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Mar 30, 2010 10:15AM
George W. Sanders, President of Goldcliff Resource Corporation (TSX VENTURE: GCN), is pleased to report that two new copper-gold porphyry-type exploration targets have been established on Goldcliff's property in the Princeton Copper-Gold mining district. The targets have surface copper showings (chalcopyrite) containing copper values of 0.10 to 1.87 per cent copper. The associated stream-sediment samples contain strongly anomalous gold values ranging from 90 to 920 ppb gold. The targets are associated with Goldcliff's airborne geophysical anomalies. The targets are in close proximity to the Copper Mountain copper-gold mine.
Extensive review and compilation of older ARIS data, combined with Goldcliff's exploration data, confirmed these new copper-gold exploration targets on the Company's Copper Mountain-Tulameen project. The targets contain copper and gold mineralization related to porphyry-type deposits. The two targets occur in Nicola Group rocks with associated intrusive and porphyry-alteration. The targets have a surface area ranging from 500 metres in width to 2000 metres in length.
The Princeton Copper-Gold mining district hosts the historic Copper Mountain mine, which contains copper-gold porphyry-type ore. Copper Mountain Mining Corporation is restarting the mine and is currently in the construction phase. The historical production from the ore was 1.7 billion pounds of copper, 8.4 million ounces of silver and 0.62 million ounces of gold. Current measured and indicated resources are 518.6 million tons of 0.31% Cu containing 3.2 billion pounds of copper with gold-silver credits. The project is 75 per cent-owned by Copper Mountain Mining Corporation and 25 per cent-owned by Mitsubishi Materials Corporation.
The Goldcliff Copper Mountain-Tulameen project is a contiguous block of 61 mineral claims totalling 25,977 hectares. The claims were acquired by staking and are 100 per cent-owned by Goldcliff. The project area has established infrastructure, with the town of Princeton, British Columbia, Canada, as the centre of commercial activity. The project is situated west of Highway 3, a major route in the Province of British Columbia, and contains abundant access roads. The project also has water and access to electrical power.