Golden Goliath Resources Ltd. (TSX VENTURE: GNG) (US: GGTH-F) -
Highlights
-- LH-19 (entire drill hole mineralized- ending in mineralization) has 130m
of 0.34 g/t Au in Filo de Oro zone-mineralization is open to depth in
all directions.
-- LH-06C, starting at surface, averages 47.6m of 1.61 g/t Au & 13 g/t Ag
including 17.5m of 2.12 g/t Au & 20 g/t Ag with a high grade section
2.85m of 4.58 g/t Au & 31 g/t Ag.
-- LH-06A starting at surface averages 28.3m of 0.89 g/t Au & 17 g/t Ag.
-- Drill Hole LH-10 from surface averages 22.6m of 0.32 g/t Au & 9 g/t Ag.
Golden Goliath is pleased to announce that the Company has
completed 23 drill holes on its Las Bolas - Los Hilos Property. The
4,000 metre program started in July with surface diamond drilling
in the Los Hilos area. To date, twenty three of the twenty four
holes planned for the Los Hilos area have been completed. Drilling
in the Las Bolas area will commence upon completion for the Los
Hilos drilling with an additional 8 to 10 holes. The drilling
program is designed to accomplish several objectives; to increase
the existing inferred resource, to substantiate the previously
estimated potential target of the 12 known vein systems in the
western portion of the property, evaluate at depth the rapidly
developing open pit potential of the Filo de Oro trend and target
the high grade veins within the Filo de Oro trend.
Bulk Tonnage Gold Target:
Filo de Oro North Zone (a new discovery)
The ongoing drilling has confirmed that mineralization is
present in both disseminated and high-grade-veins. The first-ever
hole drilled in Filo de Oro North area to test for a low-grade gold
bulk-disseminated target extension to the north and drill test the
mineralized northwesterly structure, has intercepted mineralization
from the surface with high-grade feeder veins below. Drilling to
date has discovered wide spread disseminated gold mineralization
over a 1360m area extending both to the north and south of the Los
Hilos tunnel. Filo de Oro North zone is about 700m to the north of
the Los Hilos tunnel. The Company has drilled an additional hole to
test the down dip extension of the LH-10 mineralized zones which
confirmed that mineralization extends down-dip. The Company is
planning to return to this area with additional drilling.
LH-10 was the fist-ever hole drilled in this zone, some 700m
north of the Los Hilos tunnel. The hole returned, starting at
surface, 22.6m of 0.32g/t Au & 9 g/t Ag; follow up drill hole,
LH-24 testing the down-dip extension returned higher grades than
LH-10, indicating the grade is increasing at depth. LH-24, starting
at surface, returned 14.15m 0.83 g/t Au & 21 g/t Ag.
Filo de Oro Central Zone (Los Hilos Tunnel Area)
LH-04, LH-05, LH06, LH-06A, LH-06C & LH-19 were drilled
around the Los Hilos tunnel area at various elevations to test for
the high grade veins and as well as test the overlying low grade
bulk disseminated gold target. The drilling has been successful in
drilling both of the aforementioned targets. LH-04 was drilled to
test the overlying felsic rock as a bulk disseminated target. The
159m hole averaged 0.18 g/t Au ending in mineralization. LH-05
drilled further to the east and higher up returned 12.7m of 0.28
g/t Au. It is important to note that the drill hole ended in a high
grade zone where the last sample returned 1.29 g/t Au and 91.3 g/t
Ag over 0.55m. LH-06 returned, starting at surface, 36m of 0.41 g/t
gold and 4 g/t Ag. LH-06A returned 28.3m of 0.89 g/t Au and 16 g/t
Ag , starting at surface; and LH-06C returned 47.6m of 1.61 g/t Au
and 13 g/t Ag, also starting at surface. LH-19 was also designed to
test for a bulk-tonnage target. It has retuned a wider zone of 0.34
g/t Au and 3 g/t Ag over 130m, the entire length of the drill hole,
ending in mineralization. LH-19 had a higher grade cap of 0.88 g/t
Au and 8 g/t Ag over 24.95m, starting at surface.
Previous drilling in this area has indicated similar grade, e.g.
LH-21, previously reported, 151m length of 0.25 g/t gold, the
entire drill hole being mineralized top to bottom.
Filo de Oro South Zone (Los Hilos Tunnel Area)
The Company returned to this area following LH-18, a new
discovery hole with wide mineralized zones related to intrusions
indicating possible large tonnage potential. This area is about
650m south of the Los Hilos tunnel area. Two drill holes LH-25 and
LH-26 have been completed and the results are pending.
High Grade Veins:
Los Hilos Veins & Overlying disseminated mineralization:
LH-06, LH-06A, LH-06C were drilled to test the down-dip
extension of the high grade gold and silver veins sampled in the
Los Hilos Tunnel area. LH-06 intersected a high grade vein of 5.9m
grading 2.1 g/t Au and 18 g/t Ag in a wider zone of 17.55m grading
1.06 g/t gold and 9 g/t silver, some 48m blow the Los Hilos tunnel.
The Last 18.5m of the LH-06 are in the lab and visually resembles
the continuation of the latter mineralized zone. LH-06A intersected
three higher grade veins as follow: 6.3m of 1.93 g/t Au and 9 g/t
Ag silver; 8.55m of 1.21 g/t Au and 7 g/t Ag; and 1.80m of 2.20 g/t
Au and 9 g/t Ag. LH-06C was drilled to test the northwesterly
structures within the Los Hilos vein system. The drill hole drilled
a wider zone of gold mineralization at the top of the drill hole
returning 47.6m of 1.61 g/t Au and 13 g/t Ag. Within this wider
zone there are high grade zones such as 17.5m of 2.12 g/t and 20
g/t Ag, 2.85m of 4.58 g/t Au and 31 g/t Ag.
LH-06A and LH-06C were step outs of about 75m to the east along
strike of drill hole LH-02 that returned 0.11 g/t Au and 138 g/t Ag
over 16.35m and 0.12 g/t Au and 343 g/t Ag over 4m. Another drill
hole LH-03, targeting high grade veins close to LH-02, returned 485
g/t Ag over 3.5m.
LH-06A and LH-06C clearly demonstrate that the high grade
mineralized veins are continuous along strike and down dip overlain
by bulk-tonnage gold grade. Further drilling is warranted along
strike and down dip of these veins to realize the potential
resources hosted in these veins.
Geology & Mineralization
The geological model of disseminated gold, hosted in felsic
rocks, sitting on top of higher grade veins, hosted in mafic rocks,
is true. The current drilling has proven that the disseminated gold
mineralization on top with high grade silver veins deeper below
exists over a wide area. Mineralization is also hosted in
brecciated, porphyritic intrusive rocks, which indicates potential
for a porphyry gold deposit.
Based on the Company's work, Filo de Oro has two components. A
large, near surface zone from 200 to 440 metres in width and
approximately 230 metres thick, overlies near-vertical
high-grade-vein feeder zones that are beneath and cut through the
surface zone. The roughly north-south Filo de Oro trend is a
topographic high located at the east end of the east-west Las
Bolas, Frijolar and Corazon trends. These three east west trends
host the other 12 known vein systems on the Las Bolas property and
the main Las Bolas Mine workings which were the focus of the NI
43-101 report completed last fall.
LOS HILOS DRILLING SUMMARY:
A summary in table form follows:
The Company has drilled a total of 23 drill holes totaling 3,314
m to-date on the Los Hilos Property, out of which the Company has
released 17 drill holes including this news release.
Please refer to the following tables for the assays of the new
drill holes.
---------------------------------------------------------------------------
From To Width
Drill (metre) (metre) (metre) Target Comment
---------------------------------------------------------------------------
LH-04 0 159m 159m Pozo de Oro 0.18 g/t Au over 159m.
-----------------------
The Entire Drill Hole
is mineralized.
-----------------------
The drill hole ended in
mineralization.
---------------------------------------------------------------------------
Including
---------------------------------------------------------------------------
LH-04 147 148.6 1.6m Pozo de Oro 0.52 g/t Ag , 91.3 g/t
Au over 1.6m
-----------------------
The drill hole ended in
mineralization
---------------------------------------------------------------------------
LH-05 4.95 20 15.05m Pozo 0.31 g/t Au over 15.05m
de Maganeso
---------------------------------------------------------------------------
LH-05 107.3 120 12.7m Pozo 0.28 g/t Au over 12.7m
de Maganeso -----------------------
The drill hole ended in
mineralization
---------------------------------------------------------------------------
LH-05 134.9 151 16.1m Pozo 0.21 g/t Au over 16.1m
de Maganeso -----------------------
The Last sample being
1.29 g/t Au & 91.3 g/t
Ag over 0.55m
-----------------------
The drill hole ended in
mineralization
---------------------------------------------------------------------------
LH-06 0 36 36 Los-Hilos 0.41 g/t Au, 4 g/t Ag
Structure over 36m
----------------------------------- -----------------------
1.06 g/t Au, 9 g/t Ag
LH-06 163.95 181.5 17.55 over 17.55m
---------------------------------------------------------------------------
---------------------------------------------------------------------------
LH-06A 0 28.3 28.3 0.89 g/t Au, 16 g/t Ag
over 28.3m
---------------------------------------------------------------------------
Including
---------------------------------------------------------------------------
LH-06A 22 28.3 6.3 1.93 g/t Au & 9 g/t Ag
over 6.3m
---------------------------------------------------------------------------
Including
---------------------------------------------------------------------------
LH-06A 22 24.6 2.6 Los-Hilos 2.41 g/t Au & 10 g/t Ag
Structure over 2.6m
----------------------------------- -----------------------
LH-06A 32.8 41.35 8.55 1.21 g/t Au & 7 g/t Ag
over 8.55m
----------------------------------- -----------------------
LH-06A 35.5 37.2 1.7 2.59 g/t Au 17 g/t Ag
over 1.7m
----------------------------------- -----------------------
LH-06A 38.8 40.6 1.8 2.20 g/t Au & 9 g/t Ag
over 1.8m
---------------------------------------------------------------------------
---------------------------------------------------------------------------
LH-06C 0 47.6 47.6 1.61 g/t Au, 13 g/t Ag
over 47.6m
---------------------------------------------------------------------------
Including
---------------------------------------------------------------------------
LH-06C 0 6.4 6.4 1.92 g/t Au & 12 g/t Ag
over 6.4m
---------------------------------------------------------------------------
Including
---------------------------------------------------------------------------
LH-06C 11 17.9 6.9 1.42 g/t Au & 10 g/t Ag
over 6.9m
---------------------------------------------------------------------------
Including
---------------------------------------------------------------------------
LH-06C 26.6 44.1 17.5 2.12 g/t Au & 20 g/t Ag
over 17.5m
---------------------------------------------------------------------------
Including
---------------------------------------------------------------------------
LH-06C 41.25 44.1 2.85 Los-Hilos 4.58 g/t Au & 31 g/t Ag
Structure over 2.85m
----------------------------------- -----------------------
LH-06C 64.6 79.4 14.8 0.52 g/t Au & 2 g/t Ag
over 14.8m
---------------------------------------------------------------------------
---------------------------------------------------------------------------
LH-10 0 22.6 22.6m Filo-de-Oro DISCOVERY HOLE
North -----------------------
0.32 g/t Au, 9 g/t Ag
22.6m
---------------------------------------------------------------------------
LH-10 38.15 40.65 2.50m Filo-de-Oro DISCOVERY HOLE
North -----------------------
1.39 g/t Au,26 g/t Ag
2.5m
---------------------------------------------------------------------------
LH-10 52.6 55.4 2.80m Filo-de-Oro 1.02 g/t Au,26 g/t Ag
North 2.80m
---------------------------------------------------------------------------
---------------------------------------------------------------------------
LH-19 0 130 130m Los-Hilos 0.34 g/t Au & 3 g/t Ag
structures over 130m
-----------------------
The Entire Drill Hole
is mineralized.
---------------------------------------------------------------------------
Including
---------------------------------------------------------------------------
LH-19 0 68.8m 68.8m Los-Hilos 0.51 g/t Au & 4 g/t Ag
structures over 68.8m
-----------------------
The Entire Drill Hole
is mineralized.
---------------------------------------------------------------------------
LH-24 0 14.15 14.15 Filo-de-Oro 0.83 g/t Au & 21 g/t Ag
North DISCOVERY HOLE- FOLLOW
UP
---------------------------------------------------------------------------
Including
---------------------------------------------------------------------------
LH-24 4 7.9 3.9 Filo-de-Oro 1.24 g/t Au & 36 g/t Ag
--------------------------- North -----------------------
50.8 54 3.2 0.76 g/t Au & 21 g/t Ag
--------------------------- -----------------------
70.7 75.35 4.65 0.69 g/t Au & 15 g/t Ag
---------------------------------------------------------------------------
About Golden Goliath
Golden Goliath Resources Ltd. is a junior exploration company
listed on the TSX Venture Exchange (symbol GNG). The Qualified
Person who has reviewed and approved this release 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 Uruachic claims are owned
100% by the Company and are fully paid for with no property option
or purchase payments to make.
To view the maps accompanying this press release please visit
the following link:
http://media3.marketwire.com/docs/dh_plan_Oct17.pdf
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news
release.
Contacts: Golden Goliath Resources Ltd. J. Paul Sorbara, M.Sc.,
P.Geo President & CEO +1 (604) 682-2950 jps@goldengoliath.com
www.goldengoliath.com
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