Source: Streetwise Reports 11/21/2019
The mine developer extends its sampling program to include two historical shafts.
Goldcliff Resource Corp. (GCN:TSX.V) announced in a news release the results from extended sampling at the past producing Lone Star mine at its Nevada Rand project.
Two areas were accessed, mapped and sampled. One was the lower levels of the Nevada Rand shaft. Sampling at the 250-foot level, which contains the most stoped areas, showed continuity of silver and gold mineralization with strong grades.
“Nevada Rand is ideally positioned for re-rating and upside.” – Michael Ballanger
Around the former ore chutes in the southeast extension of the mine, a rock chip sample returned 491 grams per ton (491 g/t) silver and 5.6 g/t gold. A grab sample demonstrated 208 g/t silver and 5.29 g/t gold.
The locations of the raises and stopes at the 250-foot level relative to strike and mined areas suggest potential for new mineralization to the southeast, both updip and down dip, the company noted.
The second area investigated was the upper levels of the Number 2, or middle, shaft at the Lone Star mine. Drifting on the 135-foot level was sampled, and results are pending.
The lack of stoping despite the presence of mineralization suggests the area was not economical to mine back in the early 1900s. However, “this presents an opportunity on the Nevada Rand property to develop this mineralization as it may be of economic interest at today’s metal prices,” the release noted.
From mapping and historical reports, Goldcliff hypothesized that most of the historical ore produced was recovered from the Number 3 shaft, or easternmost mine, which remains untested.
Precious metals expert Michael Ballanger commented on Goldcliff on November 19, “Today’s news release from Goldcliff Resource Corp. (GCN.V)(CAD$.115) adds further credence to my newfound thesis that junior explorers that have a mineral resource are infinitely more attractive than “grass roots” explorers. GCN’s Nevada Rand Project appears to have potential for additional mineralization both up and down dip to the southeast. Of particular interest is the high-grade values which carry ore value per tonne of around (USD)$535/tonne. The silver component alone carries (USD) $269 per tonne, which is modestly higher than the gold’s value. As it is my opinion that silver is about to outperform gold over the next year, Nevada Rand is ideally positioned for re-rating and upside.
Goldcliff is a “mine development company focused on near-term cash flow by applying the phased production business model to precious metals assets.”
Goldcliff agreed to acquire the Nevada Rand property this past June.
According to the company, “Goldcliff has the right to purchase a 100% interest in Nevada Rand, from Nevada Select Royalty LLC, a wholly owned subsidiary of Ely Gold Royalty Inc., for payment of $250,000 USD over four years. Goldcliff paid Nevada Select $10,000 USD upon signing of the agreement with a further $15,000 USD to be paid six months from the date of signing. On each of the first, second and third anniversaries of signing, Goldcliff will pay $25,000 USD. A final payment of $150,000 USD will be made on the fourth anniversary and a 100% property interest conveyed to Goldcliff.”
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( Companies Mentioned: GCN:TSX.V,
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