Goliath to Commence Geophysical Survey on Its Au-Cu-Mo Porphyry System at Lucky Strike Property & Exploration Team Advancing ...
September 03 2019 - 8:30AM
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 PersonRein 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 LimitedMr. Roger
RosmusPresident and Chief Executive OfficerTel:
+1.416.488.2887
x222roger@goliathresources.comwww.goliathresourcesltd.com
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