Vancouver,
October 15, 2020, Golden Goliath Resources Ltd. (TSX.V GNG ) (US: GGTH-F) (Frankfurt: GGZ)
Golden Goliath Resources
is pleased to report on the progress being made on the Kwai gold
project south of Red Lake Ontario and the continuing drill program to test
numerous IP (
I
nduced
P
olarization) anomalies associated with the Pakwash Fault structure
and
associated,
parallel
,
splay faults and shears. The Kwai property covers a 10 km section
of the Pakwash Fault which partly defines the boundary
between
the English
River Sub Province to the south and the Uchi Province (and greenstone
b
elt) to the
north. This
s
tructure has never been drilled or mapped in detail on the Kwai
property, however, it was outlined by a deep seismic survey by the federal
government and found to be linked to other regional deep seated faults that are
associated with the main gold mines in Red Lake and the LP fault 15km to the
north of the Kwai property on the Dixie Lake property being explored by Great
Bear
R
esources (GBR).
Drilling of hole K20-06, referred to in the most recent News
Release
(
Sept
.
30
, 2020)
has
been successfully completed to a depth of 399m and
has
intersected
the IP anomaly target hidden beneath conductive overburden (clays and silts).
This 50
meter
wide
intersection of disseminated sulphides was hosted in both sericite
schists and tuffaceous felsic volcanics (sericitized) with cherty and siliceous
zones. Similar cherty siliceous units were seen in hole K20-03 on line 600W, a
distance of 800m away, and in hole K20-05, 200m east of hole 06.
These siliceous units are interpreted to be a favourable host for
gold mineralization.
H
ole 06 was
the
deepe
st
hole
to date
was drilled
south beneath a possible thrust fault plane that brought the English River
rocks over top of the south edge of the Uchi rocks which is the main host for
gold
mineralization
in the region. The conclusion is that there is likely a
wider zone of favourable Uchi rocks on the Kwai property than previously
thought hidden below the thin sheet of English River rocks (Figure 2).
T
he other
shears parallel to, but south of the main Pakwash Fault in these Uchi rocks may
be very important additional targets for gold.
The occurrence of wide zones of disseminated pyrite
mineralization
associated with the IP anomalies suggests the setting is
favourable for gold and the numerous anomalies require an extensive drill
program
which is
fully financed by Golden Goliath
. The
p
ristine gold
grain
count
associated
with the IP anomalies on both the west and east grid which are now proven to be
disseminated pyrite zones is further evidence in the case for gold
mineralization associated with the Pakwash Fault.
Following the completion of drill hole
K20-06, the drill company had to take a
two week break, due to a prior commitment on an adjacent property. This hiatus
was welcomed by the Company as it has allowed more time for analyses to be
completed and evaluated. Although the Company has not yet received any core
analyses as of this date, this pause was welcome for planning the next holes.
Prior to
the start of the
drill
program,
three
till samples were recovered from an area south and southeast of Beauregard Lake
on the southern part of the property which were down ice from two IP anomaly
trends.
Although
the gold grain counts are less than previous samples and the number of pristine
gold grains are less (13 total grains in the rusty till sample), this sampling
indicates a possible bedrock source to the north on the Kwai property. This information also indicates that the gold
grain count on the property is not homogenous and future sampling could
indicate well defined trains of gold grains in till that could lead us to a
potential source of gold in bedrock, associated with the Pakwash Fault Complex.
This has been very helpful for planning
future
drill
holes
east of
Beauregard Lake.
Split cores from all 6 drill holes have been delivered to the lab
for preparation and
analysis
and numerous holes have been
planned
and drill
pads
have been
prepared in advance. Drilling will resume on October 18.
Analyses
will be released in meaningful batches
as received from the lab
.
CEO Paul Sorbara comments: “Having found so many basal till gold
grains along the trend of the Pakwash
Fault
, along with
so many good IP anomalies that are coincident with the
fault
or
subparallel shears
combined with favourable
geology,
alteration and sulphide mineralization
is a perfect combination for finding
significant gold mineralization.
We have only drilled
about
1 km of the
10 km break and
only
from the north side. The south
side of the west grid will be drilled
shortly
and we
will
get
analyses from the first six holes also
. We have only just begun
and I am highly encouraged. GBR has
drilled
hundreds of
holes, Hemlo (Corona) took 76 drill holes to find
mineralization and
Eskay Creek took 103
drill holes
.
We have just six holes completed so far.”
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 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:
jps@goldengoliath.com
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.