Golden Goliath Resources Ltd. (TSX.V: GNG) (US:GGTH-F)
Vancouver, Canada, January 10, 2018
Golden Goliath is pleased to announce that exploration management has begun its plans for the work that will be conducted on the Company’s 100% owned San Timoteo property in this New Year. The Company will first complete the program started last year, which is the final step leading to a major drilling campaign including both surface and underground dill holes.
The 2017 program included a detailed, property wide review of past data, including geology, geochemistry, structural geology, geophysics and drilling. This compilation and analysis has mostly been accomplished, but final drafting of potential drill hole sections and final drill target selection remains to be completed. Last year’s work generated numerous areas warranting drilling with the premier target area being the extension to depth of the high grade silver and gold mineralization that is exposed within the Number 5 level of the old San Martin mine. Previous field work using a Terraspec machine to identify specific clay minerals, showed that the Level 5 tunnel at San Martin (the lowest old working on the San Timoteo property), is above the “Bonanza Zone” or paleo boiling level, indicating greater potential for higher grades at depth.
The known zones with the Level 5 tunnel, identified by extensive channel sampling of the walls, include the Manantial shoot, which is 32 metres wide and averages 6.8 ounces of silver and 0.3 grams of gold per tonne; the Cascada structure is 78 metres wide and averages 2.18 ounces of silver and 0.6 grams of gold per tonne; and the Pozo de Agua zone, which is 84 metres wide with an average grade of 8.07 ounces of silver and 0.8 grams of gold per tonne.
The true thickness and grade of the blanket or Manto style mineralization is not certain due to limited exposure, but the weighted average of samples taken to date is 15.9 ounces of silver and 0.8 grams of gold per tonne.
Other target areas Identified by the 2017 work include important structural intersections and the copper gold porphyry target known as the La Bufa Zone, which lies 1,150 meters southwest of the San Martin tunnel entrance. Early, shallow drilling in the La Bufa area showed increasing gold and copper grades with depth, but deeper drilling was not conducted at the time. Geology and alteration are consistent with porphyry style mineralization and the potential for porphyry mineralization at depth has long been known at San Timoteo.
The completion of the possible drill hole sections is underway and should be available soon. Management will then review and discuss all of the sections in order to prioritize the holes. This may involve more field work to properly assess the topographic conditions in order to properly estimate the cost of road building and drill pad construction. Focus will then shift to a detailed and comprehensive estimate of all drilling costs.
The Company anticipates receiving a US $100,000 option payment in May, 2018. A final payment of $US 2.3 Million would be due in November, 2018. This would provide more than enough funding required for drilling without the need for any further dilution that a private placement would create.
About Golden Goliath
Golden Goliath Resources Ltd. is a junior exploration company listed on the TSX Venture Exchange (symbol GNG). The Qualified Person for the information regarding Uruachic project is J. Paul Sorbara M.Sc., P.Geo. The Company is focused on exploring and developing the gold and silver potential of an historic mining camp located in the world famous Sierra Madre Occidental Mountains of northwestern Mexico. Golden Goliath’s San Timoteo property claims are owned 100% by the Company and are fully paid for with no property option or purchase payments to make.
To find out more about Golden Goliath visit our website at www.goldengoliath.com.
FOR MORE INFORMATION CONTACT:
Golden Goliath Resources Ltd.
J. Paul Sorbara, M.Sc., P.Geo
President & CEO
Phone: +1(604) 682-2950 Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Original Article: http://www.goldengoliath.com/2018/01/10/golden-goliath-plans-for-2018/
