Goldcliff Resource Corporation: Panorama Ridge Exploration Update
03 Novembre 2009 - 9:24PM
Marketwired
George Sanders, President of Goldcliff Resource Corporation (TSX
VENTURE: GCN) is pleased to report that new targets have expanded
the exploration potential at Panorama Ridge from deposit scale to
district scale. Through airborne geophysics, a major northeast
structure was discovered that is believed to be fundamentally
related to gold mineralization in the Nickel Plate/Panorama region.
The major structure and cross-cutting structures are believed to
be the conduits for mineralizing fluids that formed the economic
gold deposits in the region. The new targets exhibit spatial,
structural and mineralogical similarities to both the Panorama and
the Nickel Plate gold mineralization. The targets display a broad
range of positive structural, magnetic and conductive attributes
that promote them to high priority for ground follow-up, trenching
and drilling.
The Panorama Ridge gold property is located in Hedley, British
Columbia, Canada, in the historic Hedley gold district. From 1904
to 1996, the Hedley gold district produced 2.5 million ounces of
gold.
Acquired in 2000, the Panorama Ridge property has undergone
extensive surface ground exploration, trenching and drilling, all
of which have led to the discovery of four potentially economic
gold zones in the southwest portion of the claim area.
In 2003, drilling intersected gold mineralization at the
York-Viking zone where the discovery drill hole cut 1.02 grams per
tonne gold over 67.02 metres. In 2007, surface trenching in the
York-Viking zone discovered the high-grade gold at the Bonanza
Trench, grading 17.37 ounces per ton over 1.00 metre. In 2008,
Goldcliff conducted 312 kilometres of an airborne survey over the
claims and identified more exploration gold targets. Consisting of
60 contiguous mineral claims that total 6,434 hectares, the
Panorama Ridge gold property is 100-per cent-owned by
Goldcliff.
Since 2000, Goldcliff's exploration activities have included 4.1
kilometres of road construction, 6.2 kilometres of trenching,
16,611 metres of drilling and 21,093 samples of gold fire assaying.
The exploration work has identified numerous gold showings and four
gold mineralized zones in the favourable Hedley Gold Basin
geological terrain of Upper Triassic Nicola Group sedimentary and
volcanic rocks. The Hedley Gold Basin covers an area of 500 square
kilometres that includes the Hedley gold district and the Panorama
Ridge gold property.
In 2008, the exploration program focused on trenching and
drilling at the Bonanza Trench area and grid drilling on the
York-Viking, Nordic and Thor zones. Around the 2007 Bonanza Trench,
a large area was stripped (156 square metres) that exposed
gold-skarn altered rock for detailed channel sampling. The
exploration drilling program consisted of 6,163 metres of coring in
81 holes at the three zones.
On the York-Viking zone, the 2007 Bonanza Trench of 34.40 metres
returned values of 17.37 ounces per ton (opt) gold over 1.00 metre
and averaged 5.24 opt gold over 5.00 metres. The remaining 29.40
metres of the trench had gold values that averaged 0.37 grams per
tonne. The gold values where accompanied with strongly anomalous
values of bismuth and tellurium. During 2008, the Bonanza Trench
area was stripped (12.0 by 13.0 metres) and panel sampled in detail
at one metre intervals. The panel sampled area (156 square metres)
averaged 3.31 grams per tonne gold with a higher grade component of
0.79 opt gold in a 10-square-metre area. Electron microprobe
analysis of the trench samples identified native gold and the
gold-bismuth-tellurium alloys of hedleyite and joseite.
Nineteen drill holes, totalling 1,143.17 metres, probed the
York-Viking zone. Fourteen of these holes were directed at the
Bonanza Trench area. Reported results from twelve holes showed
several 1.00 metre intercepts with grades of 0.73 to 5.65 grams per
tonne gold and weakly anomalous values of bismuth and tellurium.
Hedleyite, joseite and native gold are the important contributors
to the high-grade gold values in the Bonanza Trench on the Panorama
Ridge property and the other gold mines in the Hedley gold mining
district. In addition to the trenching and drilling on the
York-Viking zone, drilling was conducted on the Nordic and Thor
zones.
As financing sources evaporated and equity markets drastically
declined in late 2008 and early 2009, Goldcliff elected to curtail
further property expenditures in an effort to conserve cash. As a
result, much of the drill core was retained in a secure facility
pending improving financing conditions and Goldcliff's additional
financing. Recent financings have enabled the Company to expedite
core cutting and sampling.
The Panorama Ridge property is located four kilometres east of
the historic Nickel Plate-Mascot mine that has produced 2.5 million
ounces of gold. The gold mineralization on the Panorama Ridge gold
property is related to the pervasive silica-iron alteration (skarn
replacement) of the Upper Triassic Nicola Group sedimentary and
volcanic rocks. The property was staked in 2000 after Goldcliff
prospected new logging road outcrops that exposed skarn alteration.
The property has mine-related infrastructure and is readily
accessed by roads. Goldcliff has discovered several gold showings
and four potentially-economic gold zones. The results from the
airborne geophysical survey have expanded the scope of exploration
and increased the potential for the new gold discoveries within
Goldcliff's claim area.
Leonard W. Saleken, PGeo (geologist), and Edwin R. Rockel, PGeo
(geophysicist), are the qualified persons as defined by National
Instrument 43-101 who supervised the preparation and verification
of the technical information in this release.
GOLDCLIFF RESOURCE CORPORATION
George W. Sanders, President, Director
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, gcnnews2910.
Contacts: Goldcliff Resource Corporation George Sanders
President (250) 764-8879 or Toll Free: 1-866-769-4802 (604)
261-8994 (FAX) sanders@goldcliff.com or info@goldcliff.com
www.goldcliff.com
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