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Golden Goliath Resources Ltd. (TSXV:GNG ), (OTC:GGTHF), (FSE:GGZ) (“Golden Goliath” or the “Company”) is very pleased to announce that the initial till sampling and geology portion of the current field exploration program on its Kwai property located in the Red Lake mining district has been completed.
- Geological sequence discovered to be similar to LP Zone to the north on parallel structure
- Sericite altered units and siliceous tuffs and sediments adjacent to major fault
- Basalt marker located on Kwai with conglomerate traceable to BTU and GBR properties
- Boulders of silicified and sericite alteration found by till sampling
- High quality basal tills located along sections of the 10 km fault structure
Golden Goliath Resources Ltd. (TSXV:GNG), (OTC:GGTHF), (FSE:GGZ) (“Golden Goliath” or the “Company”) is very pleased to announce that the initial till sampling and geology portion of the current field exploration program on its Kwai property located in the Red Lake mining district has been completed. The Induced polarization geophysical survey is still in progress.
The basal till sampling program on the Kwai property reached bedrock in many locations along this 10 km long section of the Pakwash Fault structure. High quality basal tills stuck to basement bed rock were obtained and bedrock was identified. In addition geological mapping was done and a more definitive geological picture was obtained. This new geological information has resulted in the grid to be expanded to cover the favourable aspects of the structures and stratigraphy.
Red Lake District Properties including the Kwai and SLF properties of Golden Goliath
A sequence of metamorphosed felsic tuffs and sediments were found to occur adjacent to a regional basalt unit that can be traced through the BTU property to the north along a regional fold structure, along with an adjacent conglomerate which is identical to outcrops to the north. This basalt unit also occurs along the south side of the LP structure shown on sections by Great Bear Resources.
Therefore the Kwai property has been found to host a repetition of the same sequence of rocks that hosts the LP Zone on the Dixie Lake Property. Both the Pakwash Fault and LP fault are outlined as deep seated structures by regional seismic profiling by the federal government, and are similar in nature to the faults associated with the major mines in Red Lake.
Basal till samples have been sent to Overburden Drilling Management in Ottawa to separate any gold grains and all heavy minerals such as arsenopyrite and pyrite and other path finder minerals. Gold grains will be classified as to their shape and size to help determine proximity to source. In addition a fine fraction of the till will be analyzed by ICP MS ME (mass spectrometer multi element) to determine other path finder elements associated with gold in the Red Lake Camp and obtain an initial gold value. Follow up mapping is planned prior to drilling to assess the till or geochemical anomalies.
The detailed IP-resistivity survey is still in progress on the expanded grid in order to locate sulphide zones often associated with gold, and trace out the shear structures. Preliminary IP lines on two small grids surveyed last year yielded nine drill targets that have already been permitted. The current program is being conducted on a much larger grid that connects the two prior grids. Preliminary data already shows promising results.
This news release has been reviewed and approved by R. S. Middleton P.Eng, who is acting as QP for the company for this phase of the program.
On behalf of the Board of Directors
Paul Sorbara, MSc. PGeo
CEO, Golden Goliath Resources
Cautionary Statements Regarding Forward Looking Information
Certain statements included herein may constitute “forward-looking statements”. All statements included in this press release that address future events, conditions or results, including in connection with exploration activity, future acquisitions and any financing, are forward-looking statements. These forward-looking statements can be identified by the use of words such as “may”, “must”, “plan”, “believe”, “expect”, “estimate”, “think”, “continue”, “should”, “will”, “could”, “intend”, “anticipate” or “future” or the negative forms thereof or similar variations. These forward-looking statements are based on certain assumptions and analyses made by management in light of their experiences and their perception of historical trends, current conditions and expected future developments, as well as other factors they believe are appropriate in the circumstances. These statements are subject to risks, uncertainties and assumptions, including those mentioned in the Company’s continuous disclosure documents, which can be found under its profile on SEDAR (www.sedar.com). Many of such risks and uncertainties are outside the control of the Company and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In making such forward-looking statements, management has relied upon a number of material factors and assumptions, on the basis of currently available information, for which there is no insurance that such information will prove accurate. All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
About Golden Goliath
Golden Goliath Resources Ltd. is a junior exploration company listed on the TSX Venture Exchange (symbol GNG). The Company is focused on exploring and developing the gold and silver potential of properties in the Red Lake District of Ontario. The Company also holds a 100% interest in the San Timoteo property, located in the Sierra Madre Occidental Mountains of northwestern Mexico, as well as NSR royalties on several other nearby properties, and 100% of the La Cruz property, also in Chihuahua.
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: jps@goldengoliath.com
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.
