Goldcliff Resource Corporation Adds High Grade Epithermal Target to Nevada Portfolio
TSX VENTURE: GCN
VANCOUVER, British Columbia, June 13, 2019 (GLOBE NEWSWIRE) -- George Sanders, President of Goldcliff Resource Corporation (“Goldcliff” or the “Company”) (GCN: TSX.V, GCFFF: OTCBB PINKS) is pleased to announce an agreement with Nevada Select Royalty, Inc. (“Nevada Select”), a wholly owned subsidiary of Ely Gold Royalties Inc. (ELY.V), to purchase a 100% interest in the Nevada Rand property located in Mineral County, Nevada for a purchase price of $250,000 US, payable over four years. Nevada Select will retain a 2.5% Net Smelter Return royalty on any precious metals production.
Initial due diligence confirmed that Nevada Rand is a robust low to intermediate sulphidation epithermal system. The main structure can be traced along strike for over two kilometres by a series of mine dumps and adits and surface alteration. Other prospect pits and adits to the north and south of the main structure suggest multiple parallel structures within the alteration corridor.
The Nevada Rand structure was intermittently mined on a small scale, beginning with the sinking of a 50-foot shaft in 1909. The shaft was deepened several times over the years to its final depth of 450 feet. Ownership changed hands a few times over the decades and lessee mining was also involved. Old engineering reports cite under capitalization and non professional development as reasons for the mine not reaching its potential as a larger producer. The information in several old reports is not compliant with 43-101 standards, has not been verified by a Goldcliff Qualified Person and should not be relied upon. The reports do, however, present compelling anecdotal evidence for the presence of shoots of high-grade gold (multi ounce) and silver mineralization consistent with a low to intermediate sulphidation epithermal model.
The property has never been drilled. In the mined area, the location and dip of the structure and slope of the hill facilitate the testing of reported high grade shoots with short drill holes of 100 metres or less. The project’s potential as outlined in old reports can be tested for a modest budget and is consistent with a discovery focused exploration strategy. The payment schedule also fits this exploration model.
Goldcliff will pay Nevada Select $10,000US upon execution of the agreement (paid) and a further $15,000US six months from the date of execution. On each of the first, second and third anniversaries of execution Goldcliff will pay $25,000. A final payment of $150,000 will be made on the fourth anniversary and a 100% property interest conveyed to Goldcliff. Nevada Select will retain a Net Smelter Return royalty of 2.5%. Goldcliff will make minimum advance royalty payments of $10,000US on the first, second and third anniversaries of signing and $20,000 on subsequent anniversaries. Goldcliff has the right to buy down 1% for a payment of $1,000,000US.
While the Pine Grove joint venture will continue to be the Company’s main focus, the Nevada Rand acquisition represents an important addition of discovery potential to the Nevada portfolio. Importantly, Goldcliff can earn a 100% interest in Nevada Rand.
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.
GOLDCLIFF RESOURCE CORPORATION
Per: “George W. Sanders”
George W. Sanders, President
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.