TORONTO, Dec. 04, 2017 (GLOBE NEWSWIRE) -- Goliath Resources Limited (TSX-V:GOT). The Money property is 100% owned by the DSM Syndicate, a private precious metals project generator in British Columbia. Goliath owns a 10% interest in the DSM Syndicate, which has staked a total of six properties to date, inclusive of the Money property. Goliath looks forward to also announcing assay results from its 100% optioned Bingo, Copperhead and Lucky Strike properties, in addition to the five other DSM properties as they become available and interpreted.
The Money property is located approximately 50 kilometers southeast of Kitimat, BC and is approximately 30 kilometers north of the community of Kemano. It is also situated 55 kilometers to the southeast of the Huckleberry Cu-Mo porphyry Mine. It covers 5,303 hectares, and is positioned approximately 17 kilometers from three stage power and the nearest logging access road.
The newly discovered Goldzilla Zone is polymetallic, and gold mineralized zone found in bedrock. Mineralized samples have been collected over an area of 175 metres x 50 metres that include a grab sample containing 81.5 grams per tonne gold (2.62 oz/t). In addition, grab samples containing up to 0.539 percent copper and 6.7 grams per tonne silver have been collected 1.2 kilometers to the southeast in the same suite of metamorphic rocks. Grab samples are selective in nature and are not intended to be representative of the mineralization on the property.
Highlights include:
- Brand new bedrock discovery with no previous work in area
- One day total field time spent on the property
- Five bedrock grab samples from polymetallic veins assayed above 10 g/t Au and up to 81.5 g/t Au (2.62 oz/t) (link to images).
- Mineralized granodiorite intrusion with a grab sample containing 6.98 g/t Au (link to images)
- Geological mapping, prospecting and channel sampling is strongly recommended to outline the full geometry of the Goldzilla Zone in preparation for drilling.
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.
The Money property was staked by the DSM Syndicate following a brief one day reconnaissance prospecting program that resulted in the discovery of polymetallic sulphide veins. A grab sample from these veins yielded 81.5 grams per tonne gold, 25 grams per tonne silver and 3.49 percent copper.
Mineralization in the Goldzilla Zone is a brand-new discovery with no record of claims or work in the area. The zone is situated adjacent to a receding glacier where the mineralized bedrock in the area has only recently been exposed. Pyrite + chalcopyrite ± arsenopyrite ± bornite occurs as fine-grained disseminations and as coarse bulbous masses in discontinuous quartz veins. Individual vein widths are up to 1.5 meters wide and form continuous sheeted swarms traceable in outcrop for over 50 meters across strike and remain open along strike.
A total of 37 rock samples were taken on the Money property in 2017. Rock grab samples ranged from below detection limit to 81.5 grams per tonne gold, 25 grams per tonne silver and 3.49 percent copper in different samples.
Individual veins have returned peak gold values of 81.5, 30.1, and 18.4 grams per tonne gold from bedrock grab samples (see Table 1). Veins chip sample have returned values of 6.95 grams per tonne gold over one metre and 2.02 grams per tonne gold over one metre. Nine of thirty seven samples taken from the Money property have returned gold values over 1 gram per tonne gold. The majority of the property remains unexplored including the Goldzilla Zone and the entire 1.2 km long corridor which remains open in all directions.
Gold and polymetallic mineralization occurs in a sequence of orthogneiss, chlorite schist, and amphibolite separating two granitic intrusions of Paleocene and Middle Jurassic age. Potassic alteration has been observed locally in the younger intrusive rocks north of the Goldzilla Zone.
Table 1: Money Property Highlights
| Sample | Channel/Chip/Grab | Length (metres)1 | Gold (gpt) | Copper % | Silver (gpt) |
| W389151 | Outcrop Grab | 81.5 | 3.49 | 25.0 | |
| W389152 | Outcrop Grab | 30.1 | 0.17 | 4.20 | |
| W389168 | Outcrop Grab | 14.6 | 0.15 | 1.80 | |
| W389169 | Outcrop Grab | 18.4 | 0.21 | 3.80 | |
| W389170 | Outcrop Grab | 12.8 | 0.06 | 1.60 | |
| W498977 | Chip | 1 | 6.95 | 0.34 | 4.00 |
| W389148 | Chip | 1 | 2.02 | 0.38 | 2.90 |
| W389149 | Outcrop Grab | 1.75 | 0.18 | 2.20 | |
| 1True thickness of mineralized zone not known | |||||
Quartz talus approximately 3.7 kilometers south of the Goldzilla Zone has returned grab samples containing 2.2 grams per tonne gold, 1.8 grams per tonne silver, 849 parts per million copper and anomalous molybdenum (25 ppm). Grab sampling of middle Jurassic intrusive rocks in this southern area has returned weak anomalous copper (231 ppm). The polymetallic veins, metal associations and alteration at the Money property are consistent with porphyry-style mineralization.
Approximately one kilometer southeast of the Goldzilla Zone, an extensive gossanous zone occurs proximal to a granitic contact with the host amphibolite. Grab samples from this zone contain of disseminated pyrite ± chalcopyrite with local quartz stockworks and have returned values of up to 0.539 percent copper and 6.7 grams per tonne silver.
The Money property lies in an area of prolonged intrusive activity and has generated a geological setting favourable for gold and polymetallic mineralization.
A systematic comprehensive exploration program is strongly recommended in preparation for future drilling; consisting of extensive prospecting across the property, preliminary mapping in the Goldzilla Zone, and property wide reconnaissance geochemical sampling. The property is in an alpine area with abundant exposure which allows for cost effective exploration. The majority of the claim block consists of area recently exposed by receding glacial ice and offers a strong potential for additional discoveries. Close proximity to logging roads and 3 stage power provides good infrastructure.
Statement
Dr. Stefan Kruse, P.Geo Chief Consulting Geologist stated:
“The mineralization style, grades and extent of mineralization found in bedrock in only a single day’s reconnaissance prospecting is a very strong testament to the discovery potential on the largely unexplored Money property. I have strongly recommended a follow up exploration program. We also look forward to reporting the results from the five other properties staked by the DSM team once all the results have been compiled and interpreted.”
Other
The DSM syndicate is a project generator focused on original discovery resulting from glacial and snowpack recession. The properties will be made available to qualified parties. For further information including photos and maps, interested parties may contact Dan Stuart, by e-mail (danstuart@marketonefinancial.com) or by phone at +1-778-233-0293.
Goliath Resources Limited (TSX-V:GOT) owns a 10% interest, and Juggernaut Exploration Ltd. (TSX-V:JUGR) owns a 20% interest in the DSM Syndicate (www.dsmsyndicate.ca).
Dr. Stefan Kruse, PhD, PGeo, 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, channel and talus fine samples were crushed and pulverized at ALS Canada Ltd.’s lab in Vancouver, BC. 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 DSM 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 2017 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.
A link to the Money maps and photos can be found by clicking (link to images).
Further information regarding Goliath Resources Limited can be found at www.goliathresourcesltd.com
Contact Information:
Roger Rosmus
Chief Executive Officer
roger@goliathresources.com
+1-416-488-2887 x222
Neither the 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 or accuracy of this release.