Golden Goliath Resources Ltd.: Orito Zone Returns 42.10m of 1.81 g/t Gold Equivalent From Surface
17 November 2010 - 3:30AM
Marketwired Canada
Golden Goliath Resources Ltd. (TSX VENTURE:GNG)(PINK SHEETS:GGTH-F) -
Highlights
-- DRILL HOLE LH-20 RETURNED, FROM SURFACE, 42.10M of 1.81 G/T GOLD
EQUIVALENT(a)
-- SILICOSA ZONE, 330M NORTH OF ORITO ZONE, RETURNED 22.4M OF 1.40 GOLD
EQUIVALENT(a)
Wide zones of mineralization continue to be intersected at Orito confirming the
bulk tonnage open pit potential of the area. Two drill holes were also completed
in a new area, the Silicosa Zone, where encouraging results were received from
underground sampling in two old workings announced in a May 6, 2010 news
release.
(i) ORITO ZONE:
Following up on the two drill holes 100m apart at Orito, the Company completed
drilling between these holes to test the north-west structure as well as confirm
the continuity of the mineralization and grade. As with the prior drilling, the
entire core was mineralized and the mineralization is open in all directions.
--------------------------------------------------------------------------
ORITO ZONE
--------------------------------------------------------------------------
Gold
Drill From To Width Gold Silver Eq.
Hole (m) (m) (m) g/t g/t (a) Comments
--------------------------------------------------------------------------
LH-14 0 44.25 44.25 0.752 72 1.95 g/t Previously
released
--------------------------------------------------------------------------
LH-15 0 51.85 51.85 0.41 42 1.11 g/t Previously
released
--------------------------------------------------------------------------
LH-20 0 42.10 42.10 0.91 54 1.81 g/t
--------------------------------------------------------------------------
Including
--------------------------------------------------------------------------
LH-20 8.55 9.4 0.85 9.65 130 11.82 g/t
--------------------------------------------------------------------------
(a) Gold Equivalent = gold + Silver/60
A 60m step out drill hole to the east of LH-20 has been completed. This step out
drill-hole has been logged and is pending assays.
The drilling at the Orito Zone has verified the geological model of
mineralization being hosted in both north-westerly and north-easterly trending
structures. LH-14 and LH-15 tested the north-westerly structures and L-20 tested
the north-easterly structures. The confluence of these structures is a zone of
higher-grade mineralization. The mineralization is continuous at depth and along
strike and seems amenable to open pit mining. The Los Hilos Tunnel is just 250m
to the east while the Las Bolas Tunnel is just 780m northwest of Orito. Please
refer to the plan map for drill hole locations.
(ii) SILICOSA ZONE:
The Silicosis Zone lies 330m north of the Orito Zone. Two drill holes were
completed 180m apart to test for north-easterly structures identified in two old
workings in the area previously announced in a May 6, 2010 news release.
Mineralization is open in all directions.
-------------------------------------------------------------
SILICOSA
-------------------------------------------------------------
Gold
Drill From To Width Gold Silver Eq.
Hole (m) (m) (m) g/t g/t (a)
-------------------------------------------------------------
LH-16 2.25 24.65 22.4 0.46 56 1.40 g/t
-------------------------------------------------------------
Including
-------------------------------------------------------------
24.1 24.65 0.55 2.31 308 7.44 g/t
-------------------------------------------------------------
41.55 50.7 9.15 0.28 36 0.88 g/t
-----------------------------------------------------
70.35 77.2 6.85 0.33 52 1.20 g/t
LH-16 -----------------------------------------------------
90.2 97.1 6.90 0.28 42 0.98 g/t
-----------------------------------------------------
148.6 154.8 6.2 0.45 10 0.61 g/t
-------------------------------------------------------------
LH-17 11 44.4 33.4 0.22 30 0.72 g/t
-------------------------------------------------------------
(a) Gold Equivalent = gold + Silver/60
Paul Sorbara, Company President & CEO, commented on the current drill program,
"We have just tapped into a near surface low-grade bulk, presumably bulk minable
gold-silver mineralized system and we are looking forward to systematically
drilling it in the next phase of the drill program to increase our existing
mineral inventory."
Based on the Company's work, Filo de Oro has two components. A large, near
surface zone up to 540 metres in width and approximately 230 metres thick, which
overlies near-vertical higher-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.
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.
To view the map accompanying this press release please click on the following
link: http://media3.marketwire.com/docs/GNG1116.pdf
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