Golden Goliath Resources Ltd.: Drilling Indicates Widespread Disseminated Gold Mineralization
15 September 2010 - 2:45AM
Marketwired Canada
Golden Goliath Resources Ltd. (TSX VENTURE:GNG)(PINK SHEETS:GGTH-F) -
Highlights
-- LH-21 (entire drill hole) has 151m of 0.25 g/t gold in Filo de Oro zone-
mineralization is open to depth in all directions
-- Filo de Oro zone has 1360m of strike length with assayed holes to date
hosting disseminated gold mineralization underlain by high-grade silver
veins
-- Drill Hole LH-18 a new discovery hole with wide mineralized zones
related to intrusions indicating possible large tonnage potential at
depth.
Golden Goliath is pleased to announce that the diamond drilling program on its
Las Bolas - Los Hilos project is progressing well. The two part, 4,000 metre
program started in July with surface diamond drilling in the Los Hilos area. To
date, ten of the 21 planned holes have been completed. Drilling in the Las Bolas
area will commence upon completion for the Los Hilos drilling. The drilling
program is designed to accomplish several objectives; to increase the existing
inferred resource, to substantiate the previously estimated potential target of
the 12 known vein systems in the western portion of the property, evaluate at
depth the rapidly developing open pit potential of the Filo de Oro trend and
target the high grade veins.
Drilling to date has discovered wide spread disseminated gold mineralization
over a 660m area extending south of the Los Hilos tunnel. The area north of the
tunnel is now being tested and the first hole in this zone, located
approximately 700m north of the tunnel, has intersected mineralization, but
assays for this hole are still pending. The drill is currently turning a further
100m to the north. The Company is very pleased with the confirmation of
mineralization over the Filo de Oro trend. Mineralization is hosted in a felsic
rock sitting on top of higher grade zones.
The geological model of disseminated gold, hosted in felsic rocks, sitting on
top of higher grade veins, hosted in mafic rocks, is true. The current drilling
has proven that the disseminated gold mineralization on top with high grade
silver veins deeper below exists over a wide area. Mineralization is also hosted
in brecciated, porphyritic intrusive rocks, which indicates potential for a
porphyry gold deposit. The drilling has been shallow to date, but the results to
date indicate increasing potential at depth and deeper holes are being planned
to further test this exciting area.
Based on the Company's work, Filo de Oro has two components. A large, near
surface zone from 200 to 440 metres in width and approximately 230 metres thick,
overlies near-vertical high-grade-vein feeder zones that are beneath and cut
through the surface zone. The roughly north-south Filo de Oro trend is a
topographic high located at the east end of the east-west Las Bolas, Frijolar
and Corazon trends. These three east west trends host the other 12 known vein
systems on the Las Bolas property and the main Las Bolas Mine workings which
were the focus of the NI 43-101 report completed last fall.
High Grade vein Target(s):
LH-02 & LH-03 targeting Mosca de Plata intersected the high grade vein and
returned ore grade intercepts. LH-02 drilled a wide zone of 138 g/t Ag, 0.11 g/t
Au over 16.35m, including 343 g/t Ag and 0.12 g/t Au over 4m. LH-03 intersected
the same vein system 55m to the east, with high grade sections such as 286 g/t
Ag over 6.05m, including 485 g/t Ag over 3.5m.
The LH-12 and LH-13 were drilled to test the down-dip extension of underground
channel-sampled high-grade-vein that returned 33.7 g/t Au, 205 g/t Ag over 3.7m.
LH-12 returned 0.31 g/t Au over 16.8m & 32.60 g/t Ag, 0.34 g/t Au over 1.2m.
Additional holes are now being planned to test the down dip extension of the
high grade gold values in the tunnel from a different location based on the new
information.
Disseminated gold Target:
Drill holes LH-04, LH-05, LH-18 & LH-21 were drilled in the upper part of the
Los Hilos area to test the high-grade disseminated target. Complete assays for
LH-04 & LH-05 are pending. The top part of the drill hole LH-05 is mineralized
as 0.26 g/t Au over 20m including 0.31 g/t Au over 15.05m (bottom part assays
are awaited).
LH-18 was drilled 650m south of the Los Hilos tunnel to test a high-grade
breccia on surface that had returned 8 g/t Au in historic sampling. Drill hole
LH-18 intersected several porphyries and a mineralized granodioiritc intrusive.
Two wide zones of gold mineralization of 0.22 g/t over 22.4m & 0.20 g/t over
30.1m were encountered in this drill hole.
LH-21 is mineralized in its entire 151m length of 0.25 g/t gold and the
mineralization is open to depth and along strike. The current drilling,
especially LH-18, LH-21, indicate that we are sitting on top of a large
mineralized system and further deeper exploration of this system is essential to
realize its full dimensions. Please refer to the drill hole plan map
(http://media3.marketwire.com/docs/0914gng.jpg).
The disseminated gold mineralization is also appearing in the felsic rocks
underlain by agglomerates. The upper parts of holes LH-02, LH-03 also have
disseminated style gold mineralization in the felsic rock. A summary in table
form follows:
LOS HILOS DRIILING SUMMARY:
Ten drill holes, drilled to-date, and totaling 1461.7m targeting both
disseminated and high-grade vein system in the Los Hilos Area; given below is
the summary of the results.
--------------------------------------------------------------------------
From To Width
Drill (metre) (metre) (metre) Target Comment
--------------------------------------------------------------------------
Hole abandoned due to technical problems (Encountered underground
LH-01 workings)
--------------------------------------------------------------------------
LH-02 71.65 88 16.35 Mosca de Plata Veins 138 g/t Ag,
system 0.11 g/t Au
over 16.35
--------------------------------------------------------------------------
Including
--------------------------------------------------------------------------
LH-02 84 88 4.0 Mosca de Plata Veins 343 g/ Ag,
system 0.12 g/t Au
over 4m
--------------------------------------------------------------------------
LH-03 0 36.55 36.55 Los Hilos Vein- 0.22 g/t Au
system & Mosca de over 36.6m.
Plata vein-structure
--------------------------------------------------------------------------
LH-03 76.40 77.7 1.3 Los Hilos Vein- 148 g/t Ag,
system 0.17 g/t Au
over 1.3m.
--------------------------------------------------------------------------
LH-03 106.9 112.95 6.05 Mosca de Plata vein- 286 g/t Ag
structure over 6.05m
--------------------------------------------------------------------------
Including
--------------------------------------------------------------------------
LH-03 106.9 110.4 3.5 N40 degrees W vein 485 g/t Ag
system-Pozo de Oro over 3.5m.
--------------------------------------------------------------------------
LH-04 RESULTS PENDING
--------------------------------------------------------------------------
LH-05 RESULTS PENDING
--------------------------------------------------------------------------
LH-12 23.20 40.00 16.8 Los Hilos Veins & 0.31 g/t Au
Breccia over 16.8m.
--------------------------------------------------------------------------
LH-12 194.00 195.15 1.2 Los Hilos Veins & 32.60 g/t Ag,
Breccia 0.34 g/t Au
over 1.2m.
--------------------------------------------------------------------------
LH-13 No Significant Assays
--------------------------------------------------------------------------
LH-18 19.09 41.49 22.4 Lazaro Breccia and 0.22 g/t Au
Veins over 22.4m.
--------------------------------------------------------------------------
LH-18 119.6 149.7 30.1 Lazaro Breccia and 0.20 g/t Au
Veins over 30.1m.
--------------------------------------------------------------------------
LH-19 RESULTS PENDING
--------------------------------------------------------------------------
LH-21 0 151 151 Filo de Oro Zone 0.25 g/t Au
over 151m.
The Entire
Drill Hole is
mineralized.
--------------------------------------------------------------------------
About Golden Goliath
Golden Goliath Resources Ltd. is a junior exploration company listed on the TSX
Venture Exchange (symbol GNG). The Qualified Person who has reviewed and
approved this release is J. Paul Sorbara M.Sc., P.Geo. The Company is focused on
exploring and developing the gold and silver potential of an historic mining
camp located in the world famous Sierra Madre Occidental Mountains of
northwestern Mexico. Golden Goliath's Uruachic claims are owned 100% by the
Company and are fully paid for with no property option or purchase payments to
make.
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