Goliath Resources Ltd. (TSX-V: GOT.V) (Frankfurt: B4IE)
(OTCQB: GOTRF) (the “Company or “Goliath”) is pleased to
announce the completion of its 2020 reconnaissance exploration
field program (the “
Stage 1 Program”) on the
recently acquired district-scale precious and base metal play
covering its 340km2
Nelligan
Gold-Copper Project (the
“
Project”) (refer to the August 10, 2020 - News
Release).
The Project is located in the southern segment
of Chibougamau-Chapais Mining Camp (the “Camp”),
some 50km (Nelligan East Claim Block) and 75km (Nelligan West Claim
Block) from Chibougamau within the prolific Abitibi Greenstone Belt
(the “AGB”). The Camp 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.
After the initial digital compilation and
synthesis of all the historic work on the Nelligan
Project, Goliath’ Exploration Team followed up with a
30-day reconnaissance field exploration work consisting of (1)
re-opening 20km of historic logging roads on the Nelligan
West Claim Block to access the Doda Lake ,Noël Lake,
Pougnet Lake and Dallaire Claims; and (2) prospecting, geological
mapping and rock sampling, with a focus of the Doda Lake Claims
(Figure 1).
Highlights included:
- The western segment of the Remick
Lake Volcanic Complex (“RLVC”) hosts a series of
InputEM anomalies indicating bedrock conductors (either graphites
or massive sulphides or both) (Figure 2);
- A 5m wide rhyodacite tuffs,
strongly sheared and folded located at sampling station
20-GOT-JL-074 within the RLVC contains 10-15% disseminated,
streaked and blebby sulphides, mostly pyrite (iron sulphide) and
chalcopyrite (copper-iron sulphide) (Figure 3). The sulphide
outcrop is located app. 150m due south of InputEM anomalies #3 and
#4, the two strongest conductors in the series - this augers well
for the 1.4km Input EM trend on the Doda Lake Claims;
- Surrounding outcrops in the sector
(sampling station site 20-GOT-JL-073) consist mostly of rhyolite
and rhyodacite lapilli, block and crystal tuffs (Figure 4);
- Prospecting in the InputEM corridor
itself uncovered a historic Beepmat discovery (station
20-GOT-JL-080) – a 1 meter deep trench in overburden that reached
bedrock and overlying regolith with sulphides at Input EM Anomaly
#5 (Figure 5) - bedrock consisted of pyrite-rich rounded and
elliptical concretions in graphite with the oxidized/rusty regolith
containing pyrite-bearing and angular quartz and rhyodacite
fragments (Figure 6);
- Identification of the Remick North,
Main and South Break or deformation zones within highly altered and
sheared dacite-rhyodacite flows, tuffs and high level intrusives,
now termed the Remick Lake Volcanic Complex (the
“RLVC”) of the Doda Lake Claims;
- Highly deformed (schistose) dacitic
lapilli and breccia tuffs are observed on the Remick South Break -
elongated/stretched fragments are featured of several compositions:
siliceous cherts, feldspar-(quartz-) phyric dacites and dacitic
massive flows (Figure 7) containing trace to 10% sulphides (pyrite,
pyrrhotite, chalcopyrite and rare bornite); and
- Assays pending on all
samples taken.
Mr. Roger Rosmus, President and CEO of Goliath
states: “Goliath’s first program demonstrates the discovery
potential of the Nelligan Project. Additional worked is planned for
2021 and will include both airborne and ground geophysical surveys,
further prospecting of both Nelligan West and East. The work should
help to delineate potential high priority drill targets. We believe
in the discovery potential in this relatively unexplored segment of
the Chibougamau-Chapais Mining Camp within recently uncovered major
structural corridors of the Nelligan Project. Exploration work by
Goliath will focus on disseminated and vein style of precious metal
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, as well as gold bearing massive sulphides.”
“Having uncovered sulphide bearing intrusive and
volcanic rocks of the Remick Lake Volcanic Complex, and
accompanying InputEM anomalies, Goliath has opened the discovery
potential of copper-zinc and/or gold-copper-zinc mineralization.
Tuff breccias and hypabyssal intrusives tend to occur in proximity
to volcanic vents. These vents could potentially dump fluids and
gases rich in carbon, sulfur, hydrogen, oxygen and the likes in
surrounding rocks and on the ocean floor. If preserved, these rocks
could contain a significant amount of sulphides, as disseminations
and veins, and the surrounding ocean bottom could host layered
sulphides with either graphite, cherts and/or iron formations. The
Nelligan West Claim Block is highly promising at this time”
commented Mr. Jean Lafleur, P. Geo., a Director of the Company.
The Nelligan Project – the Geology and
Exploration Model
The Nelligan Project is 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-southeast
trending Guercheville and Remick Breaks or Deformation Zones, along
with its subsidiary faults, cut the Project.
The Guercheville and Remick Breaks are 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. They reach up to 1 km wide and are
characterized by shearing and carbonate-sericite-rich alteration.
Gold tends to occur 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 copper 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 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.comwww.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 foregoing statements
expressly qualify any forward-looking information contained
herein.
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recommendation to subscribe for or purchase any securities and
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solicitation of an offer to buy, securities in the United States,
or in any other jurisdiction in which such an offer would be
illegal.
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registered under the Securities Act of 1933, as amended (the
"Securities Act"), or under the securities laws of any state or
other jurisdiction of the United States and may not be offered or
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is available.
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OFFER OF THE SECURITIES DESCRIBED HEREIN.
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