Golden Goliath Resources Ltd.: Drilling and Sampling Results Show Bulk Tonnage Deposit Potential at Los Hilos
13 January 2011 - 1:30AM
Marketwired
Golden Goliath Resources Ltd. (TSX VENTURE: GNG)(PINK SHEETS:
GGTH-F) -
-- Twenty five diamond drill holes totaling 3,441m were completed to define
Filo de Oro zone mineralization.
-- Drilling finds bulk tonnage mineralization over an area that is 1390m
long, 540m wide and 340m vertical within the Filo de Oro zone.
-- Surface and underground sampling beneath the Filo de Oro zone returned
very encouraging assays including 759.5 g/t silver and 0.36 g/t gold
over 1.25m including 1565 g/t silver and 0.619 g/t gold over 0.60m.
-- Agnico-Eagle Mines has signed a Letter of Intent for an Option and Joint
Venture on the Los Hilos/Las Bolas Properties.
Summary of Los Hilos Drilling
The focus of Los Hilos drilling was to confirm the potential for
a large bulk tonnage, near surface disseminated gold/silver deposit
along the Filo de Oro trend. This objective has been achieved.
The bulk tonnage potential is "sweetened" by the existence of
higher grade veins, such as those encountered in drill hole LH-6c,
which returned 47.6m of 2.05 g/t gold and 20 g/t silver (2.38 g/t
gold equivalent(i))with a high grade section over 2.85m of 4.58 g/t
gold & 31g/t silver (5.09 g/t Gold equivalent), and those at
the San Luis workings which lies east and below the Los Hilos
tunnel, where recent surface and underground sampling returned
759.5 g/t silver and 0.36 g/t gold over 1.25 m (13.01 g/t gold
equivalent), including 1565 g/t silver and 0.619 g/t gold over 0.6m
(26.70 g/t gold equivalent) (complete assays from this area are
included at the end of this news release).
In addition, the deeper potential for porphyry related
mineralization has also been established as a result of drilling in
the southern end of Filo de Oro where holes such as LH-18
encountered a mineralized intrusive porphyry (1.55 g/t gold with
14.4 g/t silver or 1.71 g/t gold equivalent). This makes the Los
Hilos property an outstanding target on its own and it is only one
portion of the Las Bolas/Los Hilos property which is a part of our
larger Uruachi Camp (to see map please click on:
www.goldengoliath.com/images/Final%20map%20for%20press%20release%201.pdf).
The Filo de Oro trend encompasses many zones of mineralization
identified by the Company through previous surface and underground
sampling. Twenty five widely spaced drill holes were completed and
results have confirmed wide spread mineralization, mainly from
surface, but also at depth. Further, drilling intercepted other
higher grade vein systems enhancing the potential of the Property
and confirming the Company's geological model it has been
developing. The natural lay-out of the ridge forming the Filo de
Oro trend makes it an ideal location for open pit mining.
Orito Zone: Diamond drill hole DD-LH-27 is a 60m step out from
previous drilling in the Orito zone and is reported in the chart
below along with results from previous drilling in this zone. Two
prior drill holes 100m apart (LH-14 and 15) demonstrated consistent
mineralization from surface. A third drill hole (LH-20) from the
same set up as LH-14 was completed to confirm mineralization
between these holes. Encouraging results led to a 60m step out
drill hole (LH-27).
----------------------------------------------------------------------------
ORITO ZONE
----------------------------------------------------------------------------
Drill From To Width Gold Silver
Hole (m) (m) (m) g/t g/t Gold Eq(i) Comments
----------------------------------------------------------------------------
LH-27 3.72 39.16 35.44 0.30 31 0.817 g/t
----------------------------------------------------------------------------
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 1.12 g/t Previously released
----------------------------------------------------------------------------
LH-20 0 42.10 42.10 0.91 54 1.81 g/t Previously released
----------------------------------------------------------------------------
Including
----------------------------------------------------------------------------
8.55 9.95 1.40 3.90 92 5.44 g/t Previously released
LH-20 -----------------------------------------------------------------
8.55 9.4 0.85 9.65 130 11.82 g/t Previously released
----------------------------------------------------------------------------
(i) Gold Equivalent = gold + Silver / 60
Agnico-Eagle Agreement:
While the Company has signed a Letter of Intent and reached
mutually acceptable terms for an option and joint venture agreement
with a Mexican subsidiary of Agnico-Eagle Mines Ltd. ("Agnico")
(TSX: AEM)(NYSE: AEM), for the exploration and development of the
Company's Las Bolas and Los Hilos properties, the Company had yet
to receive final drill and surface/underground assay results from
its most recent program on the properties.
"We are extremely pleased with the drilling results from Los
Hilos," said Paul Sorbara, President of Golden Goliath. "The fact
that Agnico-Eagle made an offer to option the property prior to the
completion of drilling, I believe, demonstrates the potential of
the property and a confidence in the work we are doing. What makes
the potential for the property most exciting, apart from the
encouraging results and Agnico-Eagle's interest, is the fact that
all the drill holes completed on Los Hilos were mineralized,
mineralization was encountered near surface in all but one of the
drill holes and mineralization is open in all directions."
Final results from the Las Bolas part of the Company's recent
drill program are expected shortly. The drilling at Las Bolas was
designed to expand upon its existing resource and define the extent
of other known mineralized areas identified by the Company which,
while not included in the Company's 43-101 resource calculation,
are areas previously developed and/or mined over 100 years ago.
Las Bolas is roughly in the centre of The Company's extensive
land holdings in the Uruachic Camp, which is an emerging new
gold-silver district in Mexico. Fresnillo PLC's new multi-million
ounce Orisyvo gold/silver deposit, one of that company's flagship
new discoveries, lies only a few kilometres to the southeast of
Golden Goliath's property boundary and considerable surrounding
ground has been acquired by Penoles. Golden Goliath has recently
signed a Letter of Intent with a Mexican subsidiary of Agnico Eagle
Mines regarding an Option/Joint Venture on the Las Bolas/Los Hilos
property. Golden Goliath has other very attractive targets in the
area, some even closer to Orisyvo, and owns all of that ground 100%
(see website for maps).
About Golden Goliath
Golden Goliath Resources Ltd. is a junior exploration company
listed on the TSX Venture Exchange. The Company, in conjunction
with Agnico-Eagle Mines which has agreed to option portions of the
Company's property, 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. The Qualified Person who has reviewed and approved this
release is J. Paul Sorbara M.Sc., P.Geo.
---------------------------------------------------------------------------
San Luis Surface and Underground Channel Sample Assays
---------------------------------------------------------------------------
Weighted Average
---------------------------------------------------------------------------
Sample WIDTH (m) Au ppm Ag ppm Au ppm Ag ppm Width (m)
---------------------------------------------------------------------------
179001 0.50 0.029 40.5
------------------------------------------
179002 0.75 0.099 139 0.07 99.6 1.25
---------------------------------------------------------------------------
179003 0.85 0.005 39.6
------------------------------------------
179004 0.70 0.091 123
------------------------------------------
179005 0.60 0.026 22.3 0.04 61.9 2.15
---------------------------------------------------------------------------
179006 1.00 0.021 53.5
------------------------------------------
179007 0.70 0.03 78.4 0.02 63.8 1.70
---------------------------------------------------------------------------
179008 0.75 0.049 50.2
---------------------------------------------------------------------------
179009 0.55 0.007 22 Single Sample
---------------------------------------------------------------------------
179010 0.60 0.025 20.3
------------------------------------------
179011 0.70 0.013 21.7 0.02 21.1 1.30
---------------------------------------------------------------------------
179012 1.00 0.005 11.6
------------------------------------------
179013 0.60 0.005 13.3 0.01 12.2 1.60
---------------------------------------------------------------------------
179014 0.70 0.009 30.3
------------------------------------------
179015 0.85 0.021 20.8
------------------------------------------
179016 0.65 0.033 167
------------------------------------------
179017 0.90 0.005 32
------------------------------------------
179018 1.15 0.007 7.6
------------------------------------------
179019 1.20 0.013 16.5 0.01 38.6 4.75
---------------------------------------------------------------------------
179020 0.90 0.02 8.5 Single Sample
---------------------------------------------------------------------------
179021 0.55 0.2 24.4
------------------------------------------
179022 1.05 0.186 18.3
------------------------------------------
179023 0.65 0.172 12.1 0.19 18.0 2.25
---------------------------------------------------------------------------
179024 0.90 0.088 12.3 Single Sample
---------------------------------------------------------------------------
179025 0.65 0.257 115
------------------------------------------
179026 0.65 0.264 58.1 0.26 86.6 1.30
---------------------------------------------------------------------------
179027 0.50 0.424 18.3
------------------------------------------
179028 0.75 0.281 11.6 0.34 14.3 1.25
---------------------------------------------------------------------------
179029 0.80 0.211 28.3 Single Sample
---------------------------------------------------------------------------
179030 0.80 0.354 30.4
------------------------------------------
179031 0.75 0.178 8 0.27 19.6 1.55
---------------------------------------------------------------------------
179032 0.65 0.184 76
------------------------------------------
179033 0.55 0.271 54.6 0.22 66.2 1.20
---------------------------------------------------------------------------
179034 0.70 0.133 51.5 Single Sample
---------------------------------------------------------------------------
179035 0.75 0.174 58.6
------------------------------------------
179036 0.85 0.215 27.8 0.20 42.2 1.60
---------------------------------------------------------------------------
179037 0.60 0.005 133
------------------------------------------
179038 0.50 0.172 61.4
------------------------------------------
179039 0.50 0.265 149 0.14 115.6 1.60
---------------------------------------------------------------------------
179040 0.90 0.127 26.7
------------------------------------------
179041 0.65 0.344 42.3 0.22 33.2 1.55
---------------------------------------------------------------------------
179042 0.90 0.204 114 Single Sample
---------------------------------------------------------------------------
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 news release.
Contacts: Golden Goliath Resources Ltd. J. Paul Sorbara, M.Sc.,
P.Geo. 604-682-2950 jps@goldengoliath.com www.goldengoliath.com
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