Golden Goliath drills one m of 824 ppb Au in Ontario
2021-05-25 13:21 ET – News Release
Mr. Paul Sorbara reports
GOLDEN GOLIATH DISCOVERS NEW GOLD BEARING SHEAR ZONE AT KWAI – PAKWASH PROPERTY, RED LAKE, ONTARIO
Golden Goliath Resources Ltd. has received the final assays for five drill holes that were drilled along the south shore of Beauregard Lake (holes K21-17 to K21-21) during the week of May 10, 2021. The holes were designed to test an IP (induced polarization) anomaly found during the IP survey conducted at the lake earlier this year. Results for the drill holes on the north side of the lake, designed to test the Whale anomaly, are not yet complete.
Drilling on a strong, one-kilometre IP trend on the south side of Beauregard Lake has produced an important gold value hosted in sericite schists with associated pyrite and minor chalcopyrite. Hole K21-21 drilled on line 1600E intersected 824 parts per billion gold over one metre from 103 metres to 104 metres in rocks dipping south at 80 degrees. The eastern 600 metres of this anomaly occurs on a peninsula on the south shore of Beauregard Lake, where the remainder extends west under a bay heading to the west grid.
Of significant note, a number of gold discoveries have been made in shears in the Porcupine camp and in Hemlo, where anomalous gold occurs exceeding 300 parts per billion, with the ore zones occurring within 100 metres of the anomalous value. These values are a good guide to more mineralization.
Also of note, this shear zone occurs south of the Pakwash fault near the contact of a large felsic tuffaceous sediment sequence exposed on the shore of the lake and a mafic package of Uchi rocks discovered by drilling. As a result, other IP anomalies south of the Pakwash require follow-up.
In addition, this gold intersection occurs east of the west grid gold till anomalies from a possible source area for the high gold grain counts in the tills.
A follow-up drill program will be carried out in the next round of drilling, with stepout holes initially at 100-metre intervals, when ground conditions are favourable. At least 3,000 more metres of drilling are planned and budgeted for this year on the Kwai property.
Also, in the past two weeks, a mise a la masse geophysical survey has been carried out to assist in tracing the massive sulphide zone identified in holes K21-22 and K21-23 on the Whale anomaly on the north side of the lake. This survey will track the sulphide zone and the parallel package of felsic volcanics within and parallel to the Pakwash fault.
Quality assurance/quality control
All the gold values reported in this round of drilling were obtained by assaying 30-gram samples prepared at SGS Red Lake and were fire assayed. Blank and standards were inserted into the sample stream alternating at 25-metre intervals.
This news release has been reviewed by R.S. Middleton, PEng, who is acting as a qualified person for this phase of the exploration under the National Instrument 43-101 requirements.
About Golden Goliath Resources Ltd.
Golden Goliath Resources is a junior exploration company listed on the TSX Venture Exchange under the symbol GNG. The company is focused on exploring and developing the gold and silver potential of properties in the Red Lake district of Ontario. The company also holds a 100-per-cent interest in the San Timoteo property, located in the Sierra Madre Occidental Mountains of northwestern Mexico, as well as net smelter return royalties on several other nearby properties.
We seek Safe Harbor.
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