Golden Goliath Signs Drill Contract for Kwai Property, Red Lake/Dixie Lake Area, Ontario
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TSX.V:GNG
www.goldengoliath.com
Golden Goliath Signs Drill Contract for Kwai Property,
Red Lake/Dixie Lake Area, Ontario
Vancouver, August 6, 2020, Golden Goliath Resources Ltd. (TSX.V GNG ) (US: GGTH-F) (Frankfurt:
GGZ)
VANCOUVER, CANADA – August 6 , 2020: Golden Goliath Resources Ltd.
(“Golden Goliath” or the “Company”) is very pleased to announce that It
has now signed a diamond drilling contract with M3 Drilling Services Inc.
The Company is planning the first drill testing program on its Kwai property
in the Red Lake/Dixie Lake Area. Up to 6,000 meters of drilling will be
conducted on the roughly 40 targets identified to d ate by the company
geophysicist, R.S. Middleton P. Eng. The Company i s awaiting approval
of a supplementary drilling permit, apart from the existing permit the
Company already has, which is expected to be receiv ed by the end of
August. Drilling is anticipated to begin in early September. A core
handling facility has been established in Ear Falls and is now operational.
In the field the IP survey on 41 lines is almost co mplete and should be
done in 8 days. Both a N=6 and N=8 pole dipole arra y was used with an
electrode spacing of 25m to measure the chargeabili ty beneath a 2 to 5
metre conductive silt and clay layer that was disco vered during the recent
till sampling program.
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Red Lake District Properties including the Kwai and SLF properties of Golden Goliath
The IP survey has successfully identified shear zon es and faults using the
resistivity and has located chargeable zones associated with a basalt horizon
that marks the boundary between an 800m wide zone o f felsic tuffs, and two
other zones of shearing and chargeability within th e felsic tuff sequence. A
total of five major breaks or shears traverse the l ength of this 10 km long
property.
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Till sampling done on both the west end and central to east end of the
property discovered numerous gold grains and many p ristine grains
indicating a local source of gold which built up into a dispersion train that can
be traced back to the two primary IP anomaly trends along the basalt and the
shear zone parallel to the felsic tuff–basalt conta ct, (see Golden Goliath
News Release, August 4 for detailed descriptions). All postulated sources of
the gold grains are well within the property boundary.
Figure 2 Microscopic gold grains from Till sample 27
Another gold particle build up was noted near a central shear-fault in the mid
section of the tuff sequence. Two other IP trends a lso occur south of the
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known tuffs which have yet to be mapped, resulting in a total of five
structures that need to be tested. This and the fac t that the stratigraphy can
be traced northward through the BTU Property to the Great Bear (GBR) Dixie
Property gives management confidence the company is in a good location for
locating potentially, new gold deposits.
Figure 3: Partial compilation (West Grid) of results on the Kwai Property,
showing grid locations , IP Trends and Pristine Gold grains within
the property boundary. East Grid data is still being compiled.
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Golden Goliath CEO Paul Sorbara, MSc., P.Geo, com ments: “We could
not be more pleased with the results! The airborne Geophysics and the IP
showed us much more than we expected and it is all good. The till
sampling program was excellent, with a total of 62 gold grains in 17
samples being classified as “Pristine”, indicating a local source for the
gold. And best of all, they build up into a dispersion train that can be traced
back to the two primary IP anomaly trends along the basalt and the shear
zone parallel to the felsic tuff–basalt contact. We have the money, we have
the evidence that the Pakwash Break is pregnant, we have the targets
identified by IP and the gold grains and we have th e drill. We could not ask
for more at this stage. Drilling will come soon.“
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 NI43-101
requirements.
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 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
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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]
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 .