Golden Goliath finds anomaly at Kwai
2021-10-05 14:54 ET – News Release
Mr. Paul Sorbara reports
NEW POTENTIAL GOLD SETTINGS DISCOVERED ENCOURAGE FURTHER FOLLOW-UP AT KWAI
Golden Goliath Resources Ltd. has been drilling on the Kwai gold property since July and has now completed holes K21-25 to K21-35. K21-25 to K21-28 tested the area around the anomalous gold value that was returned earlier in drill hole K21-21 on the south side of Beauregard Lake. K21-29 to K21-34 tested IP anomalies on the Pakwash fault east of Beauregard Lake. The final hole in the program, K21-35, tested a mag and structural anomaly with weak IP in an area northwest of Beauregard Lake that is now interpreted to be directly up ice of the high gold-in-till values returned in early 2020.
Hole K21-35, which was just completed on Oct. 1, cut multiple zones of brick red potassic alteration associated with brecciation, silicification, hematite and up to 15 per cent disseminated sulphides. This hole was located off the main trend of the Pakwash fault targeting a cross-cutting northwest-trending magnetic anomaly associated with a weak IP anomaly. Recent geological fieldwork has established a 040-degree ice direction, which is much steeper than previously understood. This places K21-035 directly up ice of the strong gold-in-till results found on the West Grid. This alteration is very similar to a style of mineralization seen in the Red Lake region, in particular in the Spring Pole deposit area in the north end of the Uchi belt.
There are a number of untested weak IP anomalies beneath conductive overburden that are now potential targets and a large area of the northern part of the property has yet to be surveyed by IP. The original Kwai gold showing is in this area of unexplored terrain.
In July four holes were drilled to follow up on an anomalous gold value of 864 parts per billion over one metre in hole K21-21 and these were K21-25 to K21-28, all of which intersected a shear-fault zone on the south side of Beauregard Lake in a feature parallel to and south of the Pakwash fault. Although no further gold values were encountered in these four holes, a 400 to 500 m long section of the structure with associated IP anomalies has yet to be drill tested.
The area east of Beauregard Lake was tested by holes K21-29 to K21-34 on lines 28E, 30E, 32E, 34E, 39E and 41E. Three other potential gold settings were encountered. Silicified sediments similar to those that occur on the Great Bear Dixie property to the north lie along a basalt contact, and wide albite alteration zones occur in holes 31 and 32. In addition a shear zone in basalt was found in hole K21-34 with disseminated pyrite and lenses of quartz. Assays are pending on these holes.
The drill was then moved to an area north of the West Grid on line 6E where hole K21-35 intersected the very interesting zone of potassic alteration, silicification and hematite. A pause in the program will now take place to give time for assays to catch up prior to expanding the coverage of the Kwai project.
Golden Goliath chief executive officer Paul Sorbara, PGeo, comments:
“This drilling project, in such a great area of prospective geology, continues to excite our team as we explore along the Pakwash fault boundary edge of the Uchi subprovince. We have confidence in the potential of the Kwai property given the number of favourable environments we have identified and, given the recent LP fault deep drilling success at Great Bear, the fact that all of our drill holes are shallow. Our improved understanding of the geology, ice history and models of mineralization are focusing our search. I would also like to thank Niigaani drilling, and the Ministry of Northern Development, Mines, and Forestry for ensuring our program could be completed through what was a very difficult forest fire season in the area.”
QA/QC
All the gold values reported in this round of drilling were obtained by fire assaying 30-gram samples. Blank and standards were inserted into the sample stream alternating at 25 m intervals.
This news release has been reviewed by R.S. Middleton, PEng, who is acting as 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 (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 NSR (net smelter return) royalties on several other nearby properties.
We seek Safe Harbor.
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