Goldcliff Resource Corporation: New Gold Drill Discovery at Panorama Ridge
18 May 2010 - 11:30PM
Marketwired
George W. Sanders, President of Goldcliff Resource Corporation (TSX
VENTURE: GCN), is pleased to report a new drill discovery of
disseminated gold mineralization in the Thor zone on the Panorama
Ridge gold property. The Thor showing is centrally located between
the York-Viking and Nordic gold zones on a southwest to northeast
trend of gold mineralization along the crest of Panorama Ridge.
This drilling followed up Trench SP165 (excavated in 2007), which
established surface gold mineralization over 69.80 metres grading
0.56 gold per tonne, including 1.01 grams per tonne gold over 31.50
metres. The recently received drill results are from 8 holes
drilled during 2008 from the area of Trench SP165. The holes were
drilled in a fan pattern from one set-up. Drill values range from
96.62 metres of 0.22 grams per tonne gold to 7.36 metres of 1.03
grams per tonne gold and include 1.36 metres of 6.35 grams per
tonne gold. The Panorama Ridge Gold property is 100 per cent-owned
by the Company and is located near Hedley, British Columbia,
Canada.
These are the first holes drilled in the Thor zone, and they
establish an important continuity of gold mineralization along the
1000 metres of trend from the Tower and York-Viking zones (in the
southwest) to the Nordic zone (in the northeast). Much more
drilling will be required in the Thor zone in order to better
determine the geometry of the Gold Mineralized Zone (GMZ) in this
area.
The Thor zone gold drilling results are summarized as
follows:
Drill Hole Metres Total Metres Gold
Hole 28-144
Total Hole from 3.21 to 99.67 metres 96.46 0.15 g/t
GMZ from 3.21 to 33.77 metres 30.56 0.20 g/t
Including from 3.21 to 6.21 metres 3.00 1.17 g/t
Hole 28-145
Total Hole from 3.27 to 99.67 metres 96.40 0.19 g/t
GMZ from 3.27 to 83.51 metres 80.24 0.20 g/t
Including from 70.99 to 79.51 metres 8.52 0.72 g/t
Hole 28-146
Total Hole from 3.05 to 99.67 metres 96.62 0.22 g/t
GMZ from 3.05 to 99.67 metres 96.62 0.22 g/t
Including from 4.05 to 14.05 metres 10.00 0.51 g/t
Hole 28-147
Total Hole from 3.21 to 99.67 metres 96.46 0.21 g/t
GMZ from 3.21 to 99.67 metres 96.46 0.21 g/t
Including from 3.21 to 6.21 metres 3.00 1.19 g/t
And
including from 64.79 to 76.02 metres 11.23 0.60 g/t
Hole 28-148
Total Hole from 3.05 to 99.67 metres 96.62 0.18 g/t
GMZ from 3.05 to 61.73 metres 58.68 0.20 g/t
Including from 3.05 to 8.05 metres 5.00 1.06 g/t
And
including from 44.19 to 47.49 metres 3.30 0.74 g/t
Hole 28-149
Total Hole from 3.28 to 99.67 metres 96.39 0.16 g/t
GMZ from 3.28 to 56.71 metres 53.43 0.20 g/t
Including from 32.35 to 39.71 metres 7.36 1.03 g/t
And
including from 34.35 to 35.71 metres 1.36 6.35 g/t
Hole 28-150
Total Hole from 3.05 to 99.67 metres 96.62 0.09 g/t
GMZ from 3.05 to 56.71 metres 42.88 0.20 g/t
Hole 28-151
Total Hole from 3.05 to 99.67 metres 96.62 0.17 g/t
GMZ from 3.05 to 25.05 metres 22.00 0.20 g/t
Including from 3.05 to 6.05 metres 3.00 0.65 g/t
On the Panorama Ridge property, the gold mineralization
continuity at surface and at depth is related to a disseminated
gold envelop - referred to as the gold mineralized zone (GMZ) -
that grades 0.20 grams gold per tonne or better. The GMZ defines
the economic limits and potential for large disseminated gold
deposits on the Panorama Ridge gold property
In 2000, Goldcliff staked the Panorama Ridge property based on
gossan outcrops (iron rich rocks) that were exposed on new logging
roads along the ridge. The ensuing exploration activities have
discovered ten gold showings. Four of the showings - the
York-Viking, Nordic, Thor and Tower - have developed into
significant zones of gold mineralization. The gold mineralization
occurs in a sedimentary-volcanic hosted rock sequence of the Upper
Triassic Nicola Group, Hedley Formation. The gold values on the
property occur over an extensive surface area and to considerable
drill depths. The gold mineralization is mainly disseminated in
nature and associated with silica-sulphide alteration (skarn). The
higher grade gold horizons and quartz veins occur within the
broadly disseminated gold envelope (GMZ). The disseminated gold
envelope contains zones of gold mineralization that range from 0.20
grams per tonne gold to over one ounce gold per ton (34.286 grams
per tonne).
Leonard W. Saleken, PGeo (geologist), is the qualified person 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, gcnnews20106
Contacts: Goldcliff Resource Corporation George W. 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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