Goldcliff’s share price doubled at the end of December after reporting surprising assays from the Bonanza Trench on Panorama Ridge.
Canada (Press Release) January 15, 2008 --
The foremost exploration outfit operating in the famed Hedley Gold Basin in BC has announced the best assays the region has seen since the Nickel Plate Mine stopped producing gold over a decade ago.
Goldcliff Resource Corp’s (TSX.V:GCN) share price doubled at the end of December after reporting surprising assays from the Bonanza Trench on Panorama Ridge that included one metre grading 525 grams per tonne (15.311 oz per short ton), one metre grading 168 g/t (4.899 oz per short ton) and 1.5 metres grading 6.16 g/t (0.180 oz per short ton).
The company reported that the five metre sample interval had a weighted average of over four ounces gold per short ton – or 140.21 grams gold per tonne.
These results are significant to investors because they indicate that the successful lower grade deposit the company has been busy defining since 2000 also has some accompanying high-grade components.
According to Goldcliff’s President George Sanders, this model is also backed up by historical data from other past producers. The Nickel Plate mine is located just four kilometres from Panorama Ridge. Between 1904 and 1996, the mine yielded 2.5 million ounces of gold.
“We’ve always thought that there would be and should be Nickel Plate high-grade someplace on the property,” said Sanders. “We’ve now found that high-grade. And the significance of it is a couple points – the first demonstrates that Panorama Ridge is the same geological beast as Nickel Plate Mountain which produced 2.5 million ounces.”
Another important factor about this newly discovered high-grade area is that it occurs with continuity – not just in high-grade veins, but in widely disseminated strata bound gold bodies with “dip continuity”.
Goldcliff had already proved this in 2006, with positive assays throughout the York-Viking Zone. At the time, the company reported, “Of all the 2006 holes, holes 26072 and 26073 are the highlights of the York-Viking zone. Hole 26073 is the farthest hole drilled to the southwest and contains an intersection of 1.49 grams per tonne (g/t) gold over 26.70 metres. Hole 26072 is the farthest hole drilled to the northeast and contains 2.04 g/t gold over 20.10 metres, with a high-grade intersection of 6.73 g/t gold over 4.10 metres.”
Sanders makes another important observation about the deposit. “What we also know from Nickel Plate which is important for Panorama Ridge is they didn’t just have one high-grade bed – they had several. So these things are not singular, they do repeat themselves and sometimes fault offset or have other mineralized beds within the 200 meter sequence.”
Full Release: http://www.resourcexinvestor.com/news.php?id=3872
Goldcliff Resource Corp’s (TSX.V:GCN) share price doubled at the end of December after reporting surprising assays from the Bonanza Trench on Panorama Ridge that included one metre grading 525 grams per tonne (15.311 oz per short ton), one metre grading 168 g/t (4.899 oz per short ton) and 1.5 metres grading 6.16 g/t (0.180 oz per short ton).
The company reported that the five metre sample interval had a weighted average of over four ounces gold per short ton – or 140.21 grams gold per tonne.
These results are significant to investors because they indicate that the successful lower grade deposit the company has been busy defining since 2000 also has some accompanying high-grade components.
According to Goldcliff’s President George Sanders, this model is also backed up by historical data from other past producers. The Nickel Plate mine is located just four kilometres from Panorama Ridge. Between 1904 and 1996, the mine yielded 2.5 million ounces of gold.
“We’ve always thought that there would be and should be Nickel Plate high-grade someplace on the property,” said Sanders. “We’ve now found that high-grade. And the significance of it is a couple points – the first demonstrates that Panorama Ridge is the same geological beast as Nickel Plate Mountain which produced 2.5 million ounces.”
Another important factor about this newly discovered high-grade area is that it occurs with continuity – not just in high-grade veins, but in widely disseminated strata bound gold bodies with “dip continuity”.
Goldcliff had already proved this in 2006, with positive assays throughout the York-Viking Zone. At the time, the company reported, “Of all the 2006 holes, holes 26072 and 26073 are the highlights of the York-Viking zone. Hole 26073 is the farthest hole drilled to the southwest and contains an intersection of 1.49 grams per tonne (g/t) gold over 26.70 metres. Hole 26072 is the farthest hole drilled to the northeast and contains 2.04 g/t gold over 20.10 metres, with a high-grade intersection of 6.73 g/t gold over 4.10 metres.”
Sanders makes another important observation about the deposit. “What we also know from Nickel Plate which is important for Panorama Ridge is they didn’t just have one high-grade bed – they had several. So these things are not singular, they do repeat themselves and sometimes fault offset or have other mineralized beds within the 200 meter sequence.”
Full Release: http://www.resourcexinvestor.com/news.php?id=3872
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