Goldcliff confirms bonanza grades

Goldcliff Resource (GCN-V) continues to build its share price on the back of bonanza gold grades from its Panorama Ridge property in B.C.

Gold grades announced back in mid-December which sent its shares up 130% at the time — have been confirmed and the market saw fit to give the Vancouver-based company another healthy bump.

In Toronto on Jan. 10 — the day the news was released –Goldcliff’s shares shot up to 44, a gain of almost 28% or 10 on over 1.3 million shares traded.

Re-assaying the grades from the Bonanza trench brought results stronger than originally released. The new assay returned 596 grams gold per tonne over 1 metre, and 194 grams gold over another metre for a combined 315.82 grams gold over 2.5 metres.

Those grades are higher than December’s numbers which pegged the same sample at 525 grams gold over one metre, 168 grams gold over the second metre for 277.2 grams over 2.5 metres.

In contrast to the initial figures, the latest results come from metallic assays, and were done not only to verify the high grades but also to determine if the grades were the result of a gold nugget-effect. Goldcliff says the results show they were not.

The metallic gold assay procedure is more rigorous than the non-metallic process used on the first round of assays.

In distinction from non-metallic assays, metallic assays sample both over and undersized fractions of ore separated by a minus 140 mesh, and are also subjected to fire assay analyses three times.

While the metallic procedure did indicate some coarse gold in the oversized fractions which could indicate gold nuggets the undersized fraction contained the majority of gold leading Goldcliff to rule out a gold nugget effect.

The bonanza grades came from the first 5 metres of trenching while the remaining 30 metres returned much lower-grade results including 7.4 metres of 0.64 gram gold .

The Bonanza trench is part of the Viking-York zone at Panorama Ridge which sits roughly 4 km from the historic Nickel Plate-Mascot mine near Hedley B.C.

Nickel Plate began as an underground mine back in 1904 but had a spell as open pit mine as well before closing in 1996.

Outcrops exposed by a logging road near the site lead Goldcliff president Len Saleken to stake the property back in 2000.

A drill program four years later put 17 holes in the ground and returned highlights of 69.9 metres grading 1.1 grams gold and 18 metres of 2.04 grams gold. The following year Goldcliff drilled 13 more holes into the York-Viking zone an hit 73.7 metres grading 1.17 grams gold and 1 gram silver per tonne.

The company is interpreting the site as being composed of gold beds that are within an overall mineralized sequence which is up to 200 metres thick.