Goldcliff Resource Corporation

Goldcliff Resource Corporation

October 15, 2009 14:45 ET

Goldcliff Resource Corporation: Significant Silver Discoveries at Ainsworth

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 15, 2009) - George Sanders, President of Goldcliff Resource Corporation (TSX VENTURE:GCN) is pleased to report that highly anomalous silver values in stream samples highlight the exploration targets on the Ainsworth Project. These stream samples of 26.61 and 30.01 grams silver per tonne, in conjunction with additional geochemical and geophysical anomalies associated with the targets, have confirmed that three of the established five target areas are of high exploration priority for silver.

The 26.61 grams silver per tonne result is related to Target 2 (No.1), and corresponds to the No.1 mine geological system. The No.1 mine, the largest producer in the Ainsworth silver camp, had historical production of 1.99 million ounces of silver at a grade of 49.64 ounces per ton. The 30.01 grams silver per tonne result was discovered by Goldcliff on Target 5 (Bjerkness), which is eleven kilometres to the north of Target 2.

The five silver targets on the Goldcliff Project claims are north of the historical Ainsworth silver camp, between Ainsworth Hot Springs and Kaslo, British Columbia. The five target areas occur over a distance of 13 kilometres in a north-south direction. The exploration program on Goldcliff's claims has consisted of prospecting, geological mapping, stream sediment and soil sampling, and a 910 kilometre combined electromagnetic, magnetic and radiometric "Resolve" airborne geophysical survey carried out by Fugro Airborne Surveys Corp. Follow-up prospecting, geochemical sampling and trenching are underway.

Acquired by staking in early 2006, the Ainsworth Project claim position is owned 100 per cent by Goldcliff. The Ainsworth Project area occurs in the Kootenay Arc -- highly prospective geologic terrain for silver deposits. The historic silver production for the Kootenay Arc was from three camps -- Ainsworth, Slocan-Sandon and Slocan City -- and total silver was 92,500,000 ounces. The Coeur d'Alene camp, a similar silver camp in the Kootenay Arc, located in the State of Idaho, USA, had historical silver production of 1.2 billion ounces.

Geological Setting

The Ainsworth silver camp is located in the central part of the Kootenay Arc, a curving belt of complexly deformed Paleozoic sedimentary and volcanic rocks (older rocks). The older rocks have been intruded by Mesozoic and Cenozoic intrusive rocks and range in age from Lower Cambrian to Upper Triassic. The older rock lithologies include mica schists, limestones and marbles, homblende schists, quartzites and slates of the Lardeau, Milford, and Kaslo Formations, and the Slocan Group. Throughout the region, the rocks are metamorphosed and strongly foliated in a north-south direction, dip to the west and are split by strike faults essentially parallel to the foliation. The older rocks are intruded by Jurassic Nelson and Cretaceous-Tertiary plutonic rocks. In the Ainsworth silver camp, the silver deposits occur in the sedimentary, volcanic and plutonic rocks. The silver deposits have mineralization occurring as disseminations, replacements and veins.

The silver ore mineralization is associated with sulphides of pyrite, galena, sphalerite, chalcopyrite, pyrrhotite and arsenopyrite. Wire silver (native silver) is the only silver mineral recognized in the camp. The gange minerals are quartz, calcite, siderite and fluorite. The wallrock alteration is chlorite, sericite, carbonates, and manganese-bearing minerals.

Located in the Milford Formation (limestone), the No.1 mine -- the largest silver producer in the Ainsworth silver camp -- has had an historical production of 1.99 million ounces of silver at a grade of 49.64 ounces per ton. The other significant silver producers were the Kootenay-Florence, Highland and Highlander mines, where the silver mineralization was related to the Milford and Kaslo (volcanic) Formations. In the Slocan-Sandon and Slocan City camps, the silver is related to the Slocan Group of limestones and slates.

Airborne Geophysical Survey

The airborne geophysical survey produced encouraging results that provided important new exploration targets and offer significant potential for the discovery of additional silver occurrences within Goldcliff's claims. Due to glacial cover, some of these geophysical targets, which were in regions of known silver mineralization, were found in areas devoid of any previous exploration.

Five high priority target areas were identified that showed a combination of interpreted potassic alteration, magnetic association, favourable structural relationships and strong electromagnetic response. In order to establish priorities and locations for diamond drill testing, these targets were the first to be recommended for follow-up ground geochemical and geophysical exploration. Geophysical anomalies of lower priority, although still important, are recommended for later ground follow-up.

Ainsworth Project Property Targets

The five silver target areas on the Goldcliff Project claims occur over a distance of 13 kilometres in a north-south direction from Ainsworth Hot Springs to Kaslo. Target 2 is to the south and Target 5 is to the north.

Target area 1 (Big "C") is located in Milford and Kaslo Formation rocks that are covered with glacial overburden. The "Big C" geophysical anomaly is a moderate-strength, airborne EM conductive feature within a group of similar anomalies existing below glacial cover. Reconnaissance ground VLF EM survey confirmed the location and the presence of the Big C and of other conductors near and parallel to a mapped NNW fault. A reconnaissance soil survey has confirmed anomalous silver, cadmium, lead and zinc values associated with the geophysics. Target 1 is being permitted for detailed geophysical and geochemical surveys, trenching and drilling.

Target area 2 (No.1) is located in Milford Formation rocks and contains the 26.61 grams silver value in a stream sediment sample. Target area 2 contains conductors that correlate with a geological contact near a fault interpreted from a north-south magnetic low lineament. The most northerly EM conductive trend correlates with a localized area of interpreted potassic alteration. The moderate to strong EM geophysical anomalies in this area are about 1 1/2 to 2 km northwest of the "No.1" silver mine and constitute important targets for ground follow-up exploration.

Target area 3 (Fletcher) is located in Milford and Kaslo Formation rocks. The Fletcher Target 3 area contains four moderate strength linear EM conductors that parallel or correlate with northerly trending mapped faults. Two of these conductive trends are coincidental with linear magnetic highs and one is associated with interpreted potassic alteration. Two other conductors are contiguous with, or close to, geologic contacts. Ground follow-up exploration is required.

Target area 4 (Woodbury) is located in Milford and Kaslo Formation rocks. Geophysical anomalies in the Woodbury Target 4 area are similar to those in the Fletcher area just to the north. A large number of conductive features indicate a complex conductive environment. Most conductors in Target 4 area correspond with localized potassic alteration. Ground follow-up exploration is required.

Target area 5 (Bjerkness) is located in the Slocan Group rocks and contains the 30.01 grams silver value in a stream sediment sample. The Bjerkness Target 5 area contains the strongest conductive features. Conductive trends are predominantly northerly trending, except for one multiple conductive zone that groups around a linear conductor associated with a north-south fault. Mapped and interpreted faults suggest a multiple structural intersection at the south end of the north-south fault related conductor. Significant interpreted localized potassic alteration is associated with most EM anomalies in this area. A reconnaissance soil survey has confirmed anomalous silver, cadmium, lead and zinc values associated with the geophysics. Target 5 requires detailed ground follow-up exploration.

Leonard W. Saleken, PGeo (geologist), and Edwin R. Rockel, PGeo (geophysicist), are the qualified persons as defined by National Instrument 43-101 who supervised the preparation and verification of the technical information in this release.


George W. Sanders, President, Director

Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or the accuracy of this news release, gcnnews2909.

Contact Information