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Goldcliff Resource Corporation Options Newly Discovered Epithermal Gold/Silver Property and Announces Financing
VANCOUVER, British Columbia, Sept. 16, 2020 (GLOBE NEWSWIRE) -- George Sanders, President of Goldcliff Resource Corporation (“Goldcliff” or the “Company”) (GCN:
About this update from Goldcliff Resource Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, Sept. 16, 2020 (GLOBE NEWSWIRE) -- George Sanders, President of Goldcliff Resource Corporation (“Goldcliff” or the “Company”) (GCN: TSX.V, GCFFF: OTCBB PINKS) reports the Company has signed an Option to Purchase a 100% interest in a new discovery of epithermal mineralization, 33 kilometres north of Rock Creek, British Columbia. Prospecting by the vendor identified a large area in a recent clear-cut with abundant quartz and carbonate float. Follow up sampling yielded highly anomalous gold and silver values. Multiple samples exceeded 0.25 g/t gold, with values up to 2.38 g/t gold and 43.49 g/t silver. Quartz breccia, carbonate breccia, bladed calcite, widespread adularia and green sericite alteration along with clay alteration zones are indicative of a low sulfidation epithermal system. The prospect will be known as the Kettle Valley Gold Project. The vendor, Wayne Murton P. Eng., is a well-known B.C. geologist. He has multi decade experience in the Beaverdell-Christian Valley district, including having served as manger of the famous Highland Bell silver mine at Beaverdell. The epithermal mineralization occurs in Eocene Marron formation, which has long been considered a poor host for mineralization. As a result, there are no prospect pits or trenches in the area. The property has never been drilled. Murton had observed in a publication by Trygve Hoy of the Almond Mountain Map Sheet – Geoscience B.C. Map 2016-08, that several indications of mineralization were noted on new logging roads. Curious about mineralization mapped in Marron formation, Murton followed up and discovered quartz subcrop/float in the new clear-cut, which had been logged subsequent to the Geoscience B.C. mapping. Goldcliff may purchase a 100% interest in the Kettle Valley Gold project by making cash payments of $450,000 over five years and incurring $1,000,000 of exploration expenditures over three years. The vendor will retain a Net Smelter Return royalty of 2.5%. Goldcliff has a right to purchase back a 1% NSR for payment of $1,000,000. The vendor is also entitled to receive additional milestone payments. Upon completion of a Measured and Indicated resource of 1,000,000 ounces gold or gold equivalent the vendor will receive payment of $1,000,000. If a production decision is made on a resource of 1,000,000 ounces or les...