TORONTO, Sept. 03, 2019 (GLOBE NEWSWIRE) -- Goliath Resources Ltd. (TSX-V: GOT) (FSE: B4IE)(OTCQB: GOTRF) (the “Company or “Goliath”); Goliath is pleased to announce based on the positive drill core observations, a high resolution aeromagnetic and radiometric survey will commence on or before Sept 15, 2019 that will cover a large area of highly prospective terrane surrounding the 2019 drilling. This area contains a strong geochemical signature consistent with a Au-Cu-Mo porphyry system. The data from a survey would further assist in delineating additional drill targets designed to outline the full extent of this new Au-Cu-Mo porphyry system that remains open in all directions.

The survey will cover a 40 square kilometre area (4km x 10km) encompassing the new porphyry discovery as well as the highly prospective area to the south, north, west and east of the 3 inaugural holes drilled this season. The Lorne Creek block will be flown in systematic low-level (30 metre) grid pattern with 50 metre line spacing.

LS-19-01 Drill Hole

We wish to update the shareholders regarding the first NQ diameter drill hole # LS-19-01 that is 718 metres in length; it has been logged, split, and the entire hole length has been shipped to the lab for analysis. To view the Lorne Creek preliminary core discussion video –  Click Here.

The Lucky Strike Property

The Lucky Strike Property is 31,511 hectares in size and located 40 kilometers north of Terrace, British Columbia.  It has logging road access and is ~8 kilometers to a major highway, power, rail, and additional infrastructure. For additional information on the Lucky Strike property and the Lorne Creek Au-Cu-Mo Porphyry System – Click Here.

Lucky Strike Property highlights include:

  • A confirmed mineralized Au-Cu-Mo porphyry center is defined by a large 1200 by 700 metre alteration system, that is centralized by quartz-sericite-pyrite alteration (Link to Image). The outcropping porphyry center at surface contains gold-bearing chalcopyrite and molybdenite stockwork mineralization;
    °  The gold, copper, and molybdenum grades from the Lorne Creek Porphyry system are consistent with typical porphyry systems.
  • The Lorne Creek Porphyry Discovery is at the headwaters of Lorne Creek, the most prolific placer gold producer in the district.
  • Historical placer gold calculated production of 13,721 troy ounces and nuggets of up to 1.5 ounces gold (see BC MINFILE No. 103I204, 103I050 and 103I027).
  • Mapping has highlighted a spatial link between polymetallic Au/Pb/Zn/Cu/Ag (Link to Image) veins and Cu-Mo porphyry centers.  These veins are coincident with historically documented porphyry related polymetallic veins in Lorne Creek. Link to samples video (Click Here).
  • Along the headwaters of Lorne Creek, a series of silt samples were taken during the 2017 season. These returned multi-element anomalies, including copper, molybdenum, and gold values up to 406 ppb. An historic BC MINFILE report (No. 103l027) from this creek reports angular, pyritized and quartz-veined boulders hosted in a molybdenum-rich porphyry environment.
  • Hardrock samples taken in 2018 from the outcropping mineralized porphyry centre, stockwork and veining exposed at surface had grades up to 2.95 g/t Au, 133 g/t Ag, 4.5% Cu and 0.34% Mo.
  • The Lorne Creek Porphyry System is located within a larger known porphyry belt.

The Golddigger Property

In addition to the geophysical and radiometric survey contract being signed, Goliath’s reconnaissance exploration team has commenced exploration on its Golddigger property focused on delineating drill targets. This program is planned to be completed in September. The Golddigger property covers 14,220 hectares and is located on tide water 30 kilometres south east of Stewart, British Columbia in the Golden Triangle. The exploration team is focused on expanding the dataset (channel cuts, sampling & mapping) at its newly discovered Red Line Corridor and GoldSwarm Breccia Zones in preparation for drilling in 2020. Link to property video (Click Here).

Golddigger Property highlights include:

  • Within two kilometres of the unconformity between Lower Hazelton and Stuhini rocks, also known as the “Red Line”, the key location where the vast majority of major deposits have been found within the Golden Triangle (link to map);
  • Grabs up to 113.50 g/t Au 249.00 g/t Ag;
  • 0.55 m Channel grading 29.70 g/t Au and 14.30 g/t Ag (link to image);
  • 0.40 m Channel grading 25.10 g/t Au and 126.00 g/t Ag (link to image);
  • 0.50 m Chip grading 47.50 g/t Au and 272.00 g/t Ag (link to image);
  • 0.50 m Chip grading 24.50 g/t Au and 77.10 g/t Ag (link to image).

Mr. Roger Rosmus, CEO and Director of Goliath states: “This discovery has attracted interest from many senior mining companies. With positive assay results, the Lorne Creek Au-Cu-Mo Porphyry System could quickly evolve into the next big porphyry discovery that is close to existing infrastructure. We are extremely encouraged that all three holes have widely disseminated sulphides from surface to end of each hole drilled. We look forward to reporting our 2019 drilling results.”

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.

For more information please contact:

Goliath Resources Limited
Mr. Roger Rosmus
President and Chief Executive Officer
Tel: +1.416.488.2887 x222
roger@goliathresources.com
www.goliathresourcesltd.com

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