GOLDCLIFF and LINCOLN MINING ADVANCE THE PINE GROVE GOLD PROJECT George Sanders, President of Goldcliff Resource Corporation (“Goldcliff” or “the Company”)
#400 – 789 W. Pender St. Vancouver, B.C. V6C 1H2 Phone: 250-764-8879 www.goldcliff.com Toll Free: 866-769-4802 GCN.TSXV www.directroyalty.com [email protected]
October 27, 2016
GOLDCLIFF and LINCOLN MINING ADVANCE THE PINE GROVE GOLD PROJECT
George Sanders, President of Goldcliff Resource Corporation (“Goldcliff” or “the Company”) reports that the Company is preparing to fund further development work on the Pine Grove gold project in Lyon County Nevada. Goldcliff is currently earning a 40% Joint Venture interest in the Pine Grove project from Lincoln Mining Corporation by spending $1.4 million US over three years. Lincoln, the project operator, has proposed a 14 hole, 6,800 ft. reverse circulation drill program 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). This resource is open and untested to the north and northeast. The Joint Venture will drill 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.
Should the mineralized zone remain open following this drill program, additional drilling will be subject to permitting on land administered by United States Forest Service. Lincoln personnel are preparing the permit application for this area and other targets not situated on patented claims.
Drill pad construction will commence shortly on the Wilson patented claims. Also commencing are mapping and rock-chip sampling of the Southern Cross exploration target developed by previous operator Teck Resources in 1989. Ten rock chip samples were reported from a north facing slope on a ridge approximately 1,500 feet south and up slope from the Wheeler deposit. Six of the samples contain significant gold values ranging from 0.535 g/t Au to 2.013 opt Au (69.02 g/t Au) and include four samples exceeding 6 g/t Au (Amended & Restated Technical Report, February 4, 2015 by Telesto). The Joint Venture is in possession of the original maps reporting these samples and gold values.
The Joint Venture will also restart environmental baseline data gathering and begin formal production permitting procedures.
Jeffery Wilson, Lincoln Mining Corporation Vice President of Exploration and a Qualified Person under NI 43-101has reviewed the technical disclosure contained in this news release.
For further information, please contact George W. Sanders, President, at 250-764-8879, toll free at 1-866-769-4802 or email at [email protected].
GOLDCLIFF RESOURCE CORPORATION
Per: “George W. Sanders”
George W. Sanders, President
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