In a news release, Vancouver-based Goldcliff Resource Corp. (GCN:TSX.V; GCFFF:OTCBB) provided an operational and financial update.
The company indicated that it just completed prospecting, surface and geochemical sampling at its Ainsworth silver property. The firm said this area located between the old No. 1 mine and the Silver Hoard area had not been prospected and sampled previously. Goldcliff noted that the No. 1 and Silver Hoard are the Ainsworth district's two highest grade former producers. The company stated that it will provide a detailed summary of the results from the sampling program after all the samples have been analyzed.
The firm also reported that it has now completed detailed mapping and surface sampling of the Kettle Valley epithermal gold occurrence. The company said that lithic drainage sediment geochemical sampling at Kettle Valley is approaching completion and that a Notice of Work has been submitted to permit trenching and drilling there.
Goldcliff also reported that it has arranged a non-brokered private placement of up to 7.5 million units at a price of $0.10 per unit for gross proceeds of $750,000.
According to the company, each of the units will consist of one common share and one-half common share purchase warrant and that for a period of two years from the date of closing, each whole warrant will entitle the holder with the option to purchase one additional common share at a price of $0.15 per share.
Goldcliff Resource's President George Sanders stated that the proceeds received from the offering will be used in part to fund pre-drilling exploration activities and drill permitting at Aurora West. The balance of the proceeds will utilized for all 2021 option and land payments, due diligence expenses associated with future acquisitions and for general working capital needs.
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