Nov 18 2016
George W. Sanders, President of Goldcliff Resource Corporation (the Company) (TSX VENTURE:GCN) announces that a drill program is underway on the Wilson patented claims at the Pine Grove gold project in Lyon County, Nevada. Goldcliff is funding this program as part of its requirement to spend $1,400,000 over three years to earn a 40% joint venture interest in the Pine Grove project. Lincoln Mining Corporation is the project operator. The drilling underway is a 14 hole, 6800 feet reverse circulation program designed to expand the resource on the Wilson patented claims.
The Wilson patented claims host a measured and indicated resource of 1,514,000 tons grading 0.035 opt gold at a cut-off grade of 0.007 opt gold. Inferred resources are 154,000 tons grading 0.042 opt gold. When combined with the resources outlined on the Wheeler patented claims, the Pine Grove project hosts measured and indicated resources of 3,373,000 tons grading 0.04 opt gold. (Amended & Restated Technical Report, February 4, 2015 by Telesto). The Wilson resource is open and untested to the north and northeast. The Joint Venture is drilling one fence of holes at the northern limit of the patented claims by stepping out 100 feet from previously drilling. A second fence of holes will be drilled by stepping out a further 100 feet to the north while remaining on the patented claims. Mineralized intercepts will be added to an updated resource due early in the second quarter of 2017.
As at mid-day Wednesday, November 16 four holes had been completed for a total footage of 1,765 feet.
The Pine Grove project exemplifies Goldcliff's phased production business model as a potential near term cash flow asset. The project is at an advanced stage with Lincoln and other previous operators having drilled 87,977 feet in 273 reverse circulation and core holes and conducted extensive metallurgical testing. The next stage of project development includes a resource update, geotechnical and condemnation drilling, pre-feasibility study, and construction permitting.
Jeffery Wilson, Lincoln Mining Corporation Vice President of Exploration and a Qualified Person under NI 43-101, has reviewed the technical disclosure contained in this news release.