Sep 4 2019
Goliath Resources Ltd takes pleasure in announcing that a high-resolution radiometric and aeromagnetic survey will be started on or before September 15th, 2019. This initiative was taken based on the positive drill core observations.
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The survey will cover a huge region of highly prospective terrane enclosing the 2019 drilling. This region includes a robust geochemical signature that is consistent with an Au-Cu-Mo porphyry system.
The survey data would additionally help in defining more drill targets developed to highlight the entire extent of the latest Au-Cu-Mo porphyry system that stays exposed in all directions.
The survey will span an area of 40 km2 (4 km x 10 km) surrounding the new porphyry discovery and also the highly potential region to the east, west, north, and south of the three inaugural holes that were drilled this season. Additionally, the Lorne Creek block will be flown in systematic low-level (30 m) grid pattern with a line spacing of 50 m.
LS-19-01 Drill Hole
Goliath Resources wishes to update the shareholders about the initial NQ diameter drill hole # LS-19-01, the length of which stretches to 718 m; the drill hole has been logged and divided, and its entire length has been sent to the laboratory for testing.
The Lucky Strike Property
Measuring 31,511 hectares, the Lucky Strike Property is situated 40 km north of Terrace, British Columbia. The property has logging road access and is approximately 8 km to a major highway, rail, power, and further infrastructure.
Following are the highlights of the Lucky Strike Property:
- A validated mineralized Au-Cu-Mo porphyry center is delineated by a huge 1200 x 700 m alteration system, centralized by quartz-sericite-pyrite alteration. Molybdenite stockwork mineralization and gold-bearing chalcopyrite are present on the outcropping porphyry center at surface.
- At the Lorne Creek Porphyry system, the molybdenum (Mo), copper (Cu), and gold (Au) grades are consistent with usual porphyry systems.
- The Lorne Creek Porphyry Discovery is located at the headwaters of Lorne Creek—the most prolific placer gold producer in the region.
- Previous placer gold computed production of 13,721 troy oz. as well as nuggets of around 1.5 oz. gold.
- Mapping revealed that a spatial connection exists between Cu-Mo porphyry centers and polymetallic Au/Pb/Zn/Cu/ veins. The veins were observed to be coincident with previously documented porphyry related polymetallic veins located in Lorne Creek.
- During the 2017 season, a range of silt samples was collected along the headwaters of Lorne Creek. The samples returned multi-element anomalies, such as Au, Mo, and Cu of around 406 ppb. A previous BC MINFILE report (No. 103l027) from this creek reported that pyritized, angular, and quartz-veined boulders are hosted in a porphyry environment rich in molybdenum.
- In 2018, hardrock samples collected from the outcropping mineralized porphyry center, veining, and stockwork, which remain exposed at surface, contained grades of around 133 g/t silver (Ag), 2.95 g/t Au, 0.34% Mo, and 4.5% Cu.
- The Lorne Creek Porphyry System is situated within a bigger known porphyry belt.
The Golddigger Property
Apart from the radiometric and geophysical survey contract being signed, the reconnaissance exploration team of Goliath Resources has initiated exploration on its Golddigger property with a focus on defining drill targets.
It is expected that the program will be concluded in September. Measuring 14,220 hectares, the Golddigger property is situated on tide water 30 km south-east of Stewart, British Columbia in the Golden Triangle.
The focus of the exploration team is to expand the dataset (channel cuts, sampling, and mapping) at its recently identified Red Line Corridor as well as GoldSwarm Breccia Zones in view of the upcoming drilling in 2020.
Golddigger Property highlights include:
- Within 2 km of the unconformity observed between Lower Hazelton and Stuhini rocks, also called the “Red Line”, the major location where most of the major deposits have been discovered within the Golden Triangle
- Grabs around 249.00 g/t Ag and 113.50 g/t Au
- 0.55-m Channel grading 14.30 g/t Ag and 29.70 g/t Au
- 0.40-m Channel grading 126.00 g/t Ag and 25.10 g/t Au
- 0.50-m Chip grading 272.00 g/t Ag and 47.50 g/t Au
- 50-m Chip grading 77.10 g/t Ag and 24.50 g/t Au
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.
Mr Roger Rosmus, CEO and Director, Goliath Resources Ltd.