Vancouver, Canada, July 9, 2018 Golden Goliath Resources Ltd. (TSX.V GNG ) (US: GGTH-F) (“the Company”) is pleased to announce that the 2018 summer work program is now starting. The Company is now in the planning stage for a future possible drilling program on its 100% owned San Timoteo property located in Chihuahua, Mexico. Personnel are now mobilizing to the San Timoteo property to continue the target selection process, including evaluating what road work would be needed to drill the various targets. Previous compilation work on San Timoteo has already defined over 40 drill targets. The current work will prioritize these and the Company intends to drill the top priority target when funding is available.
The Company, through its 100% owned Mexican subsidiary, Minera Delta S.A.de C.V., was the first modern Canadian company to explore in the Uruachic Mining District, which has a history of production dating back to the 1700?s. The Company acquired a 100% interest in most of the claims that are subject to the El Aguila option agreement by staking in the 1990?s.
Company founder J. Paul Sorbara was attracted to the district in pursuit of caldera-related precious metal deposits in the 1990?s working as a private company with Mexican geologist partner Daniel Nofrietta, who knew the District from his previous extensive work in the Sierra Madres. Nofrietta, who is a Director of Golden Goliath, also knew a local prospector who was born and raised in the town of Uruachic and was familiar with all of the old workings in the area. The prospector was the first employee of Minera Delta. The town of Uruachic was established in 1735 as “Real de Minas de Santa Rosa de Uruachic” by two Spaniards who were looking for silver and gold for the Spanish Crown.
Sorbara worked in Durango State identifying and investigating precious metal caldera targets for Cominco Ltd. in the early 1980?s and applied this experience to Chihuahua State. He established a self-funded private company (Minera Delta S.A. de C.V.) when the Mexican foreign investment laws changed in 1992 to pursue this goal.
Sorbara states, “My work in Durango in the 1980?s showed me that Mexico’s Sierra Madre Occidental has great potential for caldera-related precious metal deposits, which can be very large and are an important class of precious and base metal deposits world-wide. The Uruachic district is this type of target and ever since we first started working there I have believed that there is an excellent chance of finding such a deposit on the Company’s properties.”
Golden Goliath, through Minera Delta, held 8 properties in the district for many years, trying to explore all of them. The situation heated up when Fresnillo plc discovered the nearby, multi-million ounce Orisyvo gold and silver deposit, located about 14 kilometres from San Timoteo.
While a Fresnillo plc subsidiary has an option on 7 properties, Minera Delta retained a 100% undivided interest in its San Timoteo property.
San Timoteo hosts the largest historic mining tunnel in the district. The tunnel is called the No. 5 level of the old San Martin mine. No.5 is the only historic tunnel in the district known to have had tracks and was the last producer in the district to shut down around the time of the Mexican Revolution. No.5 is also the lowest possible adit level on the property and the old timers did not explore below it.
Detailed mapping and rock channel sampling within the Level 5 tunnel by the Company revealed that there are three mineralized shoots with very good grades exposed within this tunnel. A zone of manto, or blanket, style mineralization was also identified intersecting the tunnel.
The Company?s 2016 exploration program at San Timoteo showed that the Level 5 tunnel is above the “bonanza zone” or paleo boiling level of the Epithermal Model, indicating greater potential at depth.
The zone below the tunnel is one of the prime targets for the drilling program that the Company plans to complete when properly funded. Many other targets have been generated property wide with detailed sections and final target selection in the coming months.
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.