Golden Goliath Acquires Option for 100% On Quebec Rare Earth Element Prospect: Ernest REE
1
TSX.V:GNG
www.goldengoliath.com
Golden Goliath Acquires Option for 100% On Quebec Rare
Earth Element Prospect: Ernest REE
Vancouver, March 2 2023, Golden Goliath Resources Ltd. (TSX.V GNG ) (US: GGTH-
F) (Frankfurt: GGZ)
Golden Goliath Resources is pleased to announce tha t they have signed an option
agreement to acquire 100 percent of the Ernest Rare Earth Element (REE) prospect in
Quebec. The project is in east-central Quebec locat ed just off highway 389 200 km
north of Baie Comeau. The property is less that 20 km south of the Manicouagan
Impact Crater, one of the most recognizable geographic features on earth.
Figure 1: Ernest REE Project Regional Map
On the Ernest property lake sediments collected in 2003 by the Quebec government
returned anomalous REE values. Limited sampling of prospective granitic outcrops
2
returned encouraging REE values including Cerium 26 05 ppm, Lanthanum 1466 ppm,
Neodymium 965 ppm, and Praseodymium 274 ppm, associ ated with elevated Thorium
values.
Figure 2: Property-Wide Coverage of Forestry and Access Roads
According to Ministère des Ressources Naturelles (MRN) synopses, the Property is
underlain by rocks of the mesoproterozoic Canyon Complex. It covers a panel of
migmatitic, gneissic gabbronorites with subordinate felsic material, which is surrounded
by mangerites cut by granitic dykes and intrusions.
These Canyon Complex rocks also host panels and rafts of metasediments associated
with the older Plus-Value Complex.
Mineralization was located by MRN geologists in granitic pegmatite near the contact
between the gabbronorite-dominated and the mangerite-dominated members of the
Canyon Complex.
The Company is planning exploration programs to be conducted this summer. Various
avenues of investigation suggest themselves for moving this property forward. Initial
examination of the government showing could be followed up by detailed prospecting
and hand-trenching to determine extents, orientations and geometries of any similar
3
dykes in the area. An examination of the potential for rheologically-controlled pegmatite
dyke emplacement between gabbronoritic and mangeritic units would also be of value.
Given the clear association with Thorium in the anomalous zone, the use of radiometric
surveys may yield valuable insights into extending known mineralization.
Figure 3: Ernest REE Property over Provincial MAG D ata
Subject to regulatory approval, consideration for t he Property consists of $130,000,
1,850,000 shares and a work commitment of $300,000 over a period of 4 years. There
is a 1% net smelter return payable, of which half may be purchased for $1,000,000.
Golden Goliath CEO Paul Sorbara said, “Quebec ʻs potential for REE deposits is quickly
becoming apparent. We are very excited to have bee n able to acquire this early-stage
exploration project in a fascinating geological set ting with such great access in the area
of other REE deposits in one of Canada’s most favourable mining jurisdictions.”
This news release has been reviewed by Gordon MacKa y, P.Geo., who is acting as
QP under the NI 43-101 requirements.
4
On behalf of the Board of Directors
Paul Sorbara, MSc, PGeo
CEO, Golden Goliath Resources Ltd.
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 .
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
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]
5
Neither TSX Venture Exchange nor its Regulation Ser vices Provider (as that term is defined in
the policies of the TSX Venture Exchange ) accepts responsibility for the adequacy or accura cy of this
release.