Golden Goliath Drilling Advancing Toward Main IP Targets on Kwai Property in Red Lake District
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TSX.V:GNG
www.goldengoliath.com
Golden Goliath Drilling Advancing Toward Main
IP Targets on Kwai Property in Red Lake District
Vancouver, September 21, 2020, Golden Goliath Resources Ltd. (TSX.V GNG )
(US: GGTH-F) (Frankfurt: GGZ)
Golden Goliath Resources Ltd. (“Golden Goliath” or the “Company ”) is very
pleased to announce that the diamond drilling program on its Kwai property in the Red
Lake Mining District is progressing well and the Company is extremely pleased with the
initial core that is being logged. The program is designed to test the Pakwash Break
along 10 kilometers of strike length with approximately 40 holes totaling 6,000 meters.
Although the main focus of the drilling is aimed at the Pakwash Fault and associated
deformation zones, a number of other splay faults and parallel IP trends will also be
tested.
The drilling was planned to start in the NE corner of the West Grid where there are
several high priority targets with very strong IP anomalies and numerous till samples
with pristine gold grains. However, heavy rain just before mobilization resulted in local
flooding and the order of drilling had to be changed due to access difficulties.
Therefore, drilling started on the west side of the grid, close to the main access road,
with holes K20-01, 02 and 03. (See Figure 2) The west side anomalies were to be
drilled later in the program after completing the holes the company will be drilling in the
NE area of the grid later this week. Previous till sampling on lines 0+00 and 200E and
400E yielded pristine gold grains in the vicinity of the stronger IP anomalies, making
those areas of higher priority. Fortunately the first holes yielded very valuable
information.
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Figure 1: Red Lake District Properties including the Kwai and SLF properties of Golden Goliath
Drilling started with hole K20-01, collared at 800W, 800N and drilled to the south at –
50 degrees to the final depth of 141 meters. This initial hole discovered a large quartz
eye porphyry body, with robins egg blue quartz eyes, within the Pakwash main break.
Shear zones within this porphyry control numerous quartz veins with fine grained pyrite
along the walls of the veins. Fine grained pyrite occurs in the porphyry matrix.
Tourmaline is also present. This type of intrusion is often associated with gold deposits
in the area and in other gold camps.
In addition, shear zones on the margin of the porphyry contain disseminated sulphides
and quartz veining containing sulphides. Therefore it is expected that the rest of the IP
trend extending to line 600E from 800W will contain sulphide zones associated with this
major structure, a distance of 1600m or one mile.
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The second hole (K20-02) was completed on 800W, 600N drilled northward towards
hole K20-01 in a scissor like fashion and intersected porphyry from 57.45m to 243m
with occasional pegmatite dikes and also hit the mineralized section seen in hole 01
giving for the first time a section of the Pakwash Fault area.
Hole K20-02 begins in highly metamorphosed rocks that were once tuffaceous
sediments and are now biotite quartz schists with thin layers of felsic tuffs like those
seen on the shoreline of Beauregard Lake, but as the hole progressed north it passed
into less altered tuffs and quartz eye porphyry. Sulphides are present, including
chalcopyrite. Therefore a section of the English River Sub Province and Uchi Sub
Province has been found with Uchi being the belt hosting the Red Lake Gold Camp.
Management is excited to have the IP anomaly confirmed as shears with sulphides
which are a typical host for gold mineralization, and in a major fault structure related to
the other controlling structures in the Red Lake Camp.
While access to the east side was being improved, a third hole (K20-03) was drilled
200m east of hole K20-02 on 600W to test the continuation of the porphyry system
(Figure 2). Hole K20-03 encountered again a highly metamorphosed section of
tuffaceous sediment with pegmatites and many remobilized quartz veins containing
pyrite and tourmaline and sericite-biotite mica. Then the hole entered the quartz eye
porphyry at 161.1m and cut a wide zone with disseminated sulphides similar to hole
K20-02, however the amount of fine grained pyrite was increasing and is associated
with silicified zones that appear like bedding due to the intense shearing. These units
are fine grained, grey siliceous altered zones with porphyry along the margins and
require further examination. Hole K20-03 contained over 100m of porphyry, and ended
at 260m near the north granite contact. Hence a complete cross section of the Pakwash
Fault and Sub Province boundaries has been intersected.
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Figure 2: KWAI Property update on current drill targets K20-01,02,03, West Grid
Golden Goliath CEO Paul Sorbara comments: “I am extremely happy with
the core from Holes K20-1, 2 & 3. These holes are located west of the
area where we did the till sampling and they were lower priority targets,
but they look very encouraging and contain important lithologies, alteration
and visual mineralization. Given what we see here I would expect the high
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priority targets that we will drill next will bring even better news. Analyses
are pending, but given what we have seen in the core, I can hardly wait to
see what we hit next in the large, high priority area. I am heading there to
see for myself.”
“Three additional till samples were taken in late August to be checked for
gold grains by Overburden Drilling Management in Ottawa. One of the till
samples appeared to be rusty, which could signify a nearby sulphide
source. We still do not have the results for them, but they were not taken
on the West Grid. They were taken south of Beauregard Lake, between
the East and West Grids. Drilling in that area is planned after the West
Grid.”
This news release has been reviewed by Robert S. Middleton P.Eng who
is acting as QP for this phase of the exploration under the NI43-101
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 acquisitions and any financing, are forward-looking
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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.
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.
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.
To find out more about Golden Goliath visit our website at www.goldengoliath.com.