Chip Sample Returns 11 Metres of 4.28 % Copper and 45.41 Grams Per Tonne Silver at The Copperhead Project and Remains Open in all Directions
Chip Sample Returns 11 Metres of 4.28 % Copper and 45.41 Grams Per Tonne Silver at
The Copperhead Project and Remains Open in all Directions
TORONTO, January 15, 2018 – Goliath Resources Limited (TSX-V: GOT) (the “Company
or “Goliath”) is pleased to report chip sample results fro m the Copper King Trend on its 100%
optioned Copperhead Property, near the Golden Triangle district of British Columbia.
The Copperhead Property covers 4,354 hectares . The property has road access and is
approximately 3 kilometres from the nearest powerline. It is located approximately 35 kilometers
southwest of Smithers, British Columbia and resides within the Skeena Arch, a belt-scale structural
corridor associated with significant porphyry and related mineralization.
Highlights Include:
The Copper King Trend is 350 metres wide by 2,000 metres long and is defined by
mineralized grab samples from sparse outcrops . T he trend remains largely overburden
covered and unexplored. Mechanized trenching is recommended to determine the true
thickness of the zone.
11 metre chip sample from a volcanic breccia containing massive and semi -massive
sulphides returned 0.17 g/t Au, 4.28 % Cu, and 45.41 g/t Ag. The chip sample started and
ended in mineralization that remains open. The orientation of the breccia zone is not known
and thus the true thickness of the mineralized zone remains to be determined.
8 metre chip sample returned 0.08 g/t Au, 1.57 % Cu, and 12.45 g/t Ag. The chip sample
started and ended in mineralization that remains open. True thickness of the mineralized
zone remains to be determined.
SkyTEMtm aerial magnetics and electromagnetic data discovered an intense magnetic high
and adjacent resistive zone, consistent with a hydrothermal alteration system.
Massive and semi -massive sulphide breccias are documented in an area of sparse
outcrop up to 450 metres apart. Grab samples with copper mineralization up to
7.97% Cu were taken from this brecciated system which remains open in all
directions.
Ground geophysics, trenching, and channel sampling is recommended to trace the copper
mineralization along strike in preparation for drilling.
Links to video ( click here - video), all maps ( click here - maps), and all photos ( click
here - photos).
A grab sample taken from bedrock in 2016 assayed 13.8% copper, 0.75 grams per tonne gold and
228 grams per tonne silver which was one of a series of copper-rich polymetallic, samples that
defined the Copper King Trend (link to map s). The trend, defined by highly mineralized grab
samples, measures 350 metres wide by 2,000 metres long and remains open in all directions.
Grab sample are selective in nature and not intended to be representative of the material sampled.
To determine the extent of the mineralization, a series of long chip samples were taken during the
2017 exploration season (see Table 1). Highlights include chip samples grading 0.17 grams per
tonne gold, 4.28 percent copper, and 45.41 grams per tonne silver over 11 metres and 0.08 grams
per tonne gold, 1.57 percent copper, and 12.45 grams per tonne silver over 8 metres which remains
open. The orientation of mineralized breccia zone, relative to chip sample orientation is not
known, and thus the true thickness of the mineralized zone is yet to be determined.
SkyTEMtm aerial magnetics and electromagnetic data found an intense magnetic high and an
adjacent resistive zone near the southern end of the Copper King Trend. This geophysical signature
is consistent with the presence of a hydrothermal alteration system. Based on this data and coupled
with the widespread mineralized grab and chip samples, the prope rty is being investigated for
porphyry potential. The property is locally underlain by t hree separate intrusions which range
from oxidized and altered granodiorite with an associated quartz -sericite-pyrite alteration halo to
quartz diorite ( link to photos ). Mineralization occurs as massive chalcopyrite -bornite-pyrite in
veins and as matrix replacement within volcaniclastic horizons.
Chalcopyrite with lesser pyrite and bornite was discovered in quartz veins along or proximal to
faults or within alteration zones. The Copper King trend runs parallel to a major regional fault zone
that may have acted as a conduit for mineralizing fluids.
Table 1: Copperhead Chip Highlights
Sample Channel/Chip/Grab
Length
(metres)1
Gold
(gpt)
Copper
%
Silver
(gpt)
W494601-5 Chip 11.00 0.17 4.28 45.41
W494606-9 Chip 8.00 0.08 1.57 12.45
W494455 Chip 2.50 0.03 2.11 30.80
W493651 Chip 1.00 0.23 4.40 92.30
W494551 Chip 1.00 0.09 2.11 59.00
1True thickness of mineralized zone not known and remains to be determined
Large areas of outcrop on the Copperhead Property have recently been exposed by ongoing rapid
glacial and snowpack recession providing excellent new opportunities for exploration. Planned
work in 2018 includes ground geophysics, trenching, prospecting, channel sampling, silt sampling,
and mapping in preparation for drilling on the Copper King Trend.
Statements
Mr. Roger Rosmus, CEO states:
“We are extremely pleased with the results to date considering the limited amount of time and
work spent on the Copperhead Project. It has demonstrated early on many of the earmarks of a
significant new discovery in the making. As such, I have strongly recommend a follow up
program of mechanical trenching, mapping and ground geophysics to outline the full extent of
the mineralization in preparation for drilling.”
Dr. Stefan Kruse, Chief Consulting Geologist stated:
“Reconnaissance exploration on the Copperhead property to date has yielded extremely
encouraging results. We look forward to an expanded work program in 2018, to unlock the
potential of this property.”
Other
Stefan Kruse, Ph.D., P. Geo., Chief Consulting Geologist, is the qualified person as defined by
National Instrument 43-101, for Goliath Resources Limited exploration projects, and supervised
the preparation of, and has reviewed and approved, the technical information in this release.
All rock samples were crushed and pulverized at ALS Canada Ltd.’s lab in Terrace, BC or in Reno
Nevada. ALS is either Certified to ISO 9001:2008 or Accredited to ISO 17025:2005 in all of its
locations. The resulting sample pulps were analyzed for gold by fire assay in Reno, Nevada or in
Vancouver, BC. The pulps were also assayed using multi -element aqua regia digestion at ALS
Canada Ltd.’s lab in Vancouver, BC. The coarse reject portions of the rock samples, as well as the
pulps, were shipped to J2 Syndicate’s storage facility in Terrace, BC. All samples were analyzed
using ALS Canada Ltd.’s assay procedure ME -ICP41, a 1:1:1 aqua regia digestion with
inductively-coupled plasma atomic emission spectrometry (ICP -AES) or inductively -coupled
plasma mass spectrometry (ICP -MS) finish for 35 elements as well as the Au -AA24 lead -
collection fire assay fusion procedure with atomic absorption spectroscopy (AAS) finish. Any
results greater than 100 ppm for silver or 10,000 ppm copper, lead and zinc were additionally
assayed using ALS’s OG46 method particular to each element. This method used an HNO3 -HCl
digestion followed by ICP -AES (or titrimetric and gravimetric analysis). Gold values of greater
than 10 ppm Au were assayed by the Au -GRA22 method which includes a fire -assay fusion
procedure with a gravimetric finish. Due to the reconnaissance nature of 20 17 program, no
independent blanks, standards or duplicates were inserted into the sample stream.
The reader is cautioned that grab samples are spot samples which are typically, but not exclusively,
constrained to mineralization. Grab samples are selective in nature and collected to determine the
presence or absence of mineralization and are not intended to be representative of the material
sampled.
Links to Copperhead video (click here - video), all maps (click here - maps), and all photos (click
here - photos).
Further information regarding Goliath Resources Limited can be found at
www.goliathresourcesltd.com
Contact Information:
Roger Rosmus
Chief Executive Officer
+1-416-488-2887 x222
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in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy
of this release.