TORONTO, Nov. 26, 2018 (GLOBE NEWSWIRE) -- Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IE) (the “Company” or “Goliath”) is pleased to report the original discovery of multiple breccias, stockworks, and veins containing high grade gold, polymetallic mineralization over an extensive area on its 100% controlled Golddigger Property. Results from the 2018 program include channels up to 0.55 m grading 29.70 g/t Au and 14.30 g/t Ag, chip samples of up to 0.50 m grading 47.50 g/t Au and 272.00 g/t Ag and grabs up to 113.50 g/t Au and 249.00 g/t Ag. This new gold-enriched polymetallic discovery is located in an extensive area of recent glacial and snow pack abatement along a unexplored region of the ‘Red Line’ in British Columbia’s Golden Triangle (link to map). This world class geologic setting confirms the Golddigger property has strong potential to host a significant new discovery.
2018 Highlights Include:
Mr. Roger Rosmus, Director, President and CEO of Goliath stated: “We are very excited about this significant new discovery located in a world class geologic setting. These results strongly confirm the tremendous untapped discovery potential remaining on Golddigger as this was found during a brief exploration program. Goliath controls a 100 % interest in 4 properties that demonstrate strong potential to host significant discoveries. This has been confirmed by the interest from many senior miners, the support from several funds and accredited investors alike in North America as well as overseas. We look forward to reporting our 2018 drilling results once received, compiled and interpreted; 2019 is certainly shaping up to be a very exciting exploration season.”
The 2017 program at Golddigger returned gold assays of up to 21.0 grams per tonne defining a zone extending over 115 by 95 metres, which remained open. A follow-up program was carried out in 2018 to prospect, map, channel sample, and drone to further characterize the mineralized quartz vein/stockwork and breccia zones, which were discovered in 2017. A total of 81 samples (21 channel, 16 chip, 40 bedrock grab, and 4 talus samples) were collected from Goldswarm and the surrounding unexplored Red Line Corridor (link to image), and highlights are tabulated below. These results expanded Goldswarm from 115m x 95 m to 450 by 150 metres and it remains open. Multiple, newly discovered veins and breccia systems, containing high grade gold mineralization, were also identified up to 3 km from Goldswarm within the larger Red Line Corridor (link to map). Assays from these zones graded up to 19.65 grams per tonne gold and 22.80 grams per tonne silver, demonstrating the excellent untapped gold potential of this unexplored world class geological setting.
The eastern side of the Golddigger property is underlain by coarse clastic sedimentary rocks of the Stuhini Group that are unconformably overlain by inter-fingered volcanics as well as sedimentary rocks of the Hazelton Group. This contact is known as the ‘Red Line’ and thought to be a key marker in the Golden Triangle when exploring for significant mineralizing systems. The Goldswarm Trend is hosted in black/maroon siltstone and shales (with minor limestone) of the Hazelton Group (?). Structurally controlled, gold-bearing mineralization in these strata-bound horizons is preferentially delineated in a NW-SE orientation (link to images). Both the Stuhini and Hazelton Groups have been intruded by granitoids of the Coastal Plutonic Complex that are typically Paleocene to Eocene equigranular hornblende-biotite monzogranites.
Table 1 – Golddigger Assay Highlights
|Sample #||Channel/Chip/Grab1||Length (metres)2||Gold (g/t)||Silver (g/t)||Copper %||Lead %||Gold Eq3 (g/t)|
1Grab 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
2True thickness of mineralized zone not known
3AuEq metal values are calculated using: Au $1201.45/oz, Ag $13.97/oz, Cu $2.77/lb, Pb $0.87/lb
Extensive regions of recent snowpack and glacial recession on the Golddigger Property provide for large unexplored areas of newly exposed bedrock with excellent potential for discovery of both precious and base metals. Compilation of 2018 geochemistry, LIDAR, airborne geophysics, mapping and alteration studies is ongoing and will focus on expanding these new polymetallic gold discoveries. Follow up exploration is recommended to focus on expanding the known extent of surface mineralization in preparation for drilling. The property is in an alpine environment with excellent bedrock exposure and is only seven kilometres west of the Dolly Varden Mine road, providing good access to infrastructure in Alice Arm, including deep water ocean access. This new gold discovery area is situated along the ‘Red Line’ corridor in British Columbia’s renowned Golden Triangle and offers strong potential for the discovery of additional significant gold mineralization in this world class geological setting.
Goliath Resources Limited is a project generator of precious metals projects focused in the prolific Golden Triangle and surrounding area of northwestern British Columbia. It controls 100% of four highly prospective properties that include Bingo, Golddigger, Lucky Strike and Copperhead covering over 44,000 hectares. All four properties have brand new discoveries that all have returned anomalous gold, silver and/or copper in soils, grab and channel samples from exposed bedrock at surface over large areas. These new discoveries occurred in an area of glacial recession and snowpack melting in a geological setting where world class deposits have been found within the Golden Triangle and surrounding area.
Stephen Roach P. Geo is the qualified person as defined by National Instrument 43- 101, for Goliath Resources 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 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. QA/QC samples including blanks, standards, and duplicate samples were inserted regularly into the sample sequence.
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.
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