINKS) is pleased to provide the following project and corporate update.
NEVADA RAND
Goldcliff has completed a preliminary exploration phase of the Nevada Rand gold/silver project located in Mineral County, Nevada. This initial phase consisted of prospecting, surface and underground mapping and sampling, along with drainage sediment sampling.
Geologic consultants specializing in the examination of old workings were able to access the Nevada Rand shaft from which bonanza grades of silver and gold were historically extracted. Mapping and sampling were undertaken on the 50,150, and 190-foot levels. This first hand examination of alteration, mineralization and stoped areas provides important information regarding the nature of the bonanza grades and the potential for lateral and vertical extensions. Additional equipment was required to access the lower levels of the shaft. The consultants have returned to the property and underground mapping and sampling has resumed.
Surface mapping has provided a better understanding of host rock orientation, alteration patterns and structural controls. This mapping together with underground observations present a picture of a robust mineralizing system with multiple exploration targets. Analysis of rock and drainage sediment sampling will assist in the refining of drill targets. All samples were delivered to the lab on August 30, 2019. A four to six-week turnaround is anticipated.
PINE GROVE
Goldcliff has been in detailed discussions with Lincoln Mining Corporation regarding the sale by the Company to Lincoln of the lease on the Wilson patented claims, which form part of the Pine Grove project. Discussions are well advanced but no agreement has yet been concluded.
PANORAMA RIDGE
A three-person field crew is currently on the property located at Hedley B.C. conducting surface sampling, prospecting and drainage sediment sampling. Since Goldcliff’s last drill programme in 2010, logging activity on the claim block has generated access into many prospective areas, which are currently being investigated.
CORPORATE ACTIVITY
Goldcliff has arranged a Non-Brokered Private Placement of up to 4,000,000 Units at a price of $0.10 per Unit, for gross proceeds of $400,000. Each Unit will consist of one common share and one half of one common share purchase Warrant. Each whole Warrant will entitle the holder to purchase one additional common share at a price of $0.20 per share for a period of two years from the date of closing. Goldcliff has the right to accelerate the expiry date of the warrants to 30 days if the closing price for Goldcliff shares is at least $0.40 for 20 consecutive trading days. Any Units purchased by way of the Private Placement will be subject to four months and a day resale restriction. A Finders’ Fee of 7% cash and 7% share purchase warrants (Broker Warrants), exercisable on the same terms as the investor warrants, may be paid to any third-party Finders. The Private Placement and payment of Finders’ Fees are subject to final acceptance by the TSX Venture Exchange.
Proceeds will be applied to additional exploration activities at the Nevada Rand project located in Mineral County, Nevada and to working capital.
The Company has granted Stock Options to consultants for the purchase of 320,000 common shares at a price of $0.13 per share for a term of three years from the date of grant.
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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