Goliath Drills Wide Mineralized GOLD Zones at Its Newly Discovered Lorne Creek Porphyry System
GOLIATH DRILLS WIDE MINERALIZED GOLD ZONES AT ITS
NEWLY DISCOVERED LORNE CREEK PORPHYRY SYSTEM
Toronto, Ontario – October 2 8, 2019 – Goliath Resources Limited (TSX -V: GOT) (FSE: B4IE)
(OTCQB: GOTRF) (the “Company” or “Goliath”) announces the results from its 2019 inaugural
exploratory diamond drilling program and surveys on the Lorne Creek Porphyry System discovery
on its Lucky Strike property, 8 km to highway, power, rail and ~40 km north of Terrace, British
Columbia. The program was designed to test the newly discovered, outcropping Lorne Creek Au-
Cu-Mo porphyry target to depth. The exploratory drilling intersected widespread sulfide
mineralization, potassic alteration, key porphyry texters with several polymetallic intervals. Drill
hole LS-19-01 intersected 20.7 meters of 0.39 g/t AuEq, including 3.7m of 1.18 g/t AuEq near
surface and Drill hole LS-19-02 intersected 45m of 0.14 g/t Au, 1.35 g/t Ag and 0.05% Cu near
surface. The drilling suggest that all three holes intersected a pyritic alteration zone in the
porphyry system adjacent to the ore zone (see Lowell & Guilbert, 1970).
2019 Exploration Program:
The inaugural three holes were drilled from one single drill pad location totaling 1741 meters.
The exploratory drill program confirmed the presence of Au, Ag, Cu, Mo mineralization within
a pyritic alteration zone containing potassic alteration, key textures and geologic units
consistent with a porphyry system from the surface and to the bottom of all drill holes . The
system remains open (Video Link).
Compilation and i nterpretation of the explorat ory drilling and the 2019 newly acquired high
resolution geophysical surveys suggests that the porphyry pyritic alteration zone was intersected
in all three holes (Click Here). These pyritic alteration zones are commonly observed adjacent
to the ore zone of porphyry deposits suggesting the current three holes were drilled proximal
to the porphyry ore zone (see Lowell & Guilbert, 1970) . The 2019 inaugural drill program and
surveys have provided important data that was used to vector in on new multiple high priority
drill targets designed to intersect the porphyry ore zone with future drilling. Based on these
results, a more extensive drill program is warranted and has been strongly recommended by the
geologic team to be designed to locate the ore zone of this newly identified porphyry system.
Table 1 - 2019 Lorne Creek Drill assay results. All intervals are drill core lengths and do not
represent true widths.
Hole ID From
(m)
To (m) Interval
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Mo
(%)
Pb (%) Zn (%) AuEq1
(g/t)
LS-19-01 155 198 43 - - - 0.01 - - 0.1
LS-19-01 281.7 313 31.3 - 0.67 0.02 0.01 - - 0.11
LS-19-01 580.3 601 20.7 0.38 0.86 - - - - 0.39
Includes 580.3 584 3.7 1.1 2.35 - - - - 1.19
LS-19-02 26 71 45 0.14 1.34 0.05 - 0.02 0.02 0.16
Includes 54 71 17 0.34 2.15 0.05 - 0.05 0.06 0.49
LS-19-03 95.75 96.25 0.5 0.04 10 0.06 - 0.91 1.1 1.17
LS-19-03 343.75 344.25 0.5 0.2 33.7 0.2 - 0.16 - 0.91
1 AuEq and AgEq metal values were calculated using: Au $1488.92 USD/oz; Ag $17.55 USD/oz; Zn $1.13/oz; Pb $1.00 USD/lbs ; Mo $10.89 USD/lbs
2019 Magnetic and Radiometric survey:
A recent High Resolution Magnetic and Radiometric survey has defined several geophysical
anomalies interpreted to be indicative of hitherto unidentified porphyry systems (Total Magnetic
Intensity Map image and Potassium A lteration Map). These new geophysical targets are
expected to be developed into multiple drill targets during the next field season . Initial
observations during field visits over the newly identified magnetic anomalies have identified
outcrops containing 10 disseminated sulfides and veinlets with K -feldspar alteration, 2)
chalcopyrite and disseminated pyrite, 3) sphalerite – galena and chalcopyrite bearing quartz
veins and 4) a breccia containing pyrite, chalcopyrite and galena associated with silver, lead
and zinc mineralization. The identification of these new aeromagnetic anomalies interpreted
to be intrusive porphyry systems associated with K-feldspar alteration, sulfides and silver, lead
and zinc mineralization justifies further work at Luckystrike to establish the additional
discovery potential at Lorne Creek (See Table 2 below).
Table 2 - 2019 Chip grab assay results. Chip sample lengths are representative and are not true
widths.
Sample ID Type Length Au (g/t) Ag (g/t) Cu (%) Mo (%) Pb (%) Zn (%) AuEq1
(g/t)
A0601425 Chip 0.5 m 0.01 7.20 - - 0.60 0.30 0.48
A0601426 Grab - 0.01 63.00 0.10 - 5.78 0.30 3.24
A0601427 Grab - 0.05 44.70 0.05 - 2.22 1.62 2.31
1 AuEq and AgEq metal values were calculated using: Au $1488.92 USD/oz; Ag $17.55 USD/oz; Zn $1.13/oz; Pb $1.00 USD/lbs ; Mo $10.89 USD/lbs
Lorne Creek Porphyry Highlights
• A Cu, Au, Mo porphyry system has been confirmed and is defined by a large 1200 by 700
meters alteration system, characterized by strong quartz -sericite-pyrite alteration,
molybdenite stockwork mineralization, and polymetallic veins.
o The copper, molybdenu m and gold grades at Lorne Creek are consistent with
typical values found in alteration haloes for these type of porphyry systems.
• The Lorne Creek Porphyry System discovery is at the headwaters of Lorne Creek, a prolific
mined placer gold play with a calculated historical production of 13,721 troy ounces with
coarse nuggets of up to 1.5 ounces.
• Mapping has highlighted a spatial link between distal polymetallic veins and the Cu -Mo
porphyry system. These veins are coincident with historically documented porphyry
related polymetallic veins in Lorne Creek and will be used to vector towards the expected
porphyry ore zone.
• Along the headwaters of Lorne Creek, a series of silt samples were taken during the 2017
season. These returned multi -element a nomalies, including copper , molybdenum, and
gold grades of up to 402 ppb. Historic work from this creek reports angular, pyritized and
quartz-veined boulders hosted in a molybdenum-rich porphyry environment.
Compilation of the high-resolution magnetic survey, radiometric survey, silt samples, geological
mapping, and chip/grab sampling assay data will be used to vector into the ore zone of the Au-
Cu-Mo porphyry system and surrounding area for future drilling throughout Lorne Creek.
Mr. Roger Rosmus, Director, President and CEO of Goliath states:
“I am pleased with the results of th is inaugural drill program at Lorne Creek. Based on the
drilling results and additional surveys confirm we have discovered a porphyry system that
contains gold, silver, copper and molybdenum. We remain focused on creating shareholder
value through advancing and unlocking the full potential of Lorne Creek as w ell as our high-
grade polymetallic gold discovery at our Golddigger property.”
The Company has a conditional right to acquire a 100% interest in both the Lucky Strike and
Golddigger properties pursuant t o option agreement s with the J2 Syndicate and J2 Syndicate
Holdings, the terms of which are described in the Company’s MD&A filed on Sedar.
Qualified Person
Rein Turna, P.Geo, is the qualified person as defined by National Instrument 43- 101, for Goliath
exploration projects, and supervised the preparation of, and has reviewed and approved, the
technical information in this release.
Samples
All drill core samples were crushed and pulverized at ALS Global ISO 17025:2005 accredited
geochemistry lab in North Vancouver, BC. All drill core was crushed, split and pulverized to 250 g
pulp. The sample pulps were analyzed for gold by fire assay method (Au -AA24) and were also
assayed using multi -element four acid digestion. Samples were analyzed using ALS assay
procedure ME-ICP61. ME-ICP is a four acid (complete) digestion with inductively-coupled plasma
(ICP) mass atomic emission spectroscopy (ICP-AES) finish for 36 elements. Over-limit samples for
copper, lead and zinc were reanalyzed by fire assay with a gravimetric finish (OG46 and OG62).
Rigorous procedures are in place regarding sample collection, chain of custody and data entry.
QA/QC samples including blanks, standards, and duplicate samples were inserted regularly into
the sample sequence. All chip and grab samples were crushed at MS Analytic al Labs in Langley,
BC. Samples were crushed, split and pulverized to 250g pulp and analyzed for gold by fire assay
(FAS-121) and multi-element aqua regia (partial) digestion using ICP-AES.
For more information please contact:
Goliath Resources Limited
Mr. Roger Rosmus
President and Chief Executive Officer
Tel: +1-416-488-2887 x222
www.goliathresourcesltd.com
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