Drill Program Update FOR Golden Goliathʻs Kwai Project, Red Lake, Ontario
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TSX.V:GNG
www.goldengoliath.com
DRILL PROGRAM UPDATE FOR GOLDEN GOLIATHʻS
KWAI PROJECT, RED LAKE, ONTARIO
Vancouver, February 4, 2021, Golden Goliath Resources Ltd. (TSX.V GNG ) (US: GGTH-F)
(Frankfurt: GGZ )
STRONG IP ANOMALIES CONFIRMED BY INITIAL DRILLING
Golden Goliath Resources Ltd. has now resumed drill ing on its Kwai
property in the Red Lake District, northwest Ontari o. The drill is currently
completing the first hole of the 2021 session, whic h is the 15 th hole of the
entire program. This drill hole (K21-15), located on Line 4900E (Figure2), is
one of many that will test the strongest IP anomali es on the East Grid,
which lie just south of the Pakwash Fault.
Figure 1: Red Lake District Properties including the Kwai and SLF properties of Golden Goliath
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As of midday February 3, drill hole K21-15 had enco untered over 100m of
disseminated and remobilized sulphides hosted in a dark hornblendite
which is interpreted to be a komatiitic and iron ri ch basalt of Uchi Age.
Coarse grained pyrite and chalcopyrite also occurs in quartz and on slip
planes with 1 percent chalcopyrite. This amount of sulphide explains the
strong chargeabilities that extend from lines 4300E to 5500E, 250m south
of the Pakwash Fault trend. The whole rock analysis carried out on the
West Grid has confirmed the classification of these basalts which were
previously unknown because they were buried beneath overburden in the
valley that follows the Pakwash structure. The Uchi Age basalts are the
main host rocks for the Red Lake gold mines, ie the Campbell, Cochenour
and Red Lake – former Dickenson Gold Mines.
The proposed holes have been selected from a list o f 40 targets on the
East and Central Grids (Figure 2), with the first f ive targets being the
strongest chargeabilities found on the whole proper ty to date. The new
access road completed in December makes logistics m uch easier for this
winter’s drill program, with all of the holes just 100 to 500 m from this road.
Drill pads are now completed on this 1.2 km trend o f IP Anomalies (L4300-
5500E) where drill holes will test the IP to determ ine which areas require
infill drilling or back up holes. Drill trails to a ll sites are frozen and should
last until spring break up in April.
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Figure 2 Proposed and Completed holes on East and Central Grids
The IP survey on Beauregard Lake is also now under way. It will cover a
two km section of the Pakwash Fault that sits up ice from gold grains found
in the glacial till on the West Grid (Figures 3 and 4). The survey will fill in a
large gap in the overall IP coverage, as the rest o f the IP survey was done
during the summer months. The coverage of this gap is important because
airborne Mag and EM surveys show that a large splay fault cuts the main
Pakwash break beneath the lake (Figures 3 and 4)) and that is a prime gold
exploration target. Similar splay faults also occur on the East Grid and are
included in the selected holes (Figure 5). Those sp lay faults occur to the
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east of gold grains found on the East Grid and the ice direction is from the
northeast (Figure 4).
Drilling of the targets generated by the Beauregard Lake IP survey will be
in addition to the currently planned holes on the E ast and Central Grids. A
survey of the Beauregard Lake sediment geochemistry is also underway at
this time and this data will also guide the lake dr illing. The permit to allow
drilling from the ice on Beauregard Lake has now be en received and the
permit is valid for three years.
Figure 3 Proposed IP coverage of Beauregard Lake
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Figure 4 Probable Source areas for basal till gold grains
Figure 5 Kwai Property fault Structures Interpreted from Magnetic Data
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This news release has been reviewed by Robert S. Mi ddleton P.Eng who
is acting as QP for this phase of the exploration u nder the NI 43-101
requirements.
On behalf of the Board of Directors
Paul Sorbara, MSc, PGeo
CEO, Golden Goliath Resources Ltd .
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 acquis itions 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”, “estima te”, “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 ass umptions and analyses made by
management in light of their experiences and their perception of historical trends, current
conditions and expected future developments, as wel l as other factors they believe are
appropriate in the circumstances. These statements are subject to risks, uncertainties and
assumptions, including those mentioned in the Compa ny’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 Compan y 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 u pon a number of material factors and
assumptions, on the basis of currently available information, for which there is no insurance that
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such information will prove accurate. All forward-l ooking 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.
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 Ser vices Provider (as that term is defined in the poli cies of the
TSX Venture Exchange) accepts responsibility for the adequacy.
About Golden Goliath
Golden Goliath Resources Ltd. is a junior explorati on company listed on the TSX Venture
Exchange (symbol GNG). The Company is focused on ex ploring and developing the gold and
silver potential of properties in the Red Lake Dist rict 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.
To find out more about Golden Goliath visit our website at www.goldengoliath.com .