Goldcliff Options Newly Discovered Epithermal GOLD/Silver Property and Announces Financing
www.goldcliff.com
#400 – 789 W. Pender St.
Vancouver, B.C. V6C 1H2
Phone: 250-764-8879
Toll Free: 866-769-4802
GCN.TSXV www.directroyalty.com [email protected]
September 16, 2020
GOLDCLIFF OPTIONS NEWLY DISCOVERED EPITHERMAL GOLD/SILVER
PROPERTY and ANNOUNCES FINANCING
Vancouver, B.C. – George Sanders, President of Goldcliff Resource Corporation (“Goldcliff” or the
“Company”) (GCN: TSX.V, GCFFF: OTCBB PINKS) reports the Company has signed an Option to
Purchase a 100% interest in a new discovery of epithermal mineralization, 33 kilometres north of
Rock Creek, British Columbia. Prospecting by the vendor identified a large area in a recent clear-
cut with abundant quartz and carbonate float. Follow up sampling yielded highly anomalous gold
and silver values. Multiple samples exceeded 0.25 g/t gold, with values up to 2.38 g/t gold and
43.49 g/t silver. Quartz breccia, carbonate breccia, bladed calcite, widespread adularia and green
sericite alteration along with clay alteration zones are indicative of a low sulfidation epithermal
system. The prospect will be known as the Kettle Valley Gold Project.
The vendor, Wayne Murton P. Eng., is a well-known B.C. geologist. He has multi decade
experience in the Beaverdell-Christian Valley district, including having served as manger of the
famous Highland Bell silver mine at Beaverdell.
The epithermal mineralization occurs in Eocene Marron formation, which has long been
considered a poor host for mineralization. As a result, there are no prospect pits or trenches in the
area. The property has never been drilled. Murton had observed in a publication by Trygve Hoy of
the Almond Mountain Map Sheet – Geoscience B.C. Map 2016-08, that several indications of
mineralization were noted on new logging roads. Curious about mineralization mapped in Marron
formation, Murton followed up and discovered quartz subcrop/float in the new clear-cut, which had
been logged subsequent to the Geoscience B.C. mapping.
Goldcliff may purchase a 100% interest in the Kettle Valley Gold project by making cash payments
of $450,000 over five years and incurring $1,000,000 of exploration expenditures over three years.
The vendor will retain a Net Smelter Return royalty of 2.5%. Goldcliff has a right to purchase back
a 1% NSR for payment of $1,000,000. The vendor is also entitled to receive additional milestone
payments. Upon completion of a Measured and Indicated resource of 1,000,000 ounces gold or
gold equivalent the vendor will receive payment of $1,000,000. If a production decision is made on
a resource of 1,000,000 ounces or less of gold or gold equivalent the vendor will receive an
additional $2,000,000. If a production decision is made on a resource exceeding 1,000,000 ounces
of gold or gold equivalent the vendor will receive an additional $5,000,000. Goldcliff will pay Murton
$30,000 on signing (paid), $40,000 on the first anniversary, $50,000 on the second anniversary,
$70,000 on the third anniversary, $110,000 on the fourth anniversary and $150,000 on the fifth
anniversary. Additionally, Goldcliff will incur $100,000 of exploration expenditures prior to
December 31, 2020. Goldcliff will spend an additional $250,000 prior to December 31, 2021, a
further $300,000 prior to December 31, 2022, and a final $350,000 prior to December 31, 2023.
Goldcliff continues to focus on Nevada, with additional exploration planned for the Nevada Rand
project and the acquisition of a position in another Nevada district. With Covid 19 travel restrictions
in place, B.C. assets allow for senior management boots on the ground. Furthermore, Goldcliff
management’s high professional regard for Murton’s geologic knowledge and experience in the
region compelled the Company to quickly option the Kettle Valley Gold opportunity.
A permit application is being prepared for a trenching and drilling program. In the meantime,
Goldcliff will commence a detailed mapping program, additional sampling and a geochemical Lithic
Drainage Sediment program.
The Company also reports that it has arranged a Non-Brokered Private Placement of Flow
Through Shares consisting of 4,500,000 Flow Through shares at a price of $0.12 per share for
gross proceeds of $540,000. Insiders of the Company will be subscribing to the offering. Proceeds
will be applied to incurring Canadian Exploration Expenses on the Kettle Valley Gold project, as
described above, and for exploration activity on the Ainsworth silver project. For subscriptions
introduced by third parties, there will be a Finders‘ Fee payable of 7% of proceeds. There are no
share purchase warrants attached to this offering.
Wayne Murton, P. Eng., 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 [email protected].
GOLDCLIFF RESOURCE CORPORATION
Per: “George W. Sanders”
George W. Sanders, President
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responsibility for the adequacy or the accuracy of this news release.