New Gold Targets Generated from Recent Sampling and Review of Historic Data at Panorama Ridge
VANCOUVER, May 31, 2023 - George Sanders, President of Goldcliff Resource Corp. ("Goldcliff" or the "Company") (GCN: TSX.V, GCFFF: OTCBB PINKS) reports that an analysis of recent sampling as part of a detailed review of historic data has revealed new high priority targets for additional gold mineralization at the Company's 100% owned Panorama Ridge property near Hedley, B.C. Prospecting, soil, sediment and rock sampling were undertaken in September 2022. Sampling results, including 6.76 g/t Au and 5.02 g/t Au from rock sampling of float specimens, were discussed in Goldcliff News Release dated February 6, 2023. The recently filed Assessment Report discussing the September 2022 programme included a detailed review of all historic data from Panorama Ridge. The recent sampling results are therefore able to be better understood in the context of the known gold mineralization at Panorama Ridge.
The data base for Panorama Ridge is extensive. After staking the property in 2000, Goldcliff conducted several seasons of exploration including stream sediment and soil sampling, magnetic and electromagnetic surveying, trench excavation and channel sampling of trenches, outcrops, and old workings. Core drilling was begun in 2003 with several programmes conducted until 2008. To date, 196 trenches with 6,198.8 lineal metres of trenches have been excavated and sampled on Panorama Ridge, along with 190 core drill holes totaling 16,611 metres. Trenching and drilling outlined significant gold mineralization at the Tower, York-Viking, Thor, and Nordic zones.
Much of Goldcliff's recent exploration has been in areas with new logging road access and in new cut blocks. During the Company's earlier programmes many of these areas were not easily accessed and were covered with overburden. Analyzed in the context of all previous exploration activities, the recent sampling has yielded three high priority targets for finding additional gold mineralization.
Most compelling is the Pillar target which occupies the north westerly facing slope of Panorama Ridge, south of the York zone. Previously, this target area had little to no access and was heavily timbered. Ten old pits and trenches were identified likely dating to the early 1900's. The area of these pits has not yet been thoroughly investigated or sampled.
Further detailed prospecting and geochemical and geophysical surveys are recommended to advance the priority targets to trenching and drilling stage.
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.
For further information, please contact George W. Sanders, President, at 250-764-8879, toll free at 1-866-769-4802 or email at info@directroyalty.com.
Per: "George W. Sanders"
George W. Sanders, President
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Forward-Looking Information: This news release includes certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements in this news release include statements regarding, among others, the expected use of proceeds from the Private Placement. Although Goldcliff believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These forward-looking statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals, the ability of Goldcliff and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Goldcliff's proposed transactions and programs on reasonable terms, and the ability of third party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Goldcliff does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future or otherwise, except as required by applicable law.
