Goliath Resources Ltd. (TSX-V: GOT.V) (Frankfurt:
B4IE) (OTCQB: GOTRF) (the
“Company or “Goliath”) is pleased to announce the start of
it 2020 exploration field program (the “
Stage 1
Program”) on the recently acquired 340km2
Nelligan Project (the
“
Project”) comprising the East and Nelligan West
Claim Blocks (See August 10, 2020 - News Release). The Project is
located in the northeastern Chibougamau-Chapais Mining Camp (the
“
Camp”) of the Abitibi Greenstone Belt (the
“
AGB”).
The Region is known for its historic gold and
copper production, and has recently seen an increase in mineral
exploration following the discovery of new gold mineralization,
such as IAMGOLD/TomaGold with the Monster Lake (1.11 million tonnes
grading 12.14 g/t gold for 433,000 ounces of gold; IAMGOLD, 2018)
and IAMGOLD/Vanstar with the Nelligan gold deposits. Exploration
work by Goliath will focus on disseminated and vein style of
mineralization for both 1 to 1.5 g/t gold in a bulk mineable
scenario, and 5 to 15 g/t gold in a more selective underground
mineable scenario.
Mr. Roger Rosmus, Director, President
and CEO of Goliath states: “Goliath is initiating its
Quebec exploration in the prolific Abitibi Belt in preparation for
drilling new gold targets generated. We look forward to
establishing a significant presence in the Chibougamau-Chapais
Mining Camp. We believe in the gold discovery potential in a
relatively unexplored segment of the Camp within recently uncovered
major structural corridors within the Nelligan Project.”
Goliath’s 2020 Exploration Field
Program
The Stage 1 Program follows an
initial digital compilation and synthesis of all the historic work
on the Nelligan Project and will now be followed
up with field reconnaissance work that will consist of prospecting,
geological mapping, rock sampling and analysis. The six (6) claim
blocks forming the Projects will be covered by an airborne magnetic
and EM survey to complement earlier government and company airborne
surveys done in the area. The geophysical surveys will be merged
into a single database along with any ground geophysical surveys,
especially IP, and the prospecting data for eventual drill target
identification. New generated gold targets will be drilled
later in Q4-2020 and early Q1-2020.
Of special interest is the 80 mineral claims of
the Doda Lake Claim Block which is under option from TomaGold
Corporation (See August 10, 2020 - News Release).
The Nelligan Project – the Geology and
Exploration Model
The Nelligan
Project (Figures
1 and 2 – Click
Here) are located in two strategic areas of the Region in proximity
to past producing mines, and historic and current gold and/or
gold-copper occurrences and mineral resources.
Mineral exploration assessment reports and
statistics indicate a total gold production of 200 million ounces
of gold from the 80,000 km2 in the AGB of Quebec
and Ontario. Most of the gold occurs within quartz veins or “Lode
Gold Deposits” in several major mining camps since the early 1900s,
including the Camp. The Canadian-Malartic and Detour Lake Superpits
are examples of bulk mineable lower-grade gold deposits currently
being mined from the AGB.
Goliath’s acquisitions focussed on and along two
historic gold trends in the Camp: the Joe Mann and
Nelligan trends. The western boundary Nelligan
East Claim Block is located 8km east of
the Joe Mann that operated from 1956 to 2007. A total of 4.4
million tonnes of ore was extracted from the underground operation
grading 8.26 g/t gold for 1.17 million ounces of gold, 5 g/t silver
for 607,000 ounces of silver, and 0.25% copper for 28.7 million
pounds of copper (Doré Copper Mining, 2020). The Nelligan
West Claim Block is located at the
western end of the Nelligan trend, some 30km from IAMGOLD’s and
Vanstar’s Nelligan Gold Deposit. The Nelligan Deposit hosts
Inferred Mineral Resources of 97.0 million tonnes grading 1.02 g/t
Au (for 3.2 million ounces of gold) (IAMGOLD, 2019).
The Camp hosts east-west
trending mafic volcanics or basalts, felsic volcanics or
pyroclastics and volcaniclastics, sedimentary rocks and major
intrusive complexes, all intruded by gabbro sills and dykes. The
sedimentary rocks and gabbros hosts the Nelligan-style of
mineralization. Major faults intersect all rock types and consists
of four (4) groups based on their direction: east-west, southeast,
northeast and north-northeast trending faults. The east-west
trending Guercheville Fault or Deformation Zone, along with its
subsidiary faults, cut the Project.
The Guercheville is similar to the
Larder-Cadillac and Destor-Porcupine Deformation Zone where most of
the gold mineralization occurs in the southern portion of the
Abitibi Greenstone Belt. It reaches up to 1 km wide and is
characterized by shearing and carbonate-sericite-rich alteration.
Gold occurs in a series of subparallel alteration zones, up to 200m
wide consisting of silica, iron carbonate, potassium and sodium
feldspars, iron oxide as hematite, and up to 30% pyrite as
disseminations and semi-massive lenses with minor chalcopyrite.
Visible gold is rare, and it is found in association with
quartz-carbonate veinlets or between pyrite grains – one of
the potential targets on the Project. The gold
mineralization at the Joe Mann Mine is hosted in sulphide bearing
quartz veins and has been mined to a vertical depth of -1,200m
along a 2km strike length – the second potential target on
the Project.
Please note that the above referenced gold
mineralization hosted on nearby projects is not necessarily
indicative of the mineralization hosted on the
Project.
Qualified Person
Mr. Yvan Bussières, P. Eng., Goliath’s
Quebec-based mineral exploration consultant reviewed and approved
the technical information in this news release. Mr. Bussières is a
Qualified Person as defined by National Instrument
(“NI”) 43-101 regulations.
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
Certain statements contained in this press
release constitute forward-looking information. These statements
relate to future events or future performance. The use of any of
the words "could", "intend", "expect", "believe", "will",
"projected", "estimated" and similar expressions and statements
relating to matters that are not historical facts are intended to
identify forward-looking information and are based on Goliath’s
current belief or assumptions as to the outcome and timing of such
future events. Actual future results may differ materially. In
particular, this release contains forward-looking information
relating to, among other things, the ability of Company to complete
the financing and its ability to build value for its shareholders
as it develops its mining properties. Various assumptions or
factors are typically applied in drawing conclusions or making the
forecasts or projections set out in forward-looking information.
Those assumptions and factors are based on information currently
available to Goliath. Although such statements are based on
management's reasonable assumptions, there can be no assurance that
the proposed transactions will occur, or that if the proposed
transactions do occur, will be completed on the terms described
above.
The forward-looking information contained in
this release is made as of the date hereof and Goliath is not
obligated to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as required by applicable securities laws. Because of the
risks, uncertainties and assumptions contained herein, investors
should not place undue reliance on forward-looking information. The
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HEREIN.
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