Latest Payment Received FOR Optioned Properties
Corporate Office – Canada Corporate Office – Mexico
Suite 711 675 West Hastings Street, Vancouver, BC Minera Delta S.A. de C.V.
V6B-1N2, Canada C. Juan Felipe Orozco #516
Tel: (604) 682-2950 Col. San Felipe 31240 Chihuahua, Chih.
Fax: (604) 685-3764 Tel and Fax: (011 52) 614 414 6226
Email: [email protected] Email: danielnosfriet [email protected]
TSX.V:GNG
www.goldengoliath.com
LATEST PAYMENT RECEIVED FOR OPTIONED PROPERTIES
Vancouver, Canada, MAY 11, 2017 Golden Goliath Resources Ltd. (TSX.V GNG ) (US:
GGTH-F)
The Company is pleased to announce that it has now received the latest option
payment from Desarrollos Mineros El Aguila, S.A. de C.V. (“El Aguila”), a wholly owned
subsidiary of Fresnillo PLC for the properties opti oned to them by the Company in the
Uruachic Mining District in the State of Chihuahua, Mexico (the “Properties”).
The US $100,000.00 payment is the fourth in a serie s of seven optional payments by El
Aguila in order that it may exercise the option to acquire the Properties. Further
$100,000 payments would be due in November 2017 and May 2018. The final payment
of $US 2.3 Million would be due in November, 2018.
The funds will be used both for general working cap ital and to complete a 2017
exploration program on the Company’s 100% owned San Timoteo property, located in
the heart of the Uruachic Mining District. The 2017 program will be and extension and
expansion of the 2016 program aimed at better defin ing targets for a future drill program
which will included both surface and underground drill holes.
The 2016 program involved using the Company’s Terra spec machine to analyze clay
minerals from existing, property wide, drill core a nd other samples including samples
from the area of the 500 level San Martin adit. Th at work 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 gr eater potential at depth.
The 2017 program will include sampling and data com pilation from a larger area in
order to better ascertain optimal locations for sur face drill holes which will target the
Epithermal Bonanza Zone which has been determined t o lie beneath the high grade
gold and silver mineralization already exposed and sampled in the No 5 Level of the old
San Martin mine workings.
Previous, detailed mapping and rock channel samplin g within the Level 5 tunnel
revealed that there are three mineralized shoots ex posed within San Martin. A zone of
manto, or blanket, style mineralzation was also ide ntified in this area. The shoot closest
to the entrance of the 500 level tunnel is known as Manatial . This structure is exposed
for 32 metres with a weighted average of 0.301 ppm gold and 212 ppm silver. In the
central area of the tunnel, the La Cascada structure is exposed for 78 metres and
averages 0.629 ppm gold and 68 ppm silver. At the f ar end of the 500 level, the Pozo
de Agua structure is exposed for at least 84 metres, with continuous channel sampling
Corporate Office – Canada Corporate Office – Mexico
Suite 711 675 West Hastings Street, Vancouver, BC Minera Delta S.A. de C.V.
V6B-1N2, Canada C. Juan Felipe Orozco #516
Tel: (604) 682-2950 Col. San Felipe 31240 Chihuahua, Chih.
Fax: (604) 685-3764 Tel and Fax: (011 52) 614 414 6226
Email: [email protected] Email: danielnosfriet [email protected]
averaging 0.795 ppm gold and 251 ppm silver. Additi onal non continuous sampling
outside of this section also returned good values. The true thickness and grade of the
blanket or manto style mineralization is not certain due to limited exposure.
About Golden Goliath
Golden Goliath Resources Ltd. is a junior explorati on 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 n orthwestern 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.